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Stocks on hold as traders wait for Powell's speech
The stock market was largely flat on Friday, as traders awaited the key speech by Federal Reserve Chairman Jerome Powell this weekend at the annual Jackson Hole Symposium that could shed some light on future monetary policy. Powell's previous speeches at this event have often moved the markets. This year's remarks will be closely scrutinized as his position is under heavy scrutiny from U.S. president Donald Trump. There are concerns that the Fed's autonomy could be threatened. Investors have reduced their bets that the Fed will cut rates at its September meeting due to a surge in U.S. Producer prices. This is down from 85% a week earlier. The Jackson Hole event also featured other Fed speakers who were lukewarm about the idea of a cut in September, despite recent signs that the U.S. labor market is weakening. Nabil Milali said that a cautious tone from Powell regarding the prospects of a September rate cut, deferring to future jobs and inflation data, could be enough to reduce market pricing down to a 50/50 call. Milali said that Powell could also decide to defend the Fed’s independence. He said that he believed the unofficial topic of this meeting was central banks' autonomy. MSCI's broadest global stock index was essentially flat for the day after European stocks rose in the morning before the speech. Wall Street futures are up between 0.1-0.2%. China's CSI 300 Index rose 2.1% after DeepSeek upgraded its flagship V3 AI Model and reported that Nvidia asked Foxconn suspend work on the H20 AI Chip, lending support for Chinese rivals. The dollar index (which measures the greenback versus six peers) edged up 0.1%, while the euro fell 0.1% to $1.15985, after an official revision showed that Germany's second-quarter economy contracted by 0.3%. Data from Japan showed that core consumer prices fell for the second consecutive month in July, but they remained above the central banks' 2% target. This has kept alive expectations of a rate increase in the near future. This did not help the yen much, as it was on track for a 1% drop for the week. BOJ Governor Kazuo Ueda is also scheduled to speak in Jackson Hole, Wyoming this weekend. Brent crude oil prices fell, Brent crude trading at $67.5 a barrel last, down 0.2% from Thursday's gains as Russia and Ukraine blamed one another for the stalled peace processes. Gold spot fell 0.2% to $3,330.9 an ounce.
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Copper prices rise on strong demand in advance of Powell's speech
The copper price rose for the third time in a row as China, the world's largest metals consumer, remained strong and investors hoped that a speech from U.S. Central Bank chief John Williams would indicate interest rate reductions. The benchmark three-month copper price on the London Metal Exchange rose 0.2% to $9,745 per metric ton. This is down from a high of $10,020.50 reached on July 2. It was its highest in more than three months. The Chinese demand for the metal remains healthy, according to Nitesh Sha, a commodity strategist with WisdomTree. Last month, U.S. president Donald Trump imposed tariffs of 50% on copper products. However, he excluded ores, concentrates, and cathodes. The Yangshan Copper Premium is a premium in China Since August 11,, which represents the demand for imported copper into China, is up 13% at $51 per ton. Investors await the speech of U.S. Federal Reserve chair Jerome Powell at the annual Jackson Hole Conference in Wyoming, due to start at 1400 GMT. Shah said that if there is any indication of a dovish tilt, it could be a very positive for copper prices because that would keep demand up. The dollar index was firmer on Friday, after some Fed officials were hesitant to cut rates next month. The dollar is stronger, and therefore the prices of commodities in U.S. dollars are higher for foreign buyers. LME aluminum also increased, adding 0.15%, to $2,589 per ton. Analysts at Guosen Futures on Friday said that the anticipation of a seasonal increase in demand next month could have helped to boost aluminium prices. Other metals include LME Zinc, which rose 0.8% to $2.787.50 per ton. Lead gained 0.6% at $1.981, Tin increased 0.1% at $33,465, while Nickel fell 0.1% at $14,920. (Reporting and editing by Jan Harvey; Additional reporting in Beijing by Amy Lv; Reporting by Eric Onstad)
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Dollar firms as gold falls, but Powell's Jackson Hole remarks are in the spotlight
