Latest News
-
Texas nuclear project talks with "hyperscalers"
In documents released on Tuesday, Fermi, an Texas-based company that wants to build four nuclear reactors next to the U.S. Nuclear Weapons Complex, stated it was in talks with large data managers about leasing agreements for this project. Fermi is a company co-founded Rick Perry, a U.S. former energy secretary. It wants to build 4 AP1000 reactors in a facility that it calls a "hypergrid." The 11 gigawatt facility, powered by nuclear energy, natural gas and renewables, will be built in Amarillo, near the Department of Energy Pantex nuclear weapons factory and in partnership with Texas Tech University. Fermi stated in its application to the Nuclear Regulatory Commission that the regulator made publicly available on Tuesday that it was in discussions with many Big Tech firms, also known as "hyperscalers", on letters of intention and term sheets or preliminary documents which are normally non-binding. According to the application, hyperscalers will be tenants and not owners of any part of the plant. Fermi didn't immediately respond to questions about the financial arrangements that are being discussed with Big Tech companies, or who or how many Hyperscalers they is in discussions with. The two last reactors in the U.S. built were AP1000 in Vogtle in Georgia. According to the U.S. Energy Information Administration, they cost a combined total of $30 billion. These plants were years behind schedule and cost billions more than projected. Nuclear supporters say that lessons learned will reduce the construction time and costs for future AP1000 reactors. Fermi stated in his application that the Donald J. Trump Generating Plant nuclear complex, also known as the Donald J. Trump Generating Plant will be eligible for funding from the Department of Energy Loan Programs Office. In his first term, the only time that the president used the LPO was to finance the Vogtle plant. Other plans for financing construction and operations include equity contributions from institutional investors in infrastructure and real estate, structured bond offerings and clean energy tax credit.
-
US expedites permit for proposed Tennessee coal mining
The Trump administration announced on Tuesday that it had approved a coal mine proposal in Claiborne County Tennessee under a process expedited to speed up federal environmental reviews for energy projects. The Department of the Interior announced in a press release that it had granted Hurricane Creek Mining LLC approval to mine coal at Bryson mountain, located in Claiborne County Tennessee. The agency stated that the mine would produce up to 1 million tons of coal in the next decade. The site has been mined in various periods between 1950 and 2010. The rush permit aligns with the goal of President Donald Trump to increase coal mines as part his energy dominance agenda. Although the project is located on private property, it must still be approved by Interior's Office of Surface Mining Reclamation and Enforcement. Hurricane Creek Mining was not available for immediate comment. Interior announced in April that it would implement a process of emergency permits for energy and mining project approvals, which typically takes months or even years. This week, the department has taken another step to support coal. Interior's Bureau of Land Management announced on Monday that it will be taking public comments on the opening of coal leasing in the Powder River Basin of Montana and Wyoming. The public can comment on the opening of lands that were off-limits for leasing by former president Joe Biden until August 7. Reporting by Nichola groom, Editing by Chizu nomiyama and Daniel Wallis
-
Where does the US obtain its copper?
On Tuesday, U.S. president Donald Trump said that he would be announcing a new initiative. Imports of copper are subject to a 50% tariff Later in the day, a global industry, whose output is crucial for electric vehicles, military equipment, semiconductors, and a variety of consumer goods, was surprised. Trump had a February election. Ordered a Probe As part of efforts by the United States to rebuild its production of copper, there is a deadline of November for possible tariffs. The investigation, which was meant to evaluate the imports of copper concentrates, copper scrap, and copper alloys, was still ongoing. The U.S. Commerce Department's Howard Lutnick announced on Tuesday that the duties will likely be implemented by the end or August 1 of this year. What you should know about U.S. Copper Imports US IMPORTS Just over half of the refined copper that is consumed in the United States each year is produced domestically. Over two-thirds are mined in Arizona where the construction of a new massive mine has been held up for over a decade. The remainder of refined copper is imported, which amounts to just under 1 million metric tonnes per year. The White House has framed these new tariffs to counter China's dominance on the global market. However, in reality the United States imports the majority of its refined copper products from the Americas. According to the United States Geological Survey, more than 90% (90%) of copper refined imports were made by Chile, Canada, and Peru last year. GLOBAL PRODUCTION China is the world's largest copper refiner, but it gets most of its ore from Latin America. According to the USGS, Chile and Peru mined a combined third of global cobalt last year. China, however, is increasing its influence over the world copper mining industry through its major investment in mines located in the Democratic Republic of the Congo. Due to massive Chinese investments in the African nation's mining industry, the DRC has now overtaken Peru as the second largest copper producer in the world. The Chinese copper sector dwarfs the rest. Last year, the country operated dozens of copper-smelters. According to the USGS, there are only two primary copper-smelters in the United States.
