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India's top Court revises its stray dog policies after public outcry
After a flurry of protests by animal lovers, the Indian Supreme Court changed its order regarding stray dogs. It now directs that they be released from the streets around Delhi after being sterilised and immunised. This was a little earlier The court ordered that all stray animals in Delhi and its surrounding suburbs should be relocated to shelters due to an increase in cases of dog bites and rabies. The ruling was criticized by critics who said that it couldn't be implemented due to the lack of shelters. Animal lovers protested against the court order. Animal rights activists petitioned the court online to reverse its decision. Politicians and celebrities also criticised the court's ruling. India's opposition Rahul Gandhi said it was a "step away from decades of science-based, humane policy". The court ruled on Friday that all dogs seized in Delhi and its surrounding suburbs in the last few weeks would be sterilised and immunised, except for those exhibiting aggressive behavior or showing signs of rabies. Maneka Gandhi, a former federal minister and animal activist, told ANI that she approved of the "scientific" decision to relocate dogs back into their original area. She said that the court hasn't clarified exactly what an "aggressive dog" is, and it remains a gray area. In April, the government reported that nearly 430,000 dog bite cases were reported in January across the country, compared to 3.7 million in 2024. Mars Petcare conducted a survey on homeless pets in India and found that there are 52.5 million dogs. 8 million of these canines live in shelters. Delhi is reported to have 1 million stray animals. Could not independently verify this figure. The court ordered the establishment of designated zones to curb the feeding of dogs by the public. Three judges of the court have said that the case will be expanded to all of India, and the court will formulate a uniform policy soon for all stray animals. PETA India, an animal rights organization, said that it was grateful for the decision of the three-judge panel. It urged people to adopt dogs, and support efforts in sterilisation. (Reporting and editing by Tanvi mehta, Clarence Fernandez, Raju Gopalakrishnan and Sudiptoganguly)
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Gold Fields increases dividends as profits triple on record bullion price
Gold Fields, a South African mining company, increased its interim dividend to shareholders on Friday. The first-half profit had more than tripled compared to a year ago. This was largely due to record bullion price and an increase in production. Gold Fields reported that it realized an average gold price $3,281 per ounce during the first half 2025. This is up 40% over the same period in 2018. In the first half, gold production at Johannesburg's mines rose by 24% to 1,136 million ounces. The company's full-year 2025 production forecast was between 2.25 and 2.45 millions of ounces. The production at Salares Norte, in Chile, South Deep, in South Africa and Gruyere, in Australia has improved due to operational improvements. Gold Fields CEO Mike Fraser said that the ramp-up of the new Salares Norte mining project progressed very well this winter, after being hampered last year by extreme weather. Fraser stated that the team had operated safely and efficiently through the winter. Gold Fields reported that Salares Norte will reach commercial production levels in the third quarter this year. The mine will produce between 325,000 and 375,000 ounces of gold in 2025. Gold Fields said that Salares Norte's first year of full-scale production will be in 2026. The mine is expected produce between 550,000 and 580,000 ounces. Gold Fields' headline earnings increased to $1.027 Billion in the six-month period ending June 30 compared to $320.7 M in the same time last year. The company announced an interim dividend per share of 7 rand ($0.3948), up from the 3 rand per shares in the first half 2024.
