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Gold drops, heading for the worst week in six-months on easing trade tensions
Gold prices fell more than 2% Friday, and are heading towards their worst six-month period in recent memory. An overall stronger dollar and an interim U.S. China trade agreement have weakened investor demand for this safe-haven. As of 1136 GMT, spot gold was down by 1.9% at $3,178.06 per ounce. Bullion is down more than 4% this week, and it's on track to have its worst performance weekly since November 2024. U.S. Gold Futures dropped 1.4% to $3.180.90. Nitesh Sha, commodities strategist for WisdomTree, said: "We have had a week of positive signals regarding trade negotiations, and we've seen the dollar increase on its course. This is weighing down on gold prices." The U.S., China and other countries agreed earlier this week to temporarily reduce the high tariffs that were imposed on April. This agreement lifted the mood of the financial markets. Gold is less appealing to other currency holders because the dollar index has been subdued for the day but is on track for its fourth consecutive weekly gain. Last month, gold, which is often used to store value in times of financial and political uncertainty, reached a record high of $3.500.05 per ounce, thanks to central bank purchases, fears of tariff wars, and strong demand for investment. This week, the United States economic data and signs of a slowing inflation along with weaker than expected economic data have cemented the bets that more Federal Reserve rate reductions will occur this year. Gold that does not yield tends to flourish in an environment with low rates. Tim Waterer is the chief market analyst for KCM Trade. He said, "On the positive side, the gold price continues to attract buyers. This shows that precious metals remain a preferred asset. The global growth and inflation forecasts are still rather murky." Silver spot fell 1.8% at $32.08 per ounce. Platinum eased by 0.5% to $985.1, and palladium dropped 1% to $858.24.
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Enel and Masdar hold preliminary discussions on energy storage in Italy
Flavio Cataneo said that Enel is in preliminary discussions with Masdar, Abu Dhabi, about the possibility of developing energy storage in Italy. Cattaneo, speaking at a Milan business conference, said that the Italian and Emirati firms already have a partnership in Spain for a portfolio renewable energy assets. They are now exploring ways to expand their alliance into other countries. He stated that there was an understanding between Masdar and the company "to advance also in other geographical areas including Italy where they are interested and Masdar is very happy to be partners". It is important that Italy develops battery storage systems to provide power in the absence of solar or wind energy. Terna, the Italian grid operator, is expected to hold an auction for energy storage capacity by the end of September. Reporting by Elvira pollina. Francesca Landini wrote the article. Gavin Jones, Mark Potter and Gavin Jones edited the text.
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UN: Conflict and climate will drive global hunger to record levels in 2024.
According to a U.N. release on Friday, acute food insecurity and malnutrition among children will continue to rise for the sixth consecutive year, in 2024. This will affect more than 295 millions people in 53 countries. This was a 5% rise on the levels of 2023, with 22,6% of people in the worst-hit areas experiencing hunger at crisis level or worse. The 2025 Global Report on Food Crises presents a shocking picture, said Rein Paulsen Director of Emergencies and Resilience for the U.N. Food and Agriculture Organization. He added that "conflicts, extreme weather and economic shocks" are often the primary drivers. The U.N. has warned that conditions will worsen this year. It cites the steepest projected decline in humanitarian food funding in the report since its inception, estimated anywhere from 10% to over 45%. U.S. president Donald Trump led the way by largely closing down the U.S. Agency for International Development (USAID), which provides humanitarian aid to those in need around the globe, and cancelling over 80% of their programs. Cindy McCain, head of the Rome based World Food Programme, warned that "millions of hungry people will lose or soon lose the lifeline we provide." Hunger will affect nearly 140 millions people in 20 countries by 2024. This includes areas experiencing "catastrophic levels" of food insecurity, such as Gaza, South Sudan and Haiti. Sudan has confirmed that famine conditions exist. Inflation and currency devaluation have contributed to the food crisis in 15 countries, including Syria and Yemen. This is nearly twice the level seen before the COVID-19 pandemic. El Nino, which causes droughts and flooding, has thrown 18 countries, including Southern Africa, Southern Asia and the Horn of Africa, into crisis. More than 96 millions people have been affected. The number of people living in famine-like situations has more than doubled, reaching 1.9 millions -- the highest level since the monitoring for the Global Report began in 2016. The report stated that malnutrition in children has reached alarming levels. The report said that nearly 38 million children aged under five are acutely malnourished in 26 different nutrition crises. These include Sudan, Yemen Mali, and Gaza. The forced displacement of people also increases hunger. Nearly 95 millions forcibly displace people, including refugees, and internally displaced individuals, lived in countries that were facing a food crisis, such as the Democratic Republic of Congo or Colombia. Despite the overall grim trend, there were some positive developments in 2024. Food insecurity has decreased in 15 countries including Ukraine, Kenya, and Guatemala due to improved harvests, lower inflation, and humanitarian aid. The report urged investment in local food systems to break the cycle. Paulsen stated that "evidence shows supporting local agriculture is the best way to help people with dignity and at a lower cost." (Reporting and editing by Toby Chopra; reporting by Crispian B. Balmer)
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Trump: UAE and US agree that Abu Dhabi will buy the most advanced AI chip.