-
Stocks almost flat, yen continues to fall; Trump expands trade war
The major stock indexes showed little change on Tuesday, as investors digested Donald Trump's latest tariff announcement. Meanwhile, the yen continued to fall against the dollar due to planned 25% duties for goods coming from Japan. Trump expanded his global trade battle on Tuesday by announcing a tariff of 50% on imported copper and announcing that long-threatened duties on semiconductors, pharmaceuticals, and other goods would be coming soon. Freeport-McMoRan shares were up by 4%. Trump wrote to 14 countries on Monday, including Japan and South Korea. He warned that the United States would impose a sharply increased tariff rate for imports starting August 1. The market has not reacted as strongly as it did in the wake of Trump's announcement on tariffs in April. Market watchers predict that countries will seek to reach trade agreements with the United States prior to the new deadline. Sources said that European stocks held steady, and the European Union would not receive a letter outlining higher tariffs. The EU could also reach a deal with the United States by Wednesday. It's a slow day. Yesterday (Monday), people digested tariff news, and we noticed weakness. "People are on hold until second-quarter earnings start," said Peter Tuz of Chase Investment Counsel, Charlottesville, Virginia. S&P 500 companies are soon to report results for the quarter ending June 30. The Dow Jones Industrial Average dropped 156.46, or 0.35% to 44,249.90. The S&P 500 fell by 2.88, or 0.05% to 6,226.88. And the Nasdaq Composite grew by 13.72, or 0.07% to 20,426.23. The MSCI index of global stocks rose by 0.03 points, to 919.96. The pan-European STOXX 600 ended the day up by 0.41%. The hope of trade agreements boosted risk appetite on Tuesday, as MSCI’s broadest Asia-Pacific index outside Japan rose by 0.5%. Japan’s Nikkei recovered from its early losses and ended the day 0.26% higher. Southeast Asia's largest economies are facing some of the highest U.S. Tariffs. South Korean shares posted their biggest daily gain in the past two weeks, and the won strengthened by 0.4%. Since Trump in April capped what he termed reciprocal tariffs for trading partners to 10% for three-months, allowing for negotiation, the lack of progress has been a looming shadow over the markets. Two agreements have been made, with Britain, and Vietnam. In June, Washington and China reached an agreement on tariff rates. The minutes of the Federal Reserve's last meeting will be published on Wednesday. The central bank is taking a wait and see approach to monetary policies. The export-dependent Japanese currency, the yen, has fallen to a two-week-low of 146.65 against the dollar. It also fell against other currencies. The dollar gained 0.46% against the Japanese yen to reach 146.69. The Australian dollar rose as the central bank of Australia defied expectations by keeping its cash rate at 3.85%. The yield on the benchmark U.S. 10 year notes increased by 2.2 basis points to 4.417% from 4.395% on Monday. U.S. crude oil rose by 40 cents, settling at $68.33 per barrel. Brent settled at $70.15 a barrel, an increase of 57 cents.
-
Rescue teams find three additional bodies following central Texas flooding
According to Kerr County officials, the death toll has risen to 87 as three more bodies were recovered by search and rescue teams in the hills of central Texas that had been ravaged by floods. Teams from the federal government, states adjacent to Kerr County, and Mexico have joined efforts in search of survivors. The local effort has been hampered by downpours and thunderstorms. The teams are working through the missing persons lists and have yet to find a survivor since Friday. At least 109 people, including dozens children, have died in the floods. At a press conference, Lieutenant Colonel Ben Baker from the Texas Game Wardens stated that the work was extremely dangerous and time-consuming. It's dirty. "The water is still there." The Guadalupe River was flooded by torrential rains that began before dawn Friday. It burst through its banks, killing dozens of people and leaving behind piles of trees, debris and cars. The local and federal emergency officials were questioned for days about whether or not they could have warned the flood-prone Texas Hill Country residents sooner. Sheriff Larry Leitha announced at a Kerr County press conference that 56 adults and 30 kids have died in the county. More than two dozen other victims are still unidentified. Authorities are still unsure if the 87th person is an adult or a child. Some flood victims slept at Camp Mystic near Hunt, a riverside Christian summer camp for girls. Five children and one counselor were still missing on Tuesday. The sheriff refused to answer questions regarding emergency management and preparedness in the county. He also declined to reveal who was responsible for monitoring weather alerts, issuing flood warnings or evacuation orders and distributing a flood order. He said that his office began receiving 911 calls at 4 am and 5 am on Friday morning, several hours after a local National Weather Service station had issued a flood alert. Leitha explained that they were in the process "of trying to put together" a timeline. According to local media and sheriffs, the floods have killed another 22 people. Seven of them were in Travis County; seven in Kendall County; five in Burnett County; two in Williamson County; and one in Tom Green County. A spokesperson for Republican President Donald Trump confirmed that he plans to visit the region devastated by flooding this week. Democrats in Washington are calling for an investigation to determine if the Trump administration's cuts at the National Weather Service impacted the agency's response. (Reporting from Jonathan Allen in New York, Rich McKay and Deepababington in Atlanta. Editing by Rod Nickel & Deepababington).
