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Sources say that OPEC+ is set to increase oil production again on Saturday.
Sources from the producer group said that eight OPEC+ nations are likely to increase their oil production for August during a Saturday meeting, in an effort to regain market shares. According to anonymous sources, the group that includes Saudi Arabia and Russia is expected to agree on an increase of 411,000 barrels a day in August. OPEC+, if they had agreed, would have increased their supply targets by 1.78 million bpd or 1.5% of the global oil consumption. The actual increases have been lower, as some members have delivered cuts to compensate past overproduction. Sources said that the group had decided on Friday to move the date of the meeting forward by one-day. One of the sources said that it wasn't clear yet if 411,000 barrels per day would be the final deal. OPEC+ changed its policy dramatically this year after years of production cuts totaling more than 5,000,000 bpd. The eight members began to reverse their most recent cut of 2.2m bpd in April, and then accelerated their increases in May, July and June, despite crude prices being impacted by the additional supply. The acceleration was a result of some members, like Kazakhstan, producing way more than their target, which angered other members who were sticking to the agreed-upon cuts. Kazakh production returned to growth and reached a new high last month, a source with knowledge of the data said this week. The field, led by Chevron, was ramping up. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia is seeking to increase its market share in the face of increasing supplies from other producers, such as the United States. About half of all oil produced in the world is produced by this group. In their July decision, the OPEC+8 have increased production by 1.37 million bpd. It is 62% of their production cut of 2,2 million bpd. Reporting by Ahmad Ghaddar, Olesya Astakhova. (Editing by David Goodman Alex Lawler Mark Potter and Mark Potter.
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Health Rounds: Plastic waste can be used to make a widely used pain medication
Researchers have found that common bacteria can convert plastic waste into acetaminophen (an over-the-counter painkiller), which researchers discovered. Acetaminophen is made from fossil fuels, and it's the main ingredient of Tylenol, also known as Paracetamol in certain countries. AstraZeneca helped develop the new method that transforms a polyethylene terephthalate molecule into Tylenol’s active ingredient. The process produces virtually no carbon dioxide emissions. Researchers said that the plastic can be converted into the drug in less than 24 hrs at room temperature, by using a similar fermentation process to beer brewing. PET, a lightweight, strong plastic that is used in water bottles and food packaging accounts for over 350 million tons annually. This work shows that PET plastics are not just waste materials or materials destined to be made into more plastic. Microorganisms can transform it into new products that are valuable, such as those with the potential to treat disease. Researchers said that more work needs to be done before PET can produce acetaminophen commercially. MICROPLASTICS FOUND WITHIN HUMAN REPRODUCTIVE FLUIDS According to the results of a study presented at the European Society of Human Reproduction and Embryology conference in Paris, the majority of women and men have microplastics present in their reproductive fluids. Researchers said that the presence of microplastics raises questions about their potential risk to fertility and reproductive healthcare. Plastic particles smaller than 5 millimeters were found in the fluid surrounding developing eggs within the ovaries of 20 women or 69%. In 12 out of 22 men (or 55%), microplastics were detected in the seminal fluid. Researchers said that both types of fluids play a critical role in conception, whether natural or assisted. In both groups, the microplastic polymers included polytetrafluoroethylene (Teflon), polystyrene, polyethylene terephthalate, polyamide, polypropylene and polyurethane. Emilio Gomez-Sanchez, the study leader at Next Fertility Murcia, Spain, said that microplastics in animals can cause inflammation, DNA damage, hormonal disruptions and tissue damage. In a separate talk at the meeting Manel Boussabeh, of Fattouma Bourguiba Hospital, Monastir (Tunisia), and his colleagues reported that microplastics found in test tubes impaired sperm motility and damaged DNA. Researchers have found microplastics in both the testicles and the urine of humans and dogs. The data from canines suggests that the particles could contribute to reduced fertility. Restoring a protein can turn off chronic inflammation A report published in Nature suggests that researchers can stop chronic inflammation, while preserving the cells' ability to respond to injuries and short-term illnesses. This is done by targeting a newly discovered protein. Chronic inflammation is caused by an immune system that has gone into overdrive. This can be seen in persistent conditions like arthritis, inflammatory colitis or obesity. Acute inflammation, such as pain, fever and swelling, resolves fairly quickly. Researchers have found that during chronic inflammation, a protein which controls inflammatory genes is degraded. In test tube studies, restoring a protein called WSTF prevented chronic inflammation of human cells, without interfering acute inflammation. This allowed appropriate immune responses for short-term threats. Researchers then developed a medicine to protect WSTF and suppress chronic inflammation. This is done by blocking WSTF's interaction with another cell nucleus protein. Researchers have tested the drug successfully to treat mice with fatty-liver disease or arthritis, and to reduce inflammation of chronically inflamed cells in knees obtained from patients undergoing surgery for joint replacement. Researchers found that WSTF was lost in patients with fatty hepatitis but not in healthy people's livers. Zhixun Dou, the study leader at Massachusetts General Hospital, said that chronic inflammation is a major cause of death and suffering. However we have a lot to learn about how to effectively treat this condition. Our findings allow us to distinguish between chronic and acute inflammation and identify a new way of stopping chronic inflammation caused by aging and diseases.
