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Gold recovers from a two-week low, with Trump-Zelenskiy in the spotlight
Investors waited for U.S. president Donald Trump to meet with Ukrainian President Volodymyr Zelenskiy and European Leaders in order to discuss a possible peace agreement with Russia. As of 1:56 GMT, spot gold rose 0.3% to $3,345.64 an ounce after reaching its lowest level since August. U.S. Gold Futures for December Delivery rose by 0.3% to $3391.80. "Gold started the day on the backfoot, but...was able to reverse its course as buyers moved up to the $3,330 area in a value-play. U.S. Treasury yields have given up some Friday gains, which has also made life easier for gold prices," said Tim Waterer. Zelenskiy will be joined by European leaders for discussions with Trump. Sources briefed about Moscow's thinking say that under the peace proposals discussed at the Alaska summit by Vladimir Putin of Russia and Donald Trump, Russia would relinquish small pockets of occupied Ukraine, and Kyiv will cede large swathes in its east which Moscow is unable to capture. Waterer stated that "we are seeing limited movement in either direction before what could be some exciting meetings at the White House this coming week with Zelenskiy returning to town." The benchmark yields on 10-year U.S. Treasury bonds have fallen from a two-week high. Investors also look forward to the Federal Reserve annual symposium, which will be held in Jackson Hole Wyoming. The Fed is expected to announce its first rate cut of the year in September. A second cut could be announced by year's end, as the U.S. economic woes continue to grow. In a low-interest rate environment, non-yielding gold bullion is a good option for those who want to invest in securing assets. Other than that, silver spot rose 0.3% per ounce to 38.08 dollars, platinum increased 0.8% to 1,346.61 dollars, and palladium rose 1.3% to $1126.85. (Reporting and editing by Rashmi aich in Bengaluru, Anmol Choubey from Bengaluru)
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Aluminum tariffs ease as the U.S. adds derivative products to its 50% list
Aluminum prices in Shanghai, London and other major cities fell on Monday as the United States added more derivatives of the metal to the import tax of 50%. As of 1300 GMT, the most actively traded aluminium contract at the Shanghai Futures Exchange was underperforming its peers. It fell by 0.82% to 20570 yuan (2,864.06 dollars) per metric tonne. The contract reached 20,560 Yuan, its lowest since August 6 earlier in the session. The benchmark three-month aluminum on the London Metal Exchange fell 0.4% to 2,596.5 per ton. The Trump administration expanded the scope of its tariffs of 50% on imports of steel and aluminum on Friday by adding hundreds more derivative products to their list of goods that are subject to levies. On August 18, the levies will be implemented on all goods included on the expanded list. Official data released last week showed that a higher supply of aluminium also pushed up prices. China's aluminium output in July increased by 0.6% compared to a year ago, reaching 3.78 million tonnes. SHFE Zinc fell by 0.51% and lead by 0.24%, while copper increased by 0.2%, nickel gained 0.19%, and tin rose 0.29%. London lead and copper were hardly affected. Nickel fell 0.24% while tin dropped 0.1% and zinc rose 0.29%.
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BlueScope Steel shares fall 7% as profit plunges 90 percent due to impairment charges
BlueScope Steel, an Australian company, reported on Monday a 90% drop in its annual profit, citing a charge for impairment at its coated product business and sluggish performance at its North America operation. Its shares fell 7% as a result. As of 0018 GMT the shares of BlueScope Australia's largest steel producer were at A$22.55. This was their lowest level in over seven weeks. The benchmark ASX 200 index was down by 0.2%. BlueScope Steel’s North American Division's coated product business reported a loss due to lower volumes and operational difficulties. This led to an impairment charge of A$438.9 ($285.90) million. The steel producer stated that there was a delay to achieving expectations for the BlueScope Coated Products, a business we acquired in the year 2022. A loss of A$439m has been recorded. North America, which is one of the divisions that generates most profit for it, reported underlying operating profits of A$514.4 in the year ending June 30. This was a 45% drop from last year. This was due to a drop in sales at North Star and Buildings and Coated Products North America. The company's net income after taxes was A$83.8 (US$54.6) million in fiscal year 2025. This is down from A$805.7 reported in fiscal year 2024. BlueScope’s profit, on a underlying basis and excluding one-off items (such as special items), was halved to A$420.8 Million from A$628.8 million the year before, due to price pressures, reduced volumes, and increased costs. The result was also below the Visible Alpha consensus of A$466.4million. The company's forecast for underlying operating profits in the first half of 2026 ranged between A$550 and A$620 millions, which is higher than last year's A$309million, but its midpoint missed Visible Alpha's consensus of A$618million. BlueScope announced a 30 Australian cents final dividend per share in line with the previous year.
