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Australia's red-meat industry abandons 2030 carbon neutrality goal
A group representing the Australian livestock industry said Tuesday that it had given up its goal of making the sector, which is a major emitter and planet-warming methane by 2030, carbon neutral. However, reducing emissions will remain a top priority. Meat & Livestock Australia released its long-term strategy on Tuesday, but the carbon neutral pledge was not included. Michael Crowley said that the target was unachievable. He said, "We need to invest more time and money in order to achieve our goal." Last week, Australia's Red Meat Advisory Council removed the 2030 climate neutrality goal from its strategic plan. These decisions are similar to those taken by some companies and governments who have reduced their climate commitments over the past few years. The original 2030 goal of the livestock industry was to reduce emissions, and offset any remaining ones by sequestering carbon in soil or plant material. The industry has been working on innovative solutions to reduce methane emissions, including breeding animals that emit less, adding seaweed as a feed supplement that can inhibit the production of methane in the gut and improving soil carbon-capture techniques. According to Australia's science agency CSIRO this is due to less clearing of land and a smaller herd, not a reduction in the amount of methane per animal. Crowley stated that the research conducted over the past few years will mature into implementation, and the industry can still achieve 80-90% its carbon neutrality target by 2030. He said, "We must drive adoption." He said that the 2030 goal had spurred more than A$100,000,000 ($66,000,000) in sustainability investment and MLA (a livestock research and marketing organization), would continue to drive improvements in efficiency and reduce net emissions for each kilogram of meat produced. According to the MLA, Australia is one of world's largest exporters of meat. It has 30 million cattle as well as more than 70 millions sheep. These animals produce methane during digestion. It breaks down with time, but it is 80 times stronger than carbon dioxide in trapping heat for a period of 20 years.
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Gold prices rise on weaker dollar and tariff uncertainty ahead of deadline
Gold prices rose on Tuesday as a result of a weaker US dollar and increased uncertainty about President Donald Trump's proposed tariffs ahead of the deadline set for July 9. This drove investors to safe-haven assets. As of 0229 GMT spot gold rose 0.4% to $3,315.26 an ounce while U.S. Gold Futures rose 0.6%, reaching $3,326.50. Nicholas Frappell is the global head of institutional market at ABC Refinery. He said that the weaker dollar and the concern about the potential impact on the economy if Trump’s tariff deadline was not extended, are currently supporting gold. The U.S. Dollar Index fell by 0.1%, reaching a three-year low. This makes bullion more accessible to holders of other currencies. Trump expressed frustration on Monday with U.S. - Japan trade negotiations as U.S. Treasury Sec. Scott Bessent warned countries that they could be notified about sharply higher tariffs as a deadline of July 9 approaches despite good faith negotiations. Trump continued to pressure the Federal Reserve to ease monetary policies on Monday. He sent Fed Chair Jerome Powell annotated handwritten notes saying that U.S. interest rates should be somewhere between Japan's rate of 0.5% and Denmark’s rate of 1.75%. Frappell stated, "I believe (Trump's request to lower interest rates), is also having an effect on the market. Although I am a little surprised that the markets are so optimistic about rate reductions." Bessent stated that the administration will consider using the next Fed Board of Governors expected vacancy early in 2026 to nominate a successor for Powell. Investors closely monitor a series U.S. Labour Market Reports in this holiday-shortened Trading Week, culminating with Thursday's Government Payrolls Data, to gain insights into the Fed monetary policy direction. Market participants are currently expecting a rate cut of 67 basis points to begin in September. Silver spot fell by 0.8%, to $35.80 an ounce. Platinum was down by 0.7%, to $1.343.61, and palladium rose 0.9%, to $1.107.25. (Reporting and editing by Harikrishnan Nair, Rashmi aich, and Anmol Choubey from Bengaluru)
