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Sources: Nayara refinery in India sells its gasoline to Russia through traders
Two'sources' with first-hand knowledge of the situation said that traders have sold Nayara Energy gasoline to Russia. The country is currently experiencing fuel shortages due to Ukrainian attacks on its energy infrastructure. On Wednesday, it was reported that Russia began seaborne imports from India of gasoline. The supplier wasn't named. Nayara has not responded to an email seeking comment. Rosneft, the Russian oil giant, owns a 49% stake. Hardeep Singh Puri, the Indian Oil Minister, said at a media briefing on Thursday that Indian oil companies did not sell fuel to Russia. However, it was "possible", that Russia bought fuel of Indian origin from traders. Since the European Union sanctions of last July, Russia-backed refiner Nayara has relied on traders to import and export refined fuels. Since the sanctions, Nayara has only been able to process?Russian crude oil at its Vadinar refinery located in western India. According to an industry source, the report on Wednesday stated that at least 60,000 metric tonnes of gasoline were sent from India to Russia. Another source said that two tankers carrying between 30,000 and 40,000 tons had been sent. A tanker invoice seen on Thursday shows that the vessel Agni, loaded with 'gasoline from Vadinar,' sailed 'for Fujairah?on June 20, despite LSEG tanker data showing that the Cameroon flagged vessel had passed past Fujairah heading north and was in Suez.
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Australia warns of risk to iron ore prices from China's state buyer
A report released by the Australian government on Friday stated that efforts made by China's iron ore buyer, which is backed by its state, to reduce?costs of Chinese steel mills could push prices down in the medium-term. This was a rare admission that such activities may affect earnings. Iron ore is Australia's largest export. It contributes significantly to the government's revenue. China purchases roughly three quarters of all seaborne trade. In its Resources and Energy Quarterly Report, the Department of Industry, Science and Resources said that state-backed China Mineral Resources Group has increased activity 'in the iron ore markets this year, which includes a high-profile battle with BHP. The CMRG has tried to influence changes in 'pricing mechanisms' among miners with the goal of reducing costs for Chinese Steel Mills. The department stated that this could lead to a decrease in the benchmark price over the'medium-term. This comment is one of the clearest acknowledgments by the government of the impact that CMRG could have on the steel industry. CMRG was created in 2022 in order to consolidate the buying power of steel mills and increase their leverage in negotiations with BHP, Rio Tinto, and Fortescue. CMRG asked certain domestic steel mills to not accept delivery of some portside iron ore from Fortescue. This was reported by the media on Wednesday. Fortescue refused to comment. CMRG has not responded to a request for comment sent via email. The government is closely monitoring the negotiations between CMRG and miners, as it fears that lower benchmark prices or changes in price arrangements could impact tax revenues and profit. Madeleine King, Minister of Resources, said that the government is keeping a "close eye" on iron ore developments this year because it's important to the federal budget and economy. Iron ore prices were a cautionary note in a report that was otherwise positive, and which upgraded the outlook for commodity export earnings. After the conflict in the Middle East, the government increased its forecast of the value for exports during the fiscal year that began on July 1 by 11% over its December outlook. The new figure is A$416 ($286 Billion) Due to the volatility of the market, it did not publish a quarterly report for March. In addition, the government has raised its "forecast" prices for a number of commodities in comparison to previous reports. Now, it expects to see iron ore priced at $91 per metric tonne, instead of $85, and gold?at $4.792 an ounce, rather than $4.049. Last week, spot gold traded at $4 063 and iron ore last traded at $98.5. The government also stated that it expected LNG prices to be higher than $11.3 per million British Thermal Units, and then decline to about $11 in 2028. Asia Spot LNG Last priced at $15.35
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Barcelona introduces bracelets that monitor heat for outdoor workers
Barcelona has begun giving out heat-monitoring wristbands to outdoor workers as an early warning system of health risks. Around 1,400 bracelets have been distributed by the?city to staff who work outdoors. This includes street cleaners and lighting crews as well as park workers, waste management staff, and employees of street cleaning companies. Pep Llimona is the prevention coordinator for the city's Parks and Gardens service. The bracelet detects the worker's body temperature, and will emit a vibration and sound if the wearer is in danger. The workers must stop working if this happens. As temperatures soared in Spain, a number of street workers died. This prompted changes to working patterns and conditions. A 51-year old woman in Barcelona died last June while sweeping the streets of the city's historic center at temperatures as high as 30.4 degrees Celsius. Barcelona City Council announced at the time that it would initiate an investigation into death. A spokesperson from the city stated on Thursday that there was no indication of heatstroke as the cause. Pep Llimona stated that the plan to introduce heat bands was already in place before the woman's demise. She said, "But it's true that it helped us?to accelerate things and made us think a bit more." Spain, like a large part of Europe, has experienced sweltering temperatures in the past few weeks. The weather agency Aemet recorded June as being the second hottest month on record. The country is preparing for a second heatwave that will begin at the weekend. "Because the heat is increasing, we need to be more vigilant at work," Brigade Supervisor Ester Jimenez said. As the supervisor who assigns tasks to staff... "I'm worried someone could suffer heatstroke and I see the world as being complicated because of this heat". Reporting by Horaci Garca, Writing by Javi Larranaga and Editing by Aislin Laing, Alex Richardson, and Aislin Laing
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Andy Home: War and peace will have a major impact on the first half of 2026 for metals traded at the LME.
