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Locals in a Himalayan village devastated by flood lament the rescue delays
Kameshwari Dev was returning from a temple in her village, Indian Himalayas, when a wall made of water, mud and rocks tore the mountain down, destroying her home and killing her son. Devi and the other survivors of the Dharali tragedy in Uttarakhand are furious that the search for those trapped under the debris has not been progressed faster. The flash flood has killed four people, and there are still more than a dozen missing. However, locals believe the death toll may be even higher. Devi, 52, said "My son has died." "It's likely that over 100 people were buried alive under the debris, and we didn't receive any assistance to save our loved one," said Devi at a nearby relief camp on Friday. After two days of shifting boulders, the soldiers and rescue workers used machinery to clear the roads, which had become muddy streams. They reached Dharali, where they found many parts of this hamlet under eight metres (25 feet) of debris. According to an estimate by the state government, over two days military helicopters saved more than 600 individuals. Sanjay Panwar tried to save his younger brother, but was unsuccessful. He had been out buying vegetables at the time of the flood. The rescue teams are only rescuing tourists, but there could be 200 or more people missing. He said that locals who are buried beneath the debris should also be saved. Arpan Yaduvanshi is a commander with the State Disaster Response Force. He denied that locals are being ignored. He said: "It's obvious that the people who lost their loved ones are angry." "We will bring back each person." We've deployed thermal cameras and sniffer dogs to locate people among the debris. Uttarakhand has a high risk of flooding and landslides. Some experts attribute this to climate change. Vinod Kumar Suman said that the Uttarakhand secretary for disaster management had ordered a report to determine the cause. He said, "Without a thorough study, we cannot conclude it was an outburst of a glacial lakes." "Only 8 mm of rain fell there. We asked a group of scientists to investigate and give us the exact reason."
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MP Materials records record high after smaller losses, Pentagon and Apple boost
MP Materials shares hit record high on Friday, after the U.S. rare earths miner posted higher output, a smaller-than-expected quarterly loss and forecast further production gains. In early trading, shares of the company rose 10.45% to reach $78.50. MP, based in Las Vegas, operates the U.S.'s only rare earths mine. Its stock has more than quadrupled this year due to Washington's efforts to reduce dependence on China and secure domestic supplies. The production of rare earths neodymium, praseodymium, and other elements (NdPr) jumped by nearly 120% to 597 metric tonnes in the second quarter. Michael Rosenthal, the Chief Operating Officer and Founder of NdPr, said that he expects NdPr production to increase 10% to 20% in the current quarter. Analysts at TD Cowen stated that strong upstream volumes, and magnetics output, drove a 40% EBITDA beating. Commercial magnet production is on track to be completed by year's end. The company is now expected to reach a run rate of 60,000 tonnes of rare earth oxide a year before schedule. The results are coming weeks after MP signed an multi-billion dollar deal with the U.S. Department of Defense, which guarantees a price floor of $110 per kilogram for NdPr. This is nearly twice the Chinese market level and could make Pentagon its largest shareholder. Apple's prepayments for the expansion of MP's Independence Mine in Texas will cover the majority of costs. Stage III Magnetics operations have already achieved a positive EBITDA and the company is well capitalized to continue its growth. This includes government funding and Apple's support. Analysts estimated a loss of 19 cents. (Reporting by Arunima Kumar in Bengaluru; Editing by Shilpi Majumdar)
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After the Customs Service ruling, gold industry is hit by US tariff uncertainties
According to a decision posted on the U.S. Customs and Border Protection service website on Friday, Washington could subject the most commonly traded gold bars in the United States of America to country-specific import tariffs. The Financial Times reported earlier the news citing a CBP letter, which sent futures gold to a new record high. Imposing country-specific duties on gold delivered to the U.S. could be a serious blow to the global supply chain of gold. The service responded to the ruling on July 31 regarding the cast gold bars coming from Switzerland, which is the largest bullion refinery and transit hub in the world. The CBP stated that the correct HS code to use for supplying 100 troy ounce and gold kilo bars to the U.S., which are the two most commonly traded sizes on the U.S. Futures Market, would be 7108.13.5500, and not 7108.12.10. CBP's position on these two HS codes, which both relate to gold products is important for the gold industry, because Washington only included the HS code 7008.12.10 in its list. List of Products In April, the United States excluded its country-specific tariffs on imports. The code 7108.13.5500 was not included in the list of April exclusions. The United States currently imposes import tariffs on Switzerland of 39%. The tariffs and extra duties listed above were current at the time of this ruling. The CBP stated that the duty rates were provided as a convenience to you and may change. (Reporting and editing by Louise Heavens, Sharon Singleton and Polina Devtt)