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Aluminium prices continue to rise on the back of China's stronger demand
Aluminum prices rose for a second consecutive session on Friday, driven by the prospect of improved demand in China, which is the world's largest consumer. Investors remained focused on Jerome Powell, chairman of the U.S. Federal Reserve, who will speak later that day, for a policy outlook. The Shanghai Futures Exchange's most traded aluminium contract increased 0.07%, to 20,650 Yuan ($2,876.08) a metric ton. Earlier in the session, the contract reached the highest level since August 15, at 20,730 Yuan per ton. The benchmark three-month aluminum on the London Metal Exchange increased 0.15%, to $2,589 per ton. It had previously reached its highest level since August 18, at $2,595 per ton. Analysts at Guosen Futures stated on Friday that the anticipation of demand seasonal picking up in January may have led to a rise in aluminium prices. In the first half of the week, the efforts to end the conflict in Ukraine had led to expectations that Russian supply would increase, which weighed down on aluminium. A peace agreement between Ukraine and Russia has remained elusive. ANZ analysts stated in a report that the aluminium market will tighten up in 2026 as supply growth slows down. The current production of aluminium in China has reached the maximum permissible capacity, and there is little room for growth. Base metals traded in a narrow band as investors waited for clues on U.S. monetary policies from the annual Fed symposium in Jackson Hole, and Powell's Friday speech. LME copper fell 0.13%. Nickel grew 0.07%. Lead grew 0.23%. Tin climbed 0.16%. Zinc advanced 0.45%. The SHFE copper price rose by 0.11%. Lead edged up by 0.12%, while nickel dropped 0.51%. Tin fell 0.64%. Zinc fell 0.07%. $1 = 7.1799 Chinese Yuan (Reporting and editing by Amy Lv, Lewis Jackson and Emelia Sithole Matarise).
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China imports US rare earth ore at a record high in July
It is likely that the sharp increase in China's imports from the United States of rare earth ore in July was the result of the last customs accounting for shipments made by U.S.-based MP Materials. The General Administration of Customs released data on Wednesday showing that imports of U.S. rare earth ore rose to 4,719 tons in July, after dropping to zero in June. This sparked speculation in the market about the origin of the shipments. Shenghe Resources, a minority shareholder of MP Materials and the owner of the U.S.'s only rare earth mine, has been processing ore in China since long. In April, MP announced that it had halted shipping critical minerals to China due to the dispute between the U.S. On Thursday, MP said that its final exports had been sent during the second quarter. "Shipments over water, storage and other factors may contribute to reporting delays." The increase coincided with the recovery of China's rare earth magnet exports, which are vital for electric vehicles, windmills and defence industries. Customs data revealed that China's exports of rare earth magnets to the U.S. increased by 75.5% compared to the previous month, to 619 tonnes, which is 4.8% more than in the same month 2024.
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China's steel production rises despite a soft demand, causing iron ore to fall for the second week in a row.
Iron ore futures slid on Friday as they extended their weekly losses for a second consecutive week. Steel margins and input costs were pressured by rising steel production despite the sluggish Chinese demand. The January contract for iron ore most traded on China's Dalian Commodity Exchange was 0.71% lower, at 770 Yuan ($107.25). This week, it fell by 0.97%. As of 0717 GMT, the benchmark September iron ore traded on the Singapore Exchange fell 0.71%, to $100.45 per ton. This is a loss of 1.42% this week. Atilla Winnel, Navigate Commodities' managing director in Singapore, said that the latest weekly data onshore released on Thursday showed that certain steel mills had begun to increase production of steel products. This is consistent with trends we observed over two weeks by using daily thermal satellite images and readings. Atilla said that the relatively higher output of steel in an environment with weak demand puts downward pressures on steel margins, input costs and iron ore. According to Mysteel, the total stockpiles of iron ore across Chinese ports increased by 0.2% on a weekly basis to 138.5 millions tons as at August 21. This further pushed down prices. China also requested consultations with the World Trade Organisation regarding Canada's steel and aluminum quotas and surtaxes. The announcement follows that of Canadian Prime Minister Mark Carney, who announced last month a 25% duty on imports of steel from any country that contains steel melted and cast in China prior to the end of July. This was part of an effort to protect Canada's domestic industry. Coking coal and coke, the other steelmaking ingredients, fell by 0.17% each and 0.03% respectively. The benchmarks for steel on the Shanghai Futures Exchange have mostly fallen. Hot-rolled coils fell 0.86%, while stainless steel fell 0.51%. Wire rod climbed 0.24% ($1 = 7.1792 Chinese yuan).
