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Clariant exceeds expectations for core profits driven by Care Chemicals unit
Clariant, a Swiss manufacturer of specialty chemicals, reported an adjusted core profit higher than expected in the second quarter. The company cited a'strong performance' from its Care Chemicals unit during a volatile business environment. Clariant's adjusted earnings, before interest, tax, depreciation, and amortization, rose 1.5% compared to a year earlier, reaching 171.1 million Swiss Francs ($211.99 millions). This was higher than the 152 million Swiss Francs forecast by analysts in a poll provided by the company. In a press release, CEO Conrad Keijzer stated that "the Middle East conflict is continuing to have a significant impact on our Catalysts business." Clariant had stated in May that conflict in the Middle East - a highly lucrative market for Clariant - weighed heavily on the demand for catalysts and increased production costs. The increased 'economic uncertainty' has also impacted the willingness of customers to invest in chemicals around the world. Clariant has raised its target for cost-cutting, now aiming to achieve an annual "savings" run-rate of $100 million instead of the 80 million previously announced. Clariant expects to achieve savings of 90?francs before the end of 2026 after booking 24?million francs as'second-quarter restructuring charges. The company achieved its sales targets and profit margin for the entire year.
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Holcim upgrades full-year guidance after Q2 profit beat
Holcim's?second-quarter sales and earnings were better than expected on Friday, as the building materials manufacturer upgraded its outlook for the full year. The Swiss company reported that it was seeing an increase in demand for its low-carbon cement products and recycled demolition and construction materials. All of these factors boost profits. Holcim also saw a rise in sales in Germany and Switzerland as well as in Spain, Eastern Europe and Mexico. Demand for housing and infrastructure in Mexico, Peru, and Central America was also strong. Holcim's sales grew 6.4% in the second quarter to $4.41 billion Swiss Francs ($5.46 billion), exceeding expectations of 4.27 billion Swiss Francs, according to a consensus within the company. Recurring Operating Profit (EBIT), which is a measure of recurring profit, rose by 13.1% to 1.01 billion Francs. This was higher than the forecasted 958 million Francs. In a press release, CEO Miljan Gutovic said that "building?on our results?and on our resilient and proven model across all economic and market conditions we upgraded our guidance for the full year 2026." Holcim is a manufacturer of cement, roofing and walling products. It now expects to achieve a 5% growth in organic sales by 2026. This will be adjusted for currency effects and acquisition effects. It expects its recurring EBIT to increase by 10 percent over its previous guidance, which was for an increase between 8% and 10%. The results were in contrast to those of rival Heidelberg Materials, who on Thursday cut its profit forecast for 2026, citing inflation and high financing costs as factors that would continue to impact global residential construction. Energy costs are also a major factor. $1 = 0.8070 Swiss Francs (Reporting and Editing by Miranda Murray, Mrigank Dhaniwala).
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Gold on the verge of ending a four-month losing streak
Investors weighed Middle East developments and their impact on U.S. interest rate outlook as they weighed the gold price on Friday. As of 0504 GMT spot gold dropped 0.5%, to $4,076.53 an ounce. However, it was on track for a 0.7% weekly increase. Prices rose by about 1.8% in the last month. U.S. Gold Futures for August Delivery fell 0.5% to $4.079.60. "Gold has a slight negative bias today due to profit-taking, and a moderate bounce in the U.S. Dollar, after the metal's gains and the corresponding drop in the greenback yesterday," said Tim Waterer, chief analyst at KCM Trade. The dollar rose by 0.3% after a 2.4% drop on Thursday, its largest single-day decline since January 2023. The dollar is stronger, making dollar-denominated goods more expensive to overseas buyers. Gold has had a better month than usual. Waterer stated that the metal has found a sort of cushion around the $4,000 mark, which has drawn buyers during dips. Kevin Warsh, Fed Chair, gave no indication of the next move the central bank will make at its Wednesday policy meeting. According to CME Group’s FedWatch tool, the markets