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The Gulf's major markets are mixed in response to the US-Iran hostilities and Q2 earnings
Investors weighed the escalating tensions in the region and an array of corporate earnings announcements as they viewed major stock markets in Gulf in early trade on Thursday. The?U.S. The?U.S. The Iranian Revolutionary Guards reported that an oil tanker was set ablaze after an explosion occurred while trying to navigate what they described as a "mined" route near the coast of Oman in the southern Strait of Hormuz. Two other tankers returned. Saudi Arabia's benchmark index fell 0.1% due to a 0.9% drop in the Saudi National Bank, the largest lender of the country. However, ?oil major Saudi Aramco gained 0.5%. The tensions were further heightened when the Iran-aligned Houthis allegedly claimed on Thursday that they had attacked two Saudi tankers in Bab el-Mandeb Strait. This raised concerns about a possible threat to a key global shipping route for energy alongside the Strait of Hormuz. The Qatari index fell 0.3% with Industries?Qatar falling 1.2%. Dubai's main stock index rose 0.6% led by a 2.9% increase in the top lender Emirates NBD. The lender reported a second-quarter profit which was essentially flat compared to the previous quarter. Asset growth and margins were resilient, in the first full-quarter result since the start of the Iran War. The index in Abu Dhabi rose 0.7%. This was boosted by the 4.1% increase of the United Arab Emirates’ largest lender, First?Abu Dhabi (FAB), following an increase?in earnings for the quarter. FAB's Net Profit?for three months ended on June 30 increased to 5.72 billion Dirhams ($1.56billion) from 5.51 billion Dirhams one year ago. Reporting by Ateeq Sharif in Bengaluru. Editing by William Maclean
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African Rainbow Minerals approves Bokoni Platinum Project, Nickel Mine Restart
African Rainbow Minerals said that its board approved a?phased upgrade of 15.2 billion rands ($927.28 millions)?of the Bokoni platinum-group metal operations, as well?as resuming nickel mining at Nkomati. The South African miner, a diversified company, said in a press release that the outlook for PGMs - which are mostly used as autocatalysts to curb vehicle emissions - remains positive, despite the impact expected from battery electric cars, which don't require emission controls. ARM announced that the Bokoni Project?expansion would add a 120,000 metric tons per month Platinum Group Metal?concentrator, to an existing 60,000 tons per month plant. The existing plant will also be refurbished. The new concentrator will be operational in 2030. ARM expects that the 'Bokoni Project will reach steady state by 2032 with a?annual production between 350,000?and 400,000 ounces PGMs starting in that year. The company produced 615.719 ounces PGMs during its financial year ending June 2025. ARM suspended its operations at Bokoni, in June 2025. They said the smaller 60,000 tons per month mining and grinding capacity?was not sufficient to offset fixed costs or sustain profitability. After agreeing to a conditional deal with Boliden, the company that also owns iron ore assets, manganese, and coal, said it would restart open-pit mining operations at?Nkomati and begin nickel concentrate production. In 2021, the Nkomati Mine was put on maintenance due to persistent losses resulting from rising costs and low nickel prices. ARM, who took over?Nkomati from former joint -venture partner Nornickel in July 2025, has plans to invest $46 million for the nickel mining restart. The mine will produce 56,065 tonnes of nickel concentrate per year.
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Gold falls from two-week high as oil gains; Fed meeting is in focus
Gold prices fell on Thursday, after a two-week peak hit on Wednesday, due to an escalating Middle East war. Traders were waiting for the Federal Reserve's policy meeting next Monday, which could provide clues about the timing of interest rate increases. Gold spot fell 0.6% at 0713 GMT to $4,103.39 an ounce, after reaching its highest level since July 7, $4,165.87, on Wednesday. U.S. Gold Futures for August Delivery?fell by 1.1% to $4106.40. Oil continues to rise, adding to inflation pressures and expectations of Fed rate hikes. This has a positive effect on gold, as the dollar is weakening, said Jigar Trivedi. Oil prices reached their highest level in over?six-weeks, as the United States launched a new round on strikes against Iran and Yemen Houthis targeted oil tankers at the Red Sea. Dollars fell by 0.1% making greenback bullion cheaper for holders of other currencies. Interest rate sensitive two-year U.S. Treasury Yields have risen to a 17 month high, as rising oil prices fuelled concerns that new energy disruptions may reignite inflation. This could increase the chances of Fed rate increases. Futures markets are widely positioned for at least one hike before year's end. According to the CME FedWatch tool, traders are pricing in 77% of an increase in rates in September. High interest rates tends to reduce the appeal of non-yielding gold. The European Central Bank will almost certainly keep rates the same on Thursday, but it is keeping the "door wide open" for a possible hike in September. Silver spot fell 1.3%, to 58.90 dollars per ounce. Platinum dropped 1%, to 1,628.63, and palladium was down 1.2%, to $1274.96. (Reporting from Pablo Sinha and Swati verma in Bengaluru, Editing by Mrigank dhaniwala and Rashmi aich and Subhranshu sahu.)
