Latest News
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Taganrog governor: Ukrainian drones target Taganrog after killing two in Rostov-on Don, Russia
Yuri Slyusar, the regional governor, said that Ukrainian drones allegedly killed a couple of people in Rostov-on-Don, a city in southern Russia. He also noted that apartment blocks, warehouses, and a shelter to house homeless people were damaged. Slyusar stated that the air defence forces shot down about?50 Ukrainian drones in his region, and that Kyiv had targeted the cities Rostov and Taganrog, as well as four districts of the region, Chertkovsky Tarasovsky Sholokhovsky Millerovsky. He said that eight people were injured in 'Rostov. One of them was in critical condition, according to a?statement. He said that in the port city of Taganrog on the Sea of Azov, home to various industrial sites and a grain depot, an unnamed production facility was damaged. Volodymyr Zelenskiy, the Ukrainian president, said on Monday morning that his forces had attacked a Russian oil facility in Yaroslavl as well as a Russian export terminal?in the Rostov?region. In recent weeks, Russia and Ukraine have increased their'military activities in the Black Sea, the Sea of Azov, and surrounding areas. Each side has attacked dozens of ships including cargo and oil tankers. (Reporting from Moscow buro, Jekaterina Glubkova and Andrew Osborn in Tokyo)
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LME Aluminium stocks drop to lowest in the last century due to supply shortage
The 'London Metal Exchange's aluminium stocks have fallen to their lowest level in the past century as consumers draw down their inventories due to supply constraints. The bourse reported total aluminum stocks in LME storage warehouses On July 24, the total had fallen to 271,275 tons. This is the lowest total since records began in January 1998. It's equivalent to less than one day of global aluminum consumption. Duncan Hobbs is the research director for Concord Resources. He said: "The LME stock relative to market size are very, very small today." The LME's on-warrant aluminium stock, which is the amount of aluminum that has not been earmarked for delivery outside the system, was 245,350 tonnes as of July 24,?the lowest level since April 2025. According to recent LME stock origin reports, the vast majority of the little available inventory is Russian aluminum. Some traders are reluctant to trade Russian metal, even though it was produced before April 13th 2024. The Gulf accounts for 9% of the primary aluminium capacity but its two largest smelters have been targeted by Iranians in late March. The market may be "too complacent" about the risks of supply, Hobbs stated, pointing out that the Strait of?Hormuz is causing continued disruptions, making it hard for Gulf smelters and their raw materials to enter and export metal. In August 2022, the LME's?alluminium?inventory was at a low of 271,450 tonnes. This was after?Russia invaded Ukraine on a full scale. The LME then began to restrict deliveries of Russian aluminum into its warehouses. In ?top metals consumer China, Shanghai ?Futures Exchange aluminium stocks Since mid-June, the number of tons has been decreasing but is still a healthy 455,092 tonnes. By 0830 GMT, the benchmark three-month aluminum on the LME had traded 0.3% higher at $3170 per ton. (Reporting and Additional Reporting by Pratima Dasai, Editing by David Goodman.)
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Impala Platinum suspends Rustenburg mining after injuries and fatalities
Impala Platinum announced on Monday that it had'suspended the mining operations at its Rustenburg operation in South Africa as it conducted a comprehensive safety reset following recent injuries and deaths. Impala didn't provide any details about the incidents but the Association of Mineworkers and Construction Union stated that seven workers have died at Impala Rustenburg since the beginning of the year. In a press release, Impala Rustenburg said that the 'temporary suspension' will affect PGM production for eight days. Impala, with an annual production of 3.5 million ounces of PGMs, is one of the world's largest PGM producers. Impala, Valterra Platinum, and Norilsk in Russia are all major players in the global supply chain of metals such as platinum, palladium, and rhodium used to make autocatalysts, which reduce vehicle emissions. Impala said it would carry out comprehensive workplace audits, as well as targeted?training?for its rail-bound and underground locomotive operators. The Impala Rustenburg operation employs about 51,500 people across mining and processing operations. It is forecast that the group will produce between 1,67?million ounces and 1,76 million ounces PGMs by June 2027. This is roughly half of what was projected. The company stated that the?actual impact of the suspension on production would be assessed. Reporting by Nelson Banya Editing and Joe Bavier by David Goodman
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The US and Iran pause their strikes as oil prices drop, allowing copper to benefit.