-
EIA: US natgas production and demand will reach record highs by 2025 before declining in 2026
The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook, released on Tuesday, predicted that the U.S. Natural Gas output and demand would both reach record highs by 2025. However, they will then decline in 2026. EIA projects that dry gas production will increase from 103.2 billion cubic feet per day in 2024, to 105.9 in 2025, before slipping to 105.4 in 2026. This compares to a record of 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.4bcfd by 2025 and then ease back to 91.1bcfd by 2026. The EIA's June forecast of 105.9 billion cubic feet per day for supply in 2025 has not changed, but its July forecast is higher than the 91.3 billion cubic feet per day forecast. The agency predicted that average U.S. LNG exports will reach 14.6 billion cubic feet per day (bcfd) in 2025, and 16.0 billion cubic feet per day in 2026. This is up from 11.9 bcfd at a record in 2024. The EIA predicted that U.S. coal output would increase from 512.1 million short tonnes in 2024 - the lowest level since 1964 - to 519.9 millions tons in 2020, before dropping to 475.1million tons in 2030, the lowest level since 1962. EIA predicted that carbon dioxide (CO2) emission from fossil fuels will rise from a low of 4,777 billion metric tonnes in 2024, to 4.836 in 2025, as oil, gas and coal use increases. Then, the emissions would ease to 4.775 in 2026, as oil, gas and coal use decreases. (Reporting and Editing by Franklin Paul, David Gregorio and Scott DiSavino)
-
Second quarter copper production at Ivanhoe Congo Mine jumps
Ivanhoe Mines said that its production at the Kamoa-Kakula Mine in the Democratic Republic of Congo increased by 11% on an annual basis to 112,009 tons of copper during the second quarter. The output increased despite the seismic problems that disrupted operation earlier this year. The Canadian miner resumed its operations in June, and reduced its production guidance for 2025 by almost 30%. It now expects to produce between 370,000 and 420,000 tonnes. Open Mineral's Senior Africa Commercial Officer, Zack Hartwanger said: "Ivanhoe’s rapid ramp-up, and its steady outlook, underscore Kamoa Kakula's status as one of the world's lowest-cost, high-margin producers of copper." Robert Friedland, Ivanhoe's Executive Co-Chairman, said that "operational recovery plans" are in full swing at Kamoa/Kakula. Ivanhoe started mining low-grade areas in the western part of Kakula. It is currently producing ore that contains 3-4% copper. A two-stage dewatering program has been implemented to gain access to the eastern sections. According to the statement, mining operations on the west side resumed in early June and ramped up to 300,000.00 tons per month by the middle of June. The company announced that it would invest $70 million into high-capacity infrastructure for de-watering, and five submersible pump will arrive from China in the next month. Ivanhoe stated that mining in areas with a higher grade of copper (approximately 5%) on the western side would resume by the end of this year. The operational turnaround comes as Kamoa-Kakula prepares for the September ramp up of its 500,000-ton-per-annum copper concentrate facility. The first anode is expected to be produced in October. The facility will change the operation from an exporter of concentrates to a producer 99.7% pure Copper Anodes, according to the company. The Kamoa Kakula Complex is one of the largest copper mines in the world, and crucial to global supply due to the rising demand for energy transition metal. The copper price has risen by more than 8% this year in comparison to the same time last year. Yassin Kombi reported. Maxwell Akalaare Adombila contributed to the reporting and writing. Editing by Pratima Deai and Mark Potter.
-
WGC reports that gold ETFs attracted the largest inflow for five years in the first half of 2025.
The World Gold Council reported that from January to June, physical gold exchange traded funds experienced their biggest semi-annual inflows since the first half 2020. Investors sought refuge from political and economic instability in gold ETFs after a trade war was sparked by President Donald Trump's tariff policies. These ETFs account for the majority of demand for precious metals. After three years of high interest rate outflows, the active first half of 2024 follows a modest inflow of net funds into gold ETFs. The WGC, a global industry group whose members are gold miners, reported that gold ETFs had an inflow in the first half 2025 of $38 billion. Their collective holdings increased by 397.1 tons of gold. The total amount of grain held by the end June was the highest since August 2022. The previous record was 3,915 tonnes in October 2020. According to the WGC, U.S. listed funds led inflows with 206.8 tonnes in the first six months, while Asia listed funds attracted 104.3 tons. The WGC reported that "despite slowing momentum in June and May, Asian investors purchased a record amount gold ETFs for the first half of this year, contributing a staggering 28% of net global flows, with only 9% the total assets managed around the globe." The spot gold price is up 26% in this year after hitting a record of $3,500 an ounce per troy. (Reporting and editing by Rod Nickel; Polina Devlin)
Shares wilt as Middle East stress warms up crude oil
Global shares pulled away on Friday as geopolitical stress kept crude oil above $90 a barrel ahead of U.S. payroll numbers, and hawkish main lenders raised doubts about the speed and timing of rates of interest cuts.