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Copper prices rise as supply pressures increase, but demand is still low
Copper prices rose on Thursday as a result of falling inventories and ongoing concerns about supply. Benchmark 'three-month' copper at the?London Metal Exchange rose?0.08%?to $13,819 per metric ton as of 0700 GMT. The Shanghai Futures Exchange's most traded copper contract was down by 0.21% to 105,890 Yuan ($15.642.91) per ton. Both exchanges saw their prices reach multi-week highs after Tuesday and Wednesday, when supply fears combined with good demand drove them to these levels. Analysts with Chinese broker Galaxy Futures stated that the combination of?rising copper prices and high-premiums have curtailed downstream buying. Available copper inventories in ?LME-registered Shanghai monitored warehouses The physical supply has been under pressure in recent months as the price of goods has fallen. The Yangshan copper premium has risen. On Wednesday, the metric for China's import demand reached a record high of $115 per ton. The price of copper has also been supported by the strong shipments to the United States ahead of any potential U.S. tax on refined copper. Traders are still waiting for details. The LME cash to three-month copper premium On?Wednesday the price of a ton was $4.7, indicating a pressure on supply in the near term. Geopolitical events continue to influence risk sentiment and demand expectations. Oil prices have risen to their highest level in six weeks after Yemen's Iran aligned Houthis claimed they had attacked two oil tankers as part a Saudi Arabian blockade. The rise in energy prices has rekindled inflation fears and put pressure on industrial commodities, as it increases the likelihood of rate hikes. This typically slows economic growth. Aluminium gained 0.28% on the LME, while zinc rose?0.63%. Lead increased 0.5% and nickel gained 0.62%. Tin added 0.16%. On the SHFE, aluminium rose 0.71%. Zinc gained 1.57%. Lead advanced 1.08%. Nickel jumped 1.59%. $1 = 6.7692 Chinese Yuan Renminbi (Reporting and editing by Sonia Cheema).
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Israelis are concerned that a Saudi nuclear deal may spark a Mideast arms race
Israel is worried about the'start of an arms race in the Middle East' after a deal between the United States & Saudi Arabia was announced on Wednesday. The agreement allows the kingdom to build nuclear power plants using American technology and enrich uranium. The?agreement announced on Wednesday, which needs Congressional approval to be implemented, is intended to allow Saudi Arabia to develop a civil nuclear programme. The Prime Minister Benjamin Netanyahu, his Defence and Foreign ministers, have not yet commented on this deal. Critics say that it compromises Israel's long-term interests. "The nuclear deal that's coming together between Israel and Saudi Arabia over Israel's head is a serious failure in strategy that threatens our security," stated former prime minister Naftali Bennet, who is running to unseat Netanyahu at an election on October 27. "Nuclear enrichment in Saudi Arabia could lead to an'regional nuclear race' and a dangerous lack of control." Avigdor Lieberman, former defence minister of Saudi Arabia, said "the civilian nuclear program in Saudi Arabia will result in nuclear weapons. It will also lead to an arms race in the Middle East." He said that Israel, widely regarded as having the only nuclear arsenal in the region, should oppose the agreement and lobby Congress for its cancellation. The civil nuclear deal with Saudi Arabia was in the works during President Donald Trump's administration as well as that of former president?Joe Biden. A deal has not been reached yet, in part due to the warnings of?nonproliferation organizations who claim that this could give Saudi Arabia a way to develop a nuke weapon. Israelis also hoped that any deal would be part of the long-sought agreement for normalisation between Israel and Saudi Arabia, as envisaged in the Biden Plan. Benny Gantz said that no official in the security field would agree that adding civilian nuclear capability to Saudi Arabia, without also integrating it into a regional alliance that promotes moderate values, is a good thing for Israel. (Writing and editing by Steven Scheer)
