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Zinc prices increase due to tight supply
The thin supply outside China and the exchange position boosted zinc prices for a 7th consecutive session on Thursday. Benchmark three-month Zinc on the London Metal Exchange?was?up 0.92% to $3,929 per metric ton at 0300 GMT. The most traded zinc contract at the Shanghai Futures Exchange rose 1.69% to 26,700 yuan (US $3,972.68) per ton. On Wednesday, the LME reached its highest level in over four years. The metal is mainly used for galvanising steel. The impressive rally of the metal, which was boosted by a 'waning stock outside China', echoes last October. The LME's cash-to-3-month spread The physical availability was tight, as evidenced by the $198.95 price backwardation. The International Lead and Zinc Study Group reported that the global refined market for zinc swung to a deficit during June. Total?LME stock At 97,325 tonnes, the 'lows' of the October squeeze were still twice as high. This led some analysts to downplay any impact of the shortage of supply, and instead point to the support of a sharp rise in speculative position on the LME. Sandeep?Daga is the head of research for Metal Intelligence Centre. He said: "Yes, there are physical tightening outside China but it's not as bad as in last year, and current prices do not justify them." Copper, which is also supported by the thinning of inventories, rose 0.37% at?the LME, but fell 0.21% at the SHFE. Market participants are watching Wednesday's U.S. inflation data, which shows that the war-induced decline in inflation has paused. This is likely to intensify interest rate debates by the U.S. Federal Reserve. Copper prices have been driven by expectations of higher interest rates for longer periods, due to concerns that this could slow down economic activity and impact demand. Aluminium?added 0.48 %, while lead fell by 0.1%. Nickel?added an additional 0.34%, and tin gained 7.4 %. Aluminium, lead, nickel and tin all lost ground on the SHFE.
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Asian stocks are up for a third day after Nvidia beats expectations
Stocks climbed at the beginning of Thursday's Asia-Pacific session, as Nvidia beat expectations. This boosted tech hardware manufacturers' confidence and revived investor confidence after overnight data showed that the Federal Reserve preferred U.S. Inflation measure was still hot. MSCI's broadest Asia-Pacific index excluding Japan rose 0.7% and is on course to extend gains for a third day in a row after Nvidia announced that its quarterly revenues had more than doubled, and forecasted third-quarter revenue well above Wall Street expectations. In after-hours trades, the AI chipmaker's stock jumped by 4.7%. This lifted S&P 500 e-minis futures 0.4%. Chris Weston said, "The business has a very healthy future," the head of research for Pepperstone Group. It's going to make people think, 'what did I miss?' The story is really bullish and those who supply Nvidia via the supply chain will likely benefit today." South Korea's KOSPI grew by 1.5% after Bank of Korea increased interest rates to 3%. This was in line with the market expectations that a rise would be made. Taiwanese stocks rose by 0.9% while Nikkei shares fell 0.4%. The S&P 500 closed flat overnight after the PCE index showed a 0.2% increase in July, compared to the previous month. Analysts from Societe Generale wrote: "July core PCE was broadly in line with expectations but the details were more firm." The inflation outlook therefore appears to be firmer going into the FOMC meeting in September. The yield on a 10-year Treasury bond in the United States was down by 1.5 basis points to 4.647%, as markets waited for Fed Chair Kevin Warsh’s speech on Friday at Jackson Hole, Wyoming for more clues about the direction of U.S. rates. Brent crude fell 0.7% at $87.20. The benchmark is on course to drop for a 4th consecutive day, as Qatar's Prime Minister prepares to travel to Tehran to try to restart peace talks between Iran and the U.S. Westpac analysts reported that "crude oil prices continue to ease, despite the highly uncertain outlook regarding the Strait of Hormuz management and the health of the global oil supply. This is especially true in light of new threats of escalation by Putin during the Russia-Ukraine conflict." The U.S. Dollar Index, which measures greenback strength against a basket of six currencies held at 99.12, close to its highest level over the past week. After a slight pullback on Tuesday, gold rose?0.7% at $4,624.14. Bitcoin was up 0.8% to $79,043.18, and ether was 1.3% higher at $2,504.96. The U.S. Treasury Department's intervention in the bond market last week has benefited all three. (Reporting and editing by Thomas Derpinghaus; Gregor Stuart Hunter)
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Australia's South32 records 55% surge in annual profit, misses estimates
