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Sevastopol in Crimea cuts off power after Ukrainian attack
Local authorities said that Sevastopol - one of the largest cities in Russian controlled Crimea - is limiting its power supply after overnight Ukrainian attacks. Crimea has already imposed restrictions on the use of gasoline due to fuel shortages resulting from Ukrainian strikes against oil refineries and logistic infrastructure. Mikhail Razvozhayev is the?governor? of Sevastopol who was installed in Moscow. He said that electricity will be?supplied for two hours followed by six-hour outages?. "I know how difficult it is. That's why we are doing everything possible to stabilize the situation. He said that a team of specialists was working on reconfiguring the system to deploy all reserves. We want to reduce the number of outages and switchovers by this evening. He also encouraged households to avoid using high-power appliances to prevent overloading the system. The Ukrainians have been attacking the Russian energy and logistic infrastructure, disrupting fuel supplies. Many of these strikes are aimed at?Crimea to undermine Russia's dominance over the?peninsula. Russia annexed Crimea from Ukraine in 2014, despite the fact that most countries don't recognise Moscow as having authority over this region. Reporting by Mark Potter Mark Potter (Editing by Mark Potter).
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Can US Senator Lindsey Graham’s Ukraine initiatives survive his absence?
The sudden death of U.S. Senator Lindsey Graham asks an important and timely question: Will the recent shift in President Donald Trump's administration's favor to Kyiv continue without a close ally? Answer will have a major impact on 'two main issues: legislation to sanction Russia which Graham has pushed for over a year and military aid for Ukraine. Both the momentum and the pressure have shifted in favor of Ukraine as Kyiv has faced intensified Russian attacks, while also being under intense international pressure to put an end to the almost 4-1/2 year-old conflict. Graham and the other senators who support the sanctions bill announced Friday that they have reached an agreement with Trump to move forward on the "Sanctioning Russia Act," a bill which has been held up due to Trump's resistance despite it being co-sponsored 85 out of 100 senators. Trump said himself last week that he will grant Kyiv the license to manufacture interceptors for Patriot's defensive missile system. However, Zelenskiy’s government claims it urgently needs defensive munitions. Graham, 71 years old, died Saturday night, just a day after he made his tenth trip to Ukraine, since Russia invaded the country in full force on February 20, 2022. During this trip, Graham announced that he had reached an agreement with the White House on how to move forward on a bill to sanction Russia. Linking KYIV and TRUMP The South Carolina Senator had been?lobbying for years for military aid for Ukraine, and served as a liaison between Kyiv with the Trump administration. He helped to arrange a crucial minerals agreement between the United States of America and Kyiv last year. He convinced Trump?to support a plan that would give the United States preferential entry to new Ukrainian mineral projects in exchange for investments. Matthew Murray, an ex-Commerce Department official who now teaches at Georgetown and Columbia Universities, said that he was able to influence President Trump's position on Ukraine. Murray said that the senator's work will be self-sustaining. Zelenskiy expressed his "deep sadness" at Graham's death. "We were in constant communication, and I'll miss our conversations." "We met twice just in the last week," he said in a press release. Analysts say Graham's record on Ukraine is mixed, and that Trump's sometimes strained relationship with Zelenskiy and his "America First' foreign policy, as well as the expensive war with Iran, which consumes U.S. resource and puts pressure on allowing Russian oil shipments to moderate energy prices, are complicating matters. "It is a huge loss for Ukraine." "I don't believe anyone should be under any illusions," said Scott Anderson, of the Brookings Institution. He noted that Graham was a major influence behind the scenes on Trump by the more internationalist side of the Republican Party. Graham, however, was unable convince Trump to allow the vote on the bill. The last major Ukraine assistance legislation passed both by the House and Senate was $61 billion back in April 2024. Since Trump's second term began in January 2025, many Republicans have become less supportive of Kyiv. 