HONG KONG, July 9 (Reuters) - Nornickel (GMKN.MM), opens new tab is in talks with China Copper to form a joint venture that would allow the Russian mining giant to move its entire copper smelting base to China, four sources with knowledge of the matter told Reuters. If the move goes ahead, it would mark Russia's first uprooting of a domestic plant since the U.S. and Britain banned metal exchanges from accepting new aluminium, copper and nickel produced by Russia. It also means Nornickel's copper will be produced within the country where it is most consumed. Nornickel said in April it planned to close its Arctic facility and build a new plant in China with an unnamed partner. Executives at China Copper, owned by the world's largest aluminium producer Chinalco (601600.SS), opens new tab, flew to Moscow in June to discuss a possible joint venture, one of the sources said, adding that details of the structure and investment are still under discussion. Nornickel declined to comment. Chinalco and China Copper did not respond to requests for comment via email and phone. Sites being considered in China include Fangchenggang and Qinzhou in the Guangxi region, the two sources said, with another source saying Qingdao in Shandong province was also possible. A decision on a joint venture will be made over the next few months, a fifth source said, adding that Nornickel's Chinese output is likely to be consumed domestically. The new facility will have capacity to produce 450,000 tonnes of copper annually, two of the sources said, amounting to around 2% of global mined supplies estimated at around 22 million metric tons this year. Nornickel, which according to its annual report produced 425,400 tonnes of refined copper last year, processed all of its concentrates in 2023 at the Arctic plant, its only operation producing finished copper suitable for delivery to exchanges.

LONDON, July 5 (Reuters) - Insurers are nervous that militant attacks or AI-generated fake images could derail the Paris Olympics, risking event cancellations and millions of dollars in claims. Insurers faced losses after the 2020 Tokyo Olympics were postponed for a year due to the COVID-19 pandemic. Since then, wars in Ukraine and Gaza and a spate of elections this year, including in France, have driven up fears of politically-motivated violence at high-profile global events. The Olympics take place in Paris from July 26-Aug 11 and the Paralympics from Aug 28-Sept 8. German insurer Allianz (ALVG.DE), opens new tab is insurance partner for the Games. Other insurers, such as the Lloyd's of London (SOLYD.UL) market, are also providing cover. "We are all aware of the geopolitical situation the world is in," said Eike Buergel, head of Allianz's Olympic and Paralympic programme. "We are convinced that the IOC (International Olympic Committee), Paris 2024 and the national organising committees, together with the French authorities, are taking the right measures when it comes to challenges on the ground."

July 9 (Reuters) - Futures linked to Canada's main stock index rose on the back of metal prices on Tuesday, while investors awaited U.S. Federal Reserve Chair Jerome Powell's congressional testimony on monetary policy later in the day. The S&P/TSX 60 futures were up 0.25% by 06:28 a.m. ET (1028 GMT). The Toronto Stock Exchange's materials sector was set to re Oil futures , dipped as fears over supply disruption eased after Hurricane Beryl, which hit major refineries along with the U.S. Gulf Coast, caused minimal impact. Markets will be heavily focussed on Powell's two-day monetary policy testimony before the Senate Banking Committee, starting at 10 a.m. ET (1400 GMT), which can help investors gauge the Fed's rate-cut path. Following last week's softer jobs data, market participants are now pricing in a 77% chance of a rate cut by the U.S. central bank in September. The main macro event for the markets this week will be the U.S. consumer prices data due on Thursday, which can help assess the trajectory of inflation in the world' biggest economy. Wall Street futures were also up on Tuesday after the S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab touched record closing highs in the previous session. In Canada, fears of the economy slipping into recession advanced after the latest data showed that the unemployment rate rose to a 29-month high in June. Traders are now pricing in a 65% chance of another cut by the Bank of Canada, which already trimmed interest rates last month. In corporate news, Cenovus Energy (CVE.TO), opens new tab said it is demobilizing some staff at its Sunrise oil sands project in northern Alberta as a precaution due to the evolving wildfire situation in the area.

LONDON, July 9 (Reuters) - U.S.-based hedge fund Elliott Associates on Tuesday urged a London court to overturn a verdict supporting the London Metal Exchange's (LME) cancellation of nickel trades partly because the exchange failed to disclose documents. The LME annulled $12 billion in nickel trades in March 2022 when prices shot to records above $100,000 a metric ton in a few hours of chaotic trade. Elliott and market maker Jane Street Global Trading brought a case demanding a combined $472 million in compensation, alleging at a trial in June last year that the 146-year-old exchange had acted unlawfully. London's High Court ruled last November that the LME had the right to cancel the trades because of exceptional circumstances, and was not obligated to consult market players prior to its decision. Lawyers for Elliott told London's Court of Appeal that the LME belatedly released documents in May detailing its "Kill Switch" and "Trade Halt" internal procedures. It also newly disclosed an internal report that Elliott said detailed potential conflicts of interest at the exchange. "It was troubling that one gets disclosure out of the blue in the Court of Appeal for the first time," Elliott lawyer Monica Carss-Frisk told the court. Jane Street Global did not appeal the ruling. "If we had had them (documents) in the proceedings before the divisional court, we may well have sought permission to cross examine." LME lawyers said the new documents were not relevant. "The disclosed documents do not affect the reasoning of the divisional court or the merits of the arguments on appeal," the exchange said in documents prepared for the appeal hearing. "Elliott's appeal is largely a repetition of the arguments which were advanced, and rightly rejected." The LME said it had both the power and a duty to unwind the trades because a record $20 billion in margin calls could have led to at least seven clearing members defaulting, systemic risk and a potential "death spiral". Elliott said the ruling diluted protection provided by the Human Rights Act and also wrongly concluded the LME had the power to cancel the trades.

On July 8, local time, former British Prime Minister Sunak announced the appointment of the Conservative Party Shadow Cabinet, which is the first shadow cabinet of the Conservative Party in 14 years. Several former British cabinet members during Sunak's tenure as prime minister were appointed to the Conservative Party Shadow Cabinet, including James Cleverly as Shadow Home Secretary and Jeremy Hunt as Shadow Chancellor of the Exchequer. But former Foreign Secretary Cameron was not appointed as Shadow Foreign Secretary. In addition, the new leader of the Conservative Party will be elected as early as this week. On July 4, the UK held a parliamentary election. The counting results showed that the British Labour Party won more than half of the seats and won an overwhelming victory; the Conservative Party suffered a disastrous defeat, ending its 14-year continuous rule.