Australia's South32 posted a 55% increase in its full-year profits on Thursday, but missed the market consensus. The diversified miner benefited from an upsurge in commodity prices, and a strong operating performance. The underlying earnings for the Chilean coppermine Sierra 'Gorda increased from $758?million to $276?million due to higher realized?metal? prices. The division reported a 3% decline in annual payable 'copper equivalent' production. Matt Daley, South32's CEO, said that "Cannington and Sierra Gorda's operational performance enabled the Group to benefit from higher prices in copper, silver and zinc, supporting increased earnings as well as cash flow for our base metals businesses." South32 announced a final dividend per share of 5.4 cents, higher than the 2.6 cents declared last year. South32, which is the world's largest manganese producer reported earnings of $1.03bn for a year ending June 30 compared to $666mn in a year prior. Visible Alpha's consensus estimate of $1.05bn was slightly higher. Reporting by Sherin sunny and Nikita Marie Jino in Bengaluru, Editing by Leroy Leo
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Trump signss order banning certain foreign equipment from US grid
On Wednesday, President Donald Trump issued an executive order declaring a state of national emergency and prohibiting the use of certain?foreign technology in?the United States. The White House announced that the electricity grid. The White House cited what it called an "unusual, extraordinary threat" from foreign bulk-power systems which could pose national security vulnerabilities. Trump's order is the latest example in Washington's 'approach' to combating technology threats from China. It follows an earlier decision made by the European Commission to ban Chinese-made energy inverters. U.S. experts who dismantled equipment connected to grids in order to test for security problems found rogue communication devices in some Chinese solar inverters. In the 'order, Trump stated that he found that foreign-supplied bulk-power system electrical equipment posed a threat to national security, foreign policies, and the economy of the United States. This threat was originating in part or in full outside of the United States. I hereby declare an emergency with regard to this threat. The 'order' prohibits certain foreign-produced bulk power system electric equipment and associated digital capabilities, which could pose cybersecurity or operational risk, from being bought or installed in the United States. White House: The order also requests that the U.S. Energy Secretary impose conditions on the use and operation such equipment in response to concerns raised by the Trump Administration.
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Gold drops over 1% after in-line US inflation data
The gold price?extended its losses on Wednesday following?U.S. The inflation data was largely in line with expectations. This increased bets that the Federal Reserve will raise interest rates next month. Investors also anticipated remarks from Chairman Kevin Warsh. Gold prices fell by 1.3% at 1:57 pm EDT (1757 GMT) after they had reached their highest level since May 14, on Tuesday. U.S. gold futures ended 0.9% lower, at $4653.30. Dollars rose by 0.3% making the greenback more expensive to holders of other currencies. Peter Grant, Zaner Metals' vice president and senior metals strategist, said that the gold price's action before today's data is just profit-taking. The PCE data came in largely as expected, so at this stage, we are consolidating within yesterday’s range. Bureau of Economic Analysis of the Commerce Department reported on Wednesday that the Personal Consumption Expenditures Prices Index, which is used by the Fed to determine its inflation target, had increased 3.7% over the past 12 months. The economists polled had predicted a reading between 3.6% and 3.7%. According to the CME FedWatch tool, traders now expect a 40% rate hike in the next month compared to 36% prior. They also price in a 60% chance that rates will remain unchanged. In an environment of high interest rates, gold that does not yield is often less appealing. "I believe?the gold uptrend is beginning to reassert its self." Grant added that he sees a 'potential return to?above $5,000 in this year. A senior Iranian source stated on Wednesday that Iran and Oman were still working on the specifics of an agreement regarding the Strait of Hormuz. This is after Iran's Revolutionary Guards had said that the two countries had agreed on how to divide the waterway and the revenue. Silver fell by 1%, to $67.93 an ounce. Platinum dropped by 1.4%, to $1,831.67. Palladium declined 0.1%, to $1,324.63. (Reporting from Bengaluru by Pablo Sinha. (Editing by Jonathan Ananda Mark Potter and Aurora Ellis.)