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Tiny Tuvalu wants assurances from the US that its citizens will not be barred
Tuvalu, the tiny Pacific nation scientists predict will be submerged in rising seas, has said that it wants written assurances from the United States to ensure that its citizens won't be barred entry. It was apparently included by mistake on a list of countries that face visa bans. Other media reported that Marco Rubio, the U.S. Secretary for State, had signed an internal diplomatic cable in which he indicated the United States was considering expanding its travel restrictions, including to three Pacific Island countries, to 36 countries. The cable stated that nations on the list had 60 days to correct their mistakes. The news caused concern in Tuvalu. Its population of 11,000 people is at risk of rising sea levels. A third of its residents applied for an Australian ballot to obtain a climate migration visa. Tapugao Falefou said that a U.S. government official had told him Tuvalu was included on the list due to "an administrative error and a systemic mistake on the U.S. Department of State's part". Tuvalu's Government said in a Tuesday statement that they had not been notified formally of their inclusion on the list. The United States Embassy in Fiji also assured them it was an "error within the system". The statement by Tuvalu's Ministry of Foreign Affairs, Labour and Trade stated that "the Embassy has verbally assured that there are currently no restrictions on Tuvaluan citizens entering the United States, and the matter is under review with the authorities in Washington." Tuvalu is seeking "a formal written confirmation of that effect" and has continued to engage with the U.S. government to ensure Tuvaluans do not suffer unfairly. The embassy didn't immediately respond to our request for a comment. The official who was not authorized to publicly speak about the visa policy in the United States said that "no decisions had been made and any speculation would be premature". The official said that "Tuvalu’s public statement mischaracterizes, and omits many of the valid concerns United States have with travelers from this country." Vanuatu, Tonga and Vanuatu are the other Pacific Islands mentioned in the cable. Tonga’s government received an official U.S. alert and was working to develop a response. Vanuatu government has not responded to a comment request. (Reporting and editing by Saad sayeed in Sydney, Kirsty needham from Sydney)
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Asian shares are rising, dollar weakens as US bill debate continues; gold is on the rise
The dollar remained near its multi-year lows as Asian shares rose and markets awaited the vote on President Donald Trump's tax and spending bill. On Monday, global shares rose to an intraday high on the back of trade optimism. However, a marathon Senate debate over a bill that would add up to $3.3 trillion in debt to the United States weighed down sentiment. The Nikkei index of Japanese shares fell as much as 1,1%, as the yen rose. Gold and oil both advanced for the second session in a row. The vote on Trump's tax-cutting and spending bill was expected to take place during Tuesday's Asian trading session, but the debate continued over a series of amendments from Republicans and minority Democrats. Trump wants to see the bill pass before the Independence Day holiday on July 4. Investors are also looking forward to Thursday's key U.S. employment data as global trade negotiators rush to reach agreements before Trump's deadlines. Ray Attrill is the head of FX Strategy at National Australia Bank. In a podcast, he said that the payroll data released later in the week would "have a significant impact, I believe, on the sentiment regarding the timing of Fed rate reductions." South Korea's Kospi index, which measures the performance of Asia-Pacific stocks outside Japan, rose 1.8%, leading MSCI's broadest Asia-Pacific share index. The dollar fell 0.3% to 143.62 Japanese yen. The dollar dropped 0.1% to $1.1794 versus the euro single currency. It had earlier fallen as low as $1.1798. U.S. crude fell 0.4% to $64.86 a barrel, weighed down by expectations that OPEC+ would increase its output in August. Gold spot rose 0.5%, to $3319.55 an ounce. The German DAX Futures rose 0.2%, while the Euro Stoxx 50 futures in Europe were up by 0.1%.
