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Government data shows that 45 Indian coal-fired power plants are running on low fuel.
Government data shows that 45 power plants are operating in India with a critical shortage of coal. This is due to the fact that monsoon rains have disrupted supplies, and electricity demand has risen amid hotter than usual weather linked to El Nino. Data as of August 25, showed that the number of plants with coal stock levels below 25% of required inventories or with stocks so low they could not generate electricity for more than three days had increased dramatically from 31 at the beginning of July. According to data on the website of Central Electricity Authority - a think tank affiliated with the federal power ministry - 40 of the affected plants are domestic coal plants. Industry sources claim that heavy rains in coal-rich states like Odisha, Jharkhand, and Chhattisgarh have?hit the mining industry and slowed down the transportation of fuel to power plants. BigMint, a commodities consultancy, said that there had been a "significant (inventory drawdown), particularly in?August. This resulted in stocks dropping 19% from their end-July level. BigMint reported that coal stocks at power plants were at 30,95 million tons. This is equivalent to about 10 days' worth of operating requirements, as opposed to 12 days in July. Lower coal stock levels come as South Asia is heading for its weakest Monsoon in 2009, and uneven El Nino rainfall has been driving up the electricity demand across the country. The uneven monsoon is driving power demand, especially for air conditioning. "But coal supplies are in short supply," said an official from the country's biggest?thermal energy producer, NTPC. The NTPC official stated that "there is a requirement for 5 to 6 rakes in?some plants but we only receive half of this number." India has experienced 12% less rain than normal this monsoon, which is causing a greater reliance on coal-fired electricity generation, especially at night, when cooling demands remain high. A senior official in the ministry said that the ministry had subsequently asked some coal-fired power plants to delay maintenance plans until the situation with the supply is clarified. Sources could not be identified because they weren't authorised to talk to the media. Reporting by Sethuraman N.R.; Editing by Nidhi V.R. and Alexandra Hudson
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OPEC+ loses influence in Iran War as China gains influence
Six months after the 'Iran War,' the world’s most powerful oil coalition, OPEC+ finds itself in a new position. It is unable to influence a marketplace it?once shaped. The war has eroded OPEC's share of the market and its ability to influence prices. The group's policy decisions and statements barely affect oil markets any more. Analysts describe the worst ever supply disruption as a major factor in balancing oil markets. OPEC+, the Organization of the Petroleum Exporting Countries (and its allies, including Russia), accounted for 40% of the global oil production in July. Calculations based on data from the International Energy Agency? were used. This is down from 48% in February before Israel and the U.S. attacked Iran. However, four to five percentage point of that decline was due to the United Arab Emirates withdrawing from OPEC. OPEC+’s core group, which includes Saudi Arabia and Russia as well, accounted only for a quarter (25%) of the world's oil production in July. The war has?reduced OPEC+’s ability to quickly increase or cut supply, by effectively closing the Strait of Hormuz. This is a major export route for Saudi Arabia, OPEC's top producer and other members like Iraq and Kuwait. OPEC was founded in 1960 and expanded to OPEC+ in 2016, when Russia and other oil producers joined forces with the group to counter its declining?share of global oil production. OPEC's global crude oil output peaked in the 1970s at around 50%. By the mid-1980s, however, the share had dropped to 30% as the North Sea and Alaska production increased. OPEC has not responded to a comment request. OPEC+ claims that its decisions aim to support market stability, and do not target a particular oil price. OPEC has experienced supply disruptions during wartime before, including in Kuwait during the 1990-1991 Gulf War and Iraq after the 2003 U.S. led invasion. The scale of this outage is unprecedented, as it affects multiple producers at once, making it difficult for OPEC to compensate for losses elsewhere. Since March, the core OPEC+ has announced six increases in oil production. The Hormuz Blockade has kept most of these decisions on paper. They have had little impact on oil prices except for a brief U.S./Iran ceasefire in July that sparked hopes that Hormuz might reopen. The contrast between 2019 and 2018 is stark. The contrast with 2019 is striking. The key question at that time was how much oil OPEC+ decided to pump. The focus now is on how much oil can be physically produced and exported during a Middle East conflict. The steep drop in Chinese oil imports has been one of the major price drivers for this year. China has purchased roughly 400 million barrels less oil since the start of the war than it did during the same time last year. The decline is due to a ban on fuel imports, lower refining production and the increasing use of electric vehicles. This?trend highlights China's increasing role in balancing the oil markets. A?role that was once almost exclusively associated with OPEC+, as the world's pivotal producer. China's lower demand for oil this year has contributed to a price ceiling. In contrast, China's buying spree in the past year, which could have accounted up to half of the global growth in oil demand, has helped support the market. June Goh is an analyst with Sparta Commodities. She said, "They have become the swing centre for demand."
