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Kepler, a Brazilian silo manufacturer, reports weak results and looks to Argentina for growth
Kepler Weber, a maker of silos, posted lower quarterly results due to a weaker operational scenario in Brazil. However executives expressed optimism about the company's growth in Argentina. High interest rates and low grains prices have hurt Brazil's business prospects and profitability, but CEO Bernardo Nogueira says Argentina is a new avenue for growth as the economy and inflation in Argentina improve. Nogueira stated that the situation in Brazil was "dismal" as farmers had produced a record-breaking soy crop, which has pushed prices down globally. Brazil is one of the largest producers and exporters of corn, among other staple foods. Kepler reported that its backlog of silo orders increased by nearly 14% in the second quarter. The net profit, however, fell by 61% in comparison to the same period of last year. It was 14.4 million reais (2.65 million). Kepler generates most of its revenue in Brazil. 90% of the net sales generated by the company in the first half 2025 were domestic. Farmers in Argentina can invest more in storage as the economic crisis subsides. Kepler management stated that the country already accounts for 30% Kepler's overseas sales, compared to zero in 2023. Nogueira compared Brazil's most important grain-producing state to its neighboring country, Argentina. It's amazing what's going on there.
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HSBC increases silver price forecast on the strength of gold and geopolitical risk
HSBC raised its silver price predictions for 2025-2026-2027. It cited strong support from the high gold prices, as well as safe-haven demands in light of geopolitical, economic, and political uncertainty. The bank expects silver prices to average $35.14 an ounce by 2025. This is up from the previous forecast of $30.28. In 2026 they are expecting $33.96 per ounce, as opposed to the earlier forecast of $25.95. And in 2027 they expect $31.79, instead of $28.30. HSBC warned that silver prices are surging, but the surge is due more to silver's relationship with Gold than (to) underlying Fundamentals. Record-high gold exerts a "strong gravity pull" on Silver. Gold spot prices have risen 29% this year, after reaching a record of $3,500 an ounce in April, when the U.S.-China trade war erupted, triggering a move into safe-haven investments. HSBC has said that industrial demand for the metal may decline this year after four years with record growth. However, any decreases will likely be small. HSBC said that industrial demand for silver would recover in 2026 due to key sectors like the photovoltaic and electronic industries. The bank said that the demand for jewellery and silverware is expected to continue to decline due to high prices. Coin and bar demand, meanwhile, has been weakened by recent robust purchases as well as high prices. HSBC reported that the silver mine production continues to grow at a modest rate. According to the bank's model of supply and demand, silver will be in deficit by 206 million ounces by 2025. This is a significant increase from a deficit of 167 million in 2024. This is expected to shrink to 126,000,000 ounces by 2026. HSBC said a weaker U.S. Dollar this year as predicted by HSBC Research is a silver positive. Ongoing debates about Federal Reserve rate reductions and central bank policy could also impact prices in the future. Sherin Elizabeth Varighese in Bengaluru and Noel John, who reported the story; Jan Harvey edited it.
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Gold hits record high as stocks rise on investors' interest in Fed reform
Global shares rose Friday, as investors held on to the belief that U.S. rates could fall even further this year. U.S. Gold futures also hit a new record high due to uncertainty about whether U.S. import duties would be applied to the most common sizes of gold bar. Reportage The news that the U.S. is planning a truce with Russia sent global benchmark oil prices to a new session low of $1 per barrel. The economic outlook was impacted by tariffs, which added pressure to crude. Dollar was headed for a loss of 1% per week after U.S. president Donald Trump Moved to reshape The U.S. Central Bank announced its decision on Thursday. After Adriana Kugler abruptly left, he nominated Stephen Miran, the chair of the Council of Economic Advisers, for a temporary board seat, narrowing down his list to replace Federal Reserve Chairman Jerome Powell, who's term ends on May 15. Miran shares the same views as Trump who has criticized Powell for cutting rates "too late", despite the fact that growth is still holding and inflation is increasing. Ray Attrill of National Australia Bank, Sydney's head of FX Strategy said: "It locks-in a vote in favor of rate cuts for all meetings from now until the end of the month." He added that "markets are already traveling with a very high expectation of a rate reduction." There is a