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Fire at Jain Resource Recycling Plant in India kills one and injures several others
The company reported that a 'furnace explosion' triggered a fire in a Jain Resource Recycling manufacturing facility in India’s Tamil Nadu. The 'firm' said that it was evaluating the extent of damage caused by the fire and has temporarily suspended operations in the affected section. According to its LinkedIn 'page, Jain Resource Recycling converts scrap metals such as aluminum, copper and lead into 'raw materials' used in the construction, automotive and electrical industries. Vedanta Sterlite Copper, Luminous Power Technologies and Mitsubishi Corporation RtM Japan are among its?customers.
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Czechs extend life of second nuclear plant by 20 Years
Karel Havlicek, Minister of Industry in the Czech Republic, said on Tuesday that they plan to extend both units' lifespans by 20 years. This will take them up to 2080 and 2082. In order to meet the expected increase in electricity demand, Czech Republic's main state-owned energy company CEZ is looking to use more nuclear power over the next few decades. Officials said earlier this year that the life expectancy of the four units at the Dukovany nuclear power plant in the Czech Republic could be extended by 20 to 2065-2067. Havlicek added that it was the correct move to start investing in long-term operations. The expansion of nuclear power will also include the addition of?two 1,200 MW units in Dukovany, and the launch of small modular reactors. Temelin, which was launched in 2000-2002, has seen its output increase to 2,172MW over the years from 1,962MW originally. This is due to modernisation works. Dukovany was launched earlier and has seen a similar increase in production, reaching a total of 2,048MW. Havlicek, and CEZ CEO Daniel Benes, said that investment in the Temelin Extension would total between?5 billion and?6?billion?crowns (281.66 millions) per year. France and other countries have increased the lifespan of their nuclear plants to ensure that they will be able to meet the demand for fossil fuels after the gradual phase-out. The Czech Republic relies primarily on nuclear and coal power plants to produce electricity. Coal units are expected to be phased out around 2030.
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Can China do the same with fuels as it did for oil? Russell
The dramatic reduction in China's crude oil imports is credited with preventing prices from rising during the Iran conflict. The question now is whether the world’s largest oil importer will be able to do the same for markets that are increasingly stressed. In June, China's imports of crude oils by sea fell to their lowest level in over a decade. According to commodity analysts?Kpler, arrivals were 5.96 million barrels a day. This was down from an average of 10,66 million bpd during the three months prior to the U.S.-Israeli attack on Iran, which began a conflict which resulted in a closure of the Strait of Hormuz. The United States and Iran reached a 60-day ceasefire in June, which raised hopes for the reopening of the narrow waterway that carried about 20% global crude oil and refined products prior to the conflict. The ceasefire was broken last week when the United States and Iran struck each other and Tehran attacked ships that were passing through the Strait of Hormuz without clearance. The number of tankers moving through the strait is likely to drop dramatically as the conflict resumes, but enough crude was moved during the short ceasefire that Asia's refining plants will likely be well-supplied until the end September. Fuel Pressure The global market is tightening, as Russia has banned the export of diesel following drone attacks on its refineries. The ban is coming at a time when the north hemisphere's peak agricultural and construction demand will be met. The lower Middle East shipments are causing a decline in volumes of refined products in Asia. Asia's imports both of light and middle distillates fell to 5,19 million bpd, the lowest since Kpler records dating back to 2017. They are down 32% compared to the average 6.85 million bpd for the three-month period leading up to Iran conflict. China's informal ban on the export of several refined products was seen by many as an attempt to secure domestic supplies after the Iran War began. Kpler tracked shipments of 350,000 barrels per day. This was a small improvement, with a rise of 411,000 bpd to 423,000 bpd by June. However, this is still below the average 719,000 bpd for the three months before the Iran War. China will export more refined products after Beijing eased its unofficial restrictions and allowed at least one refinery to resume shipments along with state-controlled refineries. According to sources in China, exports of diesel and jet fuel could reach 3 million metric tonnes in July. This is equivalent to a little under 800,000 barrels per day. Kpler estimates China's refined products exports to be 585,000?bpd in July. However, this number is likely going to increase as more cargoes get assessed. ENOUGH HELP? Market participants are wondering if this will be enough to relieve supply pressures. While it's a great help, Asia's refined product imports are likely to remain below the levels that were normal before the Iran conflict. The prices of refined products remain higher than before the war, and crude oil is still priced at a premium. Singapore 'gasoil, which is the main component of diesel, was last traded at $137.72 per barrel. It has steadily risen since it dropped to $109.35 on 23 June amid initial relief over the ceasefire agreement. Gasoil has also risen 51% from the $91.42 per barrel on February 27, just one day before the conflict began, while Brent crude futures, the global benchmark for crude oil, ended at $83.30 a barrel on Monday, an increase of 14.9% compared to February 27. The Middle East is facing renewed threats and there are depleted inventories around the globe. It's likely that the refined products prices will continue to rise, even if crude futures markets keep pricing in a solution to the Iran War. Another point is that high prices for refined fuels could encourage China to continue exporting in order to allow its refiners to capture large margins. Beijing may decide to dip into their huge stockpiles, in the hope that oil will become cheaper once the Middle East conflict is resolved and ships can move freely. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist who writes for.