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Oil drops on eased Russia supply concerns following Trump-Putin meeting
The oil prices fell on Monday, as the U.S. failed to exert further pressure on Russia in order to end the Ukraine conflict by implementing additional measures to disrupt Russian crude exports following the Friday meeting between the presidents of both countries. Brent crude futures fell 26 cents or 0.39% to $65.59 a bar by 0028 GMT, while U.S. West Texas intermediate crude was down 18 cents or 0.29% at $62.62 a bar. The U.S. president Donald Trump met with Russian President Vladimir Putin on Friday in Alaska and came away more aligned to Moscow regarding the need for a peace agreement instead of first a ceasefire. Trump will meet with Ukrainian President Volodymyr Zelenskiy on Monday, and European leaders to reach a quick deal to end Europe’s deadliest conflict in 80 years. The U.S. President said that he would not have to immediately consider retaliatory duties on countries like China because they bought Russian oil, but he might "in two to three weeks". This will help to calm concerns over a disruption of Russian supply. China is the world's largest oil importer, followed by India. Helima Croft, an analyst at RBC Capital, said that the primary issue was the secondary tariffs targeting key importers. President Trump has indicated he would pause taking incremental action, at least in China. Croft stated that the status quo is largely unchanged for the time being, and that Moscow would not back down on its territorial demands. Ukraine and certain European leaders are expected to reject a land-for peace deal. Investors will also be watching Federal Reserve Chairman Colin Powell’s remarks at the Jackson Hole Meeting this week for clues about the direction of interest rate reductions that could propel stocks to new record highs. Tony Sycamore, IG's market analyst, said that he expected him to remain non-committal. He would also be dependent on data.
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China still stores crude oil despite refinery run-up: Russell
China's refiners increased their processing rates in the month of July. However, strong crude oil imports from abroad and domestic production meant that there was still an excess of over half a million barrels a day (bpd). Calculations based on data from the official sources show that crude oil surplus in July dropped to 530,000 barrels per day (bpd) from 1.42million bpd. The key is that refiners will likely continue to add to their stockpiles despite the drop in oil surplus. This will allow them the ability to reduce imports if prices increase to levels they feel are not justified. China does not reveal the volume of crude oil flowing in or out of its strategic and commercial stockspiles. However, an estimate can still be made if you subtract the amount of crude oil that is available through imports and domestic production from the total crude. Refiners in July processed 14.85 millions bpd crude, an increase of 8.9% over the same period last year. However, this was a decrease of 2% compared to June, which had been the highest month since September 2023. According to data released by the government on August 15, the utilisation rate increased to 71.84%, an increase of 1.02 percentages points from June, and 3.56 percentages points from July 2024. In July, China's crude imports were 11.11 million barrels per day (bpd), while its domestic production was only 4.27 million. The refiners had a total of 15,38 million bpd available. Subtracting the 14,85 million bpd processed, leaves an excess of 530,000. The surplus crude in China for the first seven month of the year was 980,000 bpd. This is mainly due to the fact that crude imports, domestic production and refinery processing increased at a higher rate from March. Not all this excess crude has likely been stored, as some is processed in plants that are not included in the official data. Even if you ignore the gaps in official data, there is no doubt that since March China has imported crude oil at a rate far greater than what it requires to meet its own domestic fuel needs. CRUDE IMPORTS The market will be looking to see if the recent strength of crude imports is going to continue or if it will decrease in the coming months, as refiners begin using more oil from their stocks. Prices are the key. China's refiners tend to increase imports when prices seem reasonable but reduce them when prices have increased too much or too fast. The rise in crude imports since March coincided with the decline in prices. Brent crude, the global benchmark, fell from an all-time high of $82.63 per barrel on January 15, to a low of just $58.50 per barrel on May 5. Brent crude oil prices have been volatile since then. The conflict between Israel, Iran and the United States, which was later joined by other countries, sent Brent to an all-time high of $81.40 per barrel on June 23. Prices then dropped to $65.57 a barrel in the early Asian trading on Monday. China may reduce imports of cargoes due to arrive in late August or early September because the prices have risen from their low in May to the high in June. This is the period when they were planned. China may buy less cargoes as a result of the move by Saudi Arabia, the world's largest exporter, to raise its official selling price for August- and September-loadings. Imports of crude oil may be held up if the rate of refinery processing continues to increase and Chinese refiners keep up their recent trend of supplying more fuels, such as gasoline and diesel. You like this column? Check out Open Interest, 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 is also an author.
