Mining

The mining?and transport conglomerate Grupo México announced on Tuesday that its second-quarter net profit had risen?nearly 79 percent compared to a year ago, thanks primarily to higher prices. According to a filing, the net profit of the group, which is a major copper producer, was $2.20 billion on revenues that rose 35% to $5.71 Billion. Analysts polled by LSEG predicted a net profit of $1.66 billion, but revenues came in slightly higher than the $5.65 estimate. The company produced 257.537 metric tons of copper in the first quarter. This is down 3.7% compared to the same period last year. Asarco...

President Donald Trump signed an executive directive on Monday that makes it more difficult for U.S. Defense contractors to get waivers to purchase critical minerals and materials from China or other banned foreign suppliers. This is the latest attempt by the Trump administration to reduce its reliance on overseas supply chain for weapons production. Defense contractors must now do more than just show that a Chinese supplier offers the cheapest or easiest option. Companies requesting a waiver must prove that they have looked for alternatives, disclosed the origins of materials and provided a plan on how to reduce their reliance...

The EU's antitrust regulators charged on Monday a group of construction chemical companies and trade associations with participating in a cartel from 2021 to 2022. They could face heavy fines. The European Commission made the accusations via a "statement of oppositions" following dawn raids in several EU member countries against unnamed firms in?2023. The Commission, acting as the EU's competition enforcer, stated that the companies and associations had colluded to raise prices in the supply chain of chemicals for cement, mortar and concrete between 2021-2022, affecting construction costs. Cemex was charged along with Chryso and Mapei. Other companies included Master...

Gold prices were little changed Monday as investors assessed the escalation of the Middle East conflict that has pushed up oil prices, and another U.S. Federal Reserve official signaled that higher interest rates may be necessary to reduce price pressures. As of 0455 GMT, spot gold was $4,018.90 an ounce. U.S. Gold Futures for August 'delivery' gained 0.1%, to $4 023.10. U.S. gold futures for August?delivery gained 0.1% to $4,023.10. Brian Lan, GoldSilver Central's Managing Director, said: "The war continues, and the focus is on rising oil costs that could lead higher inflation. This is what keeps gold under pressure."...

Gold was up on Friday, but it is 'on track to its biggest weekly loss in six years as rising energy prices fuel inflation fears. This also reinforces expectations for interest rate increases by the U.S. By 2:20 pm EDT (1820 GMT), spot gold had risen 1% to $4,011.29 an ounce. Earlier in the session, prices fell to their lowest levels since June 30, and have fallen around 2.6% for the entire week. U.S. gold futures for August delivery settled at $4,018.80, up 0.7%. The U.S. Dollar rose for the second consecutive session, increasing the price of bullion for foreign...

Gold was stable on Friday, but on course to suffer its largest weekly loss in six years as escalating tensions between the U.S. and Iran drove up energy prices, fueling inflation fears, and reinforcing expectation of U.S. rate hikes. By 0932 am EDT (1332 GMT), spot gold was unchanged, at $3.970.35 an ounce. It is still near its lowest price since July 1. Prices have fallen by more than 3% for the entire week. U.S. Gold Futures?for August Delivery fell 0.5% to $3973.10. The U.S. Dollar rose for the second consecutive session, increasing the price of bullion for foreign buyers....

Netflix shares fell more than 10% Friday after the company forecasted another quarter of lower revenue gains, and reduced viewership data. This fueled fears that Netflix's industry-beating growth may have peaked. If losses continue, the stock will lose $35 billion of Netflix's $313 billion market value. The streaming giant has reduced the frequency of the viewing-hours reports to just once a month from twice a week starting in 2027. This follows the scrapping last year of subscriber counts. Investors are left in the dark, as the company faces increased competition from both traditional media and YouTube. Ben Barringer is the...

Gold prices climbed on Friday but were set to fall?weekly? as tensions between the U.S. and Iran pushed up oil prices, raising inflation fears and supporting an expectation of higher U.S. rates. Gold spot rose 0.7%, to $3.996.29 an ounce, by 1010 GMT. It had fallen as low as it has been since July 1, earlier in the day. Prices are down by over 3% for the entire week. U.S. Gold Futures for August Delivery gained 0.2% to $4,000. Fawad Razaqzada is a Forex.com market analyst. He said that when the price drops, some short sellers will profit. If oil...

