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Newmont announces new CFO and COO as part leadership overhaul
Newmont announced Monday a series of 'executive appointments', including the appointment of Brian Tabolt to its finance chief. The gold miner is reshaping its top management, under a new CEO. Tabolt was Newmont's group head of finances and chief accounting officer before joining the company. He joined Molson Coors Beverage in 2021. Tabolt replaces Peter Wexler who served as the interim CFO of the company. His appointment takes effect on July 1. The company also announced the appointments of David Thornton, chief technical officer and Mark Rodgers, chief operating officer. Newmont is undergoing a boardroom shake-up after Natascha Vijoen was appointed CEO in September, and Karyn Ovelmen left her position as Finance Chief in July of last year. The new rules come as gold prices are above $4000 per ounce. Investors are pressing miners to increase profits despite rising costs and tougher government regulations. The company stated that it was well-positioned to improve performance, maintain cost discipline and execute effectively, as well as deliver long-term value for its shareholders. (Reporting and editing by Anil D’Silva in Bengaluru, Sumit Saha from Bengaluru)
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Vale, a Brazilian company, plans to invest $2.6 Billion in decarbonization initiatives
A sustainability report released on Monday revealed that Brazilian miner Vale will invest up to 13 billion reais (2,56 billion dollars) in decarbonization projects to achieve its voluntary emission reduction targets and mitigate climate-related risks. The company has not specified the timeline for the investment. The investment includes up to four billion reais in decarbonizing operations. The 8 billion reais are allocated to the construction of industrial complexes focusing on low-carbon technology, including steelmaking technologies and iron ore briquettes. The firm stated that the remaining 1 billion reais would be used for research and development. Vale has invested 9 billion reais between 2020 and 2025 in initiatives to reduce carbon emissions. Vale's executive vice president for sustainability, Grazielle Parentsi, told a reporter that the company could see financial and environmental benefits from these initiatives. She said that Vale's governance structure evaluates all projects and decisions with this level of importance based on an environmental, social and governance matrix which identifies the potential risks and opportunities associated with each one. Carbon?pricing mechanisms could cost the company up to 22 billion reais, at current?value. This is expected to have a significant impact from 2030. $1 = 5.0686 Reais (Reporting and Writing by Fernando Cardoso, Editing by Aurora Ellis).
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The US Strategic Petroleum Reserve has its lowest oil stock since 1983
According to Department of 'Energy data released on Monday, crude oil stocks in the U.S. Strategic Petroleum Reserve have fallen to 340.3m barrels. This is the lowest level since 1983. It signals a?shortage of supplies at a time when?the u.s. Iran and the United States agree to a deal that will end the war in the Middle East and open up the Strait of Hormuz. The government's emergency stock fell by 8.9m barrels. This is the third-largest draw in history. The U.S. agreed to "loan" 172 million barrels to the facility in order to lower fuel prices which have risen to multi-year levels over the past few months. U.S. crude stock levels have dropped sharply over the past few weeks due to high demand for American oil in refining, and to fill supply gaps created by the Iran War. Overall,?U.S. After the beginning of the war at the end February, inventories including commercial and SPR stock have dropped by 79 million barrels to 77,6 million, the lowest level since 2023. Cushing, Oklahoma's main oil storage hub and pricing point for U.S. West Texas Intermediate Crude Futures, has seen its inventories drop to 21.6m barrels. This is near the operational lows. There are concerns about a tight supply. Stocks in the SPR fell below levels reached during the tenure of former president Joe Biden. They hit a low of 346.8 millions barrels. Republican lawmakers raised concerns at the time that the sale of the?180m barrels of oil, the largest amount ever sold from the Strategic Petroleum Reserve after Russia invaded Ukraine, was being used as a 'political instrument' and had damaged the?delicate sal caverns. The Biden administration denies these claims. The latest SPR loan requires companies to borrow oil 'to return the original volumes, plus a premium, in the form of extra oil. The Department of Energy says the system will stabilize markets without costing U.S. tax payers.
