Afternoon Coffee: Total Strikes Major Energy Deal with Iran, Tesla’s Model 3 Takes Step Closer to Hitting the Road

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French energy company Total signed a contract with Iran Sunday to share in the development of the world’s largest natural gas field, Bloomberg reported. The 20-year deal gives Total a 50.1% stake in the project, with China National Petroleum Corp. at 30% and Iran’s Petropars at 19.9%.

Model 3 Moves into Production 

After passing all of its regulatory requirements for production two weeks ahead of schedule, Tesla announced Monday it will start production of its Model 3 sedan by the end of the week, Bloomberg reported. The electric vehicle manufacturer aims to produce 100 of the cars in August and ramp up to a rate of 20,000 a month in December.

Copper Prices

Declining Chinese demand and the rising dollar may put an end to the current upswing in copper prices, our sister site MetalMiner reports. While other analysts have forecasted price increases based on fundamentals, the inverse relationship between rising U.S. dollar index and the falling commodities index tell a different story.

Buying organizations will want to evaluate indicators this month and follow the detailed analysis in MetalMiner’s monthly forecast reports.

Consumer Confidence

And finally, an economic update: U.S. consumer confidence rose to 118.9 from a revised 117.6 in May, the Wall Street Journal reported, reversing two-straight months of decline from the index’s high in March.

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