Gold was set to suffer its?largest weekly loss in six weeks on Friday as the escalating U.S. Iran conflict pushed up oil prices. This increased inflationary pressures, and strengthened the case for higher U.S. rates. Gold spot was up 0.3% to $3,980.64 an ounce at 0455 GMT. It had touched its lowest level since July 1, earlier in the day. U.S. Gold futures for August delivery fell 0.2% to $3,984.10. Metal prices have fallen 3.4% this week. This is the biggest drop since June 1. The ongoing Middle East tensions are outweighing support provided by softer U.S. inflation figures released...

Gold was on course for its largest 'weekly loss' in six years on Friday as the escalating U.S. - Iran clashes pushed up oil prices. This increased inflationary pressures, and strengthened the case for higher U.S. rates. Gold spot was up 0.5% to $3,988.20 an ounce at 0313 GMT. It had been trading at its lowest level since July 1, earlier in the session. U.S. Gold futures for August delivery remained unchanged at $3,992. Metal prices have fallen 3.2% this week, the most since June 1. The ongoing Middle East tensions are outweighing support provided by softer U.S. June inflation...

As part of an important?minerals deal aimed at countering China’s?hold?over the industry?, the United States and Australia provided financial support to a number of Australian companies. The shares in these firms rose sharply on Tuesday. The deal between U.S. president Donald Trump and Australian prime minister Anthony Albanese commits the two countries to investing at least $1 billion in each of the next six month's mining and processing projects, and to setting a floor price for essential?minerals. This is a move long sought after by Western miners. The U.S. Export-Import Bank said it had sent seven letters of interest (LOIs),...

Gold dropped 2% on?Thursday as Middle East tensions increased oil prices, U.S. Treasury yields, and inflation concerns. Gold spot was down as much as 2.5% earlier, at $4,001.17 an ounce, by 926 am EDT (1326) GMT. U.S. Gold Futures fell?1.1% at $4,005.20. Oil prices increased by over 1% after concerns about Middle East energy supplies grew. Iran had asked Yemen's Houthis if they were ready to shut down the Red Sea oil routes if the U.S. attacked Iranian power infrastructure. The higher oil prices fuel inflation fears, increasing expectations of high interest rates. Gold's appeal as an asset that doesn't...

Prices of copper?rose on Monday due to a surge in buying sparked by a decline in inventories, and signs of strong demand from China - the world's largest consumer. Benchmark copper on the London Metal Exchange was?up?0.5% to $13,593.5 per metric ton as of 0937 GMT. Import data showed that China's refined copper imports reached a nine-month peak in June, according to traders. The metal is used in construction and power industries. The decline in domestic supply caused by smelter repairs is one of the reasons for the higher imports. The Yangshan Copper Premium is a gauge of China’s appetite...

Copper prices rose slightly on Monday. This was mainly due to a decline in inventories, and a disappointing supply from the top producer, Chile, while sluggish demand conditions weighed. Benchmark three-month Copper on the London Metal Exchange increased?0.06% by?0710 GMT to $13,533.5 per metric ton. The Shanghai Futures Exchange's most traded copper contract rose 0.2%, to 104.020 yuan (15,361.44) per ton. Daniel Hynes said that the losses were limited due to ongoing supply concerns. BHP has lowered its copper production forecast for the year after a mechanical breakdown at a South Australian mining site and lower ore grades in Chile....

Rescue teams in southwest China used explosives to blast through heavy boulders that were blocking their efforts to find 34 people who had been reported as?missing? for three days following a landslide in an area renowned for its natural beauty. China is one of the world's most prone to landslides. Eight people died in a disaster that occurred in Penghui, a county located 270 kilometers (168 miles), away from the urban sprawl of Chongqing. CCTV showed images of a huge boulder being shattered in Monday's blasting operations. The broadcaster added that the mission had entered a "deep-rescue phase", but did...

Prices of copper edged up on Monday due to a?shrinking inventory and supply risk, but uncertainty about the?demand outlook limited gains. By 0300 GMT, the benchmark three-month copper contract on the London Metal Exchange had risen 0.16% to $13,546.5 per metric ton. The Shanghai Futures Exchange's most traded copper contract rose 0.39%, to 104210 yuan (US$15,389.50). Daniel Hynes said that the growth of copper production in Chile, the world's largest producer, has been "elusive" so far, according to a note by Daniel Hynes senior commodity strategist with ANZ. South32, an Australian mining company, reported lower fourth quarter copper production, falling...