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Ampol's H1 profits slump on lower volumes and refinery margins
Ampol, Australia's largest fuel retailer, posted a 23% drop in profit for the first half 2025. The result was better than expected, as it was affected by weather and operational disruptions. The planned maintenance shutdowns, as well as production losses due to a cyclone, disrupted the operations. Meanwhile, low Singapore refining margins impacted profitability at the Queensland refinery. The refinery's operating profit fell from A$89.5 to A$1.1 (roughly $716,210) compared to A$89.5 a year earlier. Earnings from the fuel and infrastructure division were also reduced by almost half to A$118.3 millions. The company's net income after taxes from its continuing operations dropped to A$180.2m on a cost-replacement basis for the six month period ended June 30 compared to A$233.7m a year earlier. This was a significant increase over the Visible Alpha consensus estimate, which was A$165.6 Million. Ampol announced an interim dividend at 40 Australian cents a share. This is lower than the 60 Australian cents a share that was paid out last year.
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Oil prices drop as Russia's supply concerns ease following Trump-Putin meeting
The oil prices fell in the early Asian trading on Monday, as the United States didn't exert any more pressure on Russia for the end of the Ukraine War by implementing additional measures to disrupt Moscow’s oil exports following the presidents of both countries meeting on Friday. Brent crude futures fell 32 cents or 0.49% to $65.53 a barrel by 2213 GMT, while U.S. West Texas intermediate crude dropped 23 cents to $62.57 a barrel. The U.S. president Donald Trump met with Russian President Vladimir Putin on Friday in Alaska and came away more aligned to Moscow regarding the need for a peace agreement instead of first a ceasefire. Trump will meet with Ukrainian President Volodymyr Zelenskiy on Monday, and European leaders to reach a quick deal to end Europe’s deadliest conflict in 80 years. Helima Croft, an analyst at RBC Capital, said that the primary issue was the secondary tariffs against the main importers of Russian oil. President Trump has indicated he is halting his incremental actions on this front - at least in China. She said that the status quo is largely unchanged for now, and that Moscow would not back down on its territorial demands. Meanwhile, Ukraine and certain European leaders may balk at a land-for peace deal.
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Spain fights 20 major fires in scorching heat and deploys more soldiers
The scorching heat on Sunday made it difficult to control 20 major fires in Spain, leading the government to send 500 additional troops from its military emergency unit to help with the firefighting efforts. In the northwest region of Galicia several fires have converged to form a large fire, forcing the closing of highways, and rail services in the region. Spain is one of the worst-hit countries in Southern Europe, experiencing its worst wildfire season in 20 years. Portugal, which is next door, has also been battling widespread fires. In just the last week, three people have died and more than 115,000 acres of land have been burned. The Spanish weather agency AEMET has said that temperatures could reach 45 degrees Celsius on Sunday in some parts of the country. "We still have some difficult days ahead, and unfortunately the weather isn't on our side," said Prime Minister Pedro Sanchez at a press conference in Ourense. This was one of the worst affected areas. He announced that the number of soldiers deployed in Spain has increased to 1,900. Virginia Barcones of the Spanish Public Television, Director General of Emergency Services, said temperatures are expected to fall from Tuesday but that for now, weather conditions are "very adverse". Barcones stated that "Today, there is an extremely high temperature with a very high risk of fires. This complicates firefighting efforts." VILLAGERS RESORT BUCKETS The desperate neighbours of Villardevos, Galicia have gathered water buckets to fight the fires themselves as there is no electricity in the area to power the water pumps. "Fireplanes are everywhere, but not here," Basilio Rodrguez, a local resident, said on Saturday. Another local resident, Lorea Pascual said: "It is insurmountable. It couldn't get worse". According to data from the Interior Ministry, 27 people were arrested and 92 others were being investigated for arson suspicions since June. According to preliminary data from the ICNF forestry institute, wildfires in Portugal have burned 155,000 hectares so far this season - three times more than the average for the period 2006-2024. Around half of this area was burned in just the last three days. Eight large fires were being fought by thousands of firefighters in northern and central Portugal. The largest was near Piodao - a picturesque mountainous region popular with tourists. Trancoso is further north and another fire has been burning for eight days. On Friday, a smaller fire in the area east of Trancoso claimed a local's life - it was the first death this season. Reporting by Guillermo Martinez and Ana Cantero; editing by Andrei Khalip, Clelia Oziel and Andrei Khalip
US and Chinese officials will meet in London to discuss important trade issues
The top U.S. officials and Chinese officials are due to meet on Monday in London for talks to defuse the high-stakes dispute over trade that has grown in recent weeks to include more than just tit-fortat tariffs, but also export controls of goods vital to global supply chains.