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Copper prices fall as attention shifts towards the U.S. tariff deadline of July 9.
Copper prices fell on Friday, as attention shifted to President Donald Trump’s July 9 deadline for imposing tariffs on countries who have not yet signed trade agreements. The benchmark copper price on the London Metal Exchange was $9,875 per metric ton as of 1017 GMT. It had earlier reached a three-month peak at $10,020.5 per ton. Traders said volumes are low and will likely remain that way due to the Independence Day holiday on July 4 in the United States. Trump announced that his administration would begin sending letters to 10-12 countries later on Friday informing them about the tariff rates their products will be subject to in the United States. The traders reported that the caution due to the fact that several major trading partners including the European Union (EU), Japan, and India are still trying to negotiate an agreement with the U.S. has triggered the profit-taking of long positions or bets for higher prices. The 21-day moving median of around $9,760 is the first technical support for copper. There are also concerns about the availability of aluminium on the LME due to large holdings in warrants (#LMEWHL) and contracts near by (#LMEFBR), as well as a slowdown in outflows. Deliveries to approved warehouses of the London Exchange. Since June 25, the LME's aluminum stocks have increased by more than 20,000 tonnes to 356,975 tonnes. Metal earmarked at 2% or cancelled warrants indicate that only a small amount is due to be delivered. A weaker dollar provided some support to industrial metals Friday. Traders said that the Federal Reserve's prospects of holding rates steady following Thursday's strong employment report could increase the U.S. dollar and impact metals demand. Aluminum Lead fell 0.2% to 2,059 a tonne, while tin dropped 0.4% to 33,710 a metric ton. Nickel also declined 0.5%, to $15,370.
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Moscow bourse stops trading in Uzhuralzoloto after state demands ownership stake
The central bank of Russia has ordered that the Moscow Exchange suspend trading in shares owned by gold producer Uzhuralzoloto. A Russian court announced on Thursday that the Prosecutor-General had filed a suit to transfer ownership of shares held by Konstantin Strukov, an investor in Uzhuralzoloto, to the government. This is part of a escalation this year of the seizures of assets domestically through Russian courts. In a Friday statement, UGC stated that it was in constant contact with the Central Bank and that its "priority is to protect our minority shareholders." Strukov is the owner of 67.85% of UGC, Russia’s fourth largest gold producer. He told the TASS agency on Friday that he "works quietly" in Chelyabinsk where he is the deputy speaker of regional parliament. He declined to comment about the decision to seize his stock. News agencies reported that Russian investigators searched the UGC offices in connection with criminal charges relating to violations of environmental laws and industrial safety laws. According to the agencies, who cited a source from law enforcement, on Thursday, prosecutors wanted to convert Strukov’s entire stake in UGC into state property. Strukov's fortune, estimated by Forbes to be $1.9 billion, has been placed under sanctions by several Western countries. Britain was one of them, as it said that his role as director of a Russian company involved in the extractives sector supported Russia's government. (Reporting Anastasia Lyrchikova; Writing by Lucy Papachristou, Editing by Mark Trevelyan).
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Sources say that the sale of Panin Bank's stake in Indonesia is stalled due to pricing mismatch.