Imports of aluminium, both unwrought and fabricated, fell?17.4% from June 2012 to June 2013, according to?customs figures released on Saturday. This was due to an unfavorable import arbitrage. According to the General Administration of Customs, volume?dropped?to 250,000 metric tons. Imports in the first half 2026 totaled 1.88 million tonnes, down 5.1% compared to a year ago. This data includes both primary metals and alloyed, unwrought aluminium. Import arbitrage was unfavorable, making overseas aluminium costlier than locally produced metal. Traders said that the London Metal Exchange's higher prices and physical premiums increased losses for Chinese importers in the second quarter. Early...

The price of copper fell on Friday as equity markets declined. Rising tensions in the Middle East war fueled inflation fears and cast a dark shadow over the outlook for industrial metals. Benchmark 'three-month copper' on the London?Metal Exchange fell 1.3% to $13,419.50 per metric ton at 0930 GMT after rising 0.1% on Friday. The metal, which is widely used in construction, manufacturing and power generation, was expected to finish the week at a loss of 0.5%. Oil prices have risen 12.7% this week due to the escalation of fighting between the U.S. and Iran. Fuel costs are also increasing...

This week, gold?discounts?in India increased?to an all-time high?as 'weak jewellery demand kept buyers away and the hope of lower prices kept them on the sidelines. Premiums in China remained largely unchanged amid muted retail sales. Indian dealers quoted discounts Up to $45 per ounce, including 15% import duty and 3% in sales tax, over the official domestic price, compared to a discount of up $19 last weekend. Retail jewellery demand is weak. Harshad Ajmera, of JJ Gold House in Kolkata, said that most customers just exchange old jewellery for new. "Jewellers don't buy much fresh gold" because they are only...

Lead is everywhere. The London Metal Exchange's (LME) battery metal stocks jumped by 58% in just two days this week thanks to the warranting 171,175 tons of metric tonnes at warehouses in Singapore. It is the exchange's duty to be happy. The exchange reduced listing fees between April 2024 to December 2025 for smaller lead producers in order to "enhance the liquidity" of its?lead contracts. Evidently, it worked. LME's lead stock has risen to?almost 500 tons in the last few months. This includes large quantities of lead that are in?off-warrant? storage. Metals that are no longer in demand have become...

Sources say that China plans to launch its second Lithium futures contract by the end of the year. The move is part of a drive to increase hedging options for 'its vast electric vehicle battery supply chain' and to gain a greater global price control over battery metal. Two sources familiar with the matter said that the Guangzhou Futures Exchange was working on the launch a futures contract for lithium hydroxide, which would complement the existing lithium hedge tool and challenge rival bourses. One source said that the new futures on lithium could be launched in October. Another said they...

Nickel reached a three-week peak on Thursday as concerns over traffic disruptions?throughout the Strait of Hormuz sparked fears of sulphur shortages and threatened a key raw material for production. The benchmark three-month nickel on the London Metal Exchange rose 2.57%, to $17.235 per metric ton at 0700 GMT. The price had risen by up to 3.14% in the previous session. This was the largest increase since May, and the highest since June 23. The Shanghai Futures Exchange's most traded nickel contract was up 3.01% to 132,940 Yuan ($19641.85) per ton. "Sulphur?tightness?expectations are fermenting once again." This is mainly due to...

In an attempt to protect the future of steel production, the UK government announced in a statement on Thursday that it had 'nationalised' British Steel, which was previously owned by Chinese investors. British Steel's public ownership is necessary for the UK to safeguard its national interests, according to the government. "British Steel" is a part of the fabric and strength of Britain. The decision today secures the future for steelmaking in Britain, protects "skilled" jobs and safeguards an important national capability," said Keir starmer, the outgoing prime minister. In April 2025, the 'government' took over the operational control of British...

Chinese President Xi Jinping will outline an ambitious vision of China's role as a global AI governance leader at a forum this Friday. Huawei is showcasing its most advanced AI computing cluster yet, in a move to create a domestic alternative to U.S. tech. Xi's first-time attendance at the World Artificial Intelligence Conference, or WAIC, underscores Beijing’s view that AI is both a key driver of global economic growth and a technology of strategic importance in the global competition. Huawei's Atlas 950 SuperPoD AI computing system, a large-scale AI computer system with a high performance will be unveiled at the...