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Tim Curry, the actor who starred in 'Rocky Horror Picture Show', has died at age 80
Tim Curry, British baritone actor, who gained fame in 1975 as a singing "sweet transvestite," dressed in lingerie, has died. His manager announced this on Wednesday. Curry's cause of death wasn't immediately revealed, but he had been ill for some time. His manager confirmed that Curry died peacefully at his Los?Angeles home on Tuesday. Curry was in many?movies as a hammy antagonist. He has been nominated for three Tony Awards for Broadway roles and he also performed voice work for animated films and television shows. But his best-known role was Dr. Frank N. Furter, which came in his debut film, the outrageous, crowd-pleasing horror-comedy-musical "The Rocky Horror Picture Show," co-starring Susan Sarandon and Barry Bostwick. I'm not a very good man in the daylight. By night, I am a ferocious lover. Curry sang, "I'm a sweet Transylvanian transvestite. I wear garish lipstick and eyeshadow in a black outfit with black stockings. Curry warned in a 1975 interview that he was concerned about the possibility of his career being defined by an outrageous role. This turned out to be a foresighted concern. Curry admitted to some initial hesitation, but said that he found the role "very, very funny and witty" when he first read it. "I was afraid that if the experiment worked, it would be difficult to get rid of. Curry stated that he had always believed it was not worth taking a chance if you didn't want to take a chance. His other films include "Charlie's Angels", "Muppet Treasure Island", "The Shadow", "The Three Musketeers", "Home Alone 2 : Lost in New York", "Home Alone 2 : Lost in New York", "Clue", "Legend", "Annie", and "The Three Musketeers". OVER-THE TOP VILLAINS Curry's best work was done on stage. In 1981, he was nominated as a Tony for his role in "Amadeus,"?a story of the composer's encounter with jealous rival Salieri. Curry was nominated for Tonys in 1993 and 2005, for his roles as King Arthur and "My Favorite Year," respectively. He was highly sought after as a voice-over actor for animated TV shows and films. In 1991, he won a Daytime Emmy Award for his voice on the animated film "Peter Pan & the Pirates." Curry's sinister smile and menacing laughter made him a popular villain in Hollywood movies. He was often cast with comic undertones to allow him to deliver his over-the-top performance for which he became famous. Curry said to interviewer Andrew Kay that he loves playing those roles because they are always well written. He admitted that some of his films were mediocre. He singled out "Congo", a 1995 tale about diamond mines, killer gorillas, and a story of gorillas. Curry admitted that he was "really bad" in the film. Curry said: "I received a Razzy Award for one of the worst performances of the past year, and I deserved it too." A CULTY FOLLOWING Curry was born on April 19, 1946, in Grappenhall (Cheshire), England. Curry's father, a?Royal Navy Chaplain, passed away when he was 12 years old. His mother worked as a school secretaire. Curry studied drama at Birmingham University. He landed the role of Dr. Frank N. Furter, in the original London version of the "The Rocky Horror Show." He first performed it in New York, Los Angeles and then as a film called "The Rocky Horror Picture Show." The movie wasn't an instant success, but it gained a cult audience at midnight screenings held in New York City as well as elsewhere. Audience members dressed up in "Rocky Horrors" characters. Curry withdrew in 2011 from a British stage production due to his ill health. In 2013, Curry's agent said he suffered a stroke, but that he was recovering with "great humour." He began using a wheelchair, and reduced his work load. He did return to the big-screen in 2024 when he appeared in the horror movie "Stream." Curry was born in Los Angeles and never married. He also had no children. Curry, a composer and singer, also released albums with his own band. (Reporting and editing by Bill Trott, Olivier Holmey and Bill Trott; Additional reporting by Rosalba o'Brien and Sam Tabahriti)
