LME Nickel Stocks down 90 MT to 276,216 MT

The Stock market is closed today.

We have a deal – sort of. The week kicked off with news late on Sunday that the U.S. and Iran had agreed on a memorandum of understanding that would officially end hostilities and reopen the Strait of Hormuz. Global equities cheered the news, and oil prices tumbled, with Brent slipping below $80 a barrel this week as it appeared tankers were starting to move through the critical waterway.

Even a hawkish shift from the Federal Reserve during Kevin Warsh's debut policy meeting on Wednesday was not enough to sideline stocks for long, as the prospect of lower energy prices buoyed investors globally. But now that the initial U.S.-Iran peace talks have been cancelled, this optimism looks like it may have been premature.

The MoU was signed by U.S. President Donald Trump and Iranian President Masoud Pezeshkian on Wednesday. The 14-point planoutlines an end to hostilities on all fronts and the resumption of toll-free traffic through Hormuz for 60 days, during which the more complex issues under discussion, like the future of Iran's nuclear program, will be hammered out.

Negotiations were set to begin today in Switzerland, but those talks were cancelled, raising questions about how quickly this conflict can be resolved.

While no one knows exactly what the final deal will look like – or even if we'll get a final deal – the preliminary agreement appears to leave Iran in a relatively strong position. That could mean more volatility ahead for oil prices.

Why? For starters, because Iran may maintain some control over Hormuz, in coordination with Oman, after the 60-day period ends, which could put upward pressure on prices over time. A deal that leaves Iran emboldened could also create problems for America's Gulf partners – meaning the deal might not be durable – giving shippers one more reason to remain cautious about returning to the narrow waterway.

At the same time, if the deal holds, Iranian oil could come back onto the open market just as Gulf producers are racing to restart facilities and ramp up production. That raises the possibility of an oil glut moving forward, which, of course, would put downward pressure on prices.

While crude prices rose early on Friday following news that the peace talks in Switzerland had been scrapped, traders are apt to wager that Trump will not backtrack on this deal. They made a similar wager about Trump's motivations during the war – and were proven right.

Looking forward, one of the key lessons for Gulf producers from the conflict is that they must diversify – or else. Overreliance on a single choke point will no longer be tenable, and we're already seeing a race to create or expand alternative export routes. The political, economic and strategic implications of this could reshape the region for decades to come.

Another lesson will be the benefit of having large reserves. China is a case in point. Its massive stockpiles enabled it to play a key role in keeping energy markets from truly entering crisis mode during the Hormuz shock, as it was able to reduce imports significantly. (Interestingly, it doesn't appear to have drawn down inventories as much as its drop in imports last month would suggest.)

Away from the Middle East, the other big event this week was Kevin Warsh's first policy meeting at the helm of the Federal Reserve. The interest rate decision surprised no one – the target range remained unchanged at 3.50-3.75% – but the messaging out of the meeting had a notable hawkish tilt. Almost half the members indicated that they expected a hike moving forward, and Warsh – who eschewed a dot-plot projection of his own – used his press conference to echo the policy statement's emphasis on delivering price stability.

Markets initially responded negatively to the announcement, with equities falling and Treasury yields rising. But that was quickly tempered on Thursday, with major U.S. indexes rebounding as the release of the MoU's terms raised the prospect of a flood of crude entering the market, weakening inflation pressures.

The other notable takeaway from Warsh's debut was the brevity of the FOMC statement. It came in at a mere 130 words and didn't include forward guidance. This suggests that we will likely have a much less chatty Fed moving forward. Will that create more or less volatility? That remains an open question, though there is an argument to be made that quality trumps quantity where central bank communication is concerned.

Warsh also announced a wide-ranging review of aspects of the Fed's operations, including its communications, data sources and inflation framework.

This was a busy week for central banks overall. The Bank of Japan on Tuesday delivered an expected quarter-point rate hike to 1%, a 31-year high. In remarks on Tuesday, BOJ Deputy Governor Shinichi Uchida highlighted the conundrum facing central bankers following the U.S.-Iran deal, welcoming the news but flagging uncertainty around the "pace of improvement" on oil flows.

Elsewhere, the Bank of England on Thursday voted 7-2 to keep rates on hold at 3.75%. Governor Andrew Bailey was also pleased to see an interim peace agreement in the Middle East but noted that there was "already some inflationary pressure in the pipeline". The BoE expects inflation to exceed 3.25% in the final quarter, up from 2.8% in May.

