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Clariant exceeds expectations for core profits driven by Care Chemicals unit
Clariant, a Swiss manufacturer of specialty chemicals, reported an adjusted core profit higher than expected in the second quarter. The company cited a'strong performance' from its Care Chemicals unit during a volatile business environment. Clariant's adjusted earnings, before interest, tax, depreciation, and amortization, rose 1.5% compared to a year earlier, reaching 171.1 million Swiss Francs ($211.99 millions). This was higher than the 152 million Swiss Francs forecast by analysts in a poll provided by the company. In a press release, CEO Conrad Keijzer stated that "the Middle East conflict is continuing to have a significant impact on our Catalysts business." Clariant had stated in May that conflict in the Middle East - a highly lucrative market for Clariant - weighed heavily on the demand for catalysts and increased production costs. The increased 'economic uncertainty' has also impacted the willingness of customers to invest in chemicals around the world. Clariant has raised its target for cost-cutting, now aiming to achieve an annual "savings" run-rate of $100 million instead of the 80 million previously announced. Clariant expects to achieve savings of 90?francs before the end of 2026 after booking 24?million francs as'second-quarter restructuring charges. The company achieved its sales targets and profit margin for the entire year.
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Holcim upgrades full-year guidance after Q2 profit beat
Holcim's?second-quarter sales and earnings were better than expected on Friday, as the building materials manufacturer upgraded its outlook for the full year. The Swiss company reported that it was seeing an increase in demand for its low-carbon cement products and recycled demolition and construction materials. All of these factors boost profits. Holcim also saw a rise in sales in Germany and Switzerland as well as in Spain, Eastern Europe and Mexico. Demand for housing and infrastructure in Mexico, Peru, and Central America was also strong. Holcim's sales grew 6.4% in the second quarter to $4.41 billion Swiss Francs ($5.46 billion), exceeding expectations of 4.27 billion Swiss Francs, according to a consensus within the company. Recurring Operating Profit (EBIT), which is a measure of recurring profit, rose by 13.1% to 1.01 billion Francs. This was higher than the forecasted 958 million Francs. In a press release, CEO Miljan Gutovic said that "building?on our results?and on our resilient and proven model across all economic and market conditions we upgraded our guidance for the full year 2026." Holcim is a manufacturer of cement, roofing and walling products. It now expects to achieve a 5% growth in organic sales by 2026. This will be adjusted for currency effects and acquisition effects. It expects its recurring EBIT to increase by 10 percent over its previous guidance, which was for an increase between 8% and 10%. The results were in contrast to those of rival Heidelberg Materials, who on Thursday cut its profit forecast for 2026, citing inflation and high financing costs as factors that would continue to impact global residential construction. Energy costs are also a major factor. $1 = 0.8070 Swiss Francs (Reporting and Editing by Miranda Murray, Mrigank Dhaniwala).