question over whether he will be able to ratify the agreement in time for September's meeting. Bloomberg News reported The Fed Governor Christopher Waller is emerging as the leading candidate for the Chair. The MSCI All-Country Index was up by 0.53%. This is just below the record highs set two weeks ago. Wall Street saw the Dow Jones Industrial Average rise 0.53% at 44,201.25. The S&P 500 rose 0.72% to 6,385.95, and the Nasdaq Composite gained 0.85% at 21423.01. The European stock market rose on the back of a string of strong earnings and the optimism that U.S. Tariffs Negotiations would take place over the new tax that was introduced on Thursday. The STOXX 600 was up by 0.15%. The European stock market has recovered from its five-week lows on Friday thanks to a combination of largely positive corporate results, and bets that the Fed will continue to cut interest rates. The SMI index in Zurich edged up as traders continued to ignore Switzerland's Tariff of 39% on U.S. products coming into effect. The shock is real. Now the question is, how will it impact the economy, the data and when? Samy Chaar, Lombard Odier's economist, said that up until now the impact has been less than expected. Tariffs are higher than they were in April. The relief over lower than expected duties could be short-lived. Chaar noted that the European Union has a 15% duty instead of the 50% Trump had threatened. "That is the vulnerability on the market. ... It is focused on the good news which is that it is not about getting 50% but rather 15%. The problem is that 15% represents a huge shock, and at some point it will show up in the data," said he. U.S. Customs and Border Protection published a ruling Friday on its website, which was interpreted by the gold industry as meaning that U.S. import duties could be applied to the U.S.'s most popular sizes of gold bar. The Financial Times broke the news that gold futures had hit a new record of $3,534.10. Brent oil futures fell 0.33% to $66.21 a barrel, while U.S. crude dropped 0.5% to $63.56. After weak demand for a 30-year Bond, the benchmark yield on the 10-year U.S. note rose by 3.7 basis points. Auction The latest in a series of disappointing sales this week. The dollar increased by 0.45%, to 147.24 Japanese yen. The dollar index, which measures the greenback's value against other major currencies, rose 0.25%.
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Reports of US-Russian deal cause oil prices to drop
The oil price fell on Friday, and was on track for its steepest weekly loss since late June. Reports of a deal Tariffs and the economic outlook between U.S. Brent crude futures fell 7 cents to $66.36 per barrel at 11:18 am ET (1518 GMT). U.S. West Texas Intermediate Crude Futures fell 21 cents or 0.3% to $63.67. Brent is on course to drop 4.8% this week, while WTI will finish the week 5.5% lower than Friday's closing price. Bloomberg News reported that Washington and Moscow were aiming to strike a deal in order to end the war in Ukraine. This would secure Russia's occupation over territory it seized in its military invasion. The report cited people with knowledge of the situation as saying that U.S. officials and Russian officials were working on an agreement regarding territories for the planned summit between U.S. president Donald Trump and his Russian equivalent Vladimir Putin, which could take place as soon as next week. This potential meeting could bring an end to the conflict in Ukraine and ease sanctions against Russia. It also comes at a time when trade tensions between Trump and Russian oil buyers are on the rise. This week, Trump warned that he would increase tariffs against India if the country continued to buy Russian oil. Trump said that China, which is the biggest buyer of Russian oil, may also be subject to tariffs similar in size to those imposed on Indian imports. In a recent note, ANZ Bank analysts expressed concern about the economic activity and crude oil demand as a result of higher U.S. import tariffs. Neil Crosby is an energy analyst at Sparta Commodities. He said that "there are many non-oil factors at play including concerns over tariffs, and headlines in recent days about a Trump-Putin meeting imminently." The headline risk is very high at the moment, with the flip-flopping of who will attend a meeting on Ukraine and in what circumstances. Trump said Thursday that he also believes in the idea of a Trump Nominate Stephen Miran, Chairman of the Council of Economic Advisers, will serve the last few months of the newly vacant Federal Reserve seat. This is expected to fuel expectations of a more dovish approach in the future. Low interest rates can reduce the cost of borrowing for consumers and boost economic growth as well as demand for oil. The Dollar Firms On Friday, but heading for a weekly drop. The stronger dollar reduces the demand from foreign buyers for crude oil denominated in dollars. (Additional reporting by Colleen Ghaddar and Ahmad Ghaddar, London; editing by David Goodman and Margueritachoy.)
