Latest News
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LME Issues Notice on Warranting of Russian Copper, Cobalt in EU
In a Wednesday notice, the London Metal Exchange stated that Russian-origin cobalt and copper could only be'registered' in its listed warehouses within the European Union with proof they were imported before July 25, 2026. The exchange stated that the notice was intended to update the market on the measures it is implementing to comply a EU Council Regulation which amends existing sanctions and prohibits "the purchase or import of cobalt or copper into the EU if they are exported or imported from Russia." The LME stated that it has not warranted any cobalt or Copper of Russian Origin at an LME listed warehouse in the EU since more than a yea, and that they do not expect this process to have'significant market impact. The EU's 20th set of sanctions against Russia was adopted on April 23. It included a ban of imports of Russian scrap metals such as aluminium, nickel bars, iron ore concentrates and ores, unrefined copper, etc. (Reporting by Ishaan Arora in Bengaluru; Editing by Paul Simao)
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The Hungarian government will gradually remove the fuel price cap, says PM Magyar
The government of Hungary decided to phase out the fuel price cap that was introduced by former Prime Minister Viktor Orban in March amid a surge in crude oil prices and ahead of an election for parliament scheduled for April. Orban lost. Peter Magyar, the Prime Minister of Hungary, announced the decision via a Facebook posting. He did not specify when the price cap would end. Limited prices on petrol, diesel and other fuels have been available to vehicles registered in Hungary. The U.S. and Iran reached a framework agreement to end the conflict in the Middle East. The government decided at today's meeting to change the law and phase out the price caps, as fuel prices are likely to fall below the cap prices by 10-15 forints a litre this week. Hungary released its state reserves earlier this year to ensure supply. Petrol is now capped at $5.95 per litre, while diesel is limited to $6.15. Central bank officials said the fuel price cap, along with the strong 'forint and the inflation risk, helped keep prices down. ($1 = 304.5500 Forints)
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Iraq's south crude production rises to 1.5 million barrels per day, an increase of about 500,000 barrels per day.
As more tankers arrive at 'export terminals', Iraqi crude production in the south has risen to 1.5 million barrels per day. Three oil officials stated that the production of Iraq's southern fields was approximately 1 million barrels per days (bpd), before the increase. Officials claimed that the ease of war between the U.S. The easing of the war between the?U.S. According to the document, Iraq increased its output at the Rumaila oilfield from 300,000 bpd to 650,000 bpd, as export operations recovered. The document and officials said that Iraq restarted West Qurna 2 with a production of 150,000 bpd to help boost southern crude oil production. A study found that Iraq, among Gulf oil producers, has seen the biggest drop in its oil revenues as a result of the 'effective closure' of the Strait. This is because the country lacks other?shipping routes. The United States and Iran reached an agreement earlier this week to halt their 'war,' halt the U.S. blockade of Iran, and reopen Strait of Hormuz.
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Trump administration removes dozens of National Park exhibits that disparage' US
The?U.S. A court-ordered inventory reveals that the National Park Service removed 51 exhibits at 38 sites in order to comply with President Donald Trump's executive orders targeting displays that "inappropriately disparage Americans living or dead". In a filing by the Trump administration on Wednesday, examples were given from a number of national parks and monuments, including Philadelphia's Independence National Historical Park where a display describing George Washington, America's first president, owning enslaved persons, was removed. The list was provided by the administration at the request of Boston-based U.S. district judge Angel Kelley who, on Friday, ruled that the government had engaged in a?unlawful attempt to "rewrite nation's past with a white out pen. Kelley's decision came after groups representing "national park conservationists" (scientists, scientists and historians) challenged the actions of the administration. They accused the administration for violating laws that govern National Park Service activities. In a second filing, the administration called the judge's order that it must reinstall exhibits on July 3, the day prior to the country celebrating its 250th anniversary, "herculean" and an "unmanageable task." The administration asked for the order to be halted while it appeals the judge's decision that prevented Interior Secretary Doug Burgum from implementing the Republican President's March directive 2025. Trump's order targeted what he referred to as a "revisionist" movement that painted the