'THE PRESIDENT'S EAR' Without Graham, an ex-Trump critic who has become a close friend and frequent golf partner of the president, it could be harder to pass a bill on sanctions or security assistance. In January, several other pro Ukraine lawmakers will also be leaving Congress, including former Republican Senate Leader Mitch McConnell. Charles Lichfield is the Deputy Director of the Atlantic Council GeoEconomics Center. Trump has criticized Zelenskiy harshly and repeatedly pressed his government to accept a deal which could involve painful concessions. He criticized the Ukrainian leader at the Oval Office in early last year for not being grateful enough for U.S. support. Trump's tone has become more accommodative in recent months. Zelenskiy stated that after the NATO summit in this month, Ukraine and the U.S. reached a political accord on the production of Patriot interceptors. He also said that both sides are talking about a joint drone production. Trump will allow a vote to be taken on the bill that targets countries who buy Russian gas, oil and uranium. Some suggested that the bill should be named after Graham. In a press release, Senator Jeanne Shaheen, top Democrat of the Foreign Relations Committee, and a co-sponsor of the bill, stated that there could be no better tribute to Lindsey. The Senate has yet to announce a date for the vote. However, John Thune, South Dakota's Republican majority leader on CNN, stated that Graham would leave behind an "incredible" legacy if it were passed. (Reporting and editing by Cynthia Osterman; Patricia Zengerle)
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Copper reaches three-week high due to China's tightening and supply concerns over Iran attacks
On Tuesday, copper 'prices' rose to their highest level in three weeks due to signs of a firmer China demand and shortages. The benchmark three-month copper price on the London Metal Exchange rose 0.4% by 0930 GMT to $13,601 per metric ton, its highest level since June 23. Ewa Mnthey, commodities analyst at ING, said that copper is being supported by a combination of strong Chinese data and tighter physical market conditions. Exports from the top metals consumer, China, surged in June. This was their best performance for four months. The Shanghai Futures Exchange's most traded copper contract rose by 1.1%, to 104 390 yuan a tonne. Manthey said that "rising Chinese premiums, and declining exchange inventories" suggest that spot availability has become more restricted. The premium paid to purchase copper on the spot market over SHFE prices The price of a ton of coal rose to 215 Yuan, up from zero at end-June and the highest level since late February. The dollar index fell, which also helped metals prices. Buyers of other currencies can now buy commodities that are priced in the U.S. dollar at a lower price. The escalation of the Iran conflict has also rekindled concern over sulphur supplies?from Gulf. This is a major risk to copper and nickel supply chains. Copper leaching is done with sulphuric acid. Five hours of U.S. strikes on Iran were followed by an attack on a U.S. base in Jordan, which was hit by Iranian missiles. The oil price rose to its highest level in four weeks. LME aluminium rose 0.2% to $3.177 per?ton. Nickel was unchanged at $16,765, while?zinc gained 0.5% to $4,582 and?tin increased 1.8% to $53,525. After arrivals at Singapore warehouses, LME inventories increased by 80,700 tonnes or 28%.
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Israeli strikes in Gaza kill two people, including a child of 10 years, say medics
Gazan officials reported that an Israeli attack and gunfire on Tuesday killed at least two Palestinians, including a boy of 10 years old, in the Gaza Strip. According to Gazan health officials, the deaths bring the total to more than 1,100 Palestinians killed by Israelis since an October ceasefire was signed between Israel and Hamas. The ceasefire has stopped major violence but not sporadic violence. In the same time period, militants have killed four Israeli soldiers in Gaza. Muataz Abu Shaar, 10 years old, was shot by Israeli gunfire earlier in the day on Tuesday, according to medics. This happened in Rafah (South Gaza). He was declared dead at the hospital. A nearby airstrike in Khan Younis killed a man, 36, and injured three others, according to medics. The 'Israeli military didn't?immediately? comment on either incident. Hamas leaders are in Cairo to continue discussions on the implementation of phase two of U.S. president Donald Trump's Gaza Peace Plan. According to sources who are close to the talks, there is a discussion about Hamas disarmament, and Israeli army withdraws. However, they added that a breakthrough has not yet occurred. Hamas claims Israel's violation of the 'ceasefire' is a major obstacle to the implementation of the second phase?of Trump's plan. Hamas controls a small strip of land on the coast where nearly all Gaza's two million residents, many of whom have already been displaced multiple times, live. They mostly live in tents and damaged buildings. According to Israeli statistics, Hamas-led fighters reportedly killed 1,200 people during their attack on Israel's border on October 7, 2023. Gaza's health ministry reported that more than 73,000 Palestinians had been killed on the territory since 2010.