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Private Chinese firm producing oil in Venezuela under rare 20-year pact, source says
China Concord Resources Corp. has started developing two Venezuelan oilfields. The company plans to invest over $1 billion into a project that will produce 60,000 barrels of crude oil per day by the end of 2026. The project is a rare investment made by a Chinese private firm in an OPEC nation that has been struggling to attract foreign capital because of international sanctions against the Maduro administration. This is the first time that the investment amount and production plan have been reported. Beijing is a major ally of Maduro, as well as his predecessor, late President Hugo Chavez. It currently purchases more than 90% the total Venezuelan oil exports. CNPC, the Chinese state-owned oil company, was one of the biggest investors in Venezuela's petroleum sector before U.S. sanctions on Venezuela were first imposed in 2019. China was also one of Venezuela's biggest lenders. The executive said that CCRC started negotiating their participation in two oilfields – Lago Cinco, and Lagunillas Lago – in early last year. In May 2024, they signed a 20-year contract for production sharing with Venezuela. In 2020, the Venezuelan government introduced the Anti-Blockade Law, which allows investors to take on the role of operators in exchange for a share of production. PDVSA, Venezuela's oil minister and the PDVSA did not respond to comments. The oilfields of Venezuela's second-largest oil-producing region, Lake Maracaibo are part of the group of blocks for which PDVSA is seeking partners in recent years. According to a PDVSA report, the majority of the partners who are being considered are small companies that have no experience in oil production. CCRC, which had no prior experience in oil drilling, has sent around 60 Chinese personnel skilled in oilfield developments and a Chinese drill rig since September last year, with the aim of quickly reopening about 100 wells to recover crude production, according to an executive. The executive said that production at both fields has increased to 12,000 bpd. This is a significant increase from the largely stagnant levels of recent years, due to a lack of investment and expertise. CCRC aims at developing 500 wells to increase output up to 60,000 bpd, he added. He said that the oil is a mixture of heavy and light crude, with lighter crude going to PDVSA, and heavier crude heading to China. The executive stated that because of U.S. sanctions against Venezuela's oil industry, "no big names would dare to operate there." This gave opportunities to smaller companies such as Concord. The state oil company PDVSA controls joint ventures, contracts and has stabilised oil production at 1 million barrels per day, partly because U.S. licensing allows a limited number foreign partners to export oil and operate in the country. Since the U.S. placed energy sanctions against Venezuela in 2019 most Chinese state oil companies have stopped lifting crude oil. Chinese independent refiners continue to purchase oil through traders.
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IRNA: Iran and European powers discuss sanctions and nuclear talks
Iran's foreign minister Abbas Araqchi is scheduled to speak with his French and British counterparts and German counterparts Friday about nuclear talks and sanctions. This was reported by the state news agency IRNA. Three European powers have warned that they will activate United Nations sanctions against Iran under a "snapback mechanism" if Iran doesn't return to the table to negotiate over its nuclear program. Together with the United States they claim that Iran uses its nuclear program to develop weapons. Tulsi Gabriel, the U.S. director of national intelligence, testified before Congress in March that there was no evidence that Iran had moved toward developing a nuclear weapon. Iran's State Broadcaster reported that Araqchi, the British and European Foreign Ministers and other officials will discuss the trigger of the snapback mechanism. After the U.S. & Israel attacked Iran's nuclear sites in June, Tehran suspended its nuclear negotiations with the U.S. IAEA inspectors are unable to gain access to Iran's nuclear facilities, despite the fact that IAEA chief Rafael Grossi stated that inspections were still essential. Iran's State-Broadcasting said that a delegation from Iran is scheduled to visit Vienna on Friday, to meet IAEA officials. The broadcaster did not provide any further information. Reporting by Nayera Abedallah; editing by Jacqueline Wong Christian Schmollinger Michael Perry
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Asian shares are choppy as dollar increases ahead of Powell's speech