United States in a negative light, portraying it as "inherently racism, sexism, oppression or otherwise irredeemably flaw." It directed the Interior Department of making changes to national parks. Critics claim that Trump has tried to erase parts of American history in order to fit into his false narratives of the country. Kelley stated that she needed to gather more information in order to assess the extent of the changes made to the exhibit. She ordered the production of a complete list of all items removed. The spreadsheet included sites such as Fort Sumter, in South Carolina; the Jamaica Bay Wildlife Refuge, at the Gateway National Recreation Area, in New York; and Acadia National Park, in Maine. According to a court ruling on Friday, climate change materials were removed from all three parks. The inventory stated that the items were removed because they did not relate to "beauty abundance and grandeur" of the natural landscape. In an accompanying court filing, a National Park Service official stated that the inventory is likely only a partial listing and that not all items?identified as being removed have been removed yet. Kelley was appointed by Trump’s Democratic predecessor Joe Biden. In her ruling, she noted that an anonymous National Park Service database, leaked in March by civil servants, listed "more than 500 items" that were identified for review and possible removal. As a matter for transparency, the agency stated that it also filed a list of six items that were removed from a third national park in accordance with a different Trump executive order. The plaintiffs' lawyers did not respond immediately to comments. (Reporting and editing by Will Dunham in Boston, with Nate Raymond reporting from Boston)
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London court confirms injunction against new South Sudan oil contracts
According to a document seen on Wednesday, the London High Court upheld an 'injunction' in favor of commodities tradiing house BB Energy that prevented the republik of South Sudan from executing?new contracts for prepayment of oil cargoes. The order was dated June 15, but it was read on Wednesday. It upholds a May ruling that South Sudan cannot enter into 'any new prepayment contracts' for Dar Blend and Nile Blend crude oil until it pays off its outstanding debts to BB Energy, and pending further hearings. BB Energy welcomed the High Court’s?decision? to continue the injunction? prohibiting the Republic of South Sudan accepting any additional prepayments for oil, and prohibiting third-parties from facilitating these arrangements," a BB Energy spokeswoman said. BB Energy said on Wednesday it also received irrevocable letters from the Government of South Sudan for two crude oils cargoes to be received by November. "We look forwards to continuing positive commercial conversations regarding?further delivery." BB Energy began a legal action last year through London courts against South Sudan for alleged 'failure to supply oil' it purchased under prepayment deals in the years 2024 and 2025. It received its cargo in February.
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Gold drops 1% after Fed keeps rates stable, signals rate increase this year
The gold price?reversed its course and dropped more than 1%?on Wednesday, after the U.S. Federal Reserve kept its benchmark interest rates steady but warned of a rise in borrowing costs this year. This sent the dollar higher. By 2:40 pm EDT (1840 GMT), spot gold had fallen 0.7% to $4,299.89 an ounce. U.S. Gold Futures closed 0.6% higher at 4,381.40. Nine out of 19 policymakers at the U.S. Central Bank believe that they will have to increase the policy rate for this year. This is according to the projections made on Wednesday, after the Fed announced their decision to keep the policy rate within its current range of 3.50% to 3.75%. Kevin Warsh, in his first press conference as Fed chair following his first meeting of policy makers, announced that he would be launching five task force to examine how the central bank conducts business on critical policy issues. "This is a brand new Fed. Warsh is sharp and animated. He will be an?steward, not a trustee. Tai Wong, a metals trader, said that changes will be made, but only after careful consideration. "He also stated twice that he only sees rates as restrictive in housing... making him more hawkish then Powell. I believe that is what's driving the market losses. Warsh didn't do anything to "push back" against the statement and dot plot. According to the CME FedWatch Tool, the market now expects a 78% probability of a rate increase in December, up from 61% prior to the Fed's decision. Oil markets also rose, raising inflation concerns. The U.S. Dollar extended its gains after the rate announcement, making greenback priced?bullion? more expensive for overseas buyers. Gold is often seen to be a hedge against rising inflation. However, higher interest rates tend to put pressure on bullion as it does not offer any yield. Last week, spot gold reached a low of more than six months as inflation fears caused by the conflict in Iran fueled expectations for rate hikes. Donald Trump, the U.S. president, said that the agreement with Iran reached last week was not final and he could re-start a bombing campaign in case he didn't like it. Silver dropped 1.1%, to $69.41 an ounce. Palladium dropped 1.1% and platinum lost 2%. (Reporting and editing by Diti Pjara and Leroy Leo in Bengaluru, and Anjana Anil from Bengaluru)
