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Trump eases Powell's uncertainty as gold prices fall.
Gold prices fell on Thursday as a result of a stronger dollar and the easing of market tensions following Donald Trump's statement that it was "highly likely" that he would fire Federal Reserve chair Jerome Powell. As of 0400 GMT, spot gold was down by 0.2%, at $3,340.79 an ounce. U.S. Gold Futures dropped 0.4% to $3347.10. The dollar index rose 0.1% against its competitors, making greenback bullion prices more expensive for holders of other currencies. Jigar Trivedi is a senior commodity analyst with Reliance Securities. He said that gold dropped by $3,340/oz after the Federal Reserve Chair's decision eased the uncertainty. A source said that Trump was open to the idea firing Powell. Trump, however, said that he does not plan to fire Powell. He left the door open, though, and reiterated his criticisms of Powell for not lowering the interest rates. The data showed that U.S. Producer Prices were unpredictably unchanged in June, as an increase in goods due to tariffs on imported goods was offset by a weakness in services. Trivedi stated that "June’s flat U.S. PPI was indicative of steady wholesale prices and may indicate tariffs are having a less significant impact on the economy than originally feared." EU trade chief Maros SEFCIOC is heading to Washington for tariff negotiations on Wednesday, according to an EU spokesperson. He will also meet U.S. Trade Representative Jamieson GREER and U.S. Commerce Sec. Howard Lutnick. SPDR Gold Trust said that its holdings increased by 0.33% on Wednesday to 950.79 tonnes from 947.64 in the previous session. Silver spot edged up 0.1% to $37.98 an ounce. Platinum climbed 0.2% to $1.419.67, while palladium dipped 0.1% to $1.230.14.
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Iron ore prices rise on China's steel demand and production restrictions
Iron ore futures prices rose on Thursday, boosted by robust steel production and demand in the top Chinese steelmaking regions. By 0337 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange rose 1.3% to reach 781.5 Yuan ($108.87). The benchmark iron ore for August on the Singapore Exchange rose 0.66% to $100.6 per ton. Broker Galaxy Futures stated in a report that steel production in China has recovered due to the rapid accumulation of building material, robust manufacturing demand and continued strength in exports. Galaxy reported that the two main steel-producing regions of Shanxi, and Tangshan had begun to implement output restrictions. Analysts report that iron ore shipments have dropped from the top suppliers Australia, and Brazil after an increase at the end of last quarter. Rio Tinto's second-quarter output of iron ore was the highest since 2018. However, shipments fell short of analyst expectations and were at their lowest levels for the first half since 2014. This is due to weather-related disruptions. ANZ analysts stated in a report that improving mill margins have started to boost the optimism about demand. BHP has said that the costs associated with establishing an "eco-iron" industry in Australia are still too high. This is despite Australia and China reaching a deal this week on collaborating to decarbonise their steel supply chains. Australia, which provides 60% of China's needs for iron ore, produces lower grade iron ore that cannot be processed directly into steel using renewable energy. Coking coal and coke, which are used to make steel, also fell on the DCE. They were down by 0.66% each. The majority of steel benchmarks at the Shanghai Futures Exchange have gained ground. Rebar rose by 0.26%; hot-rolled coils grew by 0.68%; wire rod increased by 0.39%, and stainless steel fell 0.08%. ($1 = 7.1780 Chinese yuan) (Reporting by Lucas Liew; Editing by Subhranshu Sahu)
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MODEC, Eld Energy Advance FPSO Offshore Fuel Cell Pilot
MODEC has entered into a contract with Eld Energy, a Norwegian fuel cell system company, to design and manufacture a solid oxide fuel cell (SOFC) system pilot unit intended for installation on one of the MODEC-operated floating production, storage and offloading (FPSO) units.In February 2025, MODEC awarded a feasibility study contract to Eld Energy, marking the beginning of Phase 1 activities of SOFC development as one of the critical decarbonization initiatives.Following the successful completion of Phase 1, MODEC decided to proceed with Phase 2 activities with Eld Energy, which include engineering, manufacturing, installation, and offshore pilot testing of a 40 kW SOFC system.The unit, to be manufactured by Eld Energy at its facility in Norway, is scheduled for installation in 2026.This deployment marks a significant step toward demonstrating the viability of solid oxide fuel cells in offshore environments – offering a cleaner, more efficient alternative to traditional power sources.This phase follows the successful feasibility study, during which the two companies collaborated on system design and integration studies. As part of the study, a successful laboratory test was conducted using simulated produced gas, including heavier hydrocarbons – a critical milestone that enabled the progression to Phase 2.Eld Energy’s solution is said to offer high-efficiency power generation with low emissions, aligning with the maritime and energy sectors' drive toward more sustainable operations.By integrating advanced SOFC systems into offshore infrastructure, the companies aim to reduce environmental impact while maintaining operational reliability. The Phase 2 pilot test represents the first real-world implementation of SOFC technology on an FPSO.“We are thrilled to take this step-ahead with Eld Energy in the innovation of SOFC as an alternative power generation system.“Although we foresee technical hurdles to overcome in this R&D journey, we are committed to pioneering into it with a strong will to provide solutions that deliver stable energy with low GHG emissions,” said Koichi Matsumiya, Chief Technical Officer of MODEC.