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Gold on the verge of ending a four-month losing streak
Investors weighed Middle East developments and their impact on U.S. interest rate outlook as they weighed the gold price on Friday. As of 0504 GMT spot gold dropped 0.5%, to $4,076.53 an ounce. However, it was on track for a 0.7% weekly increase. Prices rose by about 1.8% in the last month. U.S. Gold Futures for August Delivery fell 0.5% to $4.079.60. "Gold has a slight negative bias today due to profit-taking, and a moderate bounce in the U.S. Dollar, after the metal's gains and the corresponding drop in the greenback yesterday," said Tim Waterer, chief analyst at KCM Trade. The dollar rose by 0.3% after a 2.4% drop on Thursday, its largest single-day decline since January 2023. The dollar is stronger, making dollar-denominated goods more expensive to overseas buyers. Gold has had a better month than usual. Waterer stated that the metal has found a sort of cushion around the $4,000 mark, which has drawn buyers during dips. Kevin Warsh, Fed Chair, gave no indication of the next move the central bank will make at its Wednesday policy meeting. According to CME Group’s FedWatch tool, the markets are pricing in a 63 percent chance of a September rate hike. Gold is often viewed as a hedge to inflation. However, higher interest rates can dampen its appeal because they increase the opportunity costs of holding this non-yielding asset. A drone strike in the Middle East that ignited fires on two vessels of gas in Egypt's Mediterranean Port of Damietta, has created a new danger for shipping through the Suez Canal. The canal is one of the few major export routes left to Saudi Arabian oil amid the growing U.S.Iran conflict. Analysts at BCA Research wrote in a report that "over the long term, the Hormuz Crisis will fade, but geopolitical... Spot silver dropped 0.5% to $58,70 an ounce. Palladium and platinum both fell by 0.2%, to $1.301.50. However, they are still on track for a gain in the month. (Reporting and editing by Mrigank Dahniwala in Bengaluru)
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Copper firms set to gain monthly profit on the back of soft dollar
The copper price rose on Friday, and was set to gain a month-long increase as the market absorbed a lower dollar and continued supply pressure. Benchmark three-month?copper?on London Metal Exchange?was flat at $13,804.5 per?metric?ton?by 0300 GMT and was on course for a 3.25 % gain for the entire month. The most traded copper contract at the Shanghai Futures Exchange increased 0.71%, to 105.510 yuan (15,635.74) per ton. This is a 2.75 percent increase since the beginning of the month. Overnight, the?dollar fell making commodities cheaper for buyers who use other currencies. Copper prices have been supported by the falling stocks, concern about supply and a good demand from China this month. Stocks of red metal at LME-registered storage facilities On Thursday, there were 255.400 tons, down by?21.38% from July. Over 60% of remaining stocks are under?cancelled?warrants, which means they're?eligible for removal. Copper has been moving into the U.S., putting pressure on the stock market ahead of possible tariffs. The Chinese demand for copper was also boosted due to a shortage of scrap metal, which forced some scrap buyers to purchase refined metal. The Yangshan Copper Premium The gauge of the physical demand for metals was $112 per ton. This is down from the monthly high but still up by 57.75%. Aluminium slipped 0.03% on the LME, while the SHFE grew 0.21%. The metal was on course to finish the month higher but it remained below its May highs, after a short-lived Middle-East peace detente in June wiped out war risk premium. Stocks of light metals in LME registered warehouses The lowest levels in the last century. Nickel ticked up 0.12% and tin 0.42%. Nickel gained 0.45%, tin 1.72%, and lead fell 1.24%.
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Sources say that India's Adani Energy is planning to sell another tranche of shares by the beginning of next fiscal year.
Two sources familiar with the issue said that India's Adani Energy Solutions could launch a second share sale to institutional investors in early fiscal next year after raising 35?billion rupies (about $367m) this week. In the last eight-month period, companies belonging to Gautam Adani’s ports-to power conglomerate raised $4.75 billion through rights issues and QIPs to fund expansions and reduce debt. Adani 'Enterprises', the group flagship, raised $2.8 billion in a rights issue and $1.58 billion by way of a QIP. Adani Power, another group company, is planning to raise $1.57 billion through a QIP. This is the largest capital raise by the group since 2023, when a short-seller's allegations roiled the shares. Adani Energy Solutions shareholder approval has been granted to raise up to 100 billion rupees in shares through one or more tranches. Sources said that if the market conditions are still favorable, the company could opt to pay the remaining amount in the next tranche. One source said that after such a positive response, the company might tap into the QIP market again towards the end of the current financial year or the beginning of next fiscal year. India's fiscal years runs from April to March. Sources requested anonymity because they are not authorized to speak to the media. Adani Energy Solution did not respond to an email seeking a comment. According to a statement from the company, mutual funds and insurance companies bought the most shares of Adani Energy Solutions in the fund-raising this week. The firm received offers that were three times the target. The shares of this firm, the largest private power transmission company in India?, have increased by more than 60% in the first half of 2026.