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Markets await US inflation data as gold bounces back from a two-week low
Gold gained a little?on?Tuesday, reversing its course after?hitting a?two-week low earlier... in?the session. The focus was on the U.S. Consumer Price Index and Federal Reserve chair Kevin Warsh's testimonies for clues about monetary policy outlook. Spot gold increased 0.5% at $4,021.38 an ounce to 1100 GMT after dropping to its lowest level in the session since July 1. U.S. Gold Futures for August Delivery gained 0.6% to $ 4,029.20. Ricardo Evangelista, ActivTrades analyst, said that gold prices were edging up a bit today. This was due to a pause on the recent rally of the U.S. Dollar. Dollar-priced gold is now cheaper for holders of currencies other than the U.S. dollar. Investors are awaiting the U.S. CPI data for June, as well as Fed Chairman Kevin Warsh’s first semiannual congressional testimony. Both of these items will be released later in the day. "A?CPI above the area of 3.8% could reinforce expectation of a hawkish Federal Reserve, and create a downward pressure on gold prices," Evangelista stated. The Fed's decision to raise rates is a result of the rising oil prices. Gold, which does not yield any interest, has become less attractive. The price of spot gold dropped by nearly 3% during the previous session. This was its largest daily percentage decline in over a month. New hostilities between Iran and the U.S. pushed energy prices higher. Oil prices reached their highest level in four weeks as the U.S. reimposed its naval blockade of Iran, and the attacks on the Strait of Hormuz fueled uncertainty about energy flow. Fed Governor Christopher Waller stated on Monday that the U.S. central bank may have to increase interest rates "in a short time" if inflation continues well above the 2% goal. CME FedWatch Tool data revealed that traders are now pricing in a roughly 76% chance of a September rate hike. Silver spot rose by 0.5%, to $57.90 an ounce. Palladium also rose 0.6%, to $1,254.52. Platinum fell 0.4% to $1599.43. (Reporting and editing by Louise Heavens, Dita Pujara and Sukanya Mtra in Bengaluru)
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Russia launches fifth missile attack on Kyiv
Russia has launched a barrage of drones and missiles at Kyiv in the early hours of Tuesday morning. This is the fifth attack this month on the Ukrainian capital as Moscow intensifies its air attacks against Ukraine. Volodymyr Zelenskiy, the president, said that the attacks had damaged 16 sites, including a business and a school, in the capital. City officials also reported "several" fires throughout the city. Zelenskiy said that Russia had also targeted critical infrastructures in central and south Ukraine. He added that the attacks inflicted injuries on seven people in Ukraine’s eastern Kharkiv Region and three others in the northern Chernihiv Region. Zelenskiy wrote in a X post that "Russia launched 135 drones, 10 missiles, mostly ballistic, against our cities and towns last night." He said that "there must be greater pressure on Russia" and called on European allies pass their latest sanction package this week. The Russian air force has been intensifying its air attacks on Ukraine this summer, bombarding the country's cities and energy infrastructure nearly every night as Kyiv is running low on air defence ammunition to repel ballistic rockets. Ukraine's Air Force said that air defence units intercepted five of eight ballistic missiles fired by Russia overnight, a rate higher than earlier in the month. They also destroyed 108 of 135 drones. Kyiv, meanwhile, has increased?its drone strikes?inside Russia. They are targeting oil and weapons facilities to try to limit Russia's ability to continue the war. It is now in its fifth-year. Russian authorities have reported an 'incident at the Afipsky refinery located in southern Krasnodar, and drone debris landing at an industrial area in Salavat within the Urals region of Bashkortostan. Vladimir Putin said this week that Moscow will respond to Ukrainian attacks against its territory by retaliatory strike that are "multiple times more powerful". (Reporting and editing by Aidan Lewis; Anna Pruchnicka and Ron Popeski)
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Sevastopol in Crimea cuts off power after Ukrainian attack
