Latest News
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US to conduct more than 30 offshore oil auctions by 2040
The U.S. administration of President Donald Trump announced on Tuesday a comprehensive plan to sell more than 30 oil and gas leasing rights in the Gulf of Mexico, Alaska's Cook Inlet and the Gulf of Mexico over the next fifteen years. Why it's important The plan is in line with the energy dominance agenda of Trump's administration to increase domestic fossil fuel production. This schedule is a major departure from the former president Joe Biden's administration, which had planned to auction a small number of drilling right auctions in order to combat climate change. KEY QUOTE Interior Secretary Doug Burgum stated that the One Big Beautiful Bill Act was a historic step towards unleashing America's potential energy. Under President Trump's guidance, we are putting into place a bold and long-term plan that will strengthen American Energy Dominance. It will also create good-paying job opportunities, as well as ensure we continue to responsibly exploit our offshore resources. By the Numbers The schedule includes thirty lease sales in the Gulf of Mexico until 2040, which Trump renamed as the Gulf of America. The first Gulf sale will be held on 10 December this year. From next year onwards, two sales will take place in the Gulf each year until 2039. One sale in 2040. Cook Inlet in Alaska is planning six lease sales through 2032. The first sale will take place in 2026. (Reporting and editing by David Gregorio; Nichola Groom, Nichola)
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Brazil's "soy Moratorium" site is offline following antitrust ruling
The Brazilian antitrust authority suspended the "soy moratorium" on Tuesday, a private agreement enforced globally by grain traders to protect Amazon rainforests from deforestation caused by soy. The soy ban has been touted as one of most effective initiatives to protect Amazon rainforests because it prohibits soybean traders from purchasing from farmers that cleared land in the Amazon after July 2008. The General Superintendent of the Brazilian antitrust regulator CADE ruled on Monday that this represents a possible breach of Brazilian competition laws. After completing a preliminary inquiry, Superintendent Alexandre Barreto de Souza issued an order to firms that they suspend the agreement or pay a fine. This was prompted by the request of the Agriculture Committee of the lower house of Congress of Brazil in August 2024. Farmers opposing the moratorium are a majority of the lawmakers in the agriculture committee. Barreto de Souza launched a full investigation on Monday involving 30 grain exporters, two industry groups and a review of whether the moratorium - which has been in effect for 19 years - "constitutes... an anticompetitive agreement involving rival firms". Brazilian soy farmers celebrate the suspension of the moratorium as an historic victory. According to Mauricio Bufon, the president of Aprosoja, farmers are not expected clear large areas of forest in order to grow soy, as this crop is advancing on pastureland. He said: "We don't believe that there will be any drop in the soy trade." Soy traders find themselves in a difficult situation. People who are familiar with the thoughts of Anec and Abiove have told me that they plan to appeal the suspension at CADE's Tribunal, which is made up of six commissioners including the president. CADE could take many years to complete the investigation and render a final ruling on the legality of the moratorium, but companies can settle with CADE during the course the investigation. If their trade group is found guilty of violating the competition law, they could face fines up to 2 billion Reais ($365.60 millions). Fines for traders can be as high as 20% of their gross revenue from the fiscal year prior to the investigation.