Prices of copper rose on Monday as oil prices fell following the U.S.-Iran pause in their two-week long conflict, which eased concerns about inflationary risks for?global growth. The benchmark three-month 'copper' on the London Metal Exchange gained 0.32% to $13,688.5 per metric tonne by 0700 GMT. The Shanghai Futures Exchange's most traded copper contract was up 0.31% to 105,050 Yuan ($15.523.64) per metric ton. The U.S. announced that it was halting its airstrikes against Iran after 13 nights of attacks. Tehran also said it would cease its attacks. Brent crude dropped more than 6% on Monday, after reaching $100 per barrel for the first since last Friday. Energy costs are a major factor in raising inflation and causing bets for higher interest rates. This could have a negative impact on commodities that depend on economic growth, such as copper. Markets will be closely monitoring the Federal Reserve's meeting on Wednesday for their interest rate decision. According to CME's FedWatch, interest-rate traders have priced in a 63.7% probability that there won't be a rate change during the meeting. Gold that does not yield a return gained and the dollar index dipped. The dollar is cheaper, making greenback-traded commodity like copper more affordable for buyers who use other currencies. The waning stock of copper outside the U.S. has also helped to support its price. Metal has been'shipped in at large scales ahead of possible tariffs on'refined copper. The SHFE monitors a warehouse in?China, the top consumer. Last week, copper stocks dropped 12.9% to their lowest levels since February 2024. They now stand at?69.610 tons. Overall LME Copper Stocks On Friday, they were at their lowest level since March. Aluminium was down by 0.03% on the LME, while zinc rose 0.6%. Lead ticked up 0.11%, and nickel fell?0.31%. Tin gained 1.16 %. On the?SHFE, aluminium fell 0.11%; zinc gained 0.46%; lead dropped 0.79%; nickel rose 0.09% and tin grew 2.17%.
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Take Five: A Crude Summer
This week, it's all central banks. Rising energy prices are likely to keep rate-setters in Tokyo, Washington and London alert even if oil is below $100. Tariffs from the United States are now back on the list of worries for markets that worry about inflation and growth risks due to war. Rae Wee, Dhara Ranasinghe and Alun John are in London. Lewis Krauskopf is in New York. 1/ DOUBLE THREAT Investors are now watching two chokepoints for energy shipping to see how much oil and natural gas comes out of the Middle East. Houthi attacks may make the Bab el-Mandeb strait inaccessible, linking the Indian Ocean with the Red Sea. This could eventually lead to the Strait of Hormuz being squeezed. Brent crude surpassed $100 per barrel for the first since May on Thursday. The U.S. and Iran stopped their strikes on Monday, which caused the price to drop to about $90. However, they are still up more than 20% for this month. Last week, European gas prices reached their highest level since March. Investors will also be checking Truth Social for news on the Gulf, as a U.S. peace deal with Iran is still elusive. The U.S. imposed new tariffs on Friday of 10% and 12.5% on 60 trading partners including the European Union, China and others. This has added to the uncertainty in the market. Earnings Tests 2/ FED The U.S. market is in for a busy week, thanks to a U.S. Federal Reserve Meeting and a number of earnings reports from technology giants. It is expected that the Fed will hold rates at their second meeting on Wednesday under Kevin Warsh. Warsh is not giving any guidance, but has vowed to get inflation to the target. This uncertainty persists as it's possible that rate increases will be necessary at some point. The recent consumer and producer prices were lower than expected, which helped to calm down rate-hike betting. However, a rise in oil prices has caused traders to increase their bets. Investors are focusing on AI trends and a strong U.S. quarter of corporate profits as they await the earnings reports from Apple, Microsoft, and Amazon. Alphabet shares have been under scrutiny since last week, when investors questioned the company's cash flow and capital expenditure plans. 3/ IN DOLDRUMS When the Bank of Japan convenes on Friday, much depends on the policymakers' ability to send a hawkish signal that could lift the yen from its four-decade low versus the U.S. Dollar. The yen has not been lifted by a well-telegraphed increase in interest rates last month, $73billion worth of currency interventions, or the hope that money will return home. It recently fell below 163 per dollar for the very first time since 1986. Some BOJ sources said that they see room to increase rates faster than the 'dominant market view' of twice a years if a weaker yen or rising energy prices continue to put pressure on prices. Tokyo's July Inflation figures are due ahead of the BOJ's Friday policy decision. However, market participants do not expect that the data will change the BOJ's outcome. What's the