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Russian rouble gains against the dollar as US sanctions are in focus
On Monday, the Russian rouble was slightly higher against the U.S. Dollar and flat against the Chinese yuan. This is because Steve Witkoff, the special envoy of U.S. president Donald Trump to Russia will be visiting this week. Washington may impose new sanctions. LSEG compiled data based on OTC quotes that showed the rouble up 0.1% at 79.92 per dollar as of 1420 GMT. It was unchanged at 11.06 versus the yuan. The most traded currency in Russia. In a research report, analysts at the Bank of Saint Petersburg stated that the exchange rate could remain between 11.00 and 11.20 roubles to the yuan pending the disclosure of details of U.S. sanction. Trump said that he would impose new sanctions against Moscow and the countries who buy its energy exports, China and India being the two biggest. This is unless Russia makes progress towards a peaceful settlement in Ukraine by 8 August. According to a survey of 14 analysts conducted last week, the rouble will weaken by 20% to $100 against the dollar over the next year. (Reporting and editing by Mark Potter.)
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Gold continues to rise on US rate cuts expectations
Gold prices rose Monday for the third consecutive session after economic data from last week fueled expectations that interest rates would be cut by the U.S. Federal Reserve. As of 0915 am, spot gold was up 0.3% at $3,373.22 an ounce. ET (13.15 GMT), the highest level since 24 July. U.S. Gold Futures rose 0.8% to $3.427.010. "The odds of a rate reduction in September are now stronger and for a second rate cut in December, even stronger." This, coupled with inflation headwinds, is what I consider to be pretty bullish for the gold price," said Daniel Pavilonis senior market strategist at RJO Futures. Data released last week showed that U.S. job growth in July was lower than expected, while the nonfarm payrolls for the two previous months were revised down by 258,000 jobs. This suggests a rapid deterioration of the labor market. The Fed's preferred measure of inflation, U.S. data on PCE, rose 0.3% in June, after a 0.2% increase in May, which was revised upwards. CME FedWatch shows that traders see a 85% chance for a rate cut in September, up from 63% just a week earlier. Bullion is considered a good hedge against inflation in an environment with low interest rates. In comments broadcast on Sunday, Trade Representative Jamieson Greer stated that the tariffs imposed by President Donald Trump on scores of nations last week are more likely to remain in place than be reduced as part of ongoing negotiations. According to an executive order, Trump has set tariffs that include a 35% tax on goods imported from Canada, a 50% duty for Brazil, a 25% duty for India, a 20% rate for Taiwan, and a 39% rate for Switzerland. Silver spot was up 0.8% to $37.33 an ounce. Palladium fell 1.9% to a two-week low of $1,184.75, while platinum rose 0.5% to $1322.03. Pavilonis stated that the palladium price still has some upside. It is likely to rebound, with a downside support of $1,180/oz, and a breakout on the upside at $1230. (Reporting by Sarah Qureshi in Bengaluru; Editing by Sahal Muhammed)
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Gold Fields anticipates a bumper profit as the gold price and volumes surge
Gold Fields South Africa expects to see its half-year profits rise by up to 236% on Monday. This is due to higher gold production as well as record high bullion price. Gold Fields, in a trading update said that its headline earnings per common share will be between $1.09 to $1.21 for the six-month period ending June 30 compared to $0.36 last year. The spot gold rate is up by more than 30% on a year-on-year basis. It peaked at $3,500 an ounce in April before dropping to its current level of around $3,356.91. Prices of bullion are expected to rise due to a strong investment demand, based on the growth in the U.S. and inflation-related concerns, central bank purchases, and resilient jewellery demand. Gold Fields reported that its gold production increased by 24% to 1.136 millions ounces in the first six months, up from 918,000 previously. Gold Fields' Salaries Norte Mine in Chile has seen a smoother ramp-up this year after a rough winter in 2013. Gold Fields anticipates producing between 2,25 and 2,45 million ounces during the entire year. The company is scheduled to release its financial results for the first half of the year on August 22. Nelson Banya, David Holmes and David Holmes are the reporters.