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Saab Delivers Another Seaeye Falcon ROV to Subsea Specialist
Saab UK has delivered its 600th Seaeye Falcon remotely operated vehicle (ROV) produced in Fareham, built for international subsea specialist DISA International.The latest addition joins DISA’s growing fleet of Saab Seaeye vehicles and contributes to DISA’s high-performance inspection and survey operations across Europe.The newly delivered Falcon is already at work supporting offshore wind energy operations in Germany, where it is conducting balance of plant inspections and general visual inspections (GVI).The vehicle will soon be deployed to further projects in the Netherlands and Belgium, playing a key role in offshore inspections and measurement tasks.This latest purchase brings DISA’s fleet of Saab Seaeye vehicles to eight, including the Panther XT Plus, Cougar, Lynx and multiple Falcons.“DISA International’s decision to continue investing in the Seaeye Falcon is a testament to the trust our customers place in the reliability, performance and flexibility of our systems. Delivering our 600th Falcon to a long-term partner like DISA International is a suitable milestone in the manufacturing of British designed and built subsea vehicles,” said Jon Robertson, Managing Director at Saab Seaeye.“The Falcon is our go-to vehicle for operations from smaller vessels. It’s compact, easy to set up, and can be launched with an onboard crane, making it ideal for rapid mobilization. Performance-wise, we’ve always been very satisfied,” added Didier De Graaff, Managing Director at DISA International.
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Nestle, Barry Callebaut and re.green restore areas in Brazil’s cocoa and coffee regions
Nestle announced environmental restoration projects on Thursday in partnership with reforestation startups re.green in Brazil and chocolateier Barry Callebaut, with the aim of planting millions of trees where it sources its key ingredients. Why it's Important The initiative is part a wave corporate investments that are scaling up Brazil's Reforestation Industry and aligns Nestle's goals to achieve net zero by the year 2050 while restoring ecosystems critical for cocoa production and coffee production. By the numbers, both companies have said that they will plant 11,000,000 trees on 8,000 hectares. This is equivalent to 19,768 acres. The 30 year re.green plan involves planting 3.3 millions trees from native species of Brazil's Atlantic coastal rainforest in Bahia, the state located to the northeast of Brazil. The project is expected to generate approximately 880,000 carbon credits. Separately, the partnership with Barry Callebaut aims to restore 6,000 ha in Bahia & Para. The majority of these hectares will be converted into cocoa agroforestry. KEY QUOTES Barbara Sapunar, director of Business Transformation and ESG at Nestle Brasil, said: "These projects will help us achieve our carbon reduction targets but our sustainability strategies goes beyond carbon removal." We want to regenerate regions in the regions where we source our ingredients. "Environmental restoration increases supply chain resilience," she said. Thiago Piccolo, CEO of Re.green, said that the initiatives show how companies can invest in landscapes linked to their supply chain and go beyond carbon offsets. Brazil is the fifth largest chocolate market in the world, and the world’s biggest coffee exporter. Nestle said it would fully fund the re.green initiative and cover 60% for the Barry Callebaut project. The company's goal is to plant 200 million trees in the regions it sources its ingredients, such as milk, coffee and cocoa. Re.green has the backing of billionaire Joao Salles from Brazil and Gavea, an asset manager founded by Arminio Fraga, former governor of the Brazilian central bank. Barry Callebaut, based in Switzerland, is the top chocolate maker in the world. Gabriel Araujo is the reporter and Marguerita Choy is the editor.
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Nikkei falls on ASML warning after Japan's chip shares are sold off
The Nikkei 225 index in Japan fell on Thursday as a result of a decline in shares related to chip-making tools after Dutch supplier ASML issued a warning about revenue. As of 0214 GMT the tech-heavy Nikkei index was down 0.3% to 39,544.62. The two largest drags on the index were chip-sector giants Tokyo Electron (down 0.3%) and Advantest (down 0.3%). Topix as a whole, on the other hand, only managed a 0.1% increase. Seven & i Holdings was the Nikkei’s largest decliner, in terms of percentage. It fell 7.8% when Alimentation Couche-Tard (Canada) ended its bid to take over the 7-Eleven convenience stores chain. Tokyo Electron, a chip-making equipment maker with a large market share, lost almost 2%. Lasertec, whose shares are smaller and less well-known fell 5.4%. Advantest is slipping 1.8%. ASML warned that revenue growth may not be achieved in 2026, as manufacturers of chips building factories in the U.S. wait for clarity about the impact of potential tariffs. In a research note, Jefferies analysts noted that "quarterly orders will fluctuate, but based on a 12-month moving-average, orders haven't yet entered a phase of recovery, similar to ASML." The orders for the extreme ultraviolet lithography, which is a critical component in the chipmaking process, have "stalled" after increasing "sharply", in the first half last year. However, a recovery will likely occur in 2026. TSMC, a Taiwanese semiconductor manufacturer, is scheduled to release its earnings at 0530 GMT during Japanese market hours. This could move the market. The Nikkei 225 component index saw 115 components fall, compared to 108 that rose. Two components traded flat. The index was boosted by a weakening Japanese yen in the first half of the week. However, the currency is now trading slightly higher than 24 hours ago after rebounding from a low set three-and-a-half months earlier. The energy sector was hit by a decline in crude oil, and the Topix coal and oil sub-index fell 1.44%. It was the worst performing industry group among 33. The mining subindex, which includes oil exploration companies, fell by 1.40%.
