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Russian seaborne diesel imports from July 1-15 fell 6% on a monthly basis, according to data
According to LSEG data and other market sources, the Russian seaborne exports of diesel and gasoline fell by 6% in the first 15 day period of July compared to the same period in 2006. Refinery maintenance and a strong domestic demand affected the supply. According to industry sources, calculations have shown that the offline capacity of Russia's primary oil refineries has increased by 20% to 3.9 millions metric tons in July, which includes maintenance at several large and mid-size refining plants. Refineries use less feedstock when idle capacity increases. In the first 15 days in July, diesel loadings through the Russian Baltic Port of Primorsk - the largest outlet of ULSD exports in the country - reached 470,000 tonnes, a 28% drop from the same period last month. Turkey has been the number one destination for Russian port diesel and gasoil exports so far this July. It takes about 44% or approximately 640,000 metric tonnes of total supplies. LSEG shipping statistics show that demand was strong, as it increased 52% between June 1-15. In the first 15 days in July, diesel loadings from Russia into Brazil were only 110,00 metric tons. This is a 56% decrease month-on-month. LSEG data indicates that about 180,000 tonnes of diesel and gasoline from Russian ports is waiting to be discharged or ordered for further destinations during ship-to-ship transfer near the Cypriot Port of Limassol. Market sources say that Russian gasoil and diesel exports may increase in the second half as some refineries finish maintenance. All shipping data is based upon cargo departure dates. David Goodman, Editor in Moscow (Reporting)
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Global shares rise as US consumer confidence holds steady, but yen falls ahead of Japan's vote
The global shares are on track to gain weekly gains this Friday, as strong U.S. corporate earnings and economic data released in the last week have tempered concerns about tariffs for now. Meanwhile, the yen is heading towards a second consecutive weekly loss before a crucial legislative election on Sunday in Japan. The S&P 500 closed at a record high on Thursday, thanks to stronger than expected retail sales data and claims for unemployment benefits, which suggest modest improvements in the economy. MSCI's global stock index edged up by 0.2% on the Friday, and is on track to gain 0.6% on a weekly basis. Asian stocks outside Japan rose 0.9% for the day, while European shares were largely flat. Wall Street futures are also flat before the opening. Eren Osman is the managing director of wealth at Arbuthnot Latham. He said that a solid start to earnings in the U.S., with companies like streaming giant Netflix exceeding forecasts, supports investor confidence. "We are pretty positive on the macro-background (in the U.S.)... We see some scope for growth slowing, but nothing material, and this is giving the markets a nice boost," Osman added, adding that the full potential impact of U.S. Tariffs remains in focus. Next week, Alphabet and Tesla will be among the companies that report their half-year results. This will test the mood of the market. The oil prices rose on Friday, as investors considered new European Union sanctions for Russia. These include measures that aim to deal further blows against Russia's energy and oil industries. U.S. crude climbed 1% to $68.19 a barrel, while Brent rose 0.8% to $70.06 per barrel. The yen is broadly unchanged at 148.5 dollars per yen, but it has been about 0.7% weaker in this week's polls after they showed that the coalition of Japanese Prime Minister Shigeru Shiba was in danger to lose its majority in Sunday's upper house elections. The data released on Friday revealed that Japan's core rate of inflation decreased in June, due to a temporary reduction in utility bills. However, it remained above the central banks 2% target. Ishiba has been losing popularity because of the rising cost of living. This includes the price of rice. Jayati Bharadwaj is the head of FX Strategy at TD Securities. She said that if PM Ishiba resigns due to an election loss, USDJPY would easily rise above 149.7, as this would bring about an initial period political turmoil. The JPY could recover from its recent dramatic weakness, if the ruling alliance wins and can make rapid progress on a deal with Trump. The U.S. Dollar Index fell 0.2% at 98.285, although it was still on track for a second consecutive weekly gain of around 0.4%. This is a rebound from the 3-1/2-year low reached over two weeks ago. Fed Governor Christopher Waller continued to say on Thursday that he believes the central bank should reduce interest rates by the end of the month, despite the fact that most officials have not expressed a desire to do so. Treasury yields in the United States were slightly lower. Benchmark 10-year yields fell nearly 3 basis points, to 4.44%. Two-year yields were also 3 bps lower at 3.89%. The spot gold price increased by 0.4%, to $3353 per ounce.