Operation Epic Fury, launched at the end of February, quelled the early-year euphoria which had propelled copper and tin prices to new highs. Since then, the Iran war has dominated headlines. This has made trading difficult for traders as the headlines are so confusing. Strait of Hormuz appears to have entered into a quantum world in which it is simultaneously open and shut, depending on who is speaking at any given time. Vandana Hari is the founder of oil market analyst?Vanda Insights. She says Schrodinger's Strait continues to reopen, but it's patchy and unpredictable. This is a good way to describe the current peace negotiations in Doha. The LME Index (a basket of six base metals traded in London) has fluctuated from elation to depression to resilience during the first half of the year, and ended the period somewhere between. The performance of each metal has varied widely depending on its sensitivity to Gulf news. ALUMINIUM HIT The war has caused the aluminium industry to suffer direct losses. Two Gulf smelters were hit by missiles, and other smelters have been affected by logistics problems. According to the International Aluminium Institute, regional production fell by 2 million metric tonnes annually between February and may. At the beginning of June, the unprecedented supply shock sent three-month LME aluminium to its highest level in four years at $3,787.50 a ton. Since then, the war premium has almost completely dissipated as market prices have returned to a sort of normality. Low?LME inventories are part of the new normal. The combined on-and off-warrant stock has shrunk to just under 400,000 tons. Most of the metal is Russian. Confusion over Copper The war has added confusion to an already confusing copper market. Copper's potential impact on the global economy is negative at a macro-level. On a micro-level, however, the Strait closure has caused a shortage of sulphuric acids, which is affecting copper producers who use leach technology. Copper concentrates is a dysfunctional market. Smelter treatment conditions have collapsed to the point where processors now depend on anything but copper for profit. The market for refined metals is on tenterhooks as it awaits a decision from President Donald Trump on tariffs. Any day now, a decision will be made. The U.S. premium continues to drain metal from around the world. Since the middle of May, LME 3-month copper has been teetering between $13,000 per ton and $14,000. There are still plenty of super bulls in the LME option market. Investors like the copper story about a structural supply deficit. ZINC SURPRISE Zinc has surprised the LME pack this year, despite having little direct exposure to war. Early in June, LME zinc for three months hit a high of almost four years at $3,658 a ton. The price closed the month 14% higher than it was at the beginning of the year. Tin had the strongest performance. According to the International Lead and Zinc Study Group, the global zinc market is in a slight deficit. The shortage is concentrated outside of China, where the smelter industry continues to perform below expectations. China is increasing its production and will soon be self-sufficient. NICKEL PLAYS INDONESIAN NUMBERS GAMES The nickel trading story has been dominated by Indonesia and its government's efforts to curb the production of this sector. The LME nickel price for the three months of May reached a record high of $20,000 per tonne, a level not seen in two years. The Gulf sulphur "squeeze" has put more pressure on Indonesian producers who use acid in their leaching operations. The price has fallen to $16,000 per ton due to the growing speculation that Indonesia will loosen its mining quotas. As Jakarta considers its options, excess metal continues to build up. LME stock levels have peaked, but Shanghai Futures Exchange inventories just exceeded 100,000 tons for first time since 2016. TURBULENT TIN AND OVERSUPPLIED LEADS Lead and tin have not been affected by the Gulf War, so each can follow their own narrative. This is the case for tin. The structural shortage of the metal used in electronic soldering will be a problem. Tin was the best performer in the LME complex for the first half 2026 with gains of 27% year-to date. Lead is, on the other hand, a market that has been weighed down by excess metal. It closed out the first half of this year with a loss of 7%. Since the beginning of the year, the combined LME on-warrant and off-warrant inventories have hovered around the 500,000-ton level. LME trading is characterized by warehouse arbitrage and inventory rotation between on warrant and off warrant storage. This also shows how the aluminium market has changed dramatically since the beginning of the Iran War. Andy Home is a columnist at. 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Relocating six million Singapore bees, and counting - one nest at atime
Clarence Chua, 42, rescues bees with a bandana, and sometimes his bare hands. He scoops?them? from nests into wooden boxes, to relocate them. Chua stated, "I like that they don't mind if I am close to them as long as you respect them and do not threaten their safety." Residents of tropical Singapore who find bees nesting inside their homes will typically call "pest control" to exterminate the nests within minutes, for about S$80-S$150 (62-$116). Chua has persuaded a growing number of people to let him rescue bees between S$100 to S$500. He has relocated 100 nests per year on average in the past six years. This is equivalent to saving 6 million bees. The humane relocation involves moving the entire nest while keeping the queen, baby bees, and worker bees in the colony. The bees are then'moved to the three apiaries he manages. One of them is in his backyard. Chua has saved bees in all kinds of exotic places. From a "spirit home" inside a condominium, to the engine of a plane, which couldn't take off until a swarm had been relocated. He noted that as awareness about bee rescues improved, local town councils which manage public housing estates?where almost 80% of population live? began to engage his services. The job is not without dangers. He once tried to rescue what he thought were docile, calm bees from a condominium ledge, but they attacked him. In the 30 second it took him to undo his harness and escape, he had been stung 100 times. He said that it taught him to never underestimate nature. He still approaches nests without a beesuit to gauge the mood of the swarm before donning a suit if they seem agitated. Chua promotes bee rescues via social media. Some of the videos of his exploits are shot from a first-person perspective with Meta glasses. They have attracted?some 20,000 fans. "Without bees there will be much less fruit or more expensive fruit because there is a shortage of fruit around the world." He said that we are dependent on a staggering amount of crops for our survival.