Meanwhile, UK markets will be closely watching the aftermath of an important by-election that returned Greater Manchester Mayor Andy Burnham to Parliament – paving the way for a bid to oust Prime Minister Keir Starmer.

Over in equities, SpaceX's torrid rise has hit a snag, with the share price of Elon Musk’s company dropping by around 5% on Wednesday and 3.5% on Thursday – though it's still more than 30% higher than its IPO price.

Looking to next week, there will be more data on the inflation front, with the release on Thursday of May's U.S. personal consumption expenditures index – the Fed's preferred inflation gauge.

Ultimately though, what will matter more for the Fed is not what's in that report but what happens with the fragile peace in the Middle East.

Zinc-Nickel Plated Fasteners Market Demand to Accelerate by 2035 Amid Stricter Corrosion Standards and EV Expansion Abstract According to the latest IndexBox report on the global Zinc-Nickel Plated Fasteners market, the market enters 2026 with broader demand fundamentals, more disciplined procurement behavior, and a more regionally diversified supply architecture. The global Zinc-Nickel Plated Fasteners market is entering a phase of sustained expansion, with demand projected to accelerate through 2035. These specialized fasteners, coated with an alloy of 85-90% zinc and 10-15% nickel, offer superior corrosion resistance compared to conventional zinc plating, making them critical in applications where component longevity and reliability are paramount. The market is being reshaped by tightening regulatory standards for corrosion protection, particularly in automotive and industrial sectors, and by the rapid adoption of electric vehicles (EVs) and renewable energy infrastructure. As industries transition toward lightweight materials and higher performance requirements, the specification of zinc-nickel plated fasteners is becoming standard practice. The report provides a comprehensive, data-driven analysis of the global market, covering historical data from 2012 to 2025 and a forecast horizon from 2026 to 2035. It examines market structure, demand dynamics, supply networks, trade flows, pricing mechanisms, and competitive positioning. Key end-use sectors include industrial automation and instrumentation, electronics and optical systems, semiconductor and precision manufacturing, and OEM integration and maintenance. The analysis highlights structural shifts such as the substitution of conventional plating in automotive chassis and drivetrain components, the expansion of aerospace production rates, and the increasing deployment of renewable energy systems in corrosive environments. Regulatory initiatives like the EU End-of-Life Vehicles Directive and similar standards in North America and Asia-Pacific are effectively mandating higher-performance coatings for safety-critical fasteners. The rise of electric vehicles, which demand corrosi The baseline scenario for the Zinc-Nickel Plated Fasteners market points to robust growth through 2035, underpinned by structural demand shifts and regulatory tailwinds. The market is projected to achieve a compound annual growth rate (CAGR) of approximately 5.8% from 2025 to 2035, with the market index reaching 176 by 2035 (2025=100). This growth is driven by the accelerating adoption of electric vehicles, which require high-performance fasteners for battery packs, electric motors, and power electronics, where corrosion resistance and thermal stability are critical. In parallel, the expansion of renewable energy installations—particularly offshore wind and solar farms—is creating sustained demand for fasteners that can withstand harsh environmental conditions. The industrial automation sector is also a key contributor, as manufacturers increasingly specify zinc-nickel plated fasteners for robotic systems and precision machinery to reduce maintenance downtime. On the supply side, raw material availability for zinc and nickel remains stable, though price volatility for nickel could impact production costs. The competitive landscape is characterized by a mix of global fastener manufacturers and specialized plating service providers, with companies investing in advanced coating technologies to meet evolving customer specifications. Regional dynamics show Asia-Pacific leading in both production and consumption, driven by China's dominance in manufacturing and the rapid growth of EV production in the region. North America and Europe are significant markets, supported by stringent regulatory frameworks and a strong presence of automotive and aerospace OEMs. Latin America and the Middle East & Africa are smaller but growing markets, with infrastructure development and oil & ga Demand Drivers and Constraints Primary Demand Drivers Stringent corrosion resistance regulations in automotive and industrial sectors Rapid growth of electric vehicle production requiring high-performance fasteners Expansion of renewable energy infrastructure, especially offshore wind and solar Increasing adoption of lightweight materials that require specialized coatings Growing demand for industrial automation and robotics in manufacturing Rising aerospace production rates and demand for durable fasteners Potential Growth Constraints Volatility in nickel and zinc raw material prices High initial cost of zinc-nickel plating compared to conventional coatings Technical challenges in achieving consistent coating thickness on complex geometries Stringent environmental regulations on plating process waste and emissions Potential substitution by alternative corrosion-resistant coatings such as zinc-flake or Dacromet Please mention the Source: https://www.indexbox.io/blog/zinc-nickel-plated-fasteners-market-demand-to-accelerate-by-2035-amid-stricter-corrosion-standards-and-ev-expansion/