The dollar's strength caused gold to fall on Friday. Markets are awaiting Jerome Powell's address at the annual Jackson Hole Symposium for further insight into the Fed's monetary policies. By 0817 GMT spot gold had fallen 0.4% to $3,326.35, while U.S. Gold Futures for December Delivery were down 0.4% to $3,368.80. UBS analyst Giovanni Staunovo stated that the moderately stronger U.S. dollar was playing a significant role in the current gold pullback. Gold becomes more expensive to overseas buyers when the dollar is stronger. Investors reduced their expectations of a Fed rate reduction in September, causing the dollar index to rise to a two-week high. According to CME's FedWatch, futures markets now indicate that there is a 71% probability of a rate cut by a quarter point next month. This is down from over 90% a week ago. In a low-interest rate environment, non-yielding gold tends to perform well. Fed officials appeared to be lukewarm on the idea of a cut in rates next month, as investors prepared for Powell's Friday 1400 GMT speech. Staunovo stated that their comments indicate the next U.S. Central Bank meeting will be "intense, with some favoring large cuts while others (favor) no movement at all". Fed policymakers face a challenge because, despite signs of a weakening labour market, inflation is still above the central banks' 2% target. It could even go higher as a result of the Trump administrations aggressive tariff increases. Recent data on the US labour market showed that unemployment claims in the United States rose by nearly three months last week, and the week before they reached a four-year high. Silver spot was down 0.4% to $38.03 an ounce. Platinum fell 0.6% to 1,343.80 and palladium increased 0.2% to 1,112.85. (Reporting Ishaan Arora in Bengaluru; Editing by Jan Harvey)
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China tightens its grip on rare earth supply quotas
China, which is the dominant supplier of rare earths in the world, announced on Friday new measures to regulate mining, smelting, and separation of these critical minerals that are key to the energy transition. This will further tighten its grip on supply. Beijing regulates, manages and controls rare earth mining and smelting via a quota-based system. In a recent statement, the Ministry of Industry and Information Technology announced that these new rules would include imported raw materials within that system. The process of public consultation began in February. Analysts said that the inclusion of imported iron ore indicates a tightening in supply. Companies were concerned that they might lose their access to feedstock. Rare earths is a grouping of 17 elements that are used in products ranging from magnets in wind turbines, electric vehicles and consumer electronics to lasers in military equipment. In April, in response to the U.S. tariff increases, China added several rare earth products and magnets on its export restriction list. The first 2025 mining and smelting license was quietly released Quotes Without making its usual public statements, reported last year, citing sources. Reporting by Beijing Newsroom and Lewis Jackson, Editing by Muralikumar Aantharaman and Kate Mayberry
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India improves weather forecasting as part of its renewable energy push
A senior government official stated on Friday that India is improving its weather forecasting system to meet the increasing demands of the renewable energy sector. The country has found that traditional forecasts, such as those for the state or region, are no longer adequate. At a BloombergNEF Summit, Ghanshyam Prasad, Chair of the Central Electricity Authority, said that "you need a very, granular forecast". He added that it was critical to be able to track cloud movement at specific locations. He said that India's current forecast resolution, which is the precision of weather prediction over small time intervals, or areas, does not match the 15-minute cycles of the grid where weather conditions can change rapidly. He said the goal was to reduce the distance between resolutions to as little as possible. The government is working on long-term tools to help planners project weather trends for multi-year time frames. Prasad stated that "nobody in the world has such a high level of visibility for forecasting weather on that kind horizon." We are working on a long-range prediction tool that can provide us with at least some forecasts. The power sector in India is expected to be more stable as it increases its reliance on solar and wind energy. Prasad stated that "until we can do this, we probably won't be able sustain the sector as a whole." The Ministry of New and Renewable Energy told the media earlier this week that New Delhi had curtailed its solar and coal output during low demand periods to maintain its power grid and reduce congestion on power lines, as green energy supply increases. India has added a record of 22 GW in solar and wind power capacity during the first half 2025. It plans to increase its non-fossil energy capacity to 500 GW before 2030. In addition to its reforms the CEA has also shifted from a 5-year cycle of energy planning to an annual model. The official stated, "That is a challenge we have taken. If I do it each year, I will be better able to forecast the weather."