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Asian stocks are up for a third day after Nvidia beats expectations
Stocks rose on Thursday in Asian trading as 'Nvidia’s' earnings report exceeded estimates. This boosted tech hardware manufacturers, and revived investor confidence. MSCI's broadest Asia-Pacific index excluding Japan gained 0.2%. This extended its gains for a third day in a row after Nvidia announced that its quarterly revenue had more than doubled, and forecasted third-quarter revenues above Wall Street expectations. In after-hours trades, the AI chipmaker's stock jumped by 4.7%. This lifted S&P 500 futures by 0.3%. Chris Weston, Head of Research at Pepperstone Group Melbourne said that the business is in "absolutely rude health". It's going wake people up, and they'll wonder what they missed. This is a very bullish story, and anyone who supplies Nvidia via the supply chain today will probably see the benefits." South Korea's KOSPI increased 1%, reversing gains made earlier after the Bank of Korea increased interest rates by 25 basis point to 3%. This was in line with expectations on the market, which were narrowly expecting a rise. Taiwanese stocks rose by 0.3% while Nikkei fell 0.3%. The S&P 500 closed flat overnight, with Wall Street stocks edging up 0.2% after the PCE index increased 0.2% from the previous month to July. This followed a 0.1% drop a month prior. Analysts from Societe Generale wrote: "July core PCE was broadly in line with expectations but the details were more firm." The inflation outlook therefore appears to be firmer going into the September FOMC Meeting. The yield on the 10-year Treasury bond in the United States was down one basis point to 4.652%, as markets awaited Fed chair Kevin Warsh's Friday speech at Jackson Hole, Wyoming for more clues about the direction of U.S. rates. Brent crude futures are down 0.8% to $87.11 and the benchmark is on course to drop for a 'fourth consecutive day' as Qatari Prime Minister prepares to travel to Tehran on Thursday to re-launch the peace talks between the U.S. Westpac analysts noted that "Crude Oil prices continued to ease, despite the highly uncertain outlook regarding the management of the Strait of Hormuz as well as the current state of global oil supplies. This is especially true in light of new threats of escalation by Putin in the?Russia-Ukraine War. After a slight pullback on Tuesday, gold rose 0.3% to $4.604.27 per ounce. Bitcoin was up 0.5% to $78,824.80 while ether rose?0.9% at $2,493.41. The three companies are all benefiting from the revival of "dollar debasement" trades after the U.S. Treasury Department intervened last week in the bond markets, and they are now up by 14%, 25% and 34% for the month. The U.S. Dollar Index, which measures the strength of the greenback against a basket six currencies, is currently at 99.16. This is near its highest point in the last week. (Reporting and editing by Thomas Derpinghaus; Reporting by Gregor Stuart Hunter)
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How financial markets have been affected by the Middle East conflict in six months
The U.S.-Israeli bombings of Iran six months ago triggered a global conflict that disrupted energy supplies and sent ripples throughout global financial markets. Below are charts that show the impact of the conflict on?oil prices, food prices, safe-haven assets, and equities. 1 COSTLY ENERGIA As Gulf production was disrupted, and shipments through Strait of?Hormuz were curtailed, oil prices soared. Brent crude briefly reached $120 in April, and will still average about $90 by 2026. This is up from $70 in the previous year. The biggest impact was on refined fuels. Diesel prices are rising more rapidly due to a shortage of middle distillates and Russian refinery shutdowns caused by Ukrainian attacks. The Gulf was a major source of jet fuel, but a surge in U.S. exports and refinery production helped to ease the supply concerns. The upcoming winter in the northern hemisphere could see further disruptions to Hormuz shipments, along with threats to Russia's energy grid. This would likely increase heating oil prices and inflationary pressures. 2 AI BOOM STOCKS The AI sector, which has received trillions of dollars in investment, has helped to boost global stocks. The MSCI 47-country index of world stocks has reached a record high of $105 trillion this month. It is up almost $7 trillion or 9% since the outbreak in war. However, the Gulf region's stocks have not performed as well. Fidelity Analyst Pranav Aggarwal stated that the rally was a sign of investors taking a more "relaxed" view and expecting the war to be over this year. He said, "Equities have had a pretty good year." "They are up about 14% (for the year). "If we expect 8%-9% growth in a normal year, 14% through August is pretty impressive." 