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Markets await US inflation data as gold bounces back from a two-week low
Gold rose?on Tuesday, after a 'two-week low. The focus was on the U.S. Consumer Price Index and Federal Reserve Chairman Kevin Warsh’s testimony to get a sense of monetary policy. Gold spot rose 0.5%, to $4,019.50 an ounce, by 0821 GMT after dropping to its lowest levels since July 1, earlier in the session. U.S. Gold Futures for August delivery. Gained 0.5% to $4.026.20. The recent rally of the U.S. dollar has paused, which is supporting gold prices today. Ricardo Evangelista, ActivTrades' analyst, said that the recent dollar rally has slowed. Dollar-priced gold is now cheaper for holders of currencies other than the U.S. Investors are awaiting the U.S. CPI June data and Fed Chairman Kevin Warsh's semi-annual congressional testimony. Both of these events will be delivered later that day. "A 'CPI reading over the'region of 3.8% can reinforce expectations of a hawkish Federal Reserve, and create a downward pressure on gold prices," Evangelista stated. The Fed's decision to raise rates is a result of the rising oil prices. Gold, which does not yield any interest, has become less attractive. The price of spot gold dropped by nearly 3% during the previous session, the biggest percentage decline in over a month. This was due to renewed hostilities in the Middle East between Iran and the United States, which drove up energy prices. Oil prices rose to the highest level in four weeks as the U.S. reimposed its "naval blockade" of Iran and the attacks on the Strait of Hormuz fueled uncertainty about energy flow. Fed Governor Christopher Waller stated on Monday that the U.S. central bank may have to increase interest rates "in a short time" if the coming data shows inflation continues well above the 2% goal. CME FedWatch Tool data revealed that traders are now pricing in a '75%' chance of a September rate hike. Silver spot rose 0.6%, to $58.00 an ounce. Palladium rose 1.5%, to $1,265.79. Platinum fell 0.2% to $1 601.51. (Reporting by Sukanya Mitra in Bengaluru; Editing by Louise Heavens)
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Oil prices rise after Trump's Hormuz levies threat
After yo-yoing between gains and losses, stocks moved back to negative territory as oil reached a?one-month-high on Tuesday following President Donald Trump's announcement that?the?U.S. The United States is re-imposing its blockade of Iranian ships and will collect a 20% charge on Strait of Hormuz freight traffic. Brent crude futures rose over $3.00, to $86.36 per barrel. This is its highest level since the middle of June. Investors were frightened by the escalating tensions between the U.S. and Iran. They analyzed quarterly earnings of companies like oil giant BP or telecom equipment maker Ericsson in order to assess how this conflict will affect corporate health. Travel and leisure, which had been down 2.4% at the time of writing, was responsible for the 0.7% drop in STOXX 600. MSCI's world share index edged in the negative after a volatile Asian trading session. Europe opened lower. The markets were also shaken by the hawkish remarks made on Monday by Federal Reserve Governor Christopher Waller. He said that the U.S. Central Bank may have to raise interest rates in the near future if inflation continues well above its 2% target. The markets enter Tuesday at a critical inflection point, as investors weigh three competing forces: the beginning of the second quarter earnings season and the June U.S. Inflation data," said Bruno Schneller, managing director at Erlen Capital Management in Zurich. He added that "these events will likely determine whether or not the recent rally becomes more selective." The CPI data for the United States will be released later Tuesday. This will be followed by remarks from Fed chair Kevin Warsh who will present to Congress the semi-annual report of monetary policy. This data will influence expectations for the Fed’s next meeting, which takes place on July 28-29. The markets currently expect a rate hike of 25 basis points to be around 40%. The yield on the rate-sensitive U.S. 2 year?Treasury was at 4.29% last, its highest level since February and an increase of 2 basis points for the day. The yield for the U.S. 10 year Treasury increased by 2 basis points to 4.63%. BOOMER TRADE Chinese stocks surged earlier in trading after export and import data released on Tuesday exceeded economists' expectations. They closed 2.15 percent higher. South Korean stocks?rose by 0.7%. Taiwanese stocks fell by 1.42%. In a research note, ING analysts stated that "China's imports and exports have surged to their highest levels since 2021 when the pandemic-affected growth was skewed," as the tech boom supported growth on both sides. Overnight, Wall Street stocks fell. The S&P closed 0.8% lower, and the Nasdaq Composite dropped 1.6%. S&P futures were 0.1% lower during early European trading, while Nasdaq's futures remained 0.3% higher. The U.S. Dollar Index, which measures a basket against six currencies to determine the strength of the "greenback", slipped 0.1% to 101.16. It was trading at its highest levels for the month. Gold rose 0.5% to $4,020.34. The Nikkei closed 0.7% higher in Tokyo after Finance Minister Satsukikatayama stated that Japan could consider changing the strategy of its Government Pension Investment Fund, if the investment climate changed dramatically. Katayama did not provide any further details. Bitcoin rose 0.6%, to $62,504.79. (Reporting and editing by Kevin Buckland, Stephen Coates and Gregor Stuart Hunter)