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Repsol's Q2 profits more than tripled on the strength of refining
Repsol, a Spanish energy company, announced on Thursday that its adjusted net?profit for the second quarter of this year was more than three times higher than it was in the same period a year ago. This increase is attributed to higher oil prices and stronger refining margins. The adjusted?net? income rose to EUR1.84bn ($2.1bn) between April and June, compared with the EUR598mn posted in the 2nd quarter of 2025. This beat the analysts' consensus estimate of EUR1.64bn. The net income was EUR1.27 billion, up from EUR237 millions a year ago. Earnings before interest, tax,?depreciation, and amortisation, or adjusted earnings, also tripled, to EUR3.52 billion, up from EUR1.15 million. The main Spanish refiner and oil producer announced that it will increase the second share buyback programme for 2026 to EUR500m, on top of the EUR350m already completed. The company expects to announce its third share buyback in October, as part of its plan to distribute between 30% and 40% of operating cash flows to shareholders. Operating cash flow increased to EUR1.94billion from EUR1.56billion, and free cash flow increased to EUR1.04billion from EUR431m. Net debt decreased to EUR3.67billion at the end June, from EUR4.8billion at the end March. This reduced leverage from 14.3% to 11.3%. CEO Josu Imaz said in a statement that the company's strong cash flow and balance sheet enabled it to continue investing while increasing shareholder returns. Refining, Repsol Peru and chemicals, as well as trading, were the main drivers of this improvement. The adjusted net income rose to EUR1.24billion from EUR103mil a year earlier. Exploration and Production Adjusted Net Income rose from EUR312 million to EUR371 millions, thanks to higher crude prices, increased volumes, and stronger results from equity-accounted firms. Repsol's Spanish refinery margin indicator increased to $14 per barrel from $5.9 per barrel a year earlier. Brent crude was at $103.8 a barrel on average in the third quarter, up from $67.1. The total production was essentially flat, at 558,000 barrels equivalent per day compared to 557,000 the previous year.
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TotalEnergies' second quarter profit soars on higher oil prices and strong refining margins
* Best quarter for nearly three years * Trading segment (which includes refining)?up 362% on an annual basis due to rising prices * Share Buybacks Maintain?at $1.5 Billion for Q3 By ?America Hernandez PARIS, 23 July - TotalEnergies, the French oil major, reported on Thursday a 67% increase in its second-quarter earnings, its best in almost three years. The company attributed this to higher oil prices, and high profit margins in fuel refining due to war in Iran. According to a poll of analysts by LSEG, adjusted net?income for the second quarter was $6 billion. This is in line with what analysts expected. This compares to $3.6 billion for the second quarter in 2025 and $5.4 billion for the first quarter in 2026. The U.S. and Israeli war against Iran, which resulted in Iran 'effectively closing the Strait of Hormuz', disrupted world supplies and pushed 'crude oil and -gas -prices to multiyear highs. This was a windfall to major energy companies. Brent crude oil prices in the global benchmark ranged between $97 and $97.50 per barrel from April to June, up by 45% compared to $67 a barrel one year ago. TotalEnergies has announced that it will continue to buy back shares for $1.5 billion in the third quarter. This is the same amount they paid for the second. Exploration and Production earnings have reached $3.2 billion. This is a 64% increase from the same time period last year and 25% more than the first quarter of 2026. Refining income and chemicals grew 362%, to $1.8 billion. This was due to the margins of refining fuels and the fact that Total continued to make profits on the rising prices of oil and fuels caused by the paralysed Strait of Hormuz. The liquefied gas division earned $807 million. This is a 22% decrease that Total attributed to the weak LNG demand in Europe in its trading statement last week.