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Tariffs raised on imports of wind turbines and cranes
The U.S. Commerce Department announced on Tuesday that it will increase steel and aluminum tariffs for more than 400 products, including mobile cranes and bulldozers as well as other heavy equipment. Railcars, furniture, and hundreds of products are also affected. The Department of Finance announced that 407 new product categories will be added to the list "derivatives" of steel and aluminium products subject to sectoral tariffs. These products are subjected a 50% tariff for any steel or aluminum content. Added to the new tariffs are imported automotive exhaust systems, and electrical steel required for electric vehicles. The department was urged by a group of foreign automakers not to include the parts, claiming that the U.S. did not have the capacity to meet the current demand. Compressors and pumps are also included in the new tariffs. Jeffrey Kessler, Under Secretary of Commerce Industry and Security said: "Today's actions expand the reach of steel and aluminium tariffs and close down avenues of circumvention. This will support the continued revitalization for the American steel and Aluminum industries." Steelmakers, including Cleveland Cliffs, and others petitioned to the administration for the tariffs on steel and aluminum auto components to be expanded. (Reporting and editing by Ryan Patrick Jones, David Shepardson, and Bhargav Asharya)
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Gold drops as investors wait for Fed's Jackson Hole Conference
Gold prices fell on Tuesday, as the U.S. Dollar strengthened. Investors remained tense in anticipation of Federal Reserve Chair Jerome Powell’s speech to be delivered at Jackson Hole this week. By 11:40 am, spot gold had fallen 0.1% per ounce to $3325.74. ET (1535 GMT). Earlier in the session, the contract reached its lowest level since 1 August. U.S. Gold Futures for December Delivery fell by 0.3% to $3369.60. The benchmark 10-year yields fell, but the dollar index pared its losses and remained steady. Jim Wyckoff is a senior analyst with Kitco Metals. He said that "generally, (traders) are positioning on the futures markets ahead of the Jackson Hole Meeting... It's going be pretty quiet until then." Fed chair Jerome Powell is scheduled to give a speech on Friday about the central bank's policies and economic outlook. The Federal Reserve will hold its annual conference in Jackson Hole this week. U.S. president Donald Trump continues to call on the Federal Reserve to cut rates further. Wyckoff stated, "My feeling is that (Powell), might lean just a bit more dovish... which would be good for the gold and silver price." Gold that does not yield, which is traditionally a hedge in times of uncertainty, tends to do well when interest rates are low. According to CME's FedWatch, traders see an 83% probability of a Fed rate reduction of 25 basis points in September. Trump also said that he was hoping Vladimir Putin, the Russian president, would end the war in Ukraine. The minutes of the Federal Reserve meeting held in July, which are set to be published on Wednesday, will shed light on U.S. economy outlook. UBS raised its gold target price for the end of March 2026 from $3,600 to $3,600 due to persistent macroeconomic risks in the United States, a drop in dollar usage, and strong demand. Other than that, silver spot fell by 1.4%, to $37.49 an ounce. Platinum was unchanged at $1,322.85, and palladium dropped 1%, to $1,111.76. (Reporting from Noel John, Bengaluru. Editing by Sharon Singleton & Sahal Muhammed.
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Aluminium nears two-week low in Ukraine talks
On Tuesday, aluminium prices fell to their lowest level in almost two weeks as a result of the possibility that the Ukraine conflict would end and allow Russia, a major producer to increase supply. The benchmark three-month aluminum on the London Metal Exchange dropped 1% at 1610 GMT to $2,562 per metric ton, its lowest level since August 6. The price of aluminium has fallen for three sessions, including on Friday when U.S. president Donald Trump met with his Russian counterpart Vladimir Putin to try to broker a peace in Ukraine. Both Trump and Zelenskiy raised the possibility of a three-way meeting with Putin when they met on Monday. The so-called peace bonus could include the fact that aluminum is driving the index down this week. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. He said that negative price action was due to increased supply. Many companies have refused to use Russian materials. The LME has prohibited metal produced in Russia from its warehouses after mid-April of 2024 to comply with U.S., British and European sanctions imposed on Moscow for the 2022 invasion. "Aluminium is on an upward trend since April and today it appears that we are just below this." Hansen continued, "I would also imagine that we are seeing some technical sales below $2,580." LME Aluminium has recovered 12% from its eight-month low in April of $2,300. The metals complex has been weighed down by a slightly stronger dollar index, as investors await policy signals from the annual Federal Reserve Symposium in Jackson Hole this week. The dollar is stronger, and therefore the price of commodities in U.S. dollars will be higher for foreign buyers. Other metals include LME copper, which fell by 0.4%, to $9,693.50 per ton. Nickel also declined, falling 0.8%, to $15,030, and zinc, which dropped 0.3%, to $2,768.50. Lead rose 0.1%, to $1,973.50, and tin increased 0.4%, to $33,825. Click here to see the latest metals news (Reporting and editing by Eric Onstad, Janane Venkatraman, Joe Bavier).