Donald Trump announced on Friday that the United Arab Emirates (UAE) and the United States agreed to open a pathway for Abu Dhabi to purchase some of the world's most advanced artificial-intelligence semiconductors from U.S. firms, which is a significant win for Abu Dhabi in its efforts to become a hub for global AI. Trump's Gulf tour also included a visit to Saudi Arabia, Qatar, and the UAE. The UAE capital Abu Dhabi and wealthiest emirate of the UAE made a promise to increase the value of their energy investments to the U.S. by $440 billion over the next decade. He announced deals worth over $200 billion on Thursday, including Etihad Airways' $14.5 billion investment in 28 Boeing aircraft made in the USA. Trump said, "We work together, and the money made here comes back home to us", during a press event in Abu Dhabi. Trump was praising the U.S.-UAE business relationship. "We made it work and you know that they were being wooed." "But there's no wooing anymore, I think we are in good shape," said he. The crown prince replied, "Absolutely." The AI deal finalised on Friday is a major boost for the UAE. It has been struggling to maintain a balance between its relationship with the U.S., its longest-standing ally, and China, its biggest trading partner. The Trump administration is confident that the chips will be managed safely, and has required data centres to be managed by U.S.-based companies. Trump stated that "Yesterday, the two countries agreed to create a pathway for UAE to purchase some of the most advanced AI semiconductors in the world from American companies. This is a very large contract." He added that the UAE plans to be a major player in artificial intelligent will accelerate as a result. ENERGY INVESTORS The UAE's energy commitment was announced by Sultan Al Jaber during his presentation to Trump, the chief executive of the Abu Dhabi state-owned energy giant ADNOC, during the final stage of Trump's regional tour, which has attracted huge financial commitments. Al Jaber, who spoke to Trump, said that the enterprise value of UAE investment in the U.S. Energy sector would increase from $70 billion today to $440 billion in 2035. He added that U.S. firms in energy will also invest the UAE. "Our partners have committed to new investments of $60 billion for upstream oil, gas and new unconventional opportunities," Jaber stated in front of a slideshow showing projects in the UAE with the logos ExxonMobil and Oxy, two U.S.-based companies. Jaber, executive chairman of XRG and minister for industry and advanced technologies, said that XRG is looking to invest a large amount of money in U.S. Natural Gas. In March, senior UAE officials had already met Trump and committed to a 10-year investment framework of $1.4 trillion in the U.S., in sectors such as energy, artificial intelligence, and manufacturing, to strengthen reciprocal ties. Trump stated that "we're making progress" for the $1.4 trillion that the UAE announced it intended to spend in the United States. The tour, which focused on investment deals and not on Middle East security crises, such as Israel's Gaza war, has been primarily focused on publically on the Gulf. Trump engaged in diplomacy during his brief meetings with the biggest energy producers around the world. He met with Syria’s interim president Ahmed al-Sharaa and said that he would lift sanctions against Syria on the request of Saudi Arabia’s crown prince. This is a major shift in U.S. foreign policy.