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Gold on the verge of ending a four-month losing streak
Investors weighed Middle East developments and the impact they have on U.S. interest rate expectations. As of 0253 GMT the spot gold price fell by 0.6%, to $4,076.53 an ounce. However, it was on track for a 0.6% weekly increase. Prices rose by about 1.7% in the last month. U.S. Gold Futures for August Delivery fell 0.4% to $4 074.20. Tim Waterer is the chief market analyst for KCM Trade. He said that gold was showing a slight negative bias due to profit-taking, and a moderate rise in the U.S. Dollar. This follows the gains made by the metal yesterday, and the fall of the greenback. The dollar rose by 0.3% after a 2.4% drop on Thursday, its largest single-day decline since January 2023. Dollar-denominated goods become more expensive to overseas buyers when the U.S. dollar is stronger. Gold has had a better month than usual. Waterer stated that the metal has found a sort of cushion around the $4,000 mark, which has drawn buyers during dips. Kevin Warsh, Fed Chair, gave no indication of the next move the central bank will make at its Wednesday policy meeting. According to CME Group’s FedWatch tool, the markets are pricing in a 63% chance of a September rate hike. Gold is often seen by many as a hedge to inflation. However, higher interest rates can dampen its appeal because they increase the opportunity costs of holding a non-yielding investment. A drone strike in 'the Middle East that ignited fires on two vessels in Egypt’s Mediterranean port of Damietta, has created a new danger for shipping through the Suez Canal. It is one of the few major export 'routes open to Saudi oil amid an expanding U.S. Iran war. Analysts at BCA Research wrote in a report that "over the long term, the Hormuz Crisis will fade, but geopolitical... Spot silver dropped 0.8% to $58,48 an ounce. Palladium dropped 0.8% and platinum fell 1.7%, but both metals are on track for a gain in the month. (Reporting and editing by Mrigank Dahniwala in Bengaluru)
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Oil drops more than $1 despite greater flows
The oil price fell on Friday, but remained on track to a?monthly rise of around a fifth? as more supplies flowed via crucial maritime chokepoints. This was despite the?absence of major breakthroughs? in talks between the?United States? and Iran? Brent futures dropped $1.03 or 1.2% to $88 per barrel at 0215 GMT. U.S. West Texas Intermediate crude (WTI), however, fell $1.50 or 1.8% to $82.09 per barrel. Both benchmarks were expected to increase by about 20% on a monthly basis. Analyst at ING, Daniel?Hynes said that signs of increased flow in the Strait of Hormuz are 'offsetting' Middle East tension. Since the U.S. and Israel war against Iran began on February 28, the strait has become a focal point of the?oil market. Saudi Arabia wants to lead a coalition that will boost defence co-operation in the Bab El-Mandeb Strait and Red Sea, as well as the Gulf of Aden. These are all choke points for energy supply. Saudi Arabia's defence ministry announced that 14 countries, including Djibouti and Egypt, Pakistan, Sudan, and Turkey, support the multinational maritime defense coalition. Last week, Houthi militants aligned with Iran in Yemen declared a 'naval blockade' on Saudi Arabia. They threatened the Red Sea route used by Saudi Arabia to export oil, a "alternative" to the Strait of Hormuz. Priyanka Sackdeva, an analyst at Phillip Nova, stated that although tanker traffic continues through the Strait of Hormuz, the increased security risks have boosted insurance rates and freight costs, resulting in a geopolitical premium embedded into oil prices. Sachdeva stated that "while prices have eased off recent highs, the overall trend is still positive." (Reporting and editing by Clarence Fernandez; Sudarshan Varadhan)
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Governor of Volgograd says drone attack causes fire at Volgograd energy plant
The'regional governor, Andrei Bocharov said that a drone attack caused a fire at an energy facility in Volgograd, causing five injuries. He did not give any details about the facility. A Lukoil oil refinery is located in the region. Bocharov said on Telegram that five people were seeking medical attention after the attacks. Regional governor Yuri Slyusar posted on a messaging app that a woman was injured in Gukovo after a drone strike. Ukraine recently intensified its attacks on Russian logistic hubs such as those of the top online retailer Wildberries. It also continues to strike energy facilities, which has triggered a crisis of supply?across much of Russia. Wildberries, which had a few warehouses damaged as recently as Thursday, announced on Telegram that it?had paid? a second tranche of financial assistance to nearly 100,000 sellers who's goods were?damaged. Ukraine says that its attacks on its neighbour, which include cities under constant Russian assault, are "long-range sanctions", designed to reduce Moscow's ability to fight and force the conflict to end. (Reporting and editing by Christian Schmollinger, Clarence Fernandez and Jekaterina Gölubkova)
Russell: China's response to Trump tariffs is likely to change coking coal prices and flows.