The stocks in Asia mostly held to their safe ranges as traders awaited the key speech by Federal Reserve Chair Jerome Powell, who will be speaking at the annual Jackson Hole Symposium this weekend. This speech could shed some light on the direction monetary policy. The financial markets are waiting for Powell to give them clues about the possibility of a rate cut in September, following recent signs of weakness on the job market. MSCI's broadest Asia-Pacific share index outside Japan has lost early gains, and is now down by 0.1%. This brings its gain to 1.3% for the month. Investors are most concerned about what central bankers say about U.S. Tariffs, their impact on the economy and inflation and which factor will have more influence on interest rates policy as central banks struggle with the risk stagflation, said Vasu Menon. China's blue chip CSI 300 Index jumped by 1.8% on Thursday, a day that saw gains for the third straight day. Tech shares were the first to rise after DeepSeek upgraded its flagship V3 AI and Foxconn reported that Nvidia asked Foxconn not to work on the H20 AI chips. This boosted the shares of Chinese competitors. China's technology-focused STAR 50 Index rose by almost 8%. The Nikkei was fluctuating between gains and losses and last fell by 0.1%. Data from Japan showed that core consumer prices fell for the second consecutive month in July, but they remained above the central banks' 2% target. This kept alive expectations of a rate increase in the near future. The yen was still on track for a 1% drop for the week, despite the data. BOJ Governor Kazuo Ueda is also scheduled to speak in Jackson Hole, Wyoming this weekend. The dollar index (which tracks the greenback versus a basket currencies of major trading partner) advanced 0.2% to 90.796 as traders analyzed speeches by Fed officials who seemed lukewarm about the idea of a rate cut next week. S&P futures fluctuated between gains and losses, and last traded down by 0.1%. Cash gauges on Wall Street are on a losing streak of five days, which puts them on course for their biggest weekly decline in this month. After a weaker-than-expected payrolls report earlier this month and consumer price data showing limited upward pressure due to tariffs, traders had increased their bets on a September reduction. The market's pricing has retreated slightly since the minutes of the Fed meeting in July were released. According to CME Group’s FedWatch, traders now price in a 73.3% chance of a September cut, down from an 82.4% probability on Thursday. Kong says that the most likely scenario for Powell is to not provide "any definitive hints" about what the Fed's next move will be ahead of crucial non-farm payrolls data and CPI figures. "Given the current state of the market, the risk is that the U.S. Dollar will strengthen, especially if the challenge the current pricing on the market for a 25 basis-point reduction." The PMI data of S&P Global shows the fastest growth in manufacturing orders for 18 months. The labour market has also revealed pockets of weakness. Last week, the number Americans who applied for unemployment benefits increased by the most since about three months and the number receiving unemployment relief rose to its highest level in almost four years. The euro fell, falling 0.2% to $1.1585 - a low for two weeks - as the EU and U.S. revealed details of the framework trade agreement they struck in July. Brent crude prices have stabilised. They last traded up 0.1% to $67.73 a barrel after strong gains on Friday as Russia and Ukraine both blamed eachother for the stalled peace processes and U.S. Data showed signs of a strong demand in America, the largest oil consumer nation. Gold spot fell 0.3% to $3,329.40 an ounce.
ASIA GOLD - Volatile prices dampen gold demand in major Asian hubs
This week, physical gold demand remained low in major Asian hubs as volatility in prices kept buyers away. However, jewellers in India recommenced purchases in advance of the festival season.
The price of gold in India was around 99,300 rupies ($1,135.77) for 10 grams last Friday, after reaching a record-high of 102 250 rupies earlier this month.
Jewellers have started to buy again after a price drop, as they are more confident of the festival demand.
In October, Indians celebrate Dussehra (Diwali) and Diwali (Diwali), when gold is considered auspicious.
Indian dealers quoted between a discount and a full price this week.
Amit Modak said that retail buying was still low, at about 60% of its normal level.
Bullion changed hands in China's top consumer between $3 and $8 per ounce
Ross Norman, a independent analyst, said: "With gold in a rut, it is possible to exaggerate moves on the news from Jackson Hole. This reflects the thin conditions that are currently gripping the markets."
In Hong Kong, gold
"We have seen some retail purchases, but nothing substantial." The jewellery market has seen a low level of demand due to high prices, said Brian Lan, the managing director of GoldSilver Central in Singapore.
Lan said that while there is more interest in investment bars it's nothing too unusual.
In Japan, bullion
(source: Reuters)