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Trump suggests that Netanyahu could be a'softer hand' in Lebanon
Donald 'Trump' said on Wednesday, that Israeli Prime Minister Benjamin Netanyahu could use "softer touches" in his fight against Hezbollah militants. This is the latest public rebuke from the U.S. President to his partner in war on Iran. Trump said to reporters at the end of the G7 summit on Wednesday that Netanyahu is a good person, but he gets a bit 'excited' sometimes. According to U.S. officials and Israelis, the Israeli leader convinced Trump to go to war with Iran and participated in attacks launched on 28 February. Netanyahu 'insisted that Israel was not bound by any U.S.Iran agreement for its fight against Hezbollah despite the fact that hostilities have slowed down in Lebanon since Trump harshly criticized him this week. "We have a small dispute about Lebanon." Trump called Netanyahu Bibi, saying, "I say you can be a little gentler." "You don’t have to destroy a building each time someone from Hezbollah walks in." Trump added that he agrees with the description of Israel as a "very?small?partner" but thanked Netanyahu's role in the conflict versus Iran, Israel's arch enemy. He also said he sent Netanyahu a?copy of the "memorandum" the U.S. had reached with Iran Sunday. This was to refute news reports that the administration had refused an Israeli request. The agreement paves the path for broader U.S. - Iran peace talks, which will begin on Friday in Switzerland.
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Brest coach Eric Roy dies at age 58
His family announced on Wednesday that Eric Roy, a Brest coach, died after battling pancreatic cancer. Roy, who led one of the 'unlikeliest success stories in recent European Football, kept his illness a secret for three-and-a-half years. Roy was appointed in January 2023, after a decade of not managing a team. Brest were widely expected to be relegated. He?guided his club to an unexpected third place finish in Ligue 1 'in the 2023-24 campaign, securing the first qualification of their club for European competitions and earning a?league Manager of the season award. His?time at Stade Brestois?was one the most beautiful times of his life. His family stated in a statement that it gave him energy, joy, and a purpose to keep going even during the most difficult times. "He built a wonderful and rare bond with his players." He was deeply in love with them, and he was incredibly proud to be their coach. Roy was a successful player in the 1990s before he moved into managerial and sporting director roles with clubs such as Nice, Lens, and Watford. He was a defensive midfielder who played for more than 300 games in France with teams such as Nice, Lyon, and Marseille.
S&P 500 drops, yields increase following Fed announcement
On 'Wednesday, major stock indexes declined, bond yields rose and the U.S. dollar extended gains against the euro after the Federal Reserve kept the benchmark interest rates steady. New projections revealed that officials expect to raise borrowing costs in the second half of this year due to rising inflation fears. This was the first rate announcement under new Fed chairman Kevin Warsh.
As was widely anticipated, there is a good chance that rates will not be cut in this year. "This further confirms it," said Ryan Detrick. Chief?market strategist for Carson Group, Omaha.
Detrick asked, "Now we have to ask ourselves: Will there be a real hike this year or will the Fed take a break for the remainder of the year?"
Treasury yields had not changed much earlier in the morning. The yield on the benchmark U.S. 10 year notes last increased by 3.91 basis points to 4.467% from?4.428% on Tuesday.
The Dow Jones Industrial Average fell by 525.67, or 1.00 percent, to 51.474.20. The S&P 500 dropped by 96.15, or 1.28 percent, to 7,415.20. And the Nasdaq Composite declined 382.32 points or 1.54%, to 25,994.03.
SpaceX shares are down for the very first time since Friday, when the stock was listed. Last week, the stock fell 1.8%. MSCI's index of global stocks fell by 4.04 points or 0.36% to 1,124.26. The pan-European STOXX 600 ended with a gain of 0.52%.
The dollar index (which measures the greenback versus a basket of currencies, including the yen, and the euro) rose by 0.44%, while the euro fell 0.48% to $1.1551. The price of oil rose after U.S. president Donald Trump stated that his new ceasefire deal with Iran is not final and he can resume the war at any time if he's unsatisfied. Recent drops in oil prices have begun to calm fears of an economic slowdown, especially in Europe which imports energy. International Energy Agency stated that the oil market would move into a significant surplus by 2027 after recovering from the Strait of Hormuz closure.
(source: Reuters)