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Anglo flags loss in diamond and coal units for first half; reduces copper cost outlook
Anglo American's copper production was largely?flat in the first-half of this year and its copper price guidance for 2026 has been lowered. However, it said that?its diamonds?and steelmaking?coal businesses will post negative earnings underlying in the first quarter. The London-listed company maintained its guidance for full-year production of copper between 700,000 and 760,000 metric tons. The miner produced 343,600 tonnes of copper during the first half, compared to 342,200 tons one year ago. Anglo stated that its proposed merger with Teck Resources is still on track. The final regulatory hurdle will be the approval of China. The miner would become 'the fifth largest?copper manufacturer in the world, as it reshapes their portfolio by selling its nickel and steelmaking coal businesses and separating diamond unit De Beers. In order to complete the acquisition of De Beers, 'Anglo' has chosen a preferred consortium headed by former De Beers CEO Gareth Penny. Botswana owns 15% of the business and is considering exercising its right of refusal to buy it directly or through a third-party, according to a government official. Anglo stated that despite an 88% increase in diamond production?in the 2nd?quarter, weak demand and lower prices continue to weigh on the markets. (Reporting and editing by Louise Heavens, Clara Denina)
China's shift to stable product demand echoes in BHP results: Russell
The altering nature of China's product need is nicely encapsulated by the newest outcomes of BHP Group, the world's biggest mining company and a significant provider to the top global buyer of iron ore, coal and copper.
BHP reported a stable first-half result on Tuesday, tape-recording $6.6 billion in underlying profits, the like the year-earlier period and beating an LSEG price quote of $6.42. billion.
The revenue outcome was attained regardless of a slower global. economy, with both weakness in industrialized nations and in China,. which had a hard time to improve its economy after ending its rigorous. zero-COVID policy.
It was the $5.7 if there was a cloud to BHP's earnings. billion in charges and problems it reserved, associating with. writing down the value of nickel organization in Western Australia. state and charges against the Samarco iron ore operations in. Brazil to cover for the dam collapse in 2015.
The main theme of the BHP results is that China is. transitioning from being the main chauffeur of development in need for. products, to being a steady source of demand, albeit an extremely. substantial one.
China had record iron ore consumption in 2023 and steel. output was above 1 billion metric loads for a fifth straight. year, numbers that permitted BHP to tape-record a 6% rise in revenue. development.
Iron ore is BHP's greatest product, accounting for 68% of the. group's underlying earnings.
But the China growth story is likely alleviating, with BHP stating. in its outcomes declaration that it expects only modest development in. steel production in line with our long-held view that China's. steel production would sit at a plateau in the 1.0 to 1.1. billion tons per year variety in the first half of the 2020s.
Fortunately for iron ore miners is that India and. Southeast Asia are likewise expected to increase steel output in. coming years, which may offset any decrease in China.
With supply development likewise modest, BHP expects a largely. balanced iron ore market, which in turn needs to lead to. relatively stable prices throughout the years ahead.
Iron ore futures in Singapore ended at $128.51 a. lot on Monday, approximately in the midpoint of the broad $100-$ 144. variety that has dominated since December 2022.
COPPER, COAL
It's much the same story for copper, with BHP anticipating a. recovery in demand as China's economy improves and inflation. concerns relieve in the industrialized world, causing a well balanced. market.
In the near term, we expect broad-based end-user need. development in China to continue, albeit at a somewhat slower rate. than the 6% year-on-year rate seen in calendar year 2023, BHP. stated.
In addition to being the world's third-biggest miner of iron. ore and copper, BHP ranks initially in metallurgical coal, the secret. energy source for turning iron ore into steel.
This kind of coal is less depending on Chinese need given. that much of the nation's requirements are sourced from. domestic mines and from neighbouring Mongolia.
However, BHP said the operation of domestic mines and. overland imports from Mongolia are crucial unpredictabilities for the. market in the coming year.
However, India is expected to maintain its momentum and. must provide strong demand growth for seaborne metallurgical. coal offered the South Asian country's scarceness of domestic. supplies.
BHP is bullish on the long-lasting outlook for metallurgical. coal, believing it will be required to make steel for years, however. supply is likely to be constrained by a lack of financial investment in. brand-new production.
In general, BHP's outlook for its significant commodities remains. tied to the fortunes of China, with a side-helping of India.
With China's economy developing, the concern for miners. like BHP is whether there will suffice development beyond China. to enable sustained increases in commodity need.
Disclosure: At the time of publication Clyde Russell owned. shares in BHP as a financier in a fund.
The opinions revealed here are those of the author, a columnist. .
(source: Reuters)