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Information Minister: 51 mining licenses seized by Guinea
The information minister of Guinea said that the military government had reclaimed 51 mining licenses. It is stepping up its efforts to regain claims or concessions in which no operations have been conducted or where permits are not being used, he added. First reported that the government intended to cancel the licenses on Thursday. Fana Soumah said in a late-night televised speech that Guinea's ruler Mamady Dommebouya signed the decree of repossession, which includes bauxite concessions, as well as gold, diamonds, graphite, and iron. Soumah stated that the concessions were "returned to the state free of charge", citing several articles in Guinea's Mining Code as legal justifications for the withdrawal of the licences. Guinea has the largest reserves in the world of bauxite - the ore that is used to make aluminium. Its exports are vital to the global production of this industrial metal, especially to China and Russia. The company had already taken steps to remove bauxite licenses from Kebo Energy SA, and Emirates Global Aluminium. Tom Price, the head of commodities at Panmure Liberum Investment Bank, said that "government pressure is increasing on Guinea's Bauxite Industry." He added, "We suspect that Guinea's government consolidates the number of foreign miners and forces the industry to invest locally in downstream processing capability." Another analyst, familiar with the mining operations in Guinea, who declined to name himself, stated that the companies affected were minor players. The authorities of Guinea did not reply to our requests for comments on their next plans. The decree applies to mining operations that were granted licenses between 2005 and 2023. Some permits were already expired, while others would still have been valid for decades. This move reflects a complex operating environment in West Africa where military regimes have been tightening control over minerals assets in Niger since 2020 to increase revenues. (Reporting and editing by Joe Bavier; Maxwell Akalaare Adombila)
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Shanghai warehouse copper stock jumps, ending long withdrawals
This week, copper inventories in China increased sharply. They broke a run of three weeks of large withdrawals which had caused concerns about shortages due to the global pull of copper supplies toward the United States. Shanghai Futures Exchange warehouses reported a 34 percent increase in copper inventories, which reached 108.142 metric tonnes On Friday, there was the first weekly net increase since mid-March. The stock levels are still well above those of late 2023, when they fell below 30,000 tonnes twice. According to an anonymous analyst and trader, the rise in inventories can be attributed to tepid demand for copper in China as well as steady production from a growing and giant smelter industry that is not deterred by negative margins. The Shanghai daily warrant stock has been increasing every day in the last week. Chinese buyers have clearly backed off these higher prices," Alastair Mudro, senior metals strategist with broker Marex said. The increase in inventories may have allayed fears about shortages. However, this concern is based on the fact that vast quantities of global copper are being redirected towards the United States in order to take advantage of high prices caused by the threat to import tariffs. China's Yangshan Copper Premium Since March, the key indicator of import demand has steadily risen to US$100. It has been hovering around this level for the last two weeks. The trader said that there was panic in China when material that would normally go to China was diverted to the U.S. But that has been replaced with the realisation that demand is not really there.
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Copper prices fall due to demand concerns
The copper price fell on Friday for the second time in a row as the softer demand of price-sensitive buyers such as China, which was sparked off by the 90-day U.S. China trade truce, drove the metal's recent highs down. By 0959 GMT, the benchmark three-month price of copper at the London Metal Exchange was down by 0.8% to $9,495 per metric tonne. Metal, which is used for power and construction, reached $9,664 Wednesday. This was its highest price since April 2 and it has risen 4% this month. JP Morgan wrote in a report this week that "Copper Prices above $9,500 appear to be again encountering the same Chinese Price Sensitivity which has fundamentally and ultimately reined-in previous rallies in the last two year." The Shanghai Futures Exchange monitored warehouses in China, the top metals consumer. This week copper inventories grew sharply. The copper inventory rose by 34% to 108.142 tons, marking the first weekly net increase since mid March. The initial optimism regarding the 90-day suspension of most of Washington's and Beijing's retaliatory duties has faded as the focus of the markets has shifted back to the state of the global economy. A metals analyst in Shanghai said that "Chinese traders were happy with the 90-day break, but the market was still uncertain as to what would happen after 90 days." Yangshan Copper Premium This week, the, which measures China's appetite for copper imports, fell to $100 per ton, down from $103, and its highest level since December 2023. (Reporting by Polina Devitt; additional reporting by Hongmei Li Editing and Shreya Biswas) (Reporting and editing by Shreya Biwas; Additional reporting by Hongmei LI)
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Gold drops, heading for the worst week in six-months on the ease of trade tensions
Gold prices fell more than 1% Friday, and are heading towards their worst six-month period in recent memory. An overall stronger dollar and the temporary U.S. China trade agreement have weakened investor demand for this safe-haven. As of 0933 GMT, spot gold was down by 0.9% at $3,210.19 per ounce. Bullion is down more than 3% this week, and it's on track to have its worst performance weekly since November 2024. U.S. Gold Futures dropped 0.4% to $3213.60. Nitesh Sha, commodities strategist for WisdomTree, said: "We have had a week of optimistic signals regarding trade negotiations, and we've seen the dollar increase on its course, which has weighed on gold prices." The U.S. and China agreed earlier this week to temporarily reduce the harsh tit for tat tariffs that were imposed in April. This lifted the mood on the financial markets. Gold is less appealing to other currency holders because the dollar index has been subdued for the day but is on track for a fourth consecutive weekly gain. Last month, gold, which is often used as a store of value in times of political or financial uncertainty, reached a record high of $3.500.05 per ounce, thanks to central bank purchases, fears of tariff wars, and a strong demand for investment. This week, the United States economic data and signs of a slowing inflation have fueled bets on more Federal Reserve rate reductions this year. Gold that does not yield tends to flourish in an environment with low rates. Tim Waterer, Chief Market Analyst at KCM Trade, said: "On the positive side, gold prices continue to drop, showing that it remains a preferred asset. Global growth and inflation prospects are still murky." Silver spot fell 1.2% at $32.28 per ounce. Platinum fell 0.4% to $885.30, and palladium dropped 1% to $958.56.
Abandoned copper mines accepted as fast lane to boost output
In the race to protect copper for the clean energy transition and expert system applications, a range of business are shooting up deserted properties when seen as financial liabilities to fast-track considerable volumes of supply.