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Gold gains over 2% following weak US payroll report
Gold ?extended its gains, climbing more than ?2% on Thursday, after ?weaker-than-expected ?U.S. Non-farm payrolls reduced expectations for Federal Reserve interest rates to rise this year. As of 9:00 am EDT (1300 GMT), spot gold was up by 2.4% to $4,126.97 an ounce. U.S. Gold Futures climbed 1.4% to $4,139.20. Dollar-priced materials are now cheaper for holders of other currencies, as the U.S. index fell by 0.7%. The lower than expected jobs number indicates a reduced likelihood of rate increases later this year. Gold tends to do better when interest rates are lower, said David Meger, director at High Ridge Futures. He added, "We saw a significant rise in the gold market as a result." The Labor Department reported that the U.S. The U.S. economy added 57,000 new jobs last month, as opposed to the economists' estimate of a growth of 102,000. The unemployment rate was 4.2%. This was in response to a report released on Wednesday, which showed that private payrolls in the United States increased less than anticipated for June. According to CME FedWatch, traders now expect a rate increase by September of just 51%, down from 66% prior to the data. Kevin Warsh, Fed chairman, said on Wednesday that inflation expectations and risks have decreased?in the last few weeks. He also reiterated that the Fed was committed to bringing inflation?down?to it's 2% target. The World Gold Council reported that central banks had resumed their buying in May. According to the latest data, the official gold reserves increased by 41 tons. Iran and the United States have concluded indirect talks with the Middle East on Wednesday, but there is no sign they've made any progress toward lasting peace. (Reporting by Sukanya Mitra and Ashitha Shivaprasad in Bengaluru; Editing by Joe Bavier) (Reporting from Ashitha Shivaprasad and Sukanya Mtra in Bengaluru, Editing by Joe Bavier.)
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The extreme heat in India puts India's clothing goals at risk
Heat can cause garment factories to lose up to 10% of their productivity The heat is costing some workers a portion of their wages for health Heat could harm India's manufacturing drive, say experts By?BhaskerTripathi Researchers say that relying on garment workers' resilience to 'endure' the withering effects climate change is likely to undermine India’s ambition to become a global leader in garment manufacturing. This will also hinder India's efforts to boost exports of the garment sector from $40 billion currently to $100 billion by the year 2030. The Indian garment industry is estimated to employ around 45 million workers and contributes about 12% of the country's exports. Pal described how he felt at the end of his typical 15-hour workday. In a report published last month by the Stern Center for Business and Human Rights at New York University, it was stated that extreme heat caused more?absenteeism', lower productivity and product defects, as well as more frequent interruptions due to power failures and overheating machinery. The report stated that managers estimated productivity to have fallen between 3% and 10% during the peak summer months. Workers also reported health problems and wage losses. Lucy Siers said that the key lesson was that heat is no longer viewed as an issue of worker safety. It is becoming a more operational, productivity and supply chain resilient issue. Workers BEAR the burden Heatwatch India, a non-profit organization, and the Mumbai-based Tata Institute of Social Sciences conducted a study that found workers pay for extreme heat in poor health and by working longer hours or losing income. Apekshita Vashney, founder and CEO of HeatWatch India said that workers are currently bearing the largest share of climate adaptation costs. She said that she had not heard of any cases where buyers or brands have reduced production targets or adjusted schedules due to extreme heat. Varshney explained that workers often feel compelled to work despite their health problems because failing to meet targets can affect their wages and job security. Varshney said that factories often try to compensate for declining productivity with longer shifts and overtime, as well as additional working days. Varshney stated that adaptation measures are still uneven. The larger factories were able to install temperature monitoring systems and cooling systems, while smaller ones have struggled to provide basic amenities. Threat to Competitiveness The effects extend far beyond the factory floor. Anant Sudarshan of the University of Warwick in Britain, who studied heat and manufacturing in India said that there was evidence to suggest that worker performance decreased as temperatures rose. Sudarshan stated that "Extreme Heat is likely to be an important challenge for India's manufacturing growth". He said: "There are many studies from around the world that show labour productivity drops rapidly when