hurry? Unlike the European Central Bank or Bank of Japan, the Bank of England, has so far, resisted policymakers' urges to raise rates due to oil price pressure. The Bank of England is widely expected to raise rates again on Thursday. The markets expect at least one increase in interest rates this year, as inflation is expected to pick up. However, signs of weakness on the jobs market could lead the BoE to adopt a more dovish stance. The rate-setters met just days after Andy Burnham, the new Prime Minister of Britain, entered Downing Street with a promise to reshape Britain. Andrew Bailey, the BoE's?chief Andrew Bailey will likely be asked about his views on Burnham’s agenda for monetary policies in the briefing that follows policy-meeting. Economists believe that a decision to reduce the tax on electricity would be able to slow inflation by 0.1%. Bond markets will also assess the new finance minister John Healey to determine whether he is a friend or foe. Barclays says that Europe is experiencing its busiest earnings week this year, with 40 percent of the STOXX600 market cap reporting. AstraZeneca is on the list, along with LVMH and Shell, as well as Airbus?and UBS. The second-quarter profit for Europe will increase by 17.3% if you combine the results of the companies who have already announced with those that are pending. This would be the highest growth rate since the 4th quarter of 2022. The surge in oil prices is largely responsible for this growth. If you exclude them, LSEG I/B/E/S predicts a modest 7.2%. The ECB's decision to raise interest rates this year will be influenced by the latest inflation and growth figures for the euro zone.
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TotalEnergies appeals French court order ordering it to adapt to climate change
By America Hernandez PARIS, July 27 - French oil giant TotalEnergies has appealed a court ruling in Paris ordering it to align its business with climate change goals. This was the first of its kind French ruling that found Total responsible for planet-warming emission released by customers using their fuel products. The ruling was made under France's "corporate duty of vigilance" law. It was seen as a victory for climate campaigners. In recent years, climate litigation against oil majors has had mixed results. The Netherlands Supreme Court is currently reviewing a landmark Dutch ruling ordering Shell to reduce emissions. "The company believes, in line the Public Prosecutor's Office's position in these proceedings that climate change as a global phenomenon does not fall under the duty of vigilance laws," TotalEnergies said in a?statement. TotalEnergies?added that "imposing on companies in the energy, defense, aviation, or automotive sectors the responsibility to control the risks associated with their customers' use of products does not seem to be consistent with the goals of the law or the principles of legal certainty and freedom of conducting business". TotalEnergies' case will be heard by the Paris Court of Appeal once it has been filed. (Reporting and editing by Louise Heavens in Paris. Reporting by America Hernandez)
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Iron ore prices fall as China's demand falters
Iron ore prices fell on Monday as a result of a seasonal decline in demand for the commodity and shrinking steel margins. This was despite hopes that Beijing would announce stimulus measures later this week to boost the economy. The daytime trading price of the most traded iron ore contract at China's Dalian Commodity Exchange was 741 yuan (109.50 dollars) per metric ton. As of 0800 GMT, the benchmark August iron ore price on Singapore Exchange was $97.6 per ton - a 0.56% decrease. After steel demand slowed down and margins shrank sharply, several Chinese steelmakers started equipment maintenance. The average daily hot metal production, which is a measure of iron ore consumption, has declined for the third consecutive week. It fell by 0.6% over the previous week to 2,38 million tons as of July 23. This was the lowest since April 3. Analysts at Hongyuan Futures wrote in a report that "constantly shrinking margins for steel, combined with production restrictions in some steelmakers' factories in Tangshan" (China's hub of steelmaking) will keep the hot metal output low. Analysts at Everbright Futures said that the market is focused on the end-July Politburo meeting, where policymakers are likely to strengthen the 'countercyclical support for policy and introduce incremental measures in order to stabilize economic growth. Andrew Forrest, the founder of Fortescue, called on China and Australia to always "negotiate fairly"? when the world's largest iron ore producer negotiates its annual supply terms with its biggest client. Coking coal was down by 1.05%, while?coke rose by 0.68%. The benchmark steel prices on the Shanghai Futures Exchange have been moving sideways. Rebar gained 0.16% while hot-rolled coils advanced 0.34%. Wire rods edged down by 0.09%, and stainless steels lost 0.34%.