Local authorities said that Sevastopol - one of the largest cities in Russian controlled Crimea - is limiting its power supply after overnight Ukrainian attacks. Crimea has already imposed restrictions on the use of gasoline due to fuel shortages resulting from Ukrainian strikes against oil refineries and logistic infrastructure. Mikhail Razvozhayev is the?governor? of Sevastopol who was installed in Moscow. He said that electricity will be?supplied for two hours followed by six-hour outages?. "I know how difficult it is. That's why we are doing everything possible to stabilize the situation. He said that a team of specialists was working on reconfiguring the system to deploy all reserves. We want to reduce the number of outages and switchovers by this evening. He also encouraged households to avoid using high-power appliances to prevent overloading the system. The Ukrainians have been attacking the Russian energy and logistic infrastructure, disrupting fuel supplies. Many of these strikes are aimed at?Crimea to undermine Russia's dominance over the?peninsula. Russia annexed Crimea from Ukraine in 2014, despite the fact that most countries don't recognise Moscow as having authority over this region. Reporting by Mark Potter Mark Potter (Editing by Mark Potter).
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Can US Senator Lindsey Graham’s Ukraine initiatives survive his absence?
The sudden death of U.S. Senator Lindsey Graham asks an important and timely question: Will the recent shift in President Donald Trump's administration's favor to Kyiv continue without a close ally? Answer will have a major impact on 'two main issues: legislation to sanction Russia which Graham has pushed for over a year and military aid for Ukraine. Both the momentum and the pressure have shifted in favor of Ukraine as Kyiv has faced intensified Russian attacks, while also being under intense international pressure to put an end to the almost 4-1/2 year-old conflict. Graham and the other senators who support the sanctions bill announced Friday that they have reached an agreement with Trump to move forward on the "Sanctioning Russia Act," a bill which has been held up due to Trump's resistance despite it being co-sponsored 85 out of 100 senators. Trump said himself last week that he will grant Kyiv the license to manufacture interceptors for Patriot's defensive missile system. However, Zelenskiy’s government claims it urgently needs defensive munitions. Graham, 71 years old, died Saturday night, just a day after he made his tenth trip to Ukraine, since Russia invaded the country in full force on February 20, 2022. During this trip, Graham announced that he had reached an agreement with the White House on how to move forward on a bill to sanction Russia. Linking KYIV and TRUMP The South Carolina Senator had been?lobbying for years for military aid for Ukraine, and served as a liaison between Kyiv with the Trump administration. He helped to arrange a crucial minerals agreement between the United States of America and Kyiv last year. He convinced Trump?to support a plan that would give the United States preferential entry to new Ukrainian mineral projects in exchange for investments. Matthew Murray, an ex-Commerce Department official who now teaches at Georgetown and Columbia Universities, said that he was able to influence President Trump's position on Ukraine. Murray said that the senator's work will be self-sustaining. Zelenskiy expressed his "deep sadness" at Graham's death. "We were in constant communication, and I'll miss our conversations." "We met twice just in the last week," he said in a press release. Analysts say Graham's record on Ukraine is mixed, and that Trump's sometimes strained relationship with Zelenskiy and his "America First' foreign policy, as well as the expensive war with Iran, which consumes U.S. resource and puts pressure on allowing Russian oil shipments to moderate energy prices, are complicating matters. "It is a huge loss for Ukraine." "I don't believe anyone should be under any illusions," said Scott Anderson, of the Brookings Institution. He noted that Graham was a major influence behind the scenes on Trump by the more internationalist side of the Republican Party. Graham, however, was unable convince Trump to allow the vote on the bill. The last major Ukraine assistance legislation passed both by the House and Senate was $61 billion back in April 2024. Since Trump's second term began in January 2025, many Republicans have become less supportive of Kyiv. 