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Energy tech company Lummus files confidentially for US IPO amid Trump’s domestic push
Lummus Technology, a provider of energy solutions, announced on Monday that it had filed confidentially for an initial public offer in the United States. This is part of President Donald Trump's strategy to increase domestic energy production. The U.S. IPO Market, which started the year sluggishly is now showing signs of a steady recovery after recent listings have attracted strong investor interest. Trump's promise to increase U.S. production of energy during his campaign for president, coupled with his signing of "Big Beautiful Bill", has further cemented the dominance of gas and oil in the energy mix of the United States. The Chatterjee Group and Rhone capital acquired Lummus Technology in 2020 from McDermott International for $2.73 billion. Black Rock Coffee Bar, BitGo and other crypto custody startups filed confidentially for an IPO in the U.S. during July. They joined a growing list of companies looking to capitalize on strong market momentum. Companies can keep their financial and strategic data private, while engaging with regulators to assess investor interest and engaging in discussions. Lummus Technology, founded in Houston, Texas in 1907, offers process technologies, digitalization tools, and lifecycle services to the petrochemicals and refining industries, as well as gas processing, sustainable energy, and gas processing. Terms of the offer were not disclosed. (Reporting and editing by Vijay Kishore in Bengaluru, Prakhar Srivastava from Bengaluru)
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UAE summer temperatures surge near record highs after hottest ever spring
According to the National Centre of Meteorology, the United Arab Emirates will experience a record-breaking summer this year after a scorching spring. Temperatures reached near-record highs in early August. Extreme heat is a global trend. Temperatures continue to rise. The global temperature was 1.5 degrees Celsius higher than pre-industrial levels last year, which is the highest ever recorded. NCM reported that the temperature spike followed the UAE's warmest April and May in history. The NCM reported that on August 1, Sweihan, a desert town in Saudi Arabia, reached a temperature of 51.8 C (125.2 Fahrenheit), which is the highest it has been since 2021. The temperature was only a few degrees below the UAE record of 52.1 C (124.8 F), also set in Sweihan, in July 2002. The inland areas experienced temperatures of over 50 C on a daily basis in June and in July. Seaside cities like Dubai and Abu Dhabi, however, consistently recorded highs around the mid-40s. The NCM predicts that temperatures will remain higher than normal for the remainder of summer, with August temperatures forecasted to be 0.25 C - 0.5 C higher than average. Construction and agriculture workers, for example, are often not able to take the precautions that residents of the NCM have been warned about. "We complain while sitting in air conditioning... They (outdoor workers) work actually 24/7 in this hot weather," said Yasir Shahad, an Australian visitor.
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Copper prices rise on disruptions in supply after Chile tragedy
Prices of copper rose on Monday, mainly due to supply concerns following a deadly mining accident in Chile, which is the world's largest producer. However, gains were limited by worries about the global economy. In open-outcry official trading, three-month copper at the London Metal Exchange rose 0.6% to $9.685 per metric ton, adding to Friday's modest gains. LME copper is up by a fifth from its low of over 16 months, reached in April. However, it has fallen back from an early July high of more that $10,000. U.S. Comex Copper Futures increased by 0.1% to $4.44 a lb. Last week, Chilean copper giant Codelco stopped mining at its El Teniente Mine after an earthquake and collapse killed six workers. The Mining Minister said on Sunday officials will determine when it is safe to resume operations at the mine which produced 356,000 tonnes of copper last year. Mitsubishi Materials announced on Monday it is considering reducing copper concentrate processing in its Onahama refinery and smelter. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. The U.S. employment data released on Friday were weaker than anticipated, indicating a rapid deterioration of the labour market. "It shows a trend of tariffs having an effect and we have probably only seen the tip." Hansen stated that this will cause the market to be defensive in the near future. The Shanghai Futures Exchange's most-traded copper contract gained 0.1%, to 78.330 yuan (10,915.70 dollars) per ton. Other metals include LME aluminium, which rose by 0.1% to $2.568 per ton in official activity, while zinc climbed 0.8% to 2.74, nickel grew 0.5% to $16.065, lead was unchanged at $1.972, and tin slipped 0.2% to $33,444. Click here to see the latest news in metals.
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Chemours DuPont Corteva settles New Jersey PFAS Claims for $875 Million
Chemours DuPont Corteva has agreed to pay $875 Million over 25 Years to the State of New Jersey in order to settle environmental claims, including pollution related to PFAS or "forever Chemicals", the companies announced on Monday. In 2023, over $11 billion was settled in lawsuits that accused major chemical companies for polluting U.S. water supplies with toxic PFAS chemicals. Experts predict new federal regulations as well as a growing public awareness about the extent of contamination will lead to more litigation and settlements. PFAS is a chemical class that's used in many products, including non-stick cookware. These substances are often referred to as "forever chemical" because they do not degrade easily in nature or the human body. They have been linked with cancer, hormonal dysfunction, and other diseases. The payments, which have a present value of about $500 million, before taxes, are not expected to begin earlier than January 1, 2020. Chemours is paying half the settlement, DuPont 35.5%, and Corteva the remainder, according to a joint statement. In 2023, three companies reached a settlement with the U.S. State of Ohio in the amount of $110 million for claims related to PFAS. In the same year, 3M paid $10.3 billion in settlements to hundreds of claims alleging that it contaminated public drinking water. Chemours DuPont Corteva also reached a similar agreement with U.S. Water providers for $1.19billion. The settlement announced Monday includes $16.5 million for alleged PFAS contamination that is not related to the operating sites of the companies.