The hazard of supply interruptions from prolonged dispute in the Middle East kept Brent oil futures above $90 a. barrel, a level not seen since last October, with prices heading. for their 2nd weekly gain.
The dollar firmed versus peer currencies after. rebounding from a two-week low, while gold's rally to. record highs on Thursday came to a stop ahead of the U.S. payroll numbers.
The MSCI All Nation stock index was down. 0.3% at 770.7 points as it continues to reduce in the very first week. of the quarter after striking a life time high at 785.62 points on. March 21.
In Europe, the STOXX index of 600 business dropped. 1.2% to 504.7 points, after Tuesday's lifetime high of 515.77. points.
A cooling U.S. services sector and remarks this week from. Fed Chair Jerome Powell enhanced the view that rate cuts were. likely to start at some point this year.
However, some other Fed officials have actually taken a more. conservative view, with Minneapolis Fed President Neel Kashkari,. in specific, striking a more hawkish stance overnight, saying. rate cuts might not be needed this year if inflation continues. to stall.
It's the first time I have actually heard those kind of declarations, so. the marketplaces sold off, and at the exact same time we had a flare-up in. geopolitical stress in the Middle East, said Mark Ellis, CEO. of Nutshell Possession Management.
Up until now, however, there appears to be a healthy pullback in. markets that had been grinding higher in a very tight trendline,. making it look a bit extended as investors all set for essential. U.S. payroll numbers, Ellis said.
He pointed to a jump in the VIX, Wall Street's 'fear. gauge', which published its highest close since Nov. 1.
It recommends we are at a little a turning point now, whether. this is a natural pullback in a booming market, or whether it's. going to develop into something a bit more, Ellis said.
U.S. non-farm payroll numbers for March are due before the. opening bell on Wall Street, with financial experts anticipating an increase of. 200,000, compared with 275,000 in February, while the. unemployment rate is likely to keep stable at 3.9%.
We think a print below 200,000 must put pressure on the. dollar, endorsing the current signs that the work story is. softening which the Fed will remain in a comfortable position to. begin cutting in the summertime, ING bank analysts said in a note.
U.S. stock index futures,, were. trading firmer, recuperating some ground after the three secret. indexes fell more than 1% each on Thursday on hawkish Fed. remarks and Middle East tension.
MIDDLE EAST STRESS
Markets digested news that Israel braced on Thursday for a. possible vindictive attack after its presumed killing of. Iranian generals in Damascus today, and Prime Minister. Benjamin Netanyahu said the country would hurt whoever hurts us. or strategies to harm us.
In a later call with Netanyahu, U.S. President Joe Biden. threatened to condition support for Israel's offensive in Gaza. on it taking steps to safeguard help employees and civilians.
MSCI's broadest index of Asia-Pacific shares outside Japan. fell 0.45%, tracking a late tumble on Wall. Street as danger hostility dominated the market state of mind. The index was. set to end the week little bit altered.
A holiday in China also produced thinner trade.
Tokyo's Nikkei fell 2%, pressured in part by a. stronger yen, thanks to the prospect of further rate hikes there. and more jawboning from Japanese officials.
Hong Kong's Hang Seng Index edged down 0.6%.
Fed officials' comments supported the dollar versus a. basket of currencies, raising it away from a two-week low. struck after a downbeat U.S. services study.
The euro was constant, and the yen increased to. a two-week high.
Fed fund futures indicate just under 75 basis points. worth of reducing this year, more detailed in line with the Fed's. projections and a substantial pullback from almost 160 bps worth. of cuts priced in at the start of the year.
That shift has actually left U.S. Treasuries having a hard time, with the. 10-year yield hovering near its highest in more than. 3 months, last at 4.321%.
The two-year yield firmed at 4.6520%. Bond yields. move inversely to costs.
In commodities, Brent edged approximately $90.78 a barrel,. after striking a more than five-month high up on Thursday.
U.S. unrefined relieved a touch to $86.51 per barrel.
Gold pulled away from a record high and was last slightly. lower at $2,288 an ounce.
(source: Reuters)