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Joachim Klement: Why NATO should ask Ukraine for assistance
Western governments are re-arming, but may be spending billions on the wrong arsenals. Drones and algorithms are just as important as tanks and missiles. Ukraine could be in a good position to show what the West needs today. Last week, at the NATO summit held in Ankara (Turkey),?U.S. The President Donald Trump, Secretary of State Marco Rubio, and others noted that Ukraine was able to use drone technology to strike Russian energy infrastructure. They called this an "escalation," which they believed could lead to the resolution of the conflict. The European Union is looking to rearm itself, due to the amount of traditional weapons it has sent to Ukraine, and because Trump wants NATO members to invest more in their own defense. They could turn to Ukrainian companies and experts who have designed drones that have helped Kyiv to survive the years-long onslaught. According to the Ukraine Tracker of the Kiel Institute for the World Economy's Ukraine Support Tracker, European nations sent military aid to Ukraine totaling EUR213 billion (USD242.6 billion). The U.S. military assistance to Kyiv has totaled EUR115 billion by the end of 2026. The majority of these sums do not represent cash expenditures but rather the value of inventory of "old paradigm" weapons systems such as artillery, tank and missiles that were shipped to Ukraine. The European governments are now faced with a strategic decision: either they replenish these stocks, or rethink their next purchases. What to buy? The U.S. and Israeli war with Iran and the war in Ukraine have shown that drones, electronic war, and AI are likely to be the future of warfare. Traditional weaponry will be needed in the short term. Ukraine requested a license for the manufacture of U.S. Patriot interceptor missiles because they are still the best defense against Russia's missiles. Western powers must adapt if war becomes cheaper, smaller and more agile. Use of a Patriot interceptor is a sensible way to stop a ballistic rocket. It makes no sense to use either a Patriot missile (costing about $4 million) or a THAAD, with a price of between $12 and $15 million, to take out an Iranian or Russian Shahed, which costs anywhere from $20,000 to $50,000. However, many European militaries are still stuck in an old mindset. Kiel Institute warned recently that the total amount spent on procurement in 2024-2025 for new-paradigm weaponry like drones would be?only 12%. Poland, which is one of the European Union countries most vulnerable to future Russian aggressions, has increased its focus on cutting-edge technology. Germany and Britain, however, have seen their share fall over time. 'DRONE DEAL' Ukraine is a better option than ordering expensive fighter jets and missile systems. It has experience in 21st century battlefield conditions. Ukraine, which has the largest drone industry and most advanced drones, is the world's leading manufacturer of military drones. Its technology has been proven on the battlefield. Ukraine did not have any significant manufacturing facilities for drones, or first-person-view (FPV), which are tiny, inexpensive cameras-equipped drones that can be controlled through a screen or headset. By the 2025 NATO Summit, Volodymyr Zelenskiy claimed that Ukraine was capable of producing 8 million drones a year. Ukraine offers more and more "drone deals", or drones, to its allies. Kyiv offers support and expertise for the development of drones and radar systems, as well as other electronic devices in exchange with conventional arms or investments into Ukrainian defence manufacturing. The country recently stated that it hopes to reach such agreements with seven NATO countries by the year's end. European countries are advancing, especially smaller ones that do not have a military-industrial complex. Denmark was one of the first countries to sign a drone deal with Ukraine, and Copenhagen-headquartered MITS Industries will be offering "drones-as-a-service" to Western countries, meaning providing engineering assistance and data. As part of the drone deal, Ukraine and Latvia announced that they would invest in a drone factory located on Latvian soil. Saab, the French drone manufacturer Parrot and Ukrainian companies are working together to develop know-how they can use to compete with established