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Investors watch US trade talks as copper prices rise on a weaker dollar
The London Metal Exchange and Shanghai Futures Exchange saw copper prices rise on Tuesday, despite the weaker dollar. Meanwhile, uncertainty remained over U.S.-China trade. By 0103 GMT the LME's three-month contract for copper rose 0.15%, to $9,883.5 a metric ton, while the SHFE's most traded copper contract increased 0.1%, to 79840 yuan (11,145.23). The worries about the U.S. deficit have weakened the dollar (which) is supportive of commodities. My focus this week will be the U.S. Trade talks," said an analyst in Beijing from a futures firm. The dollar index fell by 0.35% on Monday to 96.86, putting it on course for a sixth consecutive month of losses and its worst half year since the 1970s. The greenback is less expensive to buyers of other currencies. Last week, U.S. Treasury Sec. Scott Bessent said that the U.S.-China had resolved the issues surrounding shipments of Chinese magnets and rare earth minerals to the U.S. This further modified a May agreement in Geneva. Bessent added that even if countries are negotiating with good faith on July 9, they could still be facing sharply higher tariffs. Any possible extensions would be at the discretion of Trump. LME nickel dropped 0.33% to $16,165 per ton. Zinc eased by 0.31% to $2.743 and lead fell by 0.12% to $2.042. SHFE Nickel fell by 0.65%, to 120,180 Yuan. Zinc fell 0.51%, to 22,320 Yuan. Tin dropped 0.27%, to 267410 Yuan. Lead fell by 0.15%, to 17,120 Yan. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0600 UK National House Price mm,yy June 0750 France S&P Global Manufacturing Final PMI. June 0800 EU Final HCOB Manufacturing Final PMI. June 0830 UK S&P Global Manufacturing Final PMI. June 0900 EU Flash HICP F, E A, T YY,MM. June 1345 US S&P Global Manufacturing Final PMI. June 1440 US ISM Manufacturing Final PMI.
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G7 calls for talks to resume on Iran Nuclear Program
According to a statement released jointly, the foreign ministers of the Group of Seven nations stated that they support the ceasefire agreement between Israel and Iran. They also urged the resumption of negotiations for a nuclear deal with Iran. Iran and the U.S. began holding talks in April to find a diplomatic solution for Iran's nuclear programme. Tehran claims its nuclear program is peaceful, while Israel and its allies claim they want to prevent Iran from building a nuclear bomb. The G7 Foreign Ministers stated: "We call for a resumption in negotiations that will result in a comprehensive agreement, which is verifiable, and durable, that addresses Iran's nuclear program." Trump announced last week a ceasefire in the war between U.S. allies Israel and Iran, its regional rival. The conflict began on June 13, when Israel attacked Iran. The Israel-Iran war had caused alarm in a region that has been on edge ever since Israel's Gaza War in October 2023. Washington had struck Iran's nuclear facilities before the ceasefire announcement. In retaliation, Iran attacked a U.S. military base in Qatar. The G7 Foreign Ministers said that they had urged "all sides to avoid any actions which could destabilize further the region." Steve Witkoff, the U.S. Middle East envoy, said that talks between Washington and Tehran are "promising", and Washington is hopeful of a long-term deal. G7 diplomats condemned threats made against the U.N.'s nuclear watchdog chief on Monday after a hardline Iranian paper said IAEA head Rafael Grossi was to be tried and executed for being an Israeli agent. The U.N. Nuclear Watchdog's Board of Governors, which consists of 35 nations, declared Iran to be in violation of its nonproliferation obligations on June 12. This was the first time that Iran had been in violation of these obligations in nearly 20 years. Israel, the only Middle Eastern nation believed to possess nuclear weapons, has declared that its war against Iran is to prevent Tehran from developing nuclear weapons. Israel is not a signatory to the Nuclear Non-Proliferation Treaty. The U.N. nuclear monitor, who conducts inspections in Iran says that it has "no evidence" of a coordinated and active weapons program.
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Panama removes a portion of the copper stockpiled at First Quantum mine
Panamanian officials announced on Monday that more than a quarter (25%) of the copper concentrator stockpiled by First Quantum Minerals at its Cobre Panama mine, since the mine closed in 2023, has been shipped out. The removal of 33, 000 metric tons of copper out of a total 120,000 tons at the site seems to have ended the uncertainty about the stuck-on copper and may signal a possible thawing in the relationship between President Jose Raul Mulino’s government and the Canadian company. First Quantum has declined to comment. The mine was closed by the previous administration of Panama after public protests about environmental concerns. Panama's Trade and Industry Ministry said that the copper stockpile would be removed gradually, but did not provide a date or any further information about the shipment. "More 33,000 tons of concentrate have been shipped." The ministry stated that the removal of the concentrate will be gradual, depending on weather, technical and logistical factors, and other factors. The ministry said that it, as well as Panama's maritime authorities, customs, and environmental authorities were overseeing the process. First Quantum announced in March that it had agreed to end the arbitration process over the mine. This allowed for the government to resume talks with First Quantum. Reporting by Elida Moreno in Panama City, and Divya Raagapal in Toronto. Editing by Daina Beth Solow, Kylie Madry, and Sonali Paul.