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Citgo parent shares sold at auction in the US to a bidder competing with its own
In a court filing, an officer in charge of the auction process for shares in Citgo Petroleum's parent company in the United States (owned by Venezuela) has revealed that a bidder had submitted a rival offer. The court was holding the auction to pay creditors who were owed money due from expropriations or defaults. Last month, a $7.4 billion offer by a group headed by a subsidiary owned by Canadian miner Gold Reserve, was recommended as the winner of the bidding process. However, the judge still has to decide whether or not to accept it after some creditors and competitors objected. According to a late Thursday filing, Officer Robert Pincus informed the court of the "unsolicited offer." He did not reveal the date or name of the bidder. Gold Reserve announced in a Friday release that the court had allowed Pincus, a bidder identified as "Bidder B," to communicate with it and to reactivate its access to the data room with Citgo's key information. Gold Reserve said that since the unsolicited offer was received, Pincus has "consistently engaged with Bidder B about its progress towards the proposed transaction" and the bidder now is in active discussions, Gold Reserve stated, with parties who consent or agree to the proposed deal. The miner stated that Pincus had not yet deemed this new offer superior to Gold Reserve's recommendation. Marianna Pararagaa is reporting.
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US gold futures reach all-time high due to tariff uncertainty regarding bullion imports
U.S. Gold Futures reached a record-high on Friday amid uncertainty about whether U.S. Import Tariffs will apply to the most common sizes of gold bar. The spot prices eased, but they remained on course for a weekly increase. The U.S. Customs and Border Protection Service released a decision on its website Friday. According to the gold industry, this ruling could mean that a country-specific U.S. tariff may apply to the most commonly traded sizes of gold bar in the U.S. The December U.S. Gold Futures increased 0.9%, to $3,483.70 an ounce, after reaching a record of $3,534.10 per ounce earlier in the day when the Financial Times first reported the news. Susannah Streeter is the head of money markets at Hargreaves Lansdown. She said: "Gold's ascent in panic shows that even safe-haven assets cannot be immune to the volatility unleashed by the confusion of tariff age." Analysts have generally stated that they are waiting for more clarity on this issue. They also noted that a U.S. duty on gold deliveries would be a significant impact on Switzerland given its position as the leading hub in the world for gold refining, and transit. Spread between spot and futures prices has increased to $95. The spot gold price fell by 0.2%, to $3.388,27 per ounce at 10:17 AM ET (1417 GMT), and was up by 0.8% on the week. Short term, this should not have an impact on retail prices, as the U.S. stocks are huge and demand is very low. If and when this changes, the new tariffs could mean a jamboree in the long term for U.S. refiners who are converting large 400-oz bar into retail units, said Adrian Ash. COMEX gold inventory saw huge inflows between December and February, as traders sought to hedge against the possibility of imposing broad U.S. import tariffs. Silver spot rose 0.2% at $38.25 an ounce. Platinum fell 0.6%, to $1,325.46, and palladium dropped 2.4% to $1,123.50.
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In a reshuffle, Congo names Kabamba, a veteran executive as Mines Minister
The government announced on Friday that the Democratic Republic of Congo has appointed former mining executive Louis Watum Kabamba to be its new mines minister, in preparation for important decisions regarding potential foreign investments and exports of cobalt. Kinshasa has been engaged in peace negotiations in Washington and Doha, which the Trump administration hopes will attract Western investment to its vast reserves, including lithium, tin cobalt copper, and other essential minerals. The talks are aimed at ending the fighting with M23 rebels, who have been backed by Rwanda and killed thousands of people this year. Watum, who replaces Kizito Pakabomba, was appointed at the same time as Congo, which is the world's largest cobalt exporter, planned to review a ban on the metal's exports that went into effect in February, and then extended in June. The government is considering whether to extend the export ban or to implement a quota-based system to control the crucial battery metal while supporting the domestic refining industry and industrialization. Watum served as minister of mines before becoming minister of Industry and Small and Medium Enterprises. Watum, who is known for his leadership roles at Ivanhoe Mines and Randgold's Kibali Project, Kamoa Copper SA, and Congo's Chamber of Mines, will be expected to promote investor-friendly reforms as well as demand deeper local benefits. Zack Hartwanger said, Head of Commercial for Africa at Open Mineral - a Swiss commodity trader. "Watum has a commercial mindset and is pro-mining." Hartwanger stated that his approach would likely prioritize trade and investments over political considerations. He's expected support the proposed quota-system, which would favor larger producers, who have greater employment potential, and also social interventions. Smaller operators will still be able to access export markets. Watum was not available for comment Friday. Adolph Muzito, minister of budget, and Floribert Anzuluni, minister of regional integration. The foreign, defence, and interior ministers remained unchanged. Congo Newsroom (Reporting and Writing by Maxwell Akalaare Adombila, Editing and Revision by Rob Corey-Boulet & David Holmes).