Industrial Automation and Instrumentation (estimated share: 28%) The industrial automation and instrumentation sector is a major consumer of zinc-nickel plated fasteners, accounting for an estimated 28% of global demand. These fasteners are used in robotic arms, conveyor systems, precision instruments, and control panels where reliability and corrosion resistance are essential to minimize downtime. The trend toward Industry 4.0 and smart manufacturing is driving increased automation, which in turn boosts demand for high-performance fasteners that can withstand harsh operating environments, including exposure to lubricants, coolants, and humidity. By 2035, the sector is expected to see a compound annual growth rate of around 5.5%, supported by investments in new production facilities and retrofitting of existing lines. Key demand-side indicators include capital expenditure in manufacturing, robot density per worker, and industrial production indices. The shift toward modular and reconfigurable production lines also favors fasteners that can be easily assembled and disassembled without degradation, a property that zinc-nickel plating provides through its hardness and corrosion resistance. Major companies in this space are increasingly specifying these fasteners for new equipment designs, and aftermarket replacement cycles are shortening as equipment utilization rates rise. Current trend: Steady growth driven by factory automation and robotics. Major trends: Rising adoption of collaborative robots (cobots) requiring compact, reliable fasteners, Integration of IoT sensors in fasteners for predictive maintenance, Shift toward modular production systems with standardized fastener interfaces, and Increasing use of zinc-nickel plated fasteners in cleanroom and food-grade automation. Representative participants: ABB Ltd, Siemens AG, Fanuc Corporation, Yaskawa Electric Corporation, Rockwell Automation, and Schneider Electric. Electronics and Optical Systems (estimated share: 22%) The electronics and optical systems sector represents approximately 22% of the zinc-nickel plated fasteners market. These fasteners are used in the assembly of consumer electronics, telecommunications equipment, medical devices, and optical instruments where small size, precision, and corrosion resistance are critical. The trend toward miniaturization of electronic components is driving demand for micro-fasteners with consistent plating thickness and excellent thread definition. Zinc-nickel plating is preferred over conventional zinc because it provides a harder surface that resists galling during assembly and offers better protection against atmospheric corrosion, which is important for devices used in outdoor or high-humidity environments. By 2035, demand is expected to grow at a CAGR of approximately 5.0%, supported by the expansion of 5G infrastructure, the Internet of Things (IoT), and wearable technology. Key demand indicators include global electronics production volumes, semiconductor sales, and R&D spending on optical systems. The sector is also influenced by regulatory requirements for lead-free and RoHS-compliant coatings, which zinc-nickel plating meets. As devices become more integrated and complex, the need for reliable, long-lasting fasteners that can withstand thermal cycling and vibration is increasing, further supporting the adoption of zinc-nickel plated vari Current trend: Moderate growth driven by miniaturization and precision requirements. Major trends: Miniaturization of fasteners for ultra-thin devices and wearables, Growing use of zinc-nickel plated fasteners in medical implants and diagnostic equipment, Demand for fasteners with enhanced electromagnetic shielding properties, and Shift toward automated assembly processes requiring consistent fastener quality. Representative participants: TE Connectivity, Amphenol Corporation, Molex LLC, Foxconn Technology Group, Samsung Electro-Mechanics, and Murata Manufacturing. Semiconductor and Precision Manufacturing (estimated share: 20%) The semiconductor and precision manufacturing sector accounts for an estimated 20% of global zinc-nickel plated fasteners demand. These fasteners are used in wafer fabrication equipment, lithography systems, and precision assembly tools where cleanliness, corrosion resistance, and particle control are paramount. Zinc-nickel plating offers a smooth, non-porous surface that minimizes particle generation and withstands exposure to aggressive chemicals used in semiconductor processing, such as acids and solvents. The sector is experiencing robust growth due to the global expansion of semiconductor fabrication facilities (fabs), driven by demand for advanced chips in AI, 5G, and automotive electronics. By 2035, demand is projected to grow at a CAGR of around 6.5%, outpacing many other end-use sectors. Key demand indicators include capital expenditure by semiconductor manufacturers, fab construction starts, and equipment utilization rates. The trend toward smaller node sizes (e.g., 3nm and below) requires even tighter tolerances for fasteners, as any contamination can lead to yield losses. Additionally, the shift to 300mm wafer processing and the adoption of extreme ultraviolet (EUV) lithography are creating new requirements for fasteners that can maintain stability under vacuum and thermal stress. Major equipment OEMs are increasingly specifying zinc-nickel plated fasteners as stand Current trend: Strong growth driven by chip fabrication expansion and cleanroom standards. Major trends: Expansion of advanced packaging facilities requiring ultra-clean fasteners, Development of fasteners with enhanced vacuum compatibility for EUV tools, Increasing use of automation in semiconductor fabs driving demand for reliable fasteners, and Growing focus on supply chain localization for critical fastener components. Representative participants: Applied Materials, ASML Holding, Tokyo Electron Limited, Lam Research, KLA Corporation, and DISCO Corporation. OEM Integration and Maintenance (estimated share: 18%) The OEM integration and maintenance sector represents approximately 18% of the zinc-nickel plated fasteners market. This segment covers fasteners used by original equipment manufacturers in the assembly of machinery, equipment, and vehicles, as well as replacement fasteners used in maintenance, repair, and overhaul (MRO) operations. The demand is driven by the need for consistent quality and performance across production runs, as well as the growing trend of OEMs specifying zinc-nickel plating as a standard finish for critical fasteners to reduce warranty claims and extend product life. By 2035, demand is expected to grow at a CAGR of approximately 5.2%, supported by the expansion of global manufacturing output and the increasing complexity of equipment that requires specialized fasteners. Key demand indicators include industrial production indices, OEM backlogs, and MRO spending across industries such as heavy machinery, agricultural equipment, and general industrial equipment. The aftermarket segment is particularly important, as replacement cycles for fasteners in corrosive environments are shortening due to higher utilization rates and stricter safety standards. OEMs are also moving toward long-term supply agreements with fastener manufacturers to ensure quality and availability, which is stabilizing demand. The trend toward servitization and equipment-as-a-service models i Current trend: Steady growth supported by aftermarket replacement cycles and OEM specifications. Major trends: OEMs increasingly specifying zinc-nickel plating in new product designs, Growth of MRO services and predictive maintenance driving aftermarket fastener demand, Standardization of fastener specifications across global OEM platforms, and Shift toward just-in-time delivery and vendor-managed inventory for fasteners. Representative participants: Caterpillar Inc, Deere & Company, Komatsu Ltd, Volvo Group, Siemens Energy, and General Electric. Other Applications (including Aerospace, Defense, and Energy) (estimated share: 12%) The 'Other Applications' segment, encompassing aerospace, defense, and energy (including oil & gas and nuclear), accounts for approximately 12% of the zinc-nickel plated fasteners market. In aerospace, these fasteners are used in airframe structures, landing gear, and engine components where high strength, corrosion resistance, and fatigue life are critical. The defense sector uses them in military vehicles, naval vessels, and weapon systems that must operate in extreme environments. In the energy sector, they are employed in offshore oil platforms, refineries, and nuclear power plants where exposure to saltwater, chemicals, and high temperatures is common. Demand is growing at a CAGR of around 4.5% through 2035, supported by increasing aerospace production rates (especially for narrow-body aircraft), defense modernization programs, and investments in energy infrastructure. Key demand indicators include aircraft delivery forecasts, defense budgets, and oil & gas capital expenditure. The aerospace segment is particularly sensitive to regulatory approvals and certification requirements, which favor established suppliers with proven track records. The trend toward lightweighting in aerospace is driving demand for fasteners made from titanium and other alloys that require compatible zinc-nickel coatings. In the energy sector, the shift toward renewable energy is creating new demand Current trend: Moderate growth driven by aerospace production and energy infrastructure. Major trends: Aerospace OEMs increasing use of zinc-nickel plated fasteners for corrosion protection, Defense programs specifying higher corrosion resistance standards for military equipment, Offshore wind farm installations driving demand for marine-grade fasteners, and Nuclear power plant life extension programs requiring certified replacement fasteners. Representative participants: Boeing, Airbus, Lockheed Martin, Northrop Grumman, Siemens Gamesa Renewable Energy, and Baker Hughes. Please mention the Source: https://www.indexbox.io/blog/zinc-nickel-plated-fasteners-market-demand-to-accelerate-by-2035-amid-stricter-corrosion-standards-and-ev-expansion/