The call for copper is poised to rise in coming years due to its function in electrical cars, renewable resource and information centers for artificial intelligence. Need is expected to outstrip supply by
1.7%
in 2035, and copper rates have scaled record highs this year.
So business are aiming to rejuvenate older mines.
Normally, it takes a minimum of 10 years and as much as $5. billion to build a copper mine from scratch. Once companies. raise capital there are other difficulties. Local neighborhoods have. opposed mining projects from
Panama
to
Serbia
.
A Reuters analysis of a minimum of four shuttered copper. mines in the process of being restarted shows their owners. attempting to open a faster path to provide around 7 million. metric lots of metal in the next five years, adding to 30. million tons of output expected by 2031.
Fixing up old mines use investor belief. that it is going to be easier, and it is simpler, stated Daniel. Bornstein, a partner at McCarthy Tetrault which has actually advised. miners on rehabilitation.
One example: Selkirk First Country in Canada's Yukon. Territory this year took over a mine in Yukon, Canada that was. shuttered by Minto Metals in 2015. It had actually produced 226,000. lots of copper but shut after being declared bankrupt.
The Minto mine is amongst the first mines in Canadian. history to be bought by a Native group. Information of reviving. it with aid from external operators are still being exercised. in negotiations with creditors. The mine needs two years of work. for production to start, court documents revealed.
In Canada's Quebec province, Doré Copper Mining,. obtained by Australia's Cygnus Metals, is resuming a. site that has actually been dormant given that 2008. In Spain, Denarius Metals. is rehabilitating its Aguablanca mine after a. seven-year hiatus.
Nevada Copper Corp, taken over by private equity. firm Kinterra Capital in August, is ready to restart its Pumpkin. Hollow underground mine after it emerged from Chapter 11. insolvency security this year.
Nevada Copper operates both underground and open-pit mining. It changed hands a number of times as financiers jumped in to unlock. its open pit capacity after feasibility studies pointed to. higher ore grade material.
We see long-term worth outdoors pit job. And once we. do the institutional work and develop task funding for it,. we think major mining companies will be interested in purchasing the. task from us, said Kamal Toor, co-managing partner at. Kinterra Capital.
Overall volume at Nevada Copper is estimated at 3.5 million. tons. The underground mine is essentially a restart, Kinterra. co-managing partner Cheryl Brandon said, adding the open pit. operation could be producing by the 2nd half of this years,. ranking amongst the biggest in the U.S.
Doré's Chibougamau mine in Quebec operated from the 1950s. up until it closed in 2008. In 2019, brand-new owners took the business. public as copper rates rose. It has the highest grade of. copper in The United States and Canada, stated Ernest Mast, Doré's chief. executive who had been leading the now-disputed Cobre Panama. my own before it was taken over by First Quantum Minerals .
With a capital cost of C$ 180 million ($ 133.26 million),. Chibougamau is among the lowest-cost tasks, Mast stated. The. company expects to start production by 2027.
Denarius, a Toronto-based junior miner with assets in Spain. and Colombia, pointed out rising international rates for the choice to. restore its Aguablanca nickel-copper operation. Lundin Group. shuttered it in 2016 when nickel rates collapsed.
Mines do not disappear; our mine in Spain has actually operated because. the Roman times, Denarius Chief Executive Serafino Iacono stated. What altered was the price of the commodity.
Denarius has a preliminary nickel and copper concentrate output. target of 90 heaps by the end of next year, Iacono added.
Denarius has actually signed Trafigura and Boliden as. off-take partners, banking on a target cost of $1,750 tonne for. nickel and $10,000 tonne for copper. Mine rehabilitation costs. are estimated at C$ 15 million.
OBSTACLES
Regardless of rising demand, efforts to renew the mines could. be complicated by concerns such as cyclical commodity prices,. smelter charges and accessibility of proficient labor, stated Rob. McLeod, CEO of Nations Royalty, founded by the Nisga'a Nation in. British Columbia.
Already, weaker need from China has led some financiers. raise bets on lower prices. Goldman Sachs slashed its. target copper rates just recently to $10,500 a ton from $15,000. previously.
Manufacturers deal with the challenge of timing production to. match preferred prices, Doré Copper's Mast stated, citing. problems around securing finance to complete building and construction.
When you restart an old mine, the belief in the market is. that you can bring this mine on quickly. The truth has been. in some cases various, McCarthy Tetrault's Bornstein said.
Even when old permits are in place, governments require. miners to start from scratch, and obtain a complete suite of. allowing, he said. He likewise mentioned tradition ecological and. social issues related to deserted mines constructed on. Indigenous land.
Issues of Native communities are normally not an. unsurmountable challenge, but an obstacle that you have to take. into account as it could be harder to develop a. relationship, Bornstein said.
(source: Reuters)