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Russell: OPEC+ is lucky to bring back oil production amid uncertainty.
It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the 411,000 bpd increases for each of June, May, and July as well as 138,000 bpd of April, which kicked off the unwinding their voluntary cuts. OPEC+ remained steadfast in their recent claim that rolling back production cuts is justified by a robust global economy and low inventories of oil. This is debatable. Demand growth has not been impressive in Asia, the region that imports most. According to LSEG Oil Research, Asia's crude oil imports in July were 25.0 million bpd, down from 27,88 million bpd a month earlier and the lowest total monthly since July of last year. China's increase in crude oil purchases is likely due to lower prices when cargoes arriving in June and July were organized. China's stockpiles have also likely increased rapidly. While it does not disclose its inventories, after subtracting the refinery processing from the total of domestic production and imports, the surplus crude was 1,06 million bpd in the first half 2025. OPEC+ LUCK? It seems more likely that OPEC+ was fortunate to have increased output during a period of increasing risks on the crude oil markets, primarily due to geopolitical tensions. Brent crude futures reached a six-month peak of $81.40 per barrel on June 23, after a brief conflict in June between Israel and Iran, to which the United States later added. Brent has dropped to about $69.35 after some initial weakness in Asia. The point is that this conflict between Israel and Iran has stopped a downward trend in oil prices which had been present for most of the first half year. The recent rise in crude prices has also been boosted by the threat of sanctions from U.S. president Donald Trump against Russian oil buyers unless Moscow agreed to a ceasefire with Ukraine. It pays to be cautious about Trump's actions, as with all his other statements. It would be foolish to assume there will be no effect on crude supply even if the United States' eventual measures are not as drastic. India and China are the two largest buyers of Russian crude oil. India, with its millions of barrels exported of refined products, including many that are made from Russian oil, is the most exposed of these two. According to Kpler's data, India imported 2.1 millions bpd (billion barrels per day) of Russian oil in the month of June. This is only second highest monthly total after 2.15 million in May 2023. India bought about 40% of the crude oil it uses in recent months from Russia. If it switched to another supplier, this would cause a major impact on oil flow, at least initially. The Middle East, Africa, and Americas could compensate for the loss of Russian barrels by India, but it would result in a significant tightening of supplies and keep prices high. It remains to be determined whether Russia and its shadowy network of traders and shippers can once again circumvent sanctions. Even if they are able to do so, it will still take time to get Russian crude to buyers. For the moment, there is still a lot of uncertainty. OPEC+ member countries are using the insecurity to regain their production and regain market share. The question is how long can this play work? It's possible that even if Russian barrels leave the market in the second quarter, demand growth will disappoint as the impact Trump's trade conflict becomes more evident, reducing global trade and slowing economic growth. You like this column? Open Interest (ROI) is 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 writes for.
McEwen Mining will complete Argentina mine feasibility in two months, says executive
McEwen Mining is expecting to finish a feasibility study on its Los Azules Copper Mine in Argentina within two months. This will allow the Canadian miner the opportunity to obtain $600 million of financing to build infrastructure in the coming year.
Michael Meding (Vice President of McEwen Copper) said that McEwen Copper's copper division spent $300 million to begin the project, which will eventually cost $3 billion.
He said that the company aims to secure 20 percent of the total investment - the equivalent of 600 million dollars - as early as next year. Los Azules is one of eight major copper projects that hope to take advantage of projections for a soaring demand in the future. Argentina's copper reserves are mostly untapped and the country hasn't produced copper since the Bajo de la Alumbrera Mine, operated by Glencore at the time, closed in 2018.
Los Azules has plans to build roads, expand the camp on site, and install electricity lines in the next year. The mine construction will begin in 2027. Production is expected to start in late 2029, or early 2030.
Meding stated that the main challenge was to raise the funds needed so the project could move forward at the speed it desired. The project hopes that $277m of the investment qualifies for an incentive program, launched by President Javier Milei, called the Incentive Program for Large Investments (RIGI), meant to ignite a fuse for major investments. McEwen Mining owns 46.4% of Los Azules, followed by Stellantis Automotive and Rio Tinto Nuton's Leaching Technology Unit.
McEwen announced recently that it had produced cathodes in a laboratory. Meding described this as an "important test" of the mine's plan to produce exclusively cathodes. Meding stated that the mine would use heap leach technology to produce cathodes, which will require five-sixths of the water used in traditional flotation processes. Los Azules also plans to become carbon neutral by the year 2038 and will use renewable energy, mainly solar, provided by YPF Luz, a state-owned company in Argentina.
Meding pointed out that McEwen competed with other industries to secure funding, and not just mining.
He said, "We must convince big capital right now." (Reporting and Writing by Lucila SIGAL, Editing by Christian Plumb & Rod Nickel; Daina Beth SOLOMON)
(source: Reuters)