Asia-Pacific (estimated share: 45%) Asia-Pacific leads the global market with a 45% share, driven by China's massive manufacturing base, rapid EV adoption, and semiconductor fab expansion. Japan, South Korea, and India are also key markets. Growth is supported by government initiatives to boost domestic production and infrastructure spending. Direction: Dominant and fastest-growing. North America (estimated share: 25%) North America holds a 25% share, with the US and Canada benefiting from reshoring of manufacturing, strong automotive and aerospace sectors, and stringent corrosion standards. The Inflation Reduction Act and CHIPS Act are boosting demand for fasteners in EV and semiconductor applications. Direction: Steady growth with regulatory push. Europe (estimated share: 20%) Europe accounts for 20% of the market, with Germany, France, and Italy as key consumers. The EU's End-of-Life Vehicles Directive and REACH regulations drive specification of zinc-nickel plating. Growth is supported by automotive electrification and renewable energy investments, though economic headwinds may temper pace. Direction: Mature but stable growth. Latin America (estimated share: 5%) Latin America represents 5% of the market, with Brazil and Mexico as primary markets. Growth is driven by automotive production in Mexico and infrastructure projects in Brazil. However, economic volatility and limited local production of high-performance fasteners constrain faster expansion. Direction: Moderate growth from infrastructure. Middle East & Africa (estimated share: 5%) The Middle East & Africa region holds a 5% share, with demand concentrated in oil & gas, petrochemicals, and construction. Saudi Arabia and UAE are key markets, supported by Vision 2030 projects. Growth is moderate due to reliance on imports and limited industrial diversification. Direction: Niche growth from oil & gas and construction. Market Outlook (2026-2035) In the baseline scenario, IndexBox estimates a 5.8% compound annual growth rate for the global zinc-nickel plated fasteners market over 2026-2035, bringing the market index to roughly 176 by 2035 (2025=100). Please mention the Source: https://www.indexbox.io/blog/zinc-nickel-plated-fasteners-market-demand-to-accelerate-by-2035-amid-stricter-corrosion-standards-and-ev-expansion/