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Platinum reaches its highest level in more than a decade
Gold prices rose on Friday, despite easing concerns over the independence of the U.S. Federal Reserve and positive U.S. economic data. As of 1013 GMT spot gold rose 0.4% to $3,350.87 an ounce after a 1.1% decline in the previous session. This week, the bullion market has declined by 0.1%. U.S. Gold Futures increased 0.3% to $3.356.70. The dollar fell 0.4% on the day but was headed to a second consecutive weekly increase. Gold is cheaper when the dollar weakens. The European Union has agreed to a 18th package against Russia for its war in Ukraine. This includes measures to deal further blows to the oil and energy industries of Russia. Han Tan, Chief Market Analyst at Nemo.Money, said: "Gold is increasing on the weaker US dollar. However, it remains constrained by the U.S. economic data released this week, which tempered the notion that world's biggest economy remains resilient." The new EU sanctions against Russia remind market participants of the geopolitical risks that remain on the global stage. A source said that Donald Trump, the U.S. president, was willing to fire Fed Chair Powell earlier in the week. Trump said later that he does not plan to fire Powell, but reaffirmed his criticism of the Fed's rate policy. Initial jobless claims also improved, as did retail sales for the U.S. in June. Adrian Ash, BullionVault's head of research, said that the precious metals market has moved from gold, a safe haven, to silver, palladium and platinum, which are industrial, pro-growth alternatives. Spot platinum increased 0.3% to $1.461.77 an ounce, its highest level since August 2014. Palladium rose 4% to $1.329.88. This is its highest price since August 2023. Silver rose 0.5% to $38.31. (Reporting by Anushree Mukherjee, Ishaan Arora and Ashitha Shivaprasad in Bengaluru; Editing by Harikrishnan Nair)
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Talen Energy shares soar on $3.5 billion gas fired power plant deal
Talen Energy shares jumped by more than 15 percent in Friday's premarket trading. This was a day following the announcement of 3.5 billion dollars worth of deals to purchase two gas-fired power plants. On Thursday, the utility company announced that it would buy the Moxie Energy Center and Guernsey Power Station from Caithness Energy in Pennsylvania and BlackRock in Ohio. UBS, a brokerage firm, said that the Talen deals "extends the runway" for assets they can leverage when power demand from data centers using artificial intelligence technologies surges. Gas-fired power plants are a crucial bridge for the U.S. in its energy transition. They provide reliable and dispatchable electricity at large scale. J.P. Morgan stated that the deals will give Talen a "new flexibility" to capitalize on robust demand for data centers contracting and could help increase its value. Talen announced last month a partnership agreement with Amazon.com for the supply of up to 1,920 Megawatts from its Susquehanna Nuclear Plant in Pennsylvania to Amazon Web Services' data centers. Mac McFarland, CEO of the company, said that the deals announced on Thursday add "more than equivalent" to another Susquehanna facility. Analysts at brokerage Evercore estimate that the average cost of purchasing new turbines is 53% higher than the cost of buying two plants. They said that "buy over build is continuing the momentum." Talen said that the two plants which added nearly 3 gigawatts to the PJM interconnection are among the most energy efficient within the PJM, a regional transmission organisation that manages wholesale electricity flow in areas of the Eastern United States stretching from Illinois up to New Jersey. The deals will boost Talen Energy’s core profit in 2026 by over 40%, and its free cash flow is expected to increase by 40% by 2026 and by over 50% by 2029. (Reporting and editing by Arunima Menon and Pooja Kumar in Bengaluru)
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Finance ministry: Russia allocated $800 million for support of coal companies in trouble
The Finance Ministry announced on Friday that Russian coal companies will receive tax incentives worth approximately 63 billion Russian roubles (804.08 millions dollars) this year. This is a measure designed to help producers stay afloat in the face of high interest rates as well as Western sanctions. The ministry released a statement that said, "The proposed tax-support measure for the coal sector will allow companies to release working capital during a specified period if their financial and economic indicators deteriorate." Last December, President Vladimir Putin instructed the government to create support measures after Russia's exports of coal fell by 6% in 2024 due to infrastructure disruptions and sanctions. In a government letter dated April that was seen by, it stated that the financial health of the sector had continued to decline, and 30 companies, employing approximately 15,000 people, and producing about 30 million metric tonnes annually, were at risk. Bankers say that the coal industry and commercial real estate are two of the most affected sectors by Russia's economic slowdown. High interest rates also make it impossible to refinance debt. However, there have been no bankruptcys in this sector. According to the finance ministry, coal companies will also be allowed to delay mineral extraction tax payments up until November 30. Companies will also be able defer the payment of tax debts accrued after June 1, 2025. In the same letter, Alexander Novak, the Deputy Prime Minister, blamed the industry's problems on falling coal prices worldwide, the stronger rouble and Western sanctions, as well as increased logistics costs and import duties in China, India and other countries. $1 = 78.3500 Russian Roubles (Reporting and writing by Darya Kosunskaya, Editing by Andrew Osborn).