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India's top Court revises its stray dog policies after public outcry
After a flurry of protests by animal lovers, the Indian Supreme Court changed its order regarding stray dogs. It now directs that they be released from the streets around Delhi after being sterilised and immunised. This was a little earlier The court ordered that all stray animals in Delhi and its surrounding suburbs should be relocated to shelters due to an increase in cases of dog bites and rabies. The ruling was criticized by critics who said that it couldn't be implemented due to the lack of shelters. Animal lovers protested against the court order. Animal rights activists petitioned the court online to reverse its decision. Politicians and celebrities also criticised the court's ruling. India's opposition Rahul Gandhi said it was a "step away from decades of science-based, humane policy". The court ruled on Friday that all dogs seized in Delhi and its surrounding suburbs in the last few weeks would be sterilised and immunised, except for those exhibiting aggressive behavior or showing signs of rabies. Maneka Gandhi, a former federal minister and animal activist, told ANI that she approved of the "scientific" decision to relocate dogs back into their original area. She said that the court hasn't clarified exactly what an "aggressive dog" is, and it remains a gray area. In April, the government reported that nearly 430,000 dog bite cases were reported in January across the country, compared to 3.7 million in 2024. Mars Petcare conducted a survey on homeless pets in India and found that there are 52.5 million dogs. 8 million of these canines live in shelters. Delhi is reported to have 1 million stray animals. Could not independently verify this figure. The court ordered the establishment of designated zones to curb the feeding of dogs by the public. Three judges of the court have said that the case will be expanded to all of India, and the court will formulate a uniform policy soon for all stray animals. PETA India, an animal rights organization, said that it was grateful for the decision of the three-judge panel. It urged people to adopt dogs, and support efforts in sterilisation. (Reporting and editing by Tanvi mehta, Clarence Fernandez, Raju Gopalakrishnan and Sudiptoganguly)
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Gold Fields increases dividends as profits triple on record bullion price
Gold Fields, a South African mining company, increased its interim dividend to shareholders on Friday. The first-half profit had more than tripled compared to a year ago. This was largely due to record bullion price and an increase in production. Gold Fields reported that it realized an average gold price $3,281 per ounce during the first half 2025. This is up 40% over the same period in 2018. In the first half, gold production at Johannesburg's mines rose by 24% to 1,136 million ounces. The company's full-year 2025 production forecast was between 2.25 and 2.45 millions of ounces. The production at Salares Norte, in Chile, South Deep, in South Africa and Gruyere, in Australia has improved due to operational improvements. Gold Fields CEO Mike Fraser said that the ramp-up of the new Salares Norte mining project progressed very well this winter, after being hampered last year by extreme weather. Fraser stated that the team had operated safely and efficiently through the winter. Gold Fields reported that Salares Norte will reach commercial production levels in the third quarter this year. The mine will produce between 325,000 and 375,000 ounces of gold in 2025. Gold Fields said that Salares Norte's first year of full-scale production will be in 2026. The mine is expected produce between 550,000 and 580,000 ounces. Gold Fields' headline earnings increased to $1.027 Billion in the six-month period ending June 30 compared to $320.7 M in the same time last year. The company announced an interim dividend per share of 7 rand ($0.3948), up from the 3 rand per shares in the first half 2024.
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China imports US rare earth ore at a record high in July
It is likely that the sharp increase in China's imports from the United States of rare earth ore in July was the result of the last customs accounting for shipments made by U.S.-based MP Materials. The General Administration of Customs released data on Wednesday showing that imports of U.S. rare earth ore rose to 4,719 tons in July, after dropping to zero in June. This sparked speculation in the market about the origin of the shipments. Shenghe Resources, a minority shareholder of MP Materials and the owner of the U.S.'s only rare earth mine, has been processing ore in China since long. In April, MP announced that it had halted shipping critical minerals to China due to the dispute between the U.S. On Thursday, MP said that its final exports had been sent during the second quarter. "Shipments over water, storage and other factors may contribute to reporting delays." The increase coincided with the recovery of China's rare earth magnet exports, which are vital for electric vehicles, windmills and defence industries. Customs data revealed that China's exports of rare earth magnets to the U.S. increased by 75.5% compared to the previous month, to 619 tonnes, which is 4.8% more than in the same month 2024.
Aluminium prices continue to rise on the back of China's stronger demand
Aluminum prices rose for a second consecutive session on Friday, driven by the prospect of improved demand in China, which is the world's largest consumer. Investors remained focused on Jerome Powell, chairman of the U.S. Federal Reserve, who will speak later that day, for a policy outlook.
The Shanghai Futures Exchange's most traded aluminium contract increased 0.07%, to 20,650 Yuan ($2,876.08) a metric ton.
Earlier in the session, the contract reached the highest level since August 15, at 20,730 Yuan per ton.
The benchmark three-month aluminum on the London Metal Exchange increased 0.15%, to $2,589 per ton. It had previously reached its highest level since August 18, at $2,595 per ton.
Analysts at Guosen Futures stated on Friday that the anticipation of demand seasonal picking up in January may have led to a rise in aluminium prices. In the first half of the week, the efforts to end the conflict in Ukraine had led to expectations that Russian supply would increase, which weighed down on aluminium.
A peace agreement between Ukraine and Russia has remained elusive.
ANZ analysts stated in a report that the aluminium market will tighten up in 2026 as supply growth slows down.
The current production of aluminium in China has reached the maximum permissible capacity, and there is little room for growth.
Base metals traded in a narrow band as investors waited for clues on U.S. monetary policies from the annual Fed symposium in Jackson Hole, and Powell's Friday speech.
LME copper fell 0.13%. Nickel grew 0.07%. Lead grew 0.23%. Tin climbed 0.16%. Zinc advanced 0.45%.
The SHFE copper price rose by 0.11%. Lead edged up by 0.12%, while nickel dropped 0.51%. Tin fell 0.64%. Zinc fell 0.07%. $1 = 7.1799 Chinese Yuan (Reporting and editing by Amy Lv, Lewis Jackson and Emelia Sithole Matarise).
(source: Reuters)