temperatures exceed 30-35 degrees Celsius. (86-95?degrees Fahrenheit)." Sudarshan stated that cooling factories alone will not solve the problem, as workers and their family members are exposed to heat outside of the workplace. This contributes?to illness and absenceeeism. Sudarshan stated that North India is becoming "increasingly less attractive from a labour perspective", which reduces one of India's greatest competitive advantages - its abundance of relatively cheap labour. The problem extends beyond India Cornell University's ILR Global Labor Institute conducted a study in 2023 that estimated failure to address heat and flood could cost the clothing industries of Bangladesh and Cambodia, Pakistan, and Vietnam $65 billion and nearly one million jobs by 2030. ADAPTING TO HEAT Siers, from New York University, said that extreme heat can be a threat to India's manufacturing goals if ignored. However, if properly addressed it shouldn't be an insurmountable barrier to growth. She said that because heat is predictable, businesses can prepare by improving factory design, monitoring heat, installing cooling systems, and implementing work-resting practices. Siers stated that "in a world warming, manufacturers who adapt to heat will be more efficient, more resilient and more competitive." Pal, a garment worker, works until late in the evening but says it is not enough to sustain his family.
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Brazil wants to increase its global share of critical mineral output to 12.2% in 2050
Brazil will 'unveil its National Mining Plan 2050' on Thursday. The Mines and Energy Ministry said that the plan aims to increase Brazil's share of global production of?critical minerals? to 12.2% in 2050, up from its current 8.3%. The draft plan will be submitted to the National Mining Policy Council, but it does not require its approval. Brazil will also reduce its dependence on imported phosphate and potassium fertilizers to 34.9%, from 87.3%. The government intends to publish an action plan more detailed within 180 days that will outline the measures to be taken over the next 4 years to implement "the 2050 Strategy". Rare earths are a critical mineral, which is abundant in Brazil, and essential for advanced technology. They have become a focal point of U.S.-China tensions over trade after Beijing started restricting the exports. According to U.S. Geological Survey data for 2026, Brazil's rare earth reserves are?second largest in the world after China. However, Brazil only accounts for?1% of the global output. (Reporting from Marcela Ayres, Brasilia. Additional reporting by Bernardo Caram. Editing by Tom Hogue.)
Document says that high costs and debt at Codelco hurt the company's competitiveness
According to an internal document seen by the.
The document stated that Codelco's costs are "significantly" higher than those of its?industry?rivals. Its direct cost (C1) is 57% more than those of major international mining companies, and 72% more than the main operations in Australia.
The report stated that "the main competitive gap identified through the comparison is concentrated on operational costs which remain significantly higher than international and national benchmarks."
The analysis also revealed that the company’s net debt to EBITDA ratio is 3.8x compared to the global mining industry’s 0.7x and the Chilean mining industry’s 0.5x.
The report showed that despite losing its position as the world's biggest copper producer by 2025, its quality of mining resources was not the main factor compared to its competitors.
Codelco’s average ore grade, according to the document, was 0.62%. This is compared with 0.59% for its global competitors. However, it is still?below 0.80% for other miners in Chile.
The report stated that "Codelco’s main challenges focus on increasing operational competition, improving profitability, and increasing return on significant investments made rather than its production scale or quality of resource base."
The comparisons also showed "significant room for improvements in productivity, operational efficiencies, and economic performances."
In its latest earnings report, the company reported that costs were rising across all of its mines, for various reasons. These included the fatal accident at El Teniente and the 'poor ore quality in Ministro Hales, as well as maintenance costs in Chuquicamata in El Salvador, and Gabriela mistral.
The cost of production and currency also increased.
Bernardo Fontaine has announced that he is reviewing the company's projects and operations to restructure investment and production.
Codelco is required by law to return all profits to the state, and its debt is now a major source of funding. This?debt also ballooned because of its multi-billion dollar mine expansion projects, which were meant to counter declining ore grades. However, they have been plagued with missteps. cost overruns. and accidents. Reporting by Fabian Cambero, Editing by Alexander Villegas & Nick Zieminski
(source: Reuters)