The Russian government has extended a ban on diesel exports by fuel producers until the end of next October, in a move aimed at supporting domestic supplies, at a time when the Russian fuel market is facing increasing pressure due to damage to refineries and Ukrainian attacks on energy facilities, according to what was reported by Reuters.
The ban was scheduled to end on September 30, before the government decided to extend it for an additional month.
Moscow had imposed restrictions on exports of gasoline, jet fuel, and diesel, as part of measures to address fuel shortages in the local market.
The move comes at a time when Russian refining capacity is under pressure due to drone attacks that targeted a number of refineries, which led to a decline in the production of some petroleum products and an increased need to protect local supplies.
Russia is one of the largest exporters of diesel in the global market, and therefore continued restrictions on its exports could increase pressure on the international diesel market, which is already suffering from a scarcity of supplies as a result of production and refining disruptions in several regions.
The Russian decision coincided with widespread disruption in the global diesel market due to the war in the Middle East and attacks on Russian refining facilities.
Reuters had indicated that the United States, which increased its diesel exports by more than 20 percent from last year’s levels, to cover the global supply shortage, is, in turn, considering imposing restrictions on fuel exports. Trying to lower local prices.
This comes as the price of US diesel exceeded $6.53 per gallon last week, while supply disruptions and a decline in global inventories pushed diesel fuel prices to high levels in a number of markets.
The British economy grew at a faster pace than previous estimates, during the second quarter of 2026, driven by positive indicators on household conditions and corporate investments, in developments that may give Finance Minister John Healey additional support ahead of his preparation of next October’s budget.
The British National Statistics Office reported on Wednesday that economic output grew by 0.5 percent during the period from April to June, exceeding the initial estimate of 0.4 percent.
Economists polled by Reuters expected the growth rate to remain at 0.4 percent.
The Bureau's data showed that the British economy was the fastest growing among the economies of the Group of Seven major industrialized countries during the first half of 2026.
The real per capita disposable income of households rose by 1.0 percent on a quarterly basis, during the three months ending in June, recording the largest increase since the end of 2024, after falling by 0.8 percent during the first quarter.
The Census Bureau also revised up the estimate for corporate investment growth during the second quarter, to an annual rate of 5.2 percent, compared to the initial estimate of 0.8 percent.
Separate balance of payments data showed that the British current account deficit was lower than economists' expectations in the second quarter, recording 19.9 billion pounds ($26.4 billion), compared to expectations of 24.7 billion pounds.
Excluding precious metals trade, the deficit narrowed to the equivalent of 1.4 percent of economic output, its lowest level in five years, supported by strong growth in services exports.
Copper prices recorded a limited increase on Wednesday, supported by data showing the return of industrial activity in China to the growth path during September, although trading remained limited ahead of a week-long holiday in the largest metal consuming country in the world.
The three-month benchmark copper price on the London Metal Exchange rose 0.23 percent to reach $14,471 per metric ton by 03:30 GMT. The most traded copper contract for November on the Shanghai Futures Exchange also rose by 0.21 percent to 109,530 yuan per ton, although it is heading to end the holiday-shortened week with a decline of about 0.52 percent, according to Reuters.
Chinese official data showed that the industrial purchasing managers index rose to 50.1 points in September, compared to 49.8 points in August, exceeding the level of 50 points that separates growth from contraction.
A special survey conducted by the Rating Dog Foundation also showed an acceleration in the pace of industrial activity. The Purchasing Managers' Index rose to its highest level in 5 months at 52.1 points, compared to 51.5 points in the previous month.
A state of caution prevailed in the markets ahead of the Chinese National Day holiday. The Shanghai Futures Exchange will close starting Thursday and resume trading on October 8. Actual demand for copper also declined as the holiday period approached.
In the domestic market, the domestic copper price margin continued to decline from the peak recorded on Tuesday to reach 1,050 yuan per ton. In contrast, the Yangshan copper margin, which is an indicator of Chinese consumers’ appetite to import the metal, rose slightly to $119 per ton.
In terms of currencies, the US dollar maintained its strength, heading towards achieving monthly gains of approximately 2 percent, supported by the rise in US Treasury bond yields. The rise of the dollar usually increases the cost of metals priced in the US currency to buyers who deal in other currencies.
Oil prices also stabilized at high levels, with Brent crude trading above $100 a barrel, which kept inflation-related concerns alive and strengthened expectations that the US Federal Reserve would raise interest rates again.
As for other metals on the London Metal Exchange, aluminum rose by 0.09 percent, nickel rose by 0.23 percent, while zinc fell by 0.23 percent, tin by 0.93 percent, while lead remained unchanged.
As for the Shanghai Futures Exchange, aluminum fell by 0.35 percent, zinc by 0.26 percent, lead by 0.12 percent, and nickel by 1 percent, while tin stabilized with little change.