are pricing in a 63 percent chance of a September rate hike. Gold is often viewed as a hedge to inflation. However, higher interest rates can dampen its appeal because they increase the opportunity costs of holding this non-yielding asset. A drone strike in the Middle East that ignited fires on two vessels of gas in Egypt's Mediterranean Port of Damietta, has created a new danger for shipping through the Suez Canal. The canal is one of the few major export routes left to Saudi Arabian oil amid the growing U.S.Iran conflict. Analysts at BCA Research wrote in a report that "over the long term, the Hormuz Crisis will fade, but geopolitical... Spot silver dropped 0.5% to $58,70 an ounce. Palladium and platinum both fell by 0.2%, to $1.301.50. However, they are still on track for a gain in the month. (Reporting and editing by Mrigank Dahniwala in Bengaluru)
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Copper firms set to gain monthly profit on the back of soft dollar
The copper price rose on Friday, and was set to gain a month-long increase as the market absorbed a lower dollar and continued supply pressure. Benchmark three-month?copper?on London Metal Exchange?was flat at $13,804.5 per?metric?ton?by 0300 GMT and was on course for a 3.25 % gain for the entire month. The most traded copper contract at the Shanghai Futures Exchange increased 0.71%, to 105.510 yuan (15,635.74) per ton. This is a 2.75 percent increase since the beginning of the month. Overnight, the?dollar fell making commodities cheaper for buyers who use other currencies. Copper prices have been supported by the falling stocks, concern about supply and a good demand from China this month. Stocks of red metal at LME-registered storage facilities On Thursday, there were 255.400 tons, down by?21.38% from July. Over 60% of remaining stocks are under?cancelled?warrants, which means they're?eligible for removal. Copper has been moving into the U.S., putting pressure on the stock market ahead of possible tariffs. The Chinese demand for copper was also boosted due to a shortage of scrap metal, which forced some scrap buyers to purchase refined metal. The Yangshan Copper Premium The gauge of the physical demand for metals was $112 per ton. This is down from the monthly high but still up by 57.75%. Aluminium slipped 0.03% on the LME, while the SHFE grew 0.21%. The metal was on course to finish the month higher but it remained below its May highs, after a short-lived Middle-East peace detente in June wiped out war risk premium. Stocks of light metals in LME registered warehouses The lowest levels in the last century. Nickel ticked up 0.12% and tin 0.42%. Nickel gained 0.45%, tin 1.72%, and lead fell 1.24%.
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Sources say that India's Adani Energy is planning to sell another tranche of shares by the beginning of next fiscal year.
Two sources familiar with the issue said that India's Adani Energy Solutions could launch a second share sale to institutional investors in early fiscal next year after raising 35?billion rupies (about $367m) this week. In the last eight-month period, companies belonging to Gautam Adani’s ports-to power conglomerate raised $4.75 billion through rights issues and QIPs to fund expansions and reduce debt. Adani 'Enterprises', the group flagship, raised $2.8 billion in a rights issue and $1.58 billion by way of a QIP. Adani Power, another group company, is planning to raise $1.57 billion through a QIP. This is the largest capital raise by the group since 2023, when a short-seller's allegations roiled the shares. Adani Energy Solutions shareholder approval has been granted to raise up to 100 billion rupees in shares through one or more tranches. Sources said that if the market conditions are still favorable, the company could opt to pay the remaining amount in the next tranche. One source said that after such a positive response, the company might tap into the QIP market again towards the end of the current financial year or the beginning of next fiscal year. India's fiscal years runs from April to March. Sources requested anonymity because they are not authorized to speak to the media. Adani Energy Solution did not respond to an email seeking a comment. According to a statement from the company, mutual funds and insurance companies bought the most shares of Adani Energy Solutions in the fund-raising this week. The firm received offers that were three times the target. The shares of this firm, the largest private power transmission company in India?, have increased by more than 60% in the first half of 2026.