The impact of China's retaliatory duties on U.S. energy exports will be felt most strongly in the seaborne coal market.
Beijing imposed an import tariff of 15% on U.S. coal, liquefied gas (LNG), and crude oil on 4 February after U.S. president Donald Trump imposed an additional 10% tax on all imports.
Tariffs could kill energy trade between China and the United States. The United States is the biggest exporter of LNG, but ranks fourth for coal and crude oil.
The U.S. shares of China's crude oil and LNG imports are small at around 2% each, so the global markets should be able adjust quickly and easily.
The story is different for metallurgical coking coal, which is also called coking coal. It's the primary fuel used to produce steel.
According to Kpler commodity analysts, China's total seaborne coking coal imports in 2024 were 43.02 millions metric tons, with the United States providing 5.02 million, or an 11.7% share.
The United States is the fourth largest supplier of seaborne coal to China. This was behind Australia, with 15.91 millions tons, Russia, with 11.68 millions, and Canada, with 7.79.
The steelmakers in China will need to find alternatives if the new tariffs make U.S. coal uncompetitive.
The U.S. exporters of coking coal could, of course, choose to reduce the price to remain in the China market. However, they would be more inclined to try to sell their cargoes to other buyers, including India, Japan, and South Korea, who are the top importers.
What is the most likely place that China will be able source coking coal in order to replace U.S. supply, assuming its demand for 2025 stays constant from 2024?
The coal could be delivered to the wrong places by overland trucks and trains, as seaborne coal is largely used for coastal steel plants.
It is also doubtful if Russia can increase its production and rail capacity enough to replace U.S. coal.
The only other options are Australia and Canada, both of which have the capacity to meet China's demands.
This may cost more, however, because Chinese steel producers may be forced to offer higher prices to Australian and Canadian miner to divert their supply from other countries.
AUSTRALIA PRECEEDENT
China's informal ban on Australian coal mid-2020 resulted almost in a complete cessation of imports, but prices for seaborne grades rose.
China was forced to pay an additional premium for coal from countries such as Indonesia, the United States and Canada.
China will have to compete with Indian buyers if it wants to replace U.S. coal with Australian and Canadian cargoes.
According to Kpler, India will be the largest coking coal importer in the world in 2024. It is expected to take in 67,6 million tons.
Australia was India's largest supplier, with 34,88 million tons, just over half of the total. Russia came in second with 14,74 million, and the United States was third with 8,4 million.
It is logical that China would want to stop buying coking coal from the United States by increasing its purchases from Australia. India, on the other hand, should buy less from Australia and take more from America.
It is possible, but it will come with a premium price, at least at first.
The price of seaborne coking coal has been falling for the past 16 months. Australian benchmark contracts traded in Singapore went from $363 per ton at mid-October to $188 by February 14, which is a 48.2% drop.
Argus, a commodity reporting agency, assessed U.S. low volatile coking coal in east coast ports at $187.50 per ton on 13 February. This was the same as the Australian benchmark.
It's possible that Australian coking coal prices will be higher than their U.S. counterparts if Chinese buyers switch to buying more Australian or Canadian coking. This is especially true if U.S. producers are scrambling to find alternative buyers for cargoes destined for China.
These are the views of the columnist, an author for.
(source: Reuters)