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Gold prices rise as Iran and the US agree to end war
Gold prices rose on Monday for the third consecutive session, reaching a record high of over one week after Iran and the U.S. announced that they had agreed to terms to end their conflict. This move eased expectations about higher interest rates. By 1:30 pm EDT (1730 GMT), spot gold had risen 2.6% to $4,327.82 an ounce after reaching its highest level since June 5, earlier in the day. U.S. Gold Futures closed 2.7% higher at 4,351.6. The dollar index fell by 0.2%, making metals priced in greenbacks more affordable for holders of other currencies. The dollar index fell by 0.2%, making metals in greenbacks more affordable to holders of other currencies. An official in the United States confirmed that a memorandum to end the conflict was signed by President Donald Trump of the United States, Vice President JDVance, and the Speaker of the Iranian Parliament. Both sides reported that it was expected to be signed at a Geneva ceremony on Friday. The?gold price is pricing out the conflict. The news of the peace deal brought down Treasury yields and the dollar, as well as oil. These were the main inflation and cross-asset risks, said Phillip Streible. Chief market strategist at Blue Line Futures. Since the Iran conflict, gold has been under pressure as high energy costs and inflation concerns have raised the chances of interest rate increases which tends to weigh down on the non-yielding assets. According to the CME FedWatch tool, after the framework agreement, traders reduced the odds of an U.S. interest rate hike in December from 70% to 58%, down from nearly 70% the previous week. Markets are now focusing on the Federal Reserve policy meeting of June 16-17, which will be Chair Kevin Warsh’s first as the head. Streible said that the next move in gold's price is all about Warsh and his tone. The deputy prime minister announced that Singapore will introduce a central bank gold vaulting service and an over-the counter?gold clearing system. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber, Jan Harvey and Joyjeet Das) (Reporting and editing by Shailesh Kumar, Jan Harvey, Joyjeet Das; Ashitha Shivaprasad from Bengaluru)
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India's silver exports fell to a three-year low after import restrictions in May
India's silver exports fell 87% from a year ago to the lowest level in over three years. This was revealed by government data on Monday, after the largest consumer of the metal in the world tightened import restrictions. India's lower imports, which meet more than 80% its silver demand by purchasing it overseas, could have a negative impact on global prices while also helping to narrow India's trade surplus and reduce pressure on the rupee. According to data compiled by Ministry of Commerce and Industry, silver imports dropped from $566.22 millions in May of last year to $75.57million. Volume-wise, imports fell?94% on an annual basis to 33 metric tonnes, the lowest level since February 2023. India restricted imports in May of'silver' in almost all forms. In the first week of this month, India tightened its rules by adding silver powder and grain to the restricted category. In an effort to reduce the pressure on foreign exchange reserves and curb imports of precious metals, the government also increased import duties for gold and silver from 6% to 15%. "There's demand, but due to restrictions it has become more difficult to import, and the local premiums are starting to increase," said a Mumbai dealer for a private bank that imports bullion. India spent $12 billion in total on silver imports during the financial year 2025/26 that ended in March. This is a record amount compared to $4.8 billion just a year ago. Silver is used for jewellery, coins, bars, and industrial applications from solar energy to electronic devices. Inflows to silver ETFs have reached a record level. India imports silver from the United Arab Emirates (UAE), Britain, and China. (Reporting and editing by Sahal Muhammad; Rajendra Jadhav)
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Gold gains over 3% after US and Iran reach a peace agreement
Gold prices rose by more than 3% on Monday. They reached a 'over a week peak, after the U.S. and Iran agreed to end their war. This eased expectations for higher interest rates. As of 10:35 am EDT (1435 GMT), spot gold was up by 3.3%, at $4.356.79 an ounce. It had earlier reached its highest level since June 5. U.S. Gold Futures rose 3.3% to $4 378.70. The index of the?U.S. The dollar index fell by 0.2% making metals in greenbacks more affordable to holders of other currencies. Although still only a framework agreement, the deal ending the war and opening the Strait of Hormuz was a major breakthrough that sent oil prices down. The official signing of the memorandum is set for Friday in Switzerland. The gold market has priced out the conflict and is now moving on. The news of the 'peace deal' brought down Treasury yields and the dollar, as well as oil. These were the major inflation and cross-asset risks, according to Phillip Streible. Chief market strategist at Blue Line Futures. Since the Iran conflict began, gold has been under pressure as rising energy prices have increased the likelihood of interest rate increases. This tends to weigh down on the non-yielding investment. CME FedWatch shows that after the framework agreement, traders reduced the odds of an increase in U.S. interest rates in December from almost 70% to?52.5%, down from nearly 70% the previous week. Markets are now looking for hints?on interest rate outlook at the Federal Reserve policy meeting on June 16-17, which will be Chair Kevin Warsh’s first as the head of the Fed. Streible said that the next move in gold's price is largely determined by Warsh and his tone. The deputy prime minister announced that Singapore will introduce a central bank gold vaulting service and an over-the counter gold clearing system. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber and Jan Harvey) (Reporting from Ashitha Shivaprasad, Bengaluru. Editing by Shailesh Kuber and Jan Harvey.