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Cooperative says that a cold snap will reduce the next coffee crop in a key Brazilian region.
The cold snap that hit Brazil's Cerrado Mineiro region earlier this month has reduced the size of the next crop by about 412,000 60 kg bags or 5.5%. This was revealed in a report released on Tuesday by the coffee cooperative Expocacer. Expocacer reported in a recent report that temperatures in the area plummeted to just 2 degrees Celsius (35,6 degrees Fahrenheit). Glaucio Castro, President of the Cerrado Coffee Growers Federation told reporters at the time the cold snap could have damaged the buds on the coffee trees, reducing the flowering potential for the 2026 harvest. According to the latest report by StoneX, Cerrado Mineiro’s 2025 crop is expected to produce more than 6,000,000 60-kg bags. According to the report that was sent out, of the 13,000 hectares that were evaluated by Expocacer in the study, 1,173 had frost damage. This affected 67 growers. Expocacer estimates that the average loss in productivity potential for areas directly affected by frost is 55%. The cooperative stated that future reports will provide more precise measurements on the impact per hectare. Reporting by Roberto Samora, Writing by Oliver Griffin, Editing by Gabriel Araujo & Paul Simao
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The currency impact on KGHM's second quarter profits has caused a decline in the company's profit.
The Polish copper producer KGHM reported a 10.6% drop in earnings for the second quarter compared to last year as a currency impact negated the positive effects of higher metals prices. The adjusted core profit for the company fell to 2,37 billion zlotys (651.83 millions). A poll showed that this was above the consensus estimate of analysts of 2,24 billion zlotys. Why it's important KGHM is a major producer of silver and copper in the world. As most of the company's revenue is in US dollars, and its costs are mostly in Polish Zlotys, its performance is highly sensitive to currency fluctuations and commodity prices. According to LSEG, since the beginning of the year the U.S. Dollar has dropped about 12% against zloty. Key Context The company reported that in the first half 2025 the average price for copper on the London Metal Exchange had increased to $9,431 a tonne. This is a 3.7% increase from the average $9,090 tonne during the first half 2024. The Polish government announced that the country would reduce its copper mining tax starting in 2026. This move is expected to lower KGHM’s cost base significantly in the next few years. By the Numbers A poll showed that the average estimate for the second quarter net profit of a copper miner was 315 million zlotys. The actual revenue was 8.61 billion Zlotys compared to an estimated 8.66 billion Zlotys. (1 dollar = 3.6359 Polish zlotys). (Reporting and editing by Matt Scuffham; Rafal Nowak)
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Only 35 complaints of debanking are based on political bias, despite Trump's order
A review of data from the U.S. Consumer Financial Protection Bureau shows that less than 1 percent of customers who complained about the closure of their checking or savings accounts in the past 13 years said the banks acted for political or religion reasons. This is despite the White House mounting a campaign against "systemic abuses" of the financial system, which it claims have wronged conservatives. After citing what Trump termed discrimination against conservatives, U.S. president Donald Trump signed an executive directive earlier this month requiring banks to not discriminate on the basis of political or religious beliefs. This practice is known as debanking. The White House stated that the order targeted "systemic abuses of financial institutions which undermine free expression and economic opportunities." Few customers denied banking products have cited their political affiliations as the main concern. A review shows that only 35 of the 8,361 detailed bank account complaints filed with the CFPB, since 2012, include terms like "politics", "religion", "conservative", or "Christian". "It isn't a real problem." Amanda Jackson, director of Americans for Financial Reform (a coalition of progressive groups), said that 'debanking' was an excuse for political attack. Other groups and the group say that the bigger issue is ensuring that U.S. Banks provide services to lower-income consumers. Financial institutions say that they have balanced fair access and steps to combat fraud with steps to combat the wave. They have also said that they haven't cut off customers because of