Mining

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...

Gold prices fell?on Friday as an escalating Middle?East war fueled fears that the U.S. Federal Reserve might raise interest rates in this year. This surpassed recent optimism about easing inflation. By 0729 GMT, spot gold had fallen 0.9% to $4,024.60 an ounce. U.S. Gold Futures for August Delivery fell 0.6% to $4.029.50. Jigar Trivedi is a senior research analyst with IndusInd Securities. He said that June's inflation numbers did not reflect the impact the latest escalation of the?U.S. -Iran conflict has had on the economy. After reimposing its naval blockade, the U.S. launched a series of two-wave attacks on Iran’s...

Gold prices fell?on Friday as a Middle?East conflict escalated, fueling fears that the U.S. Federal Reserve might raise interest rates in this year. This tempered recent optimism about easing inflation. By 0518 GMT, spot gold had fallen 0.8% to $4,029.29 an ounce. U.S. gold for August delivery fell 0.4% to $4034.40. The latest escalation of the?U.S.Iran conflict has not been reflected in June's inflation numbers, according to Jigar Trivedi. He is a senior research analyst with IndusInd Securities. After reimposing its naval blockade, the U.S. launched a series of two-wave attacks against Iran's missile and coastal defence sites. Iran responded...

Three people with knowledge of the situation said that a 'worsening Ebola epidemic' in 'the Democratic Republic of Congo' is causing travel disruptions and delaying meetings related to a U.S. supported critical minerals partnership designed to loosen China's grip on Congo's copper and cobalt reserves. Travel to and from Congo has become increasingly difficult due to the Ebola outbreak. Health concerns and quarantine regulations have forced officials and investors to delay visits. Congo is the second-largest copper producer in the world, and has significant deposits of germanium and lithium. It's a major source of energy transition minerals, and it's a...

The Ghanaian cabinet has approved amendments for the mining law to be submitted to parliament. Mines Minister Emmanuel Armah Kofi Buah announced this on Wednesday as part of efforts by government to increase oversight and curb illegal mines. Ghana, Africa's largest gold producer, is implementing reforms to boost state revenue and increase local participation in the mineral wealth. It introduced a sliding scale gold royalty regime this year linked to prices, and announced plans to phase out fiscal stabilization agreements. This could impact major miners such as Newmont, Gold Fields, AngloGold Ashanti, Zijin, and Perseus. Buah said at a press...

Warren Buffett called Bill Gates' association with the late sexual offender Jeffrey Epstein, "disgusting," but said that he would halt his donations to the Gates Foundation as his children grew older and were now ready to receive his wealth. Buffett told CNBC in an excerpt of a Wednesday interview that he tells his children to do it well. The comments were broadcast a day after 95-year-old Berkshire Hathaway Chairman omitted the Gates Foundation in his annual midyear charitable donations. He donated almost $6 billion worth of stock from his conglomerate. Buffett donated Berkshire shares worth more than $47 billion to...

Warren Buffett stated that it was no surprise to him when he informed Bill Gates of his decision to cease donating to the Gates Foundation. This ended their?two decade philanthropic relationship. Buffett, 95, did not include the Gates Foundation as part of a $6 billion donation to Berkshire Hathaway announced on Tuesday. This was in response to revelations regarding interactions between Bill Gates - the Microsoft cofounder and philanthropist - and the late sex offender Jeffrey Epstein. Buffett, the chairman of Berkshire, told CNBC's?on Wednesday that Gates and Buffett spoke three weeks ago, when Gates was in Omaha. The meeting...

Gold prices fell on Wednesday as escalating tensions continued in the Middle East to fuel inflation concerns, thereby reinforcing expectations for higher U.S. rates. Spot gold dropped 0.7%, to $4.027.49 an ounce at 0843 GMT. Prices rose by over 2% on Tuesday to a high of $4100.19 an ounce, after weak U.S. inflation figures. U.S. gold futures for August delivered?slid by 0.9% to $4.035.00. After Iran closed the Strait of Hormuz, and after the U.S. imposed a naval ban on Iranian ports, the Islamic Revolutionary Guard Corps of Iran threatened to shut all export corridors that would benefit Washington. After...

The Writers' Guild of America filed a lawsuit to stop Paramount from acquiring Warner Bros. for $110 billion. Discovery said on Tuesday that the acquisition would 'threaten the health of U.S. Entertainment Industry and jeopardize writer's livelihoods. This case is another blow for Paramount in its bid to compete with Netflix and Disney. It comes a day after California, along with 11 other states, sued to stop the deal. Paramount now faces a double legal burden. A ruling in either case could stop the deal. In its lawsuit, the?Writers Guild claimed that this deal would harm its members by reducing?the...