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Gold on the verge of ending a four-month losing streak
Investors weighed Middle East developments and the impact they have on U.S. interest rate expectations. As of 0253 GMT the spot gold price fell by 0.6%, to $4,076.53 an ounce. However, it was on track for a 0.6% weekly increase. Prices rose by about 1.7% in the last month. U.S. Gold Futures for August Delivery fell 0.4% to $4 074.20. Tim Waterer is the chief market analyst for KCM Trade. He said that gold was showing a slight negative bias due to profit-taking, and a moderate rise in the U.S. Dollar. This follows the gains made by the metal yesterday, and the fall of the greenback. The dollar rose by 0.3% after a 2.4% drop on Thursday, its largest single-day decline since January 2023. Dollar-denominated goods become more expensive to overseas buyers when the U.S. dollar is stronger. Gold has had a better month than usual. Waterer stated that the metal has found a sort of cushion around the $4,000 mark, which has drawn buyers during dips. Kevin Warsh, Fed Chair, gave no indication of the next move the central bank will make at its Wednesday policy meeting. According to CME Group’s FedWatch tool, the markets are pricing in a 63% chance of a September rate hike. Gold is often seen by many as a hedge to inflation. However, higher interest rates can dampen its appeal because they increase the opportunity costs of holding a non-yielding investment. A drone strike in 'the Middle East that ignited fires on two vessels in Egypt’s Mediterranean port of Damietta, has created a new danger for shipping through the Suez Canal. It is one of the few major export 'routes open to Saudi oil amid an expanding U.S. Iran war. Analysts at BCA Research wrote in a report that "over the long term, the Hormuz Crisis will fade, but geopolitical... Spot silver dropped 0.8% to $58,48 an ounce. Palladium dropped 0.8% and platinum fell 1.7%, but both metals are on track for a gain in the month. (Reporting and editing by Mrigank Dahniwala in Bengaluru)
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Oil drops more than $1 despite greater flows
The oil price fell on Friday, but remained on track to a?monthly rise of around a fifth? as more supplies flowed via crucial maritime chokepoints. This was despite the?absence of major breakthroughs? in talks between the?United States? and Iran? Brent futures dropped $1.03 or 1.2% to $88 per barrel at 0215 GMT. U.S. West Texas Intermediate crude (WTI), however, fell $1.50 or 1.8% to $82.09 per barrel. Both benchmarks were expected to increase by about 20% on a monthly basis. Analyst at ING, Daniel?Hynes said that signs of increased flow in the Strait of Hormuz are 'offsetting' Middle East tension. Since the U.S. and Israel war against Iran began on February 28, the strait has become a focal point of the?oil market. Saudi Arabia wants to lead a coalition that will boost defence co-operation in the Bab El-Mandeb Strait and Red Sea, as well as the Gulf of Aden. These are all choke points for energy supply. Saudi Arabia's defence ministry announced that 14 countries, including Djibouti and Egypt, Pakistan, Sudan, and Turkey, support the multinational maritime defense coalition. Last week, Houthi militants aligned with Iran in Yemen declared a 'naval blockade' on Saudi Arabia. They threatened the Red Sea route used by Saudi Arabia to export oil, a "alternative" to the Strait of Hormuz. Priyanka Sackdeva, an analyst at Phillip Nova, stated that although tanker traffic continues through the Strait of Hormuz, the increased security risks have boosted insurance rates and freight costs, resulting in a geopolitical premium embedded into oil prices. Sachdeva stated that "while prices have eased off recent highs, the overall trend is still positive." (Reporting and editing by Clarence Fernandez; Sudarshan Varadhan)
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Governor of Volgograd says drone attack causes fire at Volgograd energy plant
The'regional governor, Andrei Bocharov said that a drone attack caused a fire at an energy facility in Volgograd, causing five injuries. He did not give any details about the facility. A Lukoil oil refinery is located in the region. Bocharov said on Telegram that five people were seeking medical attention after the attacks. Regional governor Yuri Slyusar posted on a messaging app that a woman was injured in Gukovo after a drone strike. Ukraine recently intensified its attacks on Russian logistic hubs such as those of the top online retailer Wildberries. It also continues to strike energy facilities, which has triggered a crisis of supply?across much of Russia. Wildberries, which had a few warehouses damaged as recently as Thursday, announced on Telegram that it?had paid? a second tranche of financial assistance to nearly 100,000 sellers who's goods were?damaged. Ukraine says that its attacks on its neighbour, which include cities under constant Russian assault, are "long-range sanctions", designed to reduce Moscow's ability to fight and force the conflict to end. (Reporting and editing by Christian Schmollinger, Clarence Fernandez and Jekaterina Gölubkova)
Chinese lithium company stops tech exports due to trade tensions
The Chinese company stopped exporting an equipment that was used to process lithium metal for electric vehicle batteries. This is the clearest indication yet that manufacturers have already implemented export controls suggested by Beijing.