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Copper prices fall as investors prepare for US tariffs
The price of copper in London and Shanghai fell slightly on Thursday as the markets continued to be under pressure in anticipation of the United States' imposition on August 1st a 50% tariff on imports. As of 0123 GMT the three-month copper price on the London Metal Exchange fell 0.07%, to $9,628 a metric ton. The most traded copper contract on Shanghai Futures Exchange also declined 0.04%, to 77,930 Yuan ($10,855.12) per ton. ANZ stated that the U.S. market will likely draw from existing stocks, putting downward pressure COMEX and LME Copper prices in the short-term. In an interview with Real America's Voice, Trump stated that the U.S. was very close to reaching a deal with India. An agreement with Europe could also be possible, but it's too early to tell if a deal will be struck with Canada. Copper stocks in LME registered warehouses will be depleted by Wednesday The LME warehouses in Hong Kong that began formal operations on Tuesday received 5,975 tonnes of copper. Nickel - 396 Tonnes 100 Tons of Zinc 25 tonnes of tin . These warehouses were built by the LME to enhance its presence in Hong Kong. Hong Kong is the gateway into China, which is the largest metal consumer on the planet. LME tin rose 0.67%, to $33,020 per ton. Zinc fell 0.35%, to $2,701.5. Lead dropped 0.13%, to $1,974. Aluminium was down 0.12%, at $2,574.5. SHFE nickel dropped 0.8% to 119.640 yuan per ton. Tin fell 0.32% at 262,640, lead was off 0.27% to 16,850, zinc grew 0.32% at 22,085 and aluminium gained 0.1% to 20,450. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0600 UK Claimant Enem Chng. HMRC Payrolls May 0600 EU HICP Final June 0900 US Retail Sales MM and Import Prices June 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 12 30 US Philly Fed Business Index July
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South Korea pounded by heavy rains, 1 dead and over 100 evacuated
Safety ministry reports that one person died and over 100 people were evacuated after torrential rains pounded South Korea on Thursday. The Ministry of the Interior and Safety reported that as of Thursday morning some areas of the South Chungcheong Region, south of the capital Seoul, had received over 400 millimetres (15,7 inches) of rainfall since Wednesday. According to the Korea Forest Service, the Korea Forest Service has raised the alert level of landslide dangers to the highest possible level in several areas including Chungcheong due to heavy rains. The Yonhap News Agency reported that two people who were trapped in a South Chungcheong landslide had been rescued. (Reporting and editing by Joyce Lee, Ju-min Park, and Jack Kim)
Nigeria protects $500 million World Bank loan for electrical power sector
Nigeria has actually secured a $500. million World Bank loan for its electrical power sector to boost. power distribution, after last month's walking in tariffs for top. customers in Africa's most populous country.
The Bureau of Public Enterprise (BPE), the nation's. privatisation firm, on Thursday stated the loan was approved by. the World Bank in 2021 and included the federal government's borrowing. plan this month after accomplishing some milestones.
The concessionary loan is aimed at enhancing the monetary. and technical performance of distribution business, which have. had a hard time to increase capability more than a years after Nigeria. turned over its electrical energy sector to personal business.
Last month the electrical energy regulator increased tariffs for. much better off consumers who use the most power in Nigeria as the. government intends to wean the economy off aids to relieve. pressure on public finances.
The World Bank has in the past suggested subsidy cuts to. assistance Nigeria improve the state of its public finances.
Nigeria's electrical power sector faces a myriad of problems. including a failing grid, gas scarcities, high debt and. vandalism.
The country has 12,500 megawatts of installed capacity but. produces only about a quarter of that, leaving lots of Nigerians. reliant on costly diesel-powered generators.
State-controlled power tariffs are too low to draw in new. investors and permit distribution companies to recover expenses and pay. generating business - leaving the sector with swelling financial obligation.
The country privatised its electrical power sector in 2012, which. had actually been seen as a significant hurdle to development, but financing. restriction, gas lacks and obstacles with its national grid. has actually limited improvements following the sale.
(source: Reuters)