Gold gained more than 2% on Tuesday after ?softer-than-expected inflation data boosted hopes ?of the U.S. Federal Reserve adopting ?a ?less hawkish stance. Gold spot was up 1.6% to $4,063.78 an ounce at 1:30 pm EDT (1730 GMT) after it fell earlier in the day to its lowest price since July 1. U.S. Gold Futures closed 1.6% higher, at $4.069.70. Other currency holders can now afford greenback-priced gold because the U.S. Dollar has fallen by 0.6%. "Gold?gallops up on a subdued CPI that showed headlines falling but, more importantly, the?core remained unchanged at 0.2%. "This should reduce expectations for rate...

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...

Data showed that China's primary aluminum output reached a record monthly high in June. This was because consumers shifted to China after the Middle East supply was affected by the U.S.-Iran war. Data from the National Bureau of Statistics show that in June, the world's biggest aluminium producer produced 3,98 million metric tonnes of primary aluminum, an increase of 4.7% compared to a year ago. This was higher than the previous high of 3,89 million metric tons recorded in May. The data revealed that the output during the first half of 2026 increased 3.8% from a year ago to 23,19...

Ma Xingrui was expelled from the Communist Party by China on charges of corruption. He is the third member to have been expelled since 2025, as President Xi Jinping continues his anti-corruption campaign. Ma, who was also the deputy leader of the central rural working group, came under investigation for "serious violations of law and order" (the party's code word for corruption) in April. Xinhua said that Ma's investigators discovered that he had improperly arranged a?job for another and sought to benefit others through the selection and appointment officials. The report stated that he "connived, failed to detect, and failed...

The price of copper in London fell slightly on Tuesday, amid the latest escalation of the Middle East conflict. However, this was offset by concerns over a possible supply chain crisis. Benchmark 'three-month' copper prices on the London Metal Exchange dropped 0.18% to $13,516 per metric tonne by 0300 GMT. After an increase in LME copper prices overnight, the most-traded contract for copper on the Shanghai Futures Exchange increased by 0.64%. It now stands at 103950 yuan a ton. Donald Trump, the U.S. president, and Iran announced that they would both blockade the Strait of Hormuz. The U.S. has renewed...

China's imports of iron ore in June increased by 15% compared to the previous month, reaching a six-month record. This was due to miners increasing shipments to meet quarterly targets and lower prices encouraging more buyers among steelmakers and traders. Data from China's General Administration of Customs revealed that the world's largest iron ore importer imported 112,69?million tons of the key ingredient in steelmaking last month. This was up 6.4% on the previous year and the highest amount since December. Analyst Qingwei Xie at Shanghai Metals Market said that "shipments increased last months as some miners increased efforts to meet...

The copper prices held steady on Monday, as the dollar eased. However, gains were limited as the 'fighting' between the U.S.A. and Iran intensified and oil prices rose, reinforcing fears of inflation and growth. At 1601 GMT, the benchmark copper price on 'the?London Metal Exchange' was up 0.3% to $13,528 per metric tonne. The lower dollar makes metals priced in dollars cheaper for holders of currencies other than the U.S. dollar, which could increase demand. The price of oil has risen after renewed military attacks between the United States of America and Iran re-ignited concerns over energy shipments via the...

As tensions escalated between the U.S.A. and Iran, and oil prices rose, fears of inflation and growth were heightened. Benchmark 'copper' on the London Metal Exchange?was down by 0.3% to $13,443 per metric tonne at 1037 GMT. After renewed military strikes by the United States against Iran, concerns about energy shipments via the Strait of Hormuz resurfaced. The focus was also on the falling copper stocks. The copper stocks in LME approved warehouses fell by more than 20 percent since May's end, to a 4-month low of 305,200?tons. The LME system is due to receive another 130,525 tonnes of metal...

Prices of copper fell on Monday, as the fighting between the U.S. Benchmark three-month Copper?on the?London Metal Exchange fell 0.64% to $13,398.5 per metric ton at 0701 GMT. The Shanghai Futures Exchange's most traded copper contract fell 0.68%, to 103100 yuan (15,199.54 USD) per ton. U.S. forces and Iranian forces traded heavy drone and missile assaults at the weekend. This dampened risk appetite, and reignited fears that rising energy prices and inflation could lead policymakers to raise interest rates for longer. The pressure on industrial metals is increased by higher interest rates. Gold and silver that do not yield any...

Copper prices were flat on Friday as fears faded of an economic hit and a drop in metal demand due to a spate of tit for tat attacks between the U.S.?and Iran. The benchmark three-month copper price on the London Metal Exchange was?largely steady, with a drop of only 0.01% at $13,487.5 per metric ton as of 0700 GMT. The red metal prices are now close to the levels they were at the beginning of the week. This is the culmination of a few volatile days, during which fears about a new round in the conflict between the U.S. Prices...