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Reliance is likely to return to Middle East oil in the event that Russian supplies dry up
Reliance Industries will likely return to its Middle Eastern oil sources if India succumbs to the pressure of U.S. president Donald Trump, who wants to reduce Russian imports. India is being heavily pressured by Washington to cut off its energy ties with Russia after Moscow invaded Ukraine in 2022. Reliance, India's largest buyer, operates at Jamnagar, Gujarat, the world's most advanced refining facility. It can process 1.4 million barrels of oil per day. Due to their geographic proximity, Reliance will likely switch to Middle Eastern crude suppliers if they stop buying Russian crude. Anh Pham is a senior analyst with LSEG. She said that the good news is OPEC's plan to unwind voluntary cutbacks includes increasing crude production. "Any damage to Russian supplies (on the spot market), will increase their participation and tighten up spot market, and raise prices. "They are a major player," said Tushar Bansal senior director of oil consultancy Alvarez and Marsal. "They need to buy more Middle Eastern grades from Saudi Arabia and UAE. They would also look to buy more from Latin America, such as Brazil. Bansal: "They could go back and buy some North Sea stream. Reliance didn't immediately respond to an 'ask for comments. Harry Tchilinguirian is the group head of Onyx Capital Group's research. He said that Reliance had the flexibility and trade know-how to go back to pre-Ukraine War procurement. Reportedly, Indian state refiners stopped buying Russian oil in late July. However, Reliance still buys under the 500,000 barrels per day deal with Rosneft, signed last year. LSEG data indicates that 22 cargoes are scheduled to arrive from Russia in the port of Sikka, located in western India. The state refiners responded to Trump's tariff threats. The United States increased the tariffs on Wednesday by 25%, citing India's continued purchase of Russian oil. This was due to go into effect in 21-days and raise the duties on certain Indian imports up to 50%. The Indian government has justified its purchases of Russian oil, which made up 35% of the country's supply in the first six months of 2025. It also criticised the United States and the European Union, who singled out New Delhi. Reliance, controlled by Mukesh Ambani (a billionaire), said in its report for the year on Thursday that tariffs and political uncertainties could affect trade flows and demand-supply balance.
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Kazakhstan will begin to produce its own nuclear fuel
Kazakhstan's atomic energy agency announced on Friday that the country, which is the largest producer of uranium in the world, will produce its own nuclear fuel to power nuclear power plants in Central Asia in the next few years. Kazakhstan has no nuclear power plants yet, but it does have uranium deposits that are second in the world only to Australia. In October, 71.12% supported the construction of nuclear power plants in Kazakhstan. Local media reported that Rosatom, a Russian company, began construction on Friday in the village of Ulken in Kazakhstan's southeast. The survey and engineering work will take at least 18-months, and the construction of this plant is expected to be finished in 2035. China is expected to build two more nuclear power plants in Kazakhstan. The government of President Kassym Jomart Tokayev has promoted nuclear power as a means to wean Kazakhstan’s growing economy away from coal-fired energy. Kazakhstan plans to reach a nuclear power of 2.4 gigawatts by 2035. Reporting by Mariya Goreyeva. Felix Light is the author. Mark Potter (editing by Felix Light)
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Gold hits record high as stocks rise on investors' interest in Fed reform
Gold futures rose after a report that U.S. imports were subject to duties. The world stock index traded at record highs, despite overnight weakness on Wall Street. In Europe, the shares were boosted by a string of strong earnings, as well as optimism about a possible negotiation of the U.S. tariffs which went into effect on Thursday. A series of changes in the Federal Reserve has made the outlook for the United States' monetary policy, which is a key component of global markets, even more uncertain. Policymakers at the Federal Reserve are divided over the impact of inflation, and the leadership of the central bank is changing. The U.S. president Donald Trump announced on Thursday that he will nominate Council of Economic Advisers chairman Stephen Miran to temporarily fill a vacancy at the Fed while the White House searches for a permanent member to the Fed's governing council and continues to search for a replacement chair. Miran shares the same views as Trump who criticized Jerome Powell, Chair of the Federal Reserve, for cutting rates "too late", despite the fact that growth was holding and inflation was ticking up. Ray Attrill of National Australia Bank, Sydney's head of FX Strategy said: "It locks-in a vote