The two superpowers would meet in the elegant Lancaster House, to try and get back on track after a preliminary deal struck last month at Geneva had temporarily cooled the tensions between Washington and Beijing.
The talks were scheduled to begin around 1130 GMT Monday. Both economies are in a critical period, as investors seek relief from the flurry of tariff orders issued by U.S. president Donald Trump since his return to White House.
A UK government spokesperson announced on Sunday that the next round of U.S.-China trade talks will take place in the UK on January 1. "We are a country that has always championed free trade, and we have been clear that a war in trade is not in anyone's interest. So, we welcome these discussions."
A U.S. delegation led by Treasury Sec. Scott Bessent will gather with Commerce Sec. Howard Lutnick, U.S. trade representative Jamieson Greer and a Chinese delegation headed by Vice Premier He Lifeng.
In Geneva, the two sides agreed on reducing steep import taxes that each side had imposed on the other's products. This had resulted in a trade ban between the No. In recent weeks, U.S. officials have accused China of not keeping its promises, especially in relation to rare earths shipments.
Lutnick's inclusion, whose agency is responsible for export controls in the U.S.A., shows how important rare earths have become. He didn't attend the Geneva talks where the countries reached a 90-day agreement to reduce some of the triple digit tariffs that they placed on eachother.
CONCLUSION POSITIVE
The second round of talks comes just four days after Trump spoke with Chinese leader Xi Jinping by phone. It was their first direct contact since Trump's inauguration on January 20, 2017.
During the call that lasted more than an hour, Xi warned Trump against threatening actions on Taiwan and urged him to drop trade measures which were causing global economic turmoil.
Trump posted on Twitter that the trade-focused talks had "a very successful conclusion," which set the stage for the meeting on Monday in London.
Next day, Trump announced that Xi agreed to resume shipments of rare earth minerals and magnets to the U.S. China's April decision to halt exports of magnets and minerals was a major blow to the supply chains of automakers, aerospace companies, semiconductor firms and military contractors.
Karoline leavitt, White House spokesperson, told Fox News' "Sunday Morning Futures," on Sunday: "We want China to and the United States continue moving forward" with the Geneva agreement. The administration has been closely monitoring China's compliance to the agreement, and we are hopeful that this will lead to more comprehensive trade negotiations.
The preliminary agreement in Geneva has sparked an international relief rally on stock markets. U.S. indices, which were in or near bear-market levels, have recovered the majority of their losses.
S&P 500 Index is only 2% off its mid-February record high. At its lowest point, the index was down 18% in early April after Trump announced his "Liberation Day", sweeping tariffs on all goods around the world. The last third of the rally was triggered by the U.S./China truce in Geneva.
This temporary agreement did not address the broader issues that are straining the bilateral relationship. These include the illicit fentanyl traffic, the democratically-governed Taiwan, and U.S. complaints against China's export-driven, state-dominated economic model.
The UK government will host the discussions on Monday, but it will not participate in them. Instead, the Chinese delegation will hold separate talks with the UK later this week.
As investors awaited news, the dollar fell against all major currencies. Oil prices were also little changed. Reporting by Trevor Hunnicutt, Nathan Layne, Brenda Goh, and Kate Holton, in Washington; Writing and editing by Dan Burns, Chris Reese, and Toby Chopra.
(source: Reuters)