Three sources familiar with the matter claim that the sale of a majority stake in Bank Pan Indonesia, or Panin Bank, listed on Jakarta's stock exchange by ANZ Australia and Indonesia’s Gunawan Family has been stalled because of a mismatch of pricing. The combined stake is equivalent to approximately 86% of Panin Bank. This bank was valued at $1.45 billion on Friday, based on the 1,140 rupiah share price on the Jakarta Stock Exchange. According to LSEG, the Gunawan family holds 46.5% of the shares. It is willing to reduce its holdings. ANZ, an Australian bank, owns around 39.2%. CIMB Group, DBS Group, and other regional lenders showed interest in the sale earlier this year. Both banks, however, did not make binding bids because they could not meet the sellers' expectations. One source said that the sellers wanted a price tag more than double the current Panin Bank price-to book ratio. LSEG data shows that Panin Bank's shares were traded at 0.75 book value in the first quarter ending March 2025. Sources who declined to give their names as it was a private matter said that the sale process could resume once the price gap is reduced. One source added that CIMB remains interested in and open to discussions. ANZ Citi DBS declined comment. Panin Bank Director Herwidayatmo stated that the management of the bank is not involved in this process. She referred the question to the controlling shareholders. Gunawan Family could not be contacted for comment. CIMB has not responded to a request for comment sent via email. ANZ, together with the Gunawan Family, began a joint sale last year. They put the combined controlling share on the market. The sale is part of ANZ’s strategy to reduce low-returning business lines, and to reduce exposure to retail banking and wealth management in Asia in order to boost return on Equity. Panin Bank, founded in 1971 by Mu'min Ali Gunawan, was listed at the Jakarta Stock Exchange in 1982. According to its website, the bank's business ranges from consumer finance to private wealth. ($1 = 4.2240 ringgit) ($1 = 16,190.0000 rupiah)
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Gold to gain weekly on Dollar weakness and Safe-haven Demand
Gold prices rose on Friday, heading towards a weekly increase. This was helped by the retreat of the U.S. Dollar and inflows into safe-haven assets as President Donald Trump's trade deadline loomed. As of 0617 GMT, spot gold increased 0.5%, to $3,343.07 an ounce. Bullion has risen by about 2.1% in the last week. U.S. Gold Futures rose 0.3% to $3.352.50. Gold became less expensive for holders of other currencies as the dollar index fell by 0.2%. The apprehension over the fiscal situation in America (after Trump's sweeping bill to cut taxes passed Congress) as well as the lingering uncertainties about the July 9 deadline on the tariff issue have boosted the demand for safe-haven assets, said Ricardo Evangelista senior analyst at brokerage company ActivTrades. Trump announced on Friday that Washington would begin sending letters to other countries, a departure from the earlier plans of individual trade agreements. He announced reciprocal tariffs between 10% and 50% on April 2. However, he reduced the majority to 10% by July 9, to allow time for negotiations. Trump's tax cut legislation passed its final hurdle before Congress on Thursday. It makes his 2017 tax cuts permanent and funds his immigration crackdown. The data showed that U.S. jobs grew unexpectedly well in June. However, nearly half of this increase came from the non-farm sector. Private industry's gains were the lowest in eight months, as businesses struggled with rising economic headwinds. The latest U.S. employment data confirms a slowdown in the economy but not a standstill. This will reduce the pressure on Fed to lower interest rates any time soon, said UBS commodity analysts Giovanni Staunovo. Palladium fell 0.1% and spot silver rose 0.1%, to $36.66 per ounce. Platinum gained 0.7% per ounce to $1,376.33 and is on track for a fifth consecutive week of gains. (Reporting by Brijesh Patel in Bengaluru; Editing by Harikrishnan Nair)
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China cracks down on price wars as iron ore gains for the second consecutive week
Iron ore futures prices continued to rise on Friday. This was due to a better market sentiment following a call by officials in China, the world's largest consumer, for a reduction in aggressive price competition. The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.62% higher, at 732.5 Yuan ($102.25). The contract rose 3.08% in value this week. As of 805 GMT, the benchmark August iron ore traded on the Singapore Exchange had fallen 0.3% to $96.15 per ton. However, it was up by 1.93% in the past week. The Central Financial and Economic Affairs Commission has called for more stringent measures to combat aggressive price cutting amongst companies. Analysts said that this has led to hopes for a second round in supply reforms, which could increase steel margins and mills' tolerance of price for ingredients. SteelHome data shows that total iron ore stockpiles in China ports fell by 0.15% on a weekly basis to 133.4 millions tons at the end of July, which also helped to support prices. The upside potential was limited by signs of a softening in demand, in part because of environmental protection-related production controls in Tangshan (China's largest steel-producing hub). The average daily hot metal production, which is a measure of iron ore consumption, fell by 0.6% from the previous week to 2.41 million tonnes as of July 3. This was the lowest level since April 19. After the 'One, Big, Beautiful Bill,' proposed by U.S. president Donald Trump, was passed, the dollar's gains were reduced. Dollar-denominated investments become more expensive to holders of other currencies when the greenback is stronger. Coking coal and coke, which are used to make steel, also lost ground. They fell by 1.06% and 0.4%, respectively. The Shanghai Futures Exchange saw a rise in most steel benchmarks. Rebar rose by 0.23%. Hot-rolled coil increased by 0.25%. Stainless steel grew by 0.39%. Wire rod dropped 0.09%. ($1 = 7.1641 Chinese yuan). (Reporting and editing by Eileen Soreng; Lucas Liew)
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Prices of copper are at multi-month highs. US tariffs could be imposed on metal.