in favor of rate cuts for all meetings from now until the end of the month." He added that "markets are already traveling with a very high expectation of a rate reduction." There is a question over whether he will be able to ratify the agreement in time for September's meeting. The MSCI All-Country Index was up by 0.1% for the day. This was just below the record highs set two weeks ago. It was on track to rise 2% this week and achieve its best performance since June. Europe's STOXX600 was up by 0.2%. Zurich's SMI Index, which had shrugged off the 39% U.S. Tariff that took effect in Switzerland on Thursday, fell by 0.14%. Bloomberg News reported that Fed Governor Christopher Waller was the leading candidate to succeed Powell, whose tenure ends on May 15th 2026. The shock is real. Now the question is, how will it impact the economy and data and when? Samy Chaar, Lombard Odier's economist, said that up until now the impact has been less than expected. Tariffs are higher than what many feared in April. As a result, the relief over lower than expected duties could be short-lived. Chaar said that the European Union is a good example, as it now only has a 15% duty, instead of the 50% Trump had threatened. "That is the vulnerability of the market... It is focusing on good news, not getting 50% but only getting 15%. He said that the 15% was a shock to the system and would eventually show up in the data. U.S. Gold Futures reached a record after a Financial Times report that the U.S. has imposed tariffs for imports of 1 kg gold bars which constitute the bulk of Switzerland’s bullion exported to the U.S. Gold futures rose up to 2.3%, reaching a record high of $3,477. Spot gold was down 0.1% at $3,400 per ounce. U.S. Stock Futures both rose by 0.2%, suggesting a modest increase at the opening bell. Tony Sycamore is a market analyst with IG in Sydney. He said that the rally for stocks came "against... an emerging titanic dovish reversal at the Federal Reserve". After a weak auction of 30-year bond, this is the latest in a series of disappointing sales. The dollar increased by 0.1% to 147.24 yen. The dollar index, which measures the greenback's value against the currencies of major trading partners around the world, rose 0.2%, to 98.21.
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Rosatom begins development of an uranium mine in eastern Siberia
Rosatom, Russia's nuclear energy monopoly, has begun development of the Shirondukuyskoye Uranium Deposit in Eastern Siberia. The company plans to produce its first uranium in this deposit by 2028. The deposit, located near Krasnokamensk in the Russian region of the Far East, close to China and Mongolia borders and the city known as the "uranium capitol of Russia", has an estimated 8,000 tons uranium reserves and 40,000 tonnes of molybdenum. The division stated in a press release that "the development of the Shirondukuyskoye Deposit is an important step in the development and growth of Russia's Uranium Mining Industry". It added that "its mineral resource base not only will support planned uranium output volumes, but also ensure long-term development in Krasnokamensk." Russia is the sixth largest producer of uranium in the world, but it controls 44% global capacity for uranium enrichment. Russia imports uranium primarily from Kazakhstan. Rosatom intends to increase its domestic uranium output to 4,000 tonnes by 2030, up from 2,796 tones in 2024. Rosatom stated that the uranium production could increase by 2,000 tonnes per year with Shirondukuyskoye as well as two nearby Argunskoye or Zherlovoye. Russia is increasing the share of nuclear power in its energy production. Rosatom projects that nuclear energy will reach 25% of the country's total energy production by 2045, up from its current 20%. (Reporting and editing by Mark Trevelyan; Gleb Bryanski)
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Just Transition: EU Funds Saunas, Sport and Dance
The EU has set aside billions of dollars to help wean the EU off fossil fuels Critics question lack of project oversight Just Transition Fund to be inspected by auditors By Peter Yeung A number of European politicians, climate NGOs, and corruption watchdogs raised alarms over the EU's flagship Just Transition Fund. The JTF was set up to help energy workers and communities transition away from polluting industry. "We don't have any idea how money is spent by the member states." This is wrong. "It should be made public," said Monika Höhlmeier MEP, European People's Party Vice Chair of the European Parliament's Budget Control Committee. The European Commission has said that it doesn't know which companies or projects will benefit from the Just Transition Fund (JTF), a fund of 26.7 billion euros ($31 billion) launched in 2021 by the EU to assist member states with their transition away from dirty fossil-fuels. The JTF has so far allocated more than eleven billion euros to the EU 27 member states. This includes funding the production of hydrogen in Poland's coal-rich region, restoring Finnish boglands, supporting renewable energy in Greece, and developing green steels in Romania. Members can choose how they want to spend JTF funds under a model of "shared management", as long as it is "to enable regions and people" to "address the social, economical and environmental impacts that come with the transition towards climate neutrality". The