players such as Thales and Leonardo. Established?defence companies are developing more and more new-paradigm weapon systems. However, they could lag behind the upstarts who have specialist knowledge, and be hindered by their size, bureaucracy, and longer lead times. These large, legacy defence contractors risk being overtaken by more agile competitors in certain specialized areas if they don't adapt quickly. NEW PRIORITIES After a multi-month conflict, the U.S. must also rearm. The Center for Strategic & International Studies estimates that the United States has spent between 25 to 51 months replenishing its stock of advanced weapons, such as the Patriot and THAAD systems of air defence. The U.S. is not only restocking these systems but also re-examining their military strategy, taking a cue from Ukraine. The Department of Defense announced on July 1 that it would consolidate all Unmanned and Autonomous Systems. This is because the U.S. wants to "rapidly" accelerate the development, acquisition, and deployment of autonomous capabilities. It would be wise for large defence contractors around the world to take note and ensure that they are in contact with Kyiv. One of the greatest risks that they face is complacency in a battlefield that is rapidly changing. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. 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China's aluminium exports in June hit a record high
China's exports of unwrought aluminum and products?reached a new record in June, according to data from the official customs released on Tuesday, as?war?disruption?to supplies and shipments from the Gulf region?continued. The data revealed that export volume rose above 700,000 metric tons for the very first time in June. Shipments increased 12.5% from the 632,000 tons in May, and 45.4% over 489,000 tons from a year earlier. Exports of unwrought aluminum and products rose by 16.3% in the first half of 2026 compared to a year ago, reaching 3.4 millions tons. The June shipments are a continuation of the previous acceleration that occurred after the Iran War?disrupted the aluminium production in the Gulf and the shipments through the Strait of Hormuz, which represented about 9% of the global supply. Aluminium prices on the London Metal Exchange reached a four-year peak of $3,724 per ton early in June due to concerns over the supply coming from the Gulf region. However, the price fell almost 16% by the end of the month as tensions eased and hopes for a peace deal between Washington and Iran were realized. China's exports, which are used for power transmission and distribution, of aluminium stranded cable also increased due to the price rise caused by the Iran war and tax benefits over exports. The traders expect that the export volumes of aluminium stranded wire will have peaked by June, and then slow down as the tax arbitrage window closes. (Reporting and editing by Thomas Derpinghaus, Lincoln Feast and Lewis Jackson.
Copper prices rise amid fears of disruptions in supply from Hormuz
The latest escalation of the Middle East conflict prompted a rise in copper?prices on Tuesday.
The benchmark three-month copper price?on London Metal Exchange? climbed 0.2% by 0700 GMT to $13,568.5 per?metric?ton. The Shanghai Futures Exchange's most traded copper contract rose by 1.06%, to 104 390 yuan a ton.
Donald Trump, the President of the United States and Iran, have both announced blockades of Strait of Hormuz. The U.S. renewed its attacks on Iran and?tankers were attacked in this vital waterway.
Everbright Futures, a Chinese broker, said that the escalation was a "double edged sword" as fears about supply support prices, but growth risks harm demand.
Brokers said that sulphur shortages could squeeze supply chains, in particular.
Sulphuric acid is a major?risk to copper and nickel supply chains.
Copper leaching is a process used to extract metal from ore. A tighter supply of sulphuric acids could increase costs, even though the demand for copper has been weakened.
The oil prices rose to their highest levels in four weeks, but they remained below the peak reached at the heights of the conflict.
Analysts at Sucden Financial say that higher energy prices support metals like aluminium and Nickel, which are energy-intensive.
Aluminium?increased by 0.62% on the LME while it increased by 1.35% on the SHFE.
Nickel, which also is?vulnerable? to sulphuric acids prices, rose 0.17% at the LME, and 0.66% at the SHFE.
The renewed hostilities between Iran and the United States have reignited fears that rising energy costs and input costs will force policymakers to increase interest rates in order to control inflation. This would dampen demand for copper, an industrial metal which is dependent on economic growth.
Zinc, among other LME metals rose by 0.36%. Lead also climbed by 0.37%. Tin jumped by 2.23%. Zinc was down 0.04% on the SHFE. Lead lost 0.63%, and tin rose 1.17%. (Reporting and editing by Rashmi aich, Subhranshu Sahu and Solomon Cefai)
(source: Reuters)