3 GOING IN SEARCH OF SAFETY The traditional safe-haven assets, like highly rated government bond, gold, and the US dollar, have not consistently performed as such. Analysts said that the dollar's?rise of 1.4% against a basket major currencies has occurred since?the beginning of the war, but much of this is due to the Japanese yen’s weakness. U.S. Treasuries, a mainstay of portfolios for decades, have fallen 3.5% in total returns as inflationary pressures have shattered U.S. rate-cut bets. Recent concerns over the new Federal Reserve Chief Kevin Warsh's plans to buy back debt and Washington’s recent surprise debt buyback plan have also weighed. The price of gold fell by nearly 25% from the beginning of the conflict to July, despite the fact that it had tripled since 2022, when Western powers frozen Russia's central banks reserves due to the invasion of Ukraine. Gold prices have risen by more than 15 percent this month amid renewed fears about the devaluation of the dollar. Food and Fertilizers Fertiliser, an important input in global food production, has been affected by the closure of Strait of Hormuz. Analysts say that the shock is a threat to agricultural production, especially when combined with the strong El Nino weather pattern and the recent disruptions in grain shipments due to the conflict in Ukraine. According to the U.N. Food and Agriculture Organization, food prices increased in July by more than 3 years. Experts warn that the full impact of this is still to come. FAO warned that the world may be headed towards another bout of inflation. JPMorgan estimates a strong El Nino could increase global food inflation to 0.7% at its peak. Impacts are likely to be most acute in Asia, Latin America, and Africa, where households spend more of their income on food, and policymakers are wary of new price pressures. 5 GULF CLUBBED The Gulf region has suffered a direct blow. Saudi Arabia's exports dropped by 10% between the first and second quarters. JPMorgan believes that Dubai's real estate sales have plummeted by 70% to 80%. Oxford Economics predicts that Qatar's economy is going to shrink by almost 30% this year due the damage done to its Ras Laffan Gas Facility. Qatar and UAE stock prices have both fallen around 14%, a drop of more than 20 points compared to world stock prices. Both countries' insurance costs against default have also increased, but Bahrain is the hardest hit as its credit default swaps prices are up by almost 40%. Reporting by Karin Strohecker & Marc Jones. Mark Potter edited the article.
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South Africa's Harmony increases dividends after profit surge
Harmony Gold posted an 87% increase in its annual 'profit' on Thursday. Higher gold prices helped to 'offset the impact of lower output and grading, allowing it to pay out a record-breaking dividend. Harmony, South Africa’s largest gold producer with a stake in copper, reported that its headline earnings per shares were 43.63 rands ($2.73) for the year ended June 30. This is up from 23.37 rands in the previous?year. The company said that it would pay a dividend of 7.50 rand per share, which is nearly five times the payout last year. The company was able to benefit from a 35% rise in the average gold price. This helped to soften the impact on the lower gold production, which dropped 3% to 1,43 million ounces compared to last year's financial year. Gold price XAU= has risen sharply this year. This is due to central bank purchases, increased investor demand and heightened geopolitical tensions. Harmony's new CSA mine, which it acquired in Australia, produced 18,207 metric tons of copper. This was above its target. Harmony?acquired?the CSA mine in October 20, 2025. This acquisition expands its copper portfolio which includes the Eva copper project?in Australia and the Wafi -Golpu?project?in Papua New Guinea that is jointly owned by Newmont. Harmony has diversified into the copper industry, a critical metal for electric vehicles and power grid infrastructure. This is to capitalize on a growing global demand. Reporting by Olivia Kumwenda Mtambo, Nelson Banya and Rashmi?Aich; Editing Muralikumar Anantharaman
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Morning bid Europe-Jensen on the market: we're back!
