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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.
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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.
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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).
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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)
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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.
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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)
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Investors react to tariff developments as stocks and yen continue to fall.
The major stock indexes were little altered on Tuesday, as investors digested Donald Trump's latest tariff announcement. Meanwhile, the yen continued its decline against the dollar due to planned 25% duties on Japanese goods. Trump wrote to 14 countries on Monday, including Japan and South Korea. He warned them that they would face a sharply increased tariff rate for imports from the United States, starting at a new date, August 1. The market has not reacted as strongly as it did in April after Trump announced his sweeping tariffs. 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 were stable, and the European Union would not receive a letter stating higher tariffs. The EU could also reach a deal with the United States by Wednesday. It's a slow day. Yesterday, people digested tariff news and we saw weakness. "People are on hold for now until the second-quarter earnings report is released," said Peter Tuz of Chase Investment Counsel, Charlottesville, Virginia. S&P 500 companies are soon to report on the quarter ending June 30. The Dow Jones Industrial Average dropped 101.09 points or 0.23% to 44,305.27. The S&P 500 declined 2.26 points or 0.04% to 6,227.72. And the Nasdaq Composite increased 1.33 points or 0.01% to 20,413.83. The MSCI index of global stocks fell by 0.36 points or 0.04% to 919.57. The pan-European STOXX 600 rose by 0.33%. The hope of a trade deal 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 a period of three months, allowing for negotiation, the lack of progress has been looming over markets. Two agreements have been made, with Britain, and Vietnam. In June, Washington, and Beijing, agreed on a framework for 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, fell to a two-week-low of 146.65 against the dollar. It also fell against other currencies. The dollar's last gain against the yen was 0.6%, at 146.9. The Australian dollar rose as the central bank of Australia defied expectations by keeping its cash rate at 3.85%. Investors are awaiting Treasury's sale of $119 billion of coupon-bearing bonds this week. The yield on the benchmark U.S. 10 year notes rose 3.6 basis points to 4.431% last week, its highest level since June 20, U.S. crude oil rose by 0.19%, to $68.06 per barrel. Brent increased to $69.86 a barrel.
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The death toll from the Texas floods continues to rise as rescue efforts continue
According to county officials, the death toll has risen to 87 in Kerr County as the search and rescue effort continues in central Texas. The disaster that has claimed more than 100 lives is still ravaging the area. The Guadalupe River burst into flames as torrential rains fell before dawn Friday, killing dozens and leaving behind piles of trees, debris and cars. At a recent press conference, Kerr County Sheriff Larry Leitha announced that at least 56 adults and children had been killed. More than two dozen other victims have yet to be identified. The authorities have not yet determined whether the 87th person was an adult victim or a child. Five children and a camp counselor were still missing on Tuesday. Some of the victims spent their summers at Camp Mystic, near the river. Local officials were questioned about whether they should have warned of the dangers of flash floods that occurred in Texas Hill Country earlier. Thunderstorms have hampered local efforts in searching for survivors. Rescue teams from Mexico and neighboring states have joined the local effort. At the 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." A spokesperson for Donald Trump said that he plans to visit the region in question this week. Reporting by Jonathan Allen from New York, Rich McKay from Atlanta and Rod Nickel in Atlanta.
France to choose response to Algeria 'hostility' as tensions mount - minister
President Emmanuel Macron and key members of the government will satisfy in the coming days to decide how to respond to what Paris considers as growing hostility from Algeria, France's foreign minister stated on Wednesday.
Ties in between Paris and Algiers have been complicated for decades, however have taken a turn for the even worse since last July when Macron outraged Algeria by acknowledging a plan for autonomy for the Western Sahara region under Moroccan sovereignty.
Although diplomatic ties have actually not been burst, French authorities say Algiers is adopting a policy that aims to wipe France's economic presence from the nation, with trade falling by as much as 30% since the summer.
A poor relationship has major security, economic and social repercussions: trade is comprehensive and some 10 percent of France's 68 million population has links to Algeria, according to French officials.
The relationship between France and Algeria is not a. bilateral relationship like any other, it is a relationship of. deep intimacy, Jean-Noel Barrot informed lawmakers, implicating. Algeria of taking a hostile posture.
Barrot has used to go to Algeria to discuss the standoff.
In November, Algeria's banking association checked the waters. verbally to suggest an instruction to end banking deals to. and from France, although did not go through with it offered the. extensive nature of trade ties in between the two nations, three. diplomats said.
Diplomats and traders state French companies are no longer being. thought about in tenders for wheat imports to Algeria, to which. France had actually been an essential exporter.
Beyond organization, Macron accused Algiers of dishonouring. itself by apprehending arbitrarily Franco-Algerian author Boualem. Sansal, whose health has intensified in current weeks.
Algeria's President Abdelmadjid Tebboune has called Sansal. an imposter sent by France.
With Macron's government under pressure to strengthen. immigration policies, a diplomatic spat also broke out last week. after a number of Algerian social media influencers were apprehended in. France and accused of inciting violence.
One was deported to Algiers, where authorities sent him back. to Paris, citing legal treatments. That triggered anger amongst. France's conservative parties and Interior Minister Bruno. Retailleau implicated Algiers of trying to embarrass the previous. colonial power.
This is a violation of the texts that govern our. relationship and it is a precedent that we consider severe,. Barrot said, adding that this and the arrest of Sansal had. forced Paris' hands to decide how to react.
Algeria's foreign ministry denied on Saturday it was looking for. escalation with France and said the far-right in France was. performing a disinformation campaign versus Algeria.
PAST INJURY
The relationship between the two countries is scarred by the. injury of the 1954-1962 self-reliance war in which the North. African country braked with France.
About 400,000 Algerian civilians and fighters were killed,. as well as about 35,000 French and as many as 30,000 Muslim. harkis who fought in the French army against Algerian. insurgents.
Macron has over the years pushed for more transparency. regarding France's past with Algeria while also saying that. Algeria's politico-military system had reworded the history. of its colonisation by France based upon a hatred of France.
Jalel Harchaoui, associate fellow at the Royal United. Provider Institute, stated the nations were locked in an. escalating standoff.
Many politicians in Paris state they wish to force Algeria to. soften its position, however Algiers has every objective to stand. company. Algeria feels even more pushed by the truth that. France is far lesser to its economy than a few years. back, he stated.
(source: Reuters)