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Experts say that the deadly Nepal flash flooding may have been caused by a glacier collapse
Experts citing Planet Labs satellite images said that a deadly flash flood on Wednesday near Nepal's Tibet border may have been triggered by the lower part of a glacier breaking off and crashing on to the valley floor hundreds of meters below. The cause of the collapse was unclear, but Nepali officials pointed out that an earthquake had occurred in the area minutes earlier. Both sides are concerned that the number of deaths will far exceed the 100 bodies recovered so far. Nepal's government said that more than 300 travelers were missing. Satellite imagery from Planet Labs was reviewed by the...............?............... Vikram Gupta teaches engineering geology at India's Sikkim University and is a specialist in engineering geology. Earth scientist Dan Shugar is an associate professor of?the University of Calgary. He said that the images seemed to show a lot of snow had been melted just 24 hours before the disaster. The valley's glaciers were mostly covered in ice today, but yesterday they were covered in snow. He said that it was likely warm (though I haven't yet seen any data from the weather stations). The United Nations reported in 2023 that the ice on Nepal's?mountains, which are covered in snow and ice, had been reduced by almost a third in less than 30 years because of global warming. In 2023, the agency reported that the glaciers of Nepal, which are wedged between India and China - two major carbon producers - had melted 65% more quickly in the past decade than the previous decade. Shugar explained that he could see, in the satellite images of this morning from Planet Labs: the lower part a glacier had broken off at around 5,200 metres. It crashed into the valley floor some 1,200 meters below. He added that?construction' could also be a factor and "whether climate changes played a part is something we will be no doubt looking into in the future". 'ICE-ROCK AVALANCHE' In the mountainous district Rasuwa (population: 50,000), several hydropower projects have been located in the most affected areas. The National Disaster Risk Reduction and Management Authority of Nepal said that the "glacier inclusive flood" in the Lhende River was caused by a landslide which occurred around 20 kilometers (12 miles) north-east of the Nepal-China border crossing. Initial reports also suggested an earthquake could have caused an avalanche, which then led to the flooding. However, Prakash Pokharel?, a geologist with the authority, stated that it is still unclear if this was the cause of the tragedy. Pokharel who reviewed the Planet Labs photos said that the flash floods on the Nepali border were caused by an ice rock avalanche. The International Centre for Integrated Mountain development says that floods, landslides and avalanches are becoming more frequent and violent in the Hindu Kush Himalayas. In addition, rapid changes to the water, air and land across the region present a serious threat to the people. The group reported that the flash flood on Wednesday sent a powerful surge in water, sediment, and boulders along the Bhote Koshi, Trishuli, and other river systems. They also said the water levels at Galchhi, downstream, rose up to nine metres (30 feet) in just 30 minutes. (Aditya Kalra, Krishna Das and Alex Richardson contributed additional reporting.)