According to documents and a source who has direct knowledge of this matter, Jiangsu Jiuwu Hi-Tech informed customers last month that it would cease exporting a filter equipment called a sorbent on February 1.
Analysts say that China is the largest producer in the world of sorbents used to extract the lithium metal from brines and other solutions. However, the size of the market can be difficult to determine due to Beijing's unwillingness to share information.
Jiangsu's decision shows Beijing is changing its behaviour despite the fact that the proposal is still only a suggestion. Beijing had threatened to restrict exports of certain battery and lithium technologies, including sorbents. If approved, the companies would require government licenses to sell overseas.
A senior executive from another lithium extraction company, speaking under condition of anonymity as well, stated that Jiangsu, and Sunresin New Materials - another major sorbent manufacturer - are in negotiations with the government about the proposal.
Jiangsu representatives and Sunresin representatives did not answer questions. Sunresin chairman stated a month earlier that the company was planning to expand overseas by transferring technology.
Beijing has not discussed the proposal in public since its release last month.
Some industry professionals believe it has already deterred the export of listed items to countries that are not friendly. An international lawyer in China who represents clients working in the clean energy sector said that it had a "chilling" effect.
The lawyer, who spoke on condition of anonymity due to the sensitive nature of the matter, said that officials from China's Ministry of Commerce visited several companies in order to discuss the proposal. In one case, they warned against moving forward with an export deal worth $1 billion which was being negotiated.
The person said that banks also ask for additional approvals before they sign off on export financing for items on the list.
China's Ministry of Commerce has not responded to any questions.
Although it's unclear what restrictions would be implemented, this proposal shows Beijing's willingness and ability to leverage its dominant position in the mining and processing industry for lithium and other vital minerals.
The Western auto market has been affected by China's ban on antimony exports, which was announced in December last year.
A spokesperson from Tianqi Lithium Energy Australia (the joint venture between China’s Tianqi, and Australia’s IGO, which controls the largest lithium mine in the world and a major refinery), said that the company was evaluating its options and taking advice about Beijing’s export proposal.
BUILDING A SUBTLE SUPPLY CHAIN
Any disruption in Chinese sorbent exports could affect the plans of Western oil producers who want to extract lithium by limiting their technology options.
Two sources familiar with these plans have said that Exxon Mobil studied the possibility of using Chinese processing equipment in its planned lithium operation, which is located in the U.S. State of Arkansas. Exxon declined comment.
Koch Industries, which is the largest shareholder in Standard Lithium in Arkansas, has agreed to use sorbents made by China's Xi'an Lanshen New Material Technology for its North American operations in 2023.
A spokesperson for Koch declined comment.
Many Western sorbent manufacturers claim they can take market shares, even though none have the experience that their Chinese competitors do and their equipment is yet to be commercialized.
"We must completely change technologies, innovate in production, and do so without being beholden by China, who has a 20 year head start on the competition and controls it," said Brian Menell. TechMet invests in Western companies that produce lithium equipment and Western mining companies.
Francis Wedin of Vulcan Energy Resources said that would-be producers of lithium were waiting for assistance. The company has developed its sorbent technology, which it plans to implement in Germany.
He declined to name them, but said that they were large lithium companies in North and South America. (Reporting from Ernest Scheyder and Lewis Jackson, respectively in Houston and Beijing; Additional reporting by Melanie Burton and Amy Lv, respectively in Melbourne and Beijing; Editing by Veronica Brown & Barbara Lewis).
(source: Reuters)