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Businesses call on EU to not weaken sustainability standards
Over 100 investors and companies warned on Tuesday against rolling back European Sustainability Rules that they say support economic growth. The EU is negotiating cuts to these rules in order to reduce costs to local industries. In a joint statement, a group of 29 companies and 80 investors, including EDF and Nokia, and financial institutions, such as Allianz, said that the rules, rather than hindering economic growth, were "conducive" to growth and competitiveness, and also long-term value and returns for investors. The European Union is negotiating proposals to ease corporate sustainability reporting requirements for the majority of businesses. They are also easing a requirement that firms check their supply chain for abuse. This comes amid criticisms from governments and industries who claim that excessive bureaucracy hinders productivity. Germany, France, and certain businesses have called for a dramatic reduction in the reporting requirements. But environmentalists and a larger group of companies and investment firms say that the rules will help them to manage climate risk and to drive capital into the green transition. The rules promote transparency and responsible conduct and are conducive to better risk management, growth and reorienting investments to green technologies. This statement was signed by Ingka Group, IKEA’s parent company. Carine de Bouissezon, EDF's chief impact officer, said that "where there is room for intelligent simplification, we should tweak the regulation. But, we must stay the course, and be proud to do so, to assert our leadership." The group suggested that EU reporting rules be applied to firms with more than 500 workers and that they adopt "transition plan" to show how they are aligned with climate goals. The European Commission has You can find out more about this by clicking here. Exempting companies that have fewer than 1,000 workers - this will cut more than 80% from the approximately 50,000 employees currently covered. Currently, the law applies to companies with more than 25 employees. Some EU legislators want to further scale back the laws to cover only companies with a minimum of 3,000 employees. The final rule changes must be approved by both EU member states and legislators. (Reporting and editing by Virginia Furness, Paul Simao).
The price of oil drops on the back of OPEC+ and tariff fears
The oil prices fell on Tuesday due to expectations that OPEC+ will increase their output in August, and fears of a slowdown in the economy caused by higher U.S. Tariffs.
Brent crude futures were down 16 cents or 0.24% to $66.58 per barrel at 0000 GMT. U.S.
West Texas Intermediate crude fell 20 cents or 0.31% to $64.91 per barrel.
Daniel Hynes, senior commodity strategist at ANZ, said in a recent note that "the market is concerned the OPEC+ will continue to increase its output at an accelerated pace."
Four OPEC+ source told us last week that they plan to increase output by 411,000 barrels a day in August. This follows similar increases in May, July, and June.
If approved, OPEC+ would increase its total oil supply for the year by 1.78 million bpd. This is equivalent to over 1.5% of the global demand. OPEC and allies, including Russia, collectively known as OPEC+ will meet on the 6th of July.
Oil prices were also held back by uncertainty about U.S. Tariffs and their impact upon global growth.
U.S. Treasury Sec. Scott Bessent warned countries that they could face a sharply increased tariff despite good faith negotiations, as the deadline of July 9 approaches. This is when tariff rates will revert to President Donald Trump’s temporarily suspended rates of 11 to 50 percent announced in April.
Morgan Stanley believes Brent futures will retrace back to $60 around early next year. The market is well-supplied and the geopolitical risks have abated following the de-escalation between Israel and Iran. It anticipates a surplus of 1.3m bpd by 2026.
Brent prices rose after a 12-day conflict that began on June 13, when Israel targeted Iran's nuclear installations. After the U.S. attacked Iran's nuclear sites, Brent prices soared over $80 per barrel. They then dropped to $67 a bar after Trump announced a ceasefire between Israel and Iran. (Reporting by Anjana Anil in Bengaluru; Editing by Himani Sarkar)
(source: Reuters)