China Holds Half the World's Rare Earths, USGS Data ShowsChina holds an estimated 44 million metric tons of rare earth oxide equivalent, leading global reserves, according to USGS data. The figures underscore China's continued dominance of the global rare earth supply chain.

Answer to today's trivia question: "The Star of Life"

Marijuana use doesn’t erase gun rights, Supreme Court rules

By Christina Grube

The Supreme Court delivered a unanimous ruling on Thursday expanding Second Amendment rights for users of illegal drugs. Justices ruled in the case of Ali Danial Hemani, a Texas man convicted of violating a federal statute barring anyone illegally using drugs from owning a firearm. The initial charges came after a federal agent in 2022 searched Hemani’s home on suspicion of terrorism-related activities and found 60 grams of marijuana and a pistol. Hemani admitted to using marijuana every few days, prompting a conviction under federal law, according court documents.

If Hemani admitted to using marijuana, how is he appealing the conviction? The law stated that unlawful drug users were barred from owning guns without defining what made a person an unlawful drug user, Hemani argued. The Texan’s legal filing asked if someone who used an illegal substance once a year would be considered an illegal drug user the same as a daily user would. He further questioned whether the law centered on the frequency or the amount of the drug use. Hemani characterized the law as unconditionally vague, and argued that the statute violated his Second Amendment right to bear arms.

What was the court’s rationale? Justice Neil Gorsuch penned the court’s majority opinion that sided with Hemani. The government searched Hemani’s home on suspicion of terrorism, yet brought charges months later that had nothing to do with the initial concern, Gorsuch noted. Authorities never contended that Hemani posed a danger because of the drug use, or accused him of doing anything with the gun beyond simply possessing it, the opinion added.