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Gold prices rise as US and Iran reach peace agreement
Gold prices rose for the third straight session on Monday. They reached a high of?nearly one week after Iran and United States agreed that their war would be halted. This agreement eased expectations about higher interest rates. Gold spot rose 3%, to $4,344.77 an ounce at 08:42 am EDT (1242 GMT), reaching its highest level since the 9th of June. U.S. Gold Futures? climbed 3% to 4,366.80. The U.S. Dollar Index was down by 0.2% making metals priced in greenbacks more affordable to holders of other currencies. The deal, while still in its framework stage, was the most significant breakthrough. It would reopen?Strait of Hormuz and send oil prices down. The official signing of the memorandum is set for Friday in Switzerland. The gold market has priced out the conflict. The news of the peace agreement brought down Treasury yields, oil, and the dollar, and these were the major inflation and cross-asset risks, said Phillip Streible. Chief market strategist at Blue Line Futures. Since the Iran conflict began gold has been under pressure as rising energy prices have increased the likelihood of interest rate increases, which tends to weigh down on the non-yielding assets. CME FedWatch shows that traders reduced the odds of an increase in the U.S. interest rate for December from almost 70% last week to just 54.8%. As markets seek clues about the future of interest rates, they are now looking to the Federal Reserve's policy meeting on June 16-17, which will be Chair Kevin Warsh’s first as the head. Streible added that Warsh's tone and what he will say about the interest rate path are what will move the markets. The deputy prime minister announced that Singapore would?establish a gold clearing system over the counter and?introduce gold vaulting services by central banks. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber) (Reporting and editing by Shailesh Kuber in Bengaluru)
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Vance hopes to release the text of an agreement to stop war in Iran by this week
?U.S. Vice President JDVance stated on Monday that he hoped the text of an agreement to halt the war in Iran and reopen the 'Strait Of Hormuz would be released this coming week. Further negotiations regarding the details of the deal were scheduled to continue. Vance said in an interview with CNBC that the United States expected the waterway to be open for a long time without tolls. He said, "Our expectation is the Strait?is?going to be opened toll-free for the long term." This is the kind of thing we will figure out during these technical negotiations. You know there are many important?details that need to be worked out. We'll sit down at the table to discuss them and find a way forward. News that the U.S., Iran and other countries had reached an agreement to end the war and reopen strait brought relief to the markets. However, the deal may depend on a ceasefire in Lebanon and postpones discussions on Tehran's nuclear programme. The deal, while still a framework for a resolution of the conflict that has claimed thousands of lives and shattered the energy markets ever since the joint U.S./Israeli'strikes against Iran in February began, was the 'biggest step forward towards resolving this conflict. Vance stated that Iran's foreign minister and House Speaker will represent Iran in Switzerland at the signing on Friday. Many details of the deal are yet to be sorted out. He did not specify who would be representing the U.S. Reporting by Susan Heavey, Katharine Jackson and Hugh Lawson; Editing by Andrew Cawthorne & Hugh Lawson
Russell: China's structural shift is reflected in its weak steel production and strong imports of iron ore.
China's?weak production of steel and its robust imports of iron ore continue to contrast, and it is beginning to appear as?a structural change rather than just a temporary disruption.
China, which is responsible for producing just over half the world's total steel, produced 86.63 million metric tons of steel in April. This was a 2.8% decline from the same month of 2025, and the lowest April figure since 2018.
Steel production for the first four month of this year was 331.12 millions tons, down 4.1% on the same period of last year.
According to official statistics, however, iron ore exports increased by 8% during the first four months this year, to 418,6 million tonnes.
Imports of steel-related raw materials in April were 103.9 millions tons. This is down 0.8% compared to March's total of 104.74, but slightly higher per day due to April having one less day than March.
Analysts at DBX Commodities estimate that seaborne arrivals in May will be 104.67 millions tons.
The reason for the low production of steel is easy to understand, given the weakness in the property construction sector and the decline in exports. In April this year, shipments dropped?9% from the same period last year.
Steel exports fell 9.7% in the first quarter of 2026 to 34.2 millions tons.
Iron ore imports are a result of both structural and temporary factors.
BUILD INVENTORIES
SteelHome consultants SteelHome monitor port stockpiles to ensure that they are not contaminated.
The week ending May 22 saw inventories of 160.35 millions tons, up slightly from the previous week's 160.34 and close to the record-high 165.67million that was reached in the week prior to March 20.
As steel production increases to meet demand, inventories tend to build towards the end of every year. They then peak early in the following year and decline toward the middle.
Stockpiles are up 22% since the July low of 131.05 millions tons, which was 2025's lowest level.
Market participants will be able to tell whether inventories will follow their usual seasonal pattern, and begin to decline as we approach the northern summer. Or if soft steel production will continue to keep them high compared with previous years.
It is possible that the Iran war, and the threat of fuel shortages in Asia due to the continued closure of the Strait?Hormuz by the Iranian regime may have also encouraged Chinese steel mills to import iron ore.
The lack of volatility may also be boosting import sentiment. Singapore Exchange contracts have been locked in a tight band?anchored at $105 per ton over the last 10 months. On Monday, the front-month contract closed at $109.09.
Iron ore imports are driven by the decline of China's domestic iron ore production. This is further exacerbated due to the weakening of the ore grades.
According to MySteel, China's first four months of the year saw an iron ore production of 326.8 millions tons, a 1% decrease from the same period the previous year.
The drop in 2025 was 2.8%, from 1.04 billion tons to 983.7 millions.
China's iron ore is a mixture of 20-30% iron. This means that it must be upgraded in order to match the imported grades, which are 60-65%. The process?is energy-intensive and costly.
Assuming that steel production remains relatively stable, it's likely China's domestic iron ore supply will continue to decrease, which will lead to a greater share of imports.
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These are the views of the columnist, an author for.
(source: Reuters)