Gregor Stuart 'Hunter' gives us a look at what lies ahead for the European and Global markets. It's Nvidia now. We just live there. The chip designer has forecast a 70% increase in revenue for the next fiscal year. This is a rare announcement from the largest?company? of sales that far in advance. CEO Jensen Huang also expressed confidence that the demand for AI chips would continue to grow until early 2028. The stock rose almost 5% after hours, with little sign that it would slow down. This was after The Information reported that Nvidia had?agreed' to pay $12.9 Billion to purchase AI platform Hugging face. According to an independent investigation, OpenAI hacked into this open-source platform last month, creating a swarm consisting of 700 AI agents who tried to hide their tracks. OpenAI has revealed more details about its rogue agents. One of these is that the bots they created later broke into their own networks during tests that went wrong. All of this is good news for Asian chipmakers who are part of Nvidia's supply chains, however unsettling it may be to humanity. MSCI's broadest Asia-Pacific index outside Japan rose 0.5%. The KOSPI, the largest component of the index, grew 1.8%, despite a Bank of Korea rate hike of 25 basis points. S&P 500 e-mini futures climbed 0.5%. Brent crude oil was down 0.5% to $87.40 in the oil markets. It is expected to continue to drop for a 4th consecutive day, as Qatar's Prime Minister heads to Tehran to try to restart peace talks between Iran and the U.S. Gold rose 0.7% to $4,624.14 following a Wednesday 'pullback'. In cryptocurrency markets, Bitcoin was up 0.5%, at $78,822.84, while Ether climbed 0.8%, to $2,492.30. The three companies are all benefiting from a revival of so-called "dollar?debasement trades", after the U.S. Treasury Department intervened last week in the bond?markets. This month, they have risen by 14%, 25% and 34%, respectively. Early European trades saw pan-regional futures up 0.4%. German DAX 'futures' edged higher by 0.1%, while FTSE?futures?were down by 0.4%. The following are key developments that may influence the markets on Thursday. Earnings announcements Marvell Technology, Royal Bank of Canada and Pernod Ricard Economic Events Germany GfK/NIM consumer sentiment for September France: Producer Prices and Unemployment Data for July Euro Zone Money-M3 Annual growth for July (Reporting Gregor Stuart Hunter, Editing Saad Sayeed).
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Russell: Crude oil imports from Asia remain soft in August, despite US claims about the Hormuz blockade
Asia's crude oil imports in August were still far below levels before the Iran conflict began, which raises questions about how much crude actually leaves the Middle East. According to Kpler's data, the top-importing continent will see arrivals of 23,12 million barrels a day (bpd). This is a slight decrease from July, when 23.36 million bpd was recorded. Imports are also down by almost 4 million barrels per day (or 14%) from the average of 26.91 million barrels per day in the three-month period ending February. The United States and Israel launched an attack on Iran on 28 February, prompting Tehran to respond by launching missiles and drones against U.S. infrastructure and bases across the Gulf. This led to a closure of the Strait of Hormuz which was responsible for the movement of nearly 20% of crude and refined oil and products in the world before the war. The U.S. Energy Sec. Chris Wright's claim that oil flows through the Strait of Hormuz have increased and that Middle East total oil exports are almost back to pre-conflict level is challenged by the still low arrivals of crude in Asian ports. It is obvious that there is a delay between the time crude leaves the Middle East and when it reaches ports in Asia. But if Wright's estimate of 15 million barrels per day leaving the Middle East is accurate, then it is logical that deliveries will reflect an increase. Wright has not provided specifics for his claims. However, he stated in early August, that flows from the strait over an unspecified period of seven days were 9 million barrels per day. This brings the total Middle East exports to 15 million barrels per day when the Red Sea and Gulf of Oman shipments are included. Kpler was able, using satellites and AIS data, to track the most vessels leaving the Strait of Hormuz during any given week in August. This was 4,26 million bpd for the seven-day period beginning August 3. Kpler's data for August shows that crude oil exports via the Strait of Hormuz were 2.3 million barrels per day, down from the 4.49 million barrels per day in July. This was a drop of 15.82 million barrels per day in the months prior to the U.S.