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Galp's adjusted Q2 profit increases by 45% due to Brazil production and refining margins
Galp Energia, a Portuguese company, announced a 45% increase in its second-quarter 'adjusted' net profit on Monday, exceeding expectations due to higher oil production in Brazil and stronger crude.prices. Galp reported that its adjusted net profit rose to EUR540 (USD616 million) from EUR373 in April-June, surpassing the EUR494 consensus provided by the company. The board of directors said they would propose an increase of 10% in dividends per share for 2026 at the next AGM. Galp said that adjusted earnings before interest taxes, depreciation, and amortisation, or EBITDA, rose by 52% year-over-year in the second quarter to EUR1.27billion. EBITDA for crude oil production in Brazil's offshore fields, Galp’s main business, increased 73%, to EUR700m. This was due, according to Galp, to the ramping up of the floating storage, offloading and production vessel at the Bacalhau Field and the higher Brent average prices. Galp's share in oil and gas production from its Brazil projects rose by 12% year-on-year, to 127,000 barrels a day. Brent crude prices have increased from $67.9 to $103.8 per barrel. Refining margins increased to $16.8 a barrel, up from $6.1 per barrel a year earlier.
Gold gains more than 1% after pause in US/Iran conflict; Fed decision looms
Gold prices increased?more? than 1%?on?Monday, as a pause in Middle East hostilities?pushed oil?prices lower?and eased inflation concerns?before a Federal Reserve Meeting this week?
By 0723 GMT, spot gold had risen 1.3% to $4103.59 an ounce. U.S. Gold Futures rose 0.9% to $4106.00.
Tim Waterer is the chief analyst at KCM Trade. He said, "Gold has benefited from the double price action in oil and U.S. dollars."
The U.S. Dollar?index fell by 0.3%, making metals priced in greenbacks more affordable to other currency holders.
A senior Iranian official said on Sunday that Iran would cease its attacks if the United States did the same. After President Donald Trump’s advisers informed him that they were running out of targets, and expressed concerns about depleting U.S. weapons, the United States put a halt to its bombing campaign.
The oil price was down by more than 6% for the day.
Oil prices have risen since the beginning of this conflict, causing inflation fears and central bank rate increases.
Gold, once considered a hedge against inflation, has become less appealing as interest rates rise, increasing the opportunity cost to hold this non-yielding material.
"Longer-term, I remain constructively optimistic about gold. Waterer stated that the fate of gold is directly tied to oil prices. "The path upwards will likely remain volatile, and heavily influenced by geopolitical headlines, until a more lasting peace is achieved," he said.
The Fed's meeting on July 28-29 is another important event. Market participants expect that rates will remain unchanged. According to the CME FedWatch tool, traders are pricing in a 74% probability of a rate hike in September.
Technical analyst Wang Tao stated that spot gold could retest the resistance level of $4,117. This is because it was able to stabilize around $4,038 as a key support and bounced'strongly.
(Reporting by Ashitha Shivaprasad and Pablo Sinha in Bengaluru; Editing by Subhranshu Sahu and Ronojoy Mazumdar) (Reporting and editing by Subhranshu Sahu, Ronojoy Mazumdar and Pablo Sinha from Bengaluru)
(source: Reuters)