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Kremlin's response to new EU sanctions. Russia has developed a certain immunity against such measures
The Kremlin announced on Friday that Russia had developed a certain immunity and adaptability to Western sanctions, following the European Union's approval of an 18th set of sanctions against Moscow. These included measures targeted at the oil industry. Diplomats said that the package is intended to lower G7's price limit for buying Russian crude to $47.6 a barrel. When asked about the new EU sanctions, Kremlin spokesperson Dmitry Peskov called them one-sided, illegal and in line with Europe's "consistently antirussian stance". Peskov said to reporters, "But, at the same, we've already acquired a degree of immunity from sanctions. We have adapted ourselves to life with sanctions." "We will need to analyze the new package to minimize its effects. Each new package of sanctions has a negative impact on the countries who support it. Peskov stated that this is a weapon with two edges. Russian government and trade sources Playing down the impact The new restrictions will not disrupt the Russian oil market, they say. (Reporting and writing by Dmitry Antonov, editing by Gleb Brianski/Andrew Osborn; Writing by Vladimir Soldatkin)
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India's JSW Steel exceeds profit expectations for the first quarter as margins increase
India's JSW Steel announced a higher-than-expected increase in its first-quarter profits on Friday. Lower raw material costs, and firmer domestic prices of steel helped to boost margins. Its consolidated profit net more than doubled to 21,84 billion rupees (253.52 millions) for the quarter ended June 30. This is above analysts' estimates of 20,39 billion rupees. The domestic steel prices remain below the levels of a year ago, but have improved from quarter to quarter after a temporary safeguard duty of 12% was imposed by the government in April in order to stop a flood in cheap imports - primarily from China. Analysts expected that the move would lift local prices, and help margins in light of weak global demand. Iron ore and coal prices, which are essential raw materials to steel producers, have also fallen, helping boost profits. JSW's expenses totaled 403.25 billion rupees in 2013, a 3.3% drop. This was largely due to a decrease in the price of raw materials, which usually accounts for over half of JSW's expenses. The operating profit margins before interest, tax, depreciation, and amortization (EBITDA), which are the company's earnings before interest, tax, depreciation, and amortization, have improved from 12.83% to 17.56%. The company said that it also expects to spend 200 billion rupees on capital expenditures for the fiscal year 2026. JSW Steel's operating revenue remained largely flat at 431.47 bn rupees as lower steel prices year-on-year offset a 9% increase in sales volume. LSEG data shows that analysts had predicted a revenue of 425.07 bn rupees for the quarter. The first-quarter crude steel production of the company was 14% more than a year ago. JSW Steel shares closed at the same level as before the release of quarterly results. ($1 = 86.1475 Indian rupees) (Reporting by Anuran Sadhu in Bengaluru; Editing by Janane Venkatraman and Harikrishnan Nair)
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Officials say Vale Indonesia will seek financing of up to $1.2 Billion in 2026-2027.
Andaru Adi, the head of corporate finances and investor relations at Vale Indonesia, announced on Friday that it plans to raise between $1 billion to $1.2 billion to fund its mines and smelters projects over the period 2026-2027. He said that the first round of funding, which is estimated to be around $500 million in the early part of 2026, would likely come in the form bank loans. The company could also tap the bond market by 2027. This external funding will go towards funding our projects. He told reporters that "we are now developing three mines...we also are building HPAL Smelters with partners." Vale Indonesia has begun developing nickel mines on the island of Sulawesi. Nickel, one of Indonesia’s most prized metals, is used in electric vehicle batteries. Andaru stated that the mine at Bahodopi would begin operations this year. The mine at Pomalaa, on the other hand, will start in 2019. It is also working on facilities to develop a process called high-pressure acid laaching (HPAL), in partnership with Ford, China's Zhejiang Cobalt, and GEM Battery Materials. (Reporting and writing by Fransiska Nanangoy, Editing by David Stanway; Stanley Widianto)
Copper prices remain flat as traders evaluate geopolitical risk and supply constraints
The Shanghai Futures Exchange (SFE) and London Metal Exchange (LME) saw a largely flat price for copper on Thursday as the market focused mainly on the developments in the Israel/Iran conflict, while a tight supply supported the price.
The LME’s three-month contract for copper was almost flat at $9,657.50 a metric ton as of 0107 GMT. SHFE’s most traded copper contract also showed little change, with a decline of 30 yuan, to 78 590 yuan (about $10,930.31) per ton.
Investors closely followed tensions in the Middle East as U.S. president Donald Trump kept the rest of the world guessing as to whether Washington would join Israel’s bombardment against Iranian nuclear sites. The conflict entered its seventh-day.
ANZ stated that in the long term, "any sustained increase in energy prices will likely end up weighing on the copper markets due to the higher costs to producers,"
Copper supplies are limited, and stocks are low
The U.S. Central Bank held interest rates at the same level on Wednesday, signaling that borrowing costs will likely continue to decline in 2025 (nL6N3SL0HH), while the U.S. Dollar Index traded higher against the majority of major currencies.
Metals prices tend to rise when the dollar increases, limiting gains in price.
LME aluminium remained flat at $2.546, tin rose by 0.3% to $22,465, while zinc gained 0.1%, reaching $2,640. Lead increased 0.1%, to $1.995.5. Nickel increased 0.1%, to $15,065.
SHFE nickel rose by 0.6% to 119.030 yuan per ton. Tin increased 0.3% to 264,240 yuan. Aluminium advanced 0.2% at 20,680, lead advanced 0.2% at 16,870, and zinc fell 0.1% to 21980 yuan.
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(GMT 1100 UK BOE June Bank Rate)
(source: Reuters)