The London Metal Exchange and Shanghai Futures Exchange saw copper prices fall from their multi-month highs, although SHFE copper posted a gain for the week, as traders waited to see if U.S. import tariffs would be imposed. The price of three-month copper at the London Metal Exchange fell by 1.06%, to $9,848.5 a metric ton, as of 0736 GMT. This was a decline of 0.31% for the entire week. The SHFE's most traded copper contract fell 1.28%, to 79.730 yuan (11,128.17), but posted a second consecutive weekly gain of 0.54%. The fundamentals of the market haven't changed much. China's copper production in June was up 11.4% year-on-year, which eased the concerns about supply shortages, according to a Shanghai based metals analyst at a futures firm. The dollar has strengthened as the United States is unlikely to cut interest rates anytime soon, despite better than expected payroll and unemployment figures. Also, the "big beautiful bill" has passed and the attention of the copper markets has shifted back to possible U.S. import tariffs. Two analysts in China have dismissed the significance of recent increases in copper stocks In warehouses registered with the LME. After a gradual decline from mid-April, the volume increased by 3,700 tons (4.1%) in three days. The Shanghai analyst stated that "Copper will continue to be shipped from other countries into the U.S. as long as there is no agreement on the U.S. Tariff." LME nickel fell by 0.56%, to $15,365 per ton. Zinc dropped 0.53%, to $2 736, tin declined 0.44%, to $33,700. Lead eased 0.15%, to $2 061, and Aluminium slipped 0.19%, to $2 600. SHFE nickel rose by 0.64%, to 122.270 yuan per ton. Zinc increased by 0.34%, to 22.410 yuan. Lead gained 0.2%, to 17.295 yuan. Tin fell 0.65%, to 267.250 yuan. Aluminium shed 0.24%, to 20,635 Yuan. Click or to see the latest news in metals, and other related stories.
Indonesian nickel miners ask government to keep mining quota for three years
The Indonesian nickel miners association APNI urged the Indonesian government on Friday to continue mining quotas for a period of three years, to maintain a consistent climate in business.
The Mining Minister said on Wednesday that the government intends to reduce the duration of mining quotas (also known as RKABs) to one year in order to better control the supply and support the prices of commodities like coal and nickel.
The resource-rich nation extended the validity of quotas to three years in order to reduce the burden on authorities and applicants. Companies are still able to make revisions to their respective quotas every year.
APNI said on Friday that while it appreciated efforts to sustain mining, reducing quotas would create bottlenecks for the approval process because thousands of miners would have to apply for quotas each year.
"The government must strengthen its internal evaluation and supervision capacity, rather than lengthening the bureaucratic chains with shorter licensing terms," APNI stated in a press release.
It said that a medium-term plan is essential for planning and investment.
Yuliot Tanjung, deputy mining minister, said on Friday that details of the changes are "still being formed" but declined further comment.
He didn't comment on the request of the association.
In a late-night statement, the ministry reiterated its plan to maintain price stability and mitigate the impact of price decreases on government revenues. (Reporting and editing by Christopher Cushing; Additional reporting by Hongmei LI; Reporting by Fransiska Naangoy)
(source: Reuters)