'THE PRESIDENT'S EAR' Without Graham, an ex-Trump critic who has become a close friend and frequent golf partner of the president, it could be harder to pass a bill on sanctions or security assistance. In January, several other pro Ukraine lawmakers will also be leaving Congress, including former Republican Senate Leader Mitch McConnell. Charles Lichfield is the Deputy Director of the Atlantic Council GeoEconomics Center. Trump has criticized Zelenskiy harshly and repeatedly pressed his government to accept a deal which could involve painful concessions. He criticized the Ukrainian leader at the Oval Office in early last year for not being grateful enough for U.S. support. Trump's tone has become more accommodative in recent months. Zelenskiy stated that after the NATO summit in this month, Ukraine and the U.S. reached a political accord on the production of Patriot interceptors. He also said that both sides are talking about a joint drone production. Trump will allow a vote to be taken on the bill that targets countries who buy Russian gas, oil and uranium. Some suggested that the bill should be named after Graham. In a press release, Senator Jeanne Shaheen, top Democrat of the Foreign Relations Committee, and a co-sponsor of the bill, stated that there could be no better tribute to Lindsey. The Senate has yet to announce a date for the vote. However, John Thune, South Dakota's Republican majority leader on CNN, stated that Graham would leave behind an "incredible" legacy if it were passed. (Reporting and editing by Cynthia Osterman; Patricia Zengerle)
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Israeli strikes in Gaza kill two people, including a child of 10 years, say medics
Gazan officials reported that an Israeli attack and gunfire on Tuesday killed at least two Palestinians, including a boy of 10 years old, in the Gaza Strip. According to Gazan health officials, the deaths bring the total to more than 1,100 Palestinians killed by Israelis since an October ceasefire was signed between Israel and Hamas. The ceasefire has stopped major violence but not sporadic violence. In the same time period, militants have killed four Israeli soldiers in Gaza. Muataz Abu Shaar, 10 years old, was shot by Israeli gunfire earlier in the day on Tuesday, according to medics. This happened in Rafah (South Gaza). He was declared dead at the hospital. A nearby airstrike in Khan Younis killed a man, 36, and injured three others, according to medics. The 'Israeli military didn't?immediately? comment on either incident. Hamas leaders are in Cairo to continue discussions on the implementation of phase two of U.S. president Donald Trump's Gaza Peace Plan. According to sources who are close to the talks, there is a discussion about Hamas disarmament, and Israeli army withdraws. However, they added that a breakthrough has not yet occurred. Hamas claims Israel's violation of the 'ceasefire' is a major obstacle to the implementation of the second phase?of Trump's plan. Hamas controls a small strip of land on the coast where nearly all Gaza's two million residents, many of whom have already been displaced multiple times, live. They mostly live in tents and damaged buildings. According to Israeli statistics, Hamas-led fighters reportedly killed 1,200 people during their attack on Israel's border on October 7, 2023. Gaza's health ministry reported that more than 73,000 Palestinians had been killed on the territory since 2010.
Copper reaches three-week high due to China's tightening and supply concerns over Iran attacks
On Tuesday, copper 'prices' rose to their highest level in three weeks due to signs of a firmer China demand and shortages.
The benchmark three-month copper price on the London Metal Exchange rose 0.4% by 0930 GMT to $13,601 per metric ton, its highest level since June 23.
Ewa Mnthey, commodities analyst at ING, said that copper is being supported by a combination of strong Chinese data and tighter physical market conditions. Exports from the top metals consumer, China, surged in June. This was their best performance for four months.
The Shanghai Futures Exchange's most traded copper contract rose by 1.1%, to 104 390 yuan a tonne.
Manthey said that "rising Chinese premiums, and declining exchange inventories" suggest that spot availability has become more restricted.
The premium paid to purchase copper on the spot market over SHFE prices
The dollar index fell, which also helped metals prices. Buyers of other currencies can now buy commodities that are priced in the U.S. dollar at a lower price.
The escalation of the Iran conflict has also rekindled concern over sulphur supplies?from Gulf. This is a major risk to copper and nickel supply chains. Copper leaching is done with sulphuric acid. Five hours of U.S. strikes on Iran were followed by an attack on a U.S. base in Jordan, which was hit by Iranian missiles. The oil price rose to its highest level in four weeks.
LME aluminium rose 0.2% to $3.177 per?ton. Nickel was unchanged at $16,765, while?zinc gained 0.5% to $4,582 and?tin increased 1.8% to $53,525.
After arrivals at Singapore warehouses, LME inventories increased by 80,700 tonnes or 28%.
(source: Reuters)