-Israeli attacks on Iran. INDIA FLOWS India is the major importer closest to the Middle East. Any sharp increase in exports would be seen first in Indian port arrivals, as the journey time from the Gulf of Oman up to India's West Coast is less than a week. Kpler estimates that India's crude imports in August were 4.51 million barrels per day, down from the 5.07 million barrels per day of July, and at their lowest level since March. The arrivals from the Middle East have been estimated at?1,45 million bpd. This is down from July's 1,50 million bpd but still just under half the average of 2.88 million for the three-month period ending in February. The import data indicates that there are no strong exports coming from the Middle East. In August, Asia saw an increase in the number of barrels per day (bpd) imported from the Middle East. This was up from 10.76 bpd in July. Asia's imports of goods from the Middle East are up from 7.01 million bpd (the lowest Kpler record dating back to 2013), but still lower than the 15.82 millions bpd during the three months prior to the start of the conflict. Arrivals in July and Augurary were also likely boosted due to cargoes that had left the Middle East during the brief ceasefire that took place between the U.S. If 15 million barrels per day of crude oil have been leaving the Middle East from early August onwards, then a large portion of that will show up in September arrivals. This is especially true for countries that require longer travel times, such as Japan, South Korea, and China. There is still no evidence that Asia's crude oil imports from the Middle East have returned to their pre-Iran conflict levels. 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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After devastating flash floods, global aid is heading to Nepal
Nepal has begun receiving 'cash','relief supplies and other aid from countries and organizations around the world as it responds to a flash flood which killed over 160 people and left many more missing. Here is the list of all aid and assistance that has been announced, as well as delivered: China has coordinated emergency supplies as well as?cash aid to Nepal. China's ambassador to Nepal stated this in a post on the social media website X. EUROPEAN UNION : European Commission President Ursula von der Leyen said on X that the EU was ready to "mobilise additional European assistance". India's Foreign Ministry announced that India had sent 10 metric tonnes of supplies to help with disaster relief, including temporary shelters and blankets as well as hygiene kits, solar lights, and medicines. INTERNATIONAL FEDDERATION OF THE RED CROSS AND REDCRESCENT SOCIETIES UNITED STATES : According to the State Department, U.S.?was supplying funds of $500,000 and a disaster response advisor?to Nepal. WHO Nepal reported on X. $1 = 0.8052 Swiss Francs (Compiled by Hritam?Mukherjee, edited by Christian Schmollinger).
Zinc snaps six-day winning streak as industrial metals tumble
Zinc prices dropped - and were about to end a six day winning streak on Thursday. A firm dollar weighed down the support of a 'thin supply outside China', while also pulling other industrial metals down.
The benchmark three-month price of zinc at the London Metal Exchange fell by 0.96%, to $3.855.5 per metric ton as of 0700 GMT. The most traded zinc contract at the Shanghai Futures Exchange was down by 0.44% to 26,140 yuan (US$3,889.71) per ton.
As the market prepares for U.S. Federal Reserve Chair Kevin Warsh's awaited speech in Jackson Hole, the U.S. Dollar Index has?gained 0.33% during this week.
A stronger dollar weighs on greenback-denominated commodities by making them ?more expensive for buyers using other currencies.
Zinc's fall would cap off an impressive rally which had pushed the metal up to its highest level in the LME for more than four years on Wednesday.
The LME has a large cash-to-3-month backwardation due to concerns about the availability of this metal.
The total LME stocks on Wednesday were?
Sandeep Daga is the head of research for Metal Intelligence Center. He said that there was a physical tightness in China but it wasn't as bad as last time and didn't justify current prices. Copper was stable, aluminum dipped by 0.2%, and lead dropped by 0.37%. Nickel was little changed -?down just 0.04% - while tin was up 0.15%. Copper?lost 0.46 %, aluminium fell 0.21% and lead dropped 0.03%. Nickel lost 0.65 %, tin dropped 1.57 %. $1 = 6.7223 Chinese Yuan Renminbi (Reporting and editing by Mrigank dhaniwala, Devika Syamnath).
(source: Reuters)