their political beliefs. Rachel Cauley is the communications director of the White House Office of Management and Budget. Russell Vought, the Office's leader, is also the acting director of the CFPB. She did not answer questions directly about the low number of complaints. She reiterated that the Trump family, and others, were denied banking services because of their political or religious beliefs. Cauley argued that the actions amounted to an "Orwellian censorship technique which is antithetical to American life." The Trump Administration believes that access to the financial systems is a right of all Americans. The CFPB does not identify the filer. Although none of the 35 complaints included proof that the accounts were closed due to political or religious motives, the complainants said that they suspected this. According to a complaint filed in 2023 against JPMorgan regarding account closures, "I believe that this is discriminatory action based on race or religion and/or political beliefs." Lauren Bianchi from JPMorgan said in an email: "We don't close accounts for religious or political reasons." She said that the bank is in favor of a ban on account closures due to political or religious motives, as well as for regulators allowing more transparency. Brian Knight, senior attorney for Alliance Defending Freedom - a Christian law office that supports Trump's executive orders - said the low number of complaints citing religion or politics could be due to the fact that banks do not have to provide much information to their customers. Knight stated that "there's no mechanism for information sharing" other than litigation to force the banks to be more transparent about their thinking. (Reporting and editing by Dawn Kopecki, Andrea Ricci, and Ross Kerber)
Brazil's "soy Moratorium" site is offline following antitrust ruling
The Brazilian antitrust authority suspended the "soy moratorium" on Tuesday, a private agreement enforced globally by grain traders to protect Amazon rainforests from deforestation caused by soy.
This is in response to the set of measures implemented by the agency Monday, which included launching a full-blown investigation into 30 traders and groups for alleged practices anti-competitive.
The soy ban, which has been hailed for years as one of most successful initiatives in protecting the Amazon rainforests, prohibits soybean traders from purchasing from farmers that cleared land after July 2008. The CADE General Superintendent regulator ruled, however, that the soy moratorium could be a violation of Brazilian competition laws.
After a preliminary investigation, Superintendent Alexandre Barreto de Souza issued an order to the firms that they suspend the agreement or pay fines. The request was made by the Agriculture Committee of the lower house of Congress of Brazil in August 2024.
Farmers, who backed a majority of the lawmakers in the panel, called the suspension of the moratorium a historic win.
According to Mauricio Bufon, the president of Aprosoja Brasil, soy farmers are not expected clear large areas of forest, as this crop is advancing over pastureland. He added that the suspension of the initiative changes market dynamics.
He said that to circumvent the moratorium farmers would use an intermediary and accept less money for soy. Buffon said that the farmers will no longer require a middleman.
The majority of Brazil's soybeans is sold to China. However, European nations like Spain, Italy, and Britain also buy it.
TRADERS IN BIND
In recent months, pressure to end the moratorium has increased on many fronts.
Three cases are being heard by the Supreme Court about whether states that grow soy can refuse to give tax incentives to those who sign this agreement. Next Friday, the Supreme Court will decide whether or not to uphold an injunction which confirmed that one state, Mato Grosso can refuse to give such incentives beginning in 2026.
People familiar with the thoughts of Anec and Abiove, two trade groups, said they would appeal against the suspension of the agreement at CADE's Tribunal, composed of six commissioners including the president. CADE stated that they have five days in which to appeal, and the tribunal 48 hours to assign an assigned reporting commissioner.
CADE could take several years to complete the investigation and render a final opinion regarding the legality of the moratorium.
If the soy exporters' trade groups are found guilty of violating the competition law, they could face fines up to 2 billion Reis ($365.60 millions). The fines for traders can be as high as 20% of their gross revenue from the fiscal year prior to the investigation.
(source: Reuters)