Commission responded that it was not the responsibility of the countries to notify the EU authorities about their projects, either before or after they were financed. Critics say that this lack of accountability and transparency could lead to the misuse of EU funds, whether through fraud, corruption or financing projects which prove to be ineffective or irrelevant. The fund was launched by Commission President Ursula von der Leyen in order to "make sure that no one or region is left behind", as we move towards net zero. It is designed to help workers and communities who are dependent on coal mines and steel factories, and peat fields. According to an EU report, Europe's ambitious emissions reduction target of 2030 could result in the loss of nearly half a millon jobs. The coal sector is expected to be cut by half over the next five year period. Hohlmeier, a MEP, said that the JTF's lack of transparency could lead to the same mistakes as the EU Pandemic Recovery Fund 2021 which was riddled by fraud and failure. The European Court of Auditors, which is tasked with improving financial management, said that the JTF had serious flaws. It also lacked the focus it needed on delivery. It was found, for example, that states with similar funding needs could theoretically receive equal funding. "One could commit to, and succeed in, closing down carbon intensive operations while another could simply downsize them temporarily." Vincent Bourgeais is a spokesperson from the European Court of Auditors. He said that the Court would be auditing the fund in the next year. He said: "Rest assured, we'll be looking at this closely and doing our part to protect the EU's interests and make sure that taxpayers' funds are used wisely." Several JTF projects have already been scrutinized. JTF has also undertaken projects such as a nature-themed spa hotel, a laminated wood factory, a watersports centre, a music library, and a summer camp for children playing ice hockey. Brice Bohmer is the climate and environment director for Transparency International. This global anti-corruption non-profit organization. Bohmer called on the EU to ensure that "full transparency" is maintained over how and who receives money, to avoid any conflict of interest and to maximise impact. Estonia's Ministry of Finance has defended these projects by saying that the money diverted economic activity from fossil fuels which account for nearly half of Ida-Viru’s economic output. A spokesperson for the ministry said that residents could "reflect on... an environmentally sustainable future", and also strengthen their cultural heritage and social cohesiveness. The spokesperson said that such initiatives "clearly are not a waste of money... but rather a necessary step in ensuring a just, sustainable, people-centred transition to climate neutrality." A spokesperson from the Commission said that it does not comment on specific projects in Estonia, but rather has an "overview of expenditure" and then monitors its implementation. Before receiving funds, member states have to negotiate with the Commission their plans for shaping and directing projects.
Copper prices rise on US rate cuts and Chinese demand
The copper price rose for the third session in a row on Friday. This was boosted by expectations of a U.S. rate cut following a central banking appointment, and positive economic data from China.
The benchmark three-month LME Copper on the London Metal Exchange increased 0.2% to $9,000 a metric tonne in open-outcry official trading. This is a continuation of a recovery after it reached its lowest level in three weeks on 31 July.
Donald Trump, the U.S. president, announced on Thursday his choice to fill the vacant seat at Federal Reserve. This boosted hopes for interest rate reductions and weakened the dollar.
The dollar is weaker, making commodities priced in U.S. dollars less expensive for buyers of other currencies.
Commodity Market Analytics' Dan Smith said that the weaker dollar was a major driver of August.
The dollar is weakening and China looks to be in good shape. The fundamentals are positive at the moment.
Data released Thursday showed that China's exports in July exceeded forecasts as manufacturers took advantage of the fragile tariff truce, between Beijing and Washington, to ship goods.
The Shanghai Futures Exchange's most-traded copper contract rose by 0.1%, to 78.490 yuan (10,929) per ton.
Smith said LME Copper was potentially bullish according to his algorithmic computer model, which aims to replicate fund activities that place buy and sell orders mostly based on momentum signals.
He said: "I believe there is a possibility that copper will be a buy next week, with a potential upside of up to $10,000."
U.S. Comex Copper Futures increased 0.7% to $4.43 a lb at 1215 GMT. This brings the premium of Comex over LME Copper to $62 a tonne.
Investors were closely watching developments on the supply side. Codelco, the top copper producer in Chile, has asked for permission to reopen part of its flagship mining facility after a fatal incident last week.
Other metals were mixed. LME aluminium, at official activity, was unchanged at $2,610 per ton. Zinc was also little changed, at $2,812.50. Tin was up 0.2% at $33,800. Nickel was down 0.3% at $15,075. Lead was down 0.6%, at $1,998. Click on to see the top metals stories ($1 = 7.1818 Chinese Yuan Renminbi).
(source: Reuters)