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Tim Curry, the actor who starred in 'Rocky Horror Picture Show', has died at age 80
Variety and other outlets have reported that Tim Curry, who had a baritone voice, died at age 80. Curry was best known for his role as the singing "sweet transvestite," in 1975's cult film "The Rocky Horror Picture Show." Curry's death was not immediately attributed to a cause, but he had been ill for some time. Curry has appeared in many movies, usually as a hammy villain. He was nominated for three Tony Awards for Broadway roles and has voiced numerous animated 'films' and TV shows. But his best-known role was Dr. Frank N. Furter, which came in his debut film, the outrageous, crowd-pleasing horror-comedy-musical "The Rocky Horror Picture Show," co-starring Susan Sarandon and Barry Bostwick. I'm not a very good man in the daylight. By night, I am a ferocious lover. Curry sang, "I'm a sweet Transylvanian transvestite in a skimpy outfit with black stockings, garter belt and eyeshadow. Curry, in a 1975 interview on television, feared that his career would be defined by an outrageous role. This was a foresighted concern, as it turned our. Curry admitted to some initial hesitation, but said that he found the role "very, very funny and witty" when he first read it. "I was afraid that if it worked it would be hard to get rid of. Curry stated that he has always believed it was not worth taking a chance if you didn't want to take a part. His other films include "Charlie's Angels", "Muppet Treasure Island", "The Shadow", "The Three Musketeers", "Home Alone 2 : Lost in New York", "Home Alone 2 : Lost in New York", "Clue", "Legend", and "Annie". VILLAINS OVER THE TOP Curry's best work was done on the stage. In 1981, he was nominated as a Tony for his role in "Amadeus," which tells the story of Mozart's interaction with Salieri, a jealous rival. Curry was nominated for a Tony award in 1993 for the play "My Favorite Year," and in 2005 for playing King Arthur in "Monty Python’s Spamalot." He was a popular voice actor in animated films and television shows. In 1991, he won a Daytime Emmy Award for his voice on the animated film "Peter Pan & the Pirates." Curry's sinister smile and menacing laughter made him a popular villain in Hollywood movies. He was often cast with comic undertones to allow him to deliver his over-the-top performance for which he became famous. Curry said to Andrew Kay, an interviewer in 2011, "I love those roles. They're always written the best." He admitted that some of his films were mediocre. He singled out "Congo", a 1995 tale about diamond mines, killer gorillas, and a story of diamonds. Curry admitted that he was "really very bad" in the film. Curry said, "I received a Razzy Award for one of the most terrible performances?of the past year. I deserved it too." A CULTY FOLLOWING Curry was born on April 19th, 1946 in Grappenhall (Cheshire), England. Curry's father was a Royal Navy chaplain who died when he turned 12. His mother worked as a secretary in a school. Curry studied drama at Birmingham University. He landed the role of Dr. Frank N. Furter, in the original London version of "The?Show?" The Rocky Horror. He first performed the play in New York, Los Angeles and then it was turned into a movie called "The Rocky Horror Picture Show." The movie wasn't an instant success, but it gained a cult audience at midnight screenings held in New York City as well as elsewhere. Audience members dressed up in "Rocky Horror" costumes. Curry withdrew in 2011 from a British?production due to his ill health. In 2013, Curry's agent said he suffered a stroke, but that he was recovering with "great humour." He began using a wheelchair, and he reduced his work load. He did return to the big-screen in 2024 when he appeared in the horror movie "Stream." Curry was born in Los Angeles and never married. He also had no children. Curry, a composer and singer, also released albums with his own band. (Reporting and editing by Bill Trott, Olivier Holmey and Bill Trott; Additional reporting by Rosalba o'Brien)
After devastating flash floods, global aid is heading to Nepal
Nepal has begun receiving 'cash','relief supplies and other aid from countries and organizations around the world as it responds to a flash flood which killed over 160 people and left many more missing.
Here is the list of all aid and assistance that has been announced, as well as delivered:
China has coordinated emergency supplies as well as?cash aid to Nepal. China's ambassador to Nepal stated this in a post on the social media website X.
EUROPEAN UNION : European Commission President Ursula von der Leyen said on X that the EU was ready to "mobilise additional European assistance".
India's Foreign Ministry announced that India had sent 10 metric tonnes of supplies to help with disaster relief, including temporary shelters and blankets as well as hygiene kits, solar lights, and medicines.
INTERNATIONAL FEDDERATION OF THE RED CROSS AND REDCRESCENT SOCIETIES
UNITED STATES : According to the State Department, U.S.?was supplying funds of $500,000 and a disaster response advisor?to Nepal.
WHO Nepal reported on X. $1 = 0.8052 Swiss Francs (Compiled by Hritam?Mukherjee, edited by Christian Schmollinger).
(source: Reuters)