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Locals in a Himalayan village devastated by flood lament the rescue delays
Kameshwari Dev was returning from a temple in her village, Indian Himalayas, when a wall made of water, mud and rocks tore the mountain down, destroying her home and killing her son. Devi and the other survivors of the Dharali tragedy in Uttarakhand are furious that the search for those trapped under the debris has not been progressed faster. The flash flood has killed four people, and there are still more than a dozen missing. However, locals believe the death toll may be even higher. Devi, 52, said "My son has died." "It's likely that over 100 people were buried alive under the debris, and we didn't receive any assistance to save our loved one," said Devi at a nearby relief camp on Friday. After two days of shifting boulders, the soldiers and rescue workers used machinery to clear the roads, which had become muddy streams. They reached Dharali, where they found many parts of this hamlet under eight metres (25 feet) of debris. According to an estimate by the state government, over two days military helicopters saved more than 600 individuals. Sanjay Panwar tried to save his younger brother, but was unsuccessful. He had been out buying vegetables at the time of the flood. The rescue teams are only rescuing tourists, but there could be 200 or more people missing. He said that locals who are buried beneath the debris should also be saved. Arpan Yaduvanshi is a commander with the State Disaster Response Force. He denied that locals are being ignored. He said: "It's obvious that the people who lost their loved ones are angry." "We will bring back each person." We've deployed thermal cameras and sniffer dogs to locate people among the debris. Uttarakhand has a high risk of flooding and landslides. Some experts attribute this to climate change. Vinod Kumar Suman said that the Uttarakhand secretary for disaster management had ordered a report to determine the cause. He said, "Without a thorough study, we cannot conclude it was an outburst of a glacial lakes." "Only 8 mm of rain fell there. We asked a group of scientists to investigate and give us the exact reason."
New-look Polymetal aims to double gold output with Central Asia M&A
Gold producer Polymetal International prepares to double output by 2029 through acquisitions in Central Asia and will halt dividends while pursuing that goal, it stated on Tuesday in a strategy shift because the sale of its Russian properties.
Polymetal's Russian company came under U.S. sanctions in 2023 after Moscow sent troops into Ukraine in February 2022. The group offered its Russian assets, which represented about 70% of output and more than 50% of core earnings, for about $3.7. billion this year.
We will need a hell of a great deal of capital to achieve our. vision, and at the exact same time we will need to retire a. substantial quantity of debt which is presently sitting on our. balance sheet, CEO Vitaly Nesis stated.
The company may also seek to get in brand-new markets in Saudi. Arabia and Oman. CFO Maxim Nazimok informed there were 2. or three M&A handle the pipeline in Kazakhstan and. neighbouring jurisdictions.
Seeking to distance itself from its Russian ties, Polymetal. International revealed last month it was rebranding to. Solidcore Resources, having actually experienced know-your-client concerns. with banks, information service providers and suppliers regardless of not being. based on sanctions.
Polymetal said its goal to produce 1 million ounces of gold. comparable by 2029 would require considerable additional. financial investment in expedition, M&A and advancement of new possessions.
It prepares to invest $800 million into its Ertis POX project. in Kazakhstan, with production set to begin in the very first half of. 2028. Only then will the company be able to resume dividend. payments.
Nesis said constructing the POX task was the only method to put. the business on a strong footing and completely sever ties with Russia. The company has U.S. approval to preserve a tolling arrangement. with a POX facility in Russia.
We will need to go through the discomfort of not paying a. dividend, to reestablish the business into a state that makes it. a bona-fide, investable mining company, Nesis stated. I think. there is no other method.
General capital investment of $1.23 billion is planned from. 2025-29, leaving out M&A, the business stated. Constant annual. production levels are predicted for that period at existing. jobs, ranging from 468,000 to 520,000 ounces of gold. equivalent.
LISTING QUANDARIES
Presently 11% of the group's exceptional share capital. remains obstructed within Russia's National Settlement Depository. ( NSD), which is under sanctions, and with other Russian. custodians.
Nazimok required investors to wake up to the problem. and begin taking part in an offer to exchange obstructed. Moscow-listed shares for those in Astana, in spite of low liquidity. in Kazakhstan.
The group is thinking about how to ultimately eliminate. the NSD as an issue, Nazimok stated. The resumption of. dividends, to a specific level, is also dependent on dealing with. that problem.
Nesis said the business was not yet ready to pursue a. relisting in London, either in terms of financier appeal or. potential compliance issues.
The reasonable timeline is most likely 2026 at the earliest,. when we will have the ability to show that development at the POX. project is sufficient to satisfy our goal of all independence from. Russia by 2028..
(source: Reuters)