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Budapest dims historical landmarks during heatwave to save energy
Hungary turned off the decorative lighting in Budapest's Parliament?building, Buda Castle, and Chain Bridge during a heatwave to save energy. This disappointed some tourists, but was welcomed by locals --?and mayflies. In the neighbouring country of Romania, city halls, factories and churches dimmed lights, stopped production and rationed electricity to try and keep running the only nuclear reactor in operation. The heatwave that lasted for weeks and the record low water levels in the Danube prompted Hungary to shut down its only nuclear plant which relies on river water to cool, pushing the power supply to the limit. Temperatures were well above normal for August on Thursday. Silke Schneiders, German tourist, said: "I am very disappointed. I only come to Budapest once in my life. I climbed the hill yesterday to wait for the building to light up." "I went on a night river cruise, and the lights were all pitch black. Many Hungarians, however, said that it was a good decision because they had to reduce their power consumption in response to a government call to relieve pressure on the grid. Benjamin Thomas Tucker, a tourist, said: "It's a bummer, but I appreciate what I have and am grateful for it." Bucharest, Romania's capital, dimmed the street lights by a third Wednesday evening. It also turned off the lighting in museums and landmark buildings at night to conserve power. Similar measures are being implemented in other cities. The climate crisis has been a problem for many decades. It seems that we have reached this point because of poor decisions. The darkness would be beneficial to the mayflies of Budapest, a protected specie that swarms in large numbers during the summer months, according to?Gyorgy Krska, an associate professor at Eotvos Lorand University. Light pollution is harmful to mayflies, as they are attracted to lamps and lights on the riverbank. "Turning off the light is the best thing to do," Kriska said. Mayflies are a species of flies that emerge from water and reproduce in an incredibly fast pace. They can die within a matter of hours.
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Copper jumps six months high on tight supplies and supply concerns
On Thursday, copper prices reached their highest level in six months as concerns over tightening supplies outside of the United States coincided with the reduced supply of concentrates from 'Democratic Republic of Congo. Benchmark three-month Copper on the London Metal Exchange reached $14,275.50 per metric ton at 1005 GMT, up 1.2% from $14,369.5. This was the highest price since January 29, 2014, when it hit $14,527.5. Congo has banned the export of cobalt and copper concentrates as part of its efforts to "force domestic processing" and retain more value in their mineral resources. This development increased concerns about supply, and added to the uncertainty of possible U.S. tariffs. It kept COMEX Copper above the LME benchmark, and attracted?metal to U.S. storage facilities. COMEX copper contracts hit a new record of $6.723/lb and traded at a premium to the LME contracts on Thursday as the market priced in the possibility of a U.S. tariff decision. The COMEX contract for September was the most active, with a 1.3% increase at $6.817/lb ($15.029 per ton). The premium on LME Cash Copper over the 3-month contract The spread widened to $130 per ton, which is the highest since October. This indicates tightening supply conditions in the near term. Total copper stocks registered at the LME are now 226,650 tonnes, the lowest level since mid-February. StoneX estimates that at least 1.2 million tons of 'copper' have entered the U.S. from February 2025. This leaves about 64% global visible inventories within the country. Nickel was down 2.2% on the LME at $16,735 per tonne, after hitting its lowest level since July 13, at $16,565 following a report by Chinese market information hub SMM that one of Indonesia's miners received an additional quota to produce nickel ore. LME aluminium increased by 0.4% to $3.253.50. Zinc rose 1.7% to $4,790. Lead gained 0.5% at $1,894.50. Tin edged up by 0.1% to $56,515. (Reporting and editing by Kirsty Donovan; Additional reporting by Dylan Duan)
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Gold stirs at MORNING BID AMERICAS
What's important in the U.S. and international markets today by Mike Dolan Editor-at-Large of?Finance and Markets The markets remained in a holding pattern over the weekend as all eyes were on the July U.S. Employment Report and the latest agreement to end the Iran conflict. Below, I'll go into more detail. Check out my column about why the absence of full G7 firepower during the joint U.S. and Japanese currency intervention is important. Listen to the Morning Bid podcast where we talk about the latest Iran deal, and gold's largest one-day gain since six months. Subscribe to the Morning Bid daily podcast and hear our journalists discuss all of the latest news in finance and markets seven days a weeks. Brent crude fell below $80 a barrel as Iran hinted at a possible imminent plan with Oman. This potential deal would allow Tehran to maintain?control of the inbound traffic into the Strait of Hormuz. Washington's acceptance of that deal is not certain. The Nasdaq, which is a tech-heavy market, pulled back on Wednesday. It was stalled by the post-earnings stock prices of SpaceX, AMD, and Western Digital, two high-flying companies. The Dow Jones, on the other hand, reached a new high. Asian stocks took their cues from the tech sell-off stateside. South Korea's KOSPI fell more than 4%, and Japan's Nikkei almost 1%. Wall Street futures had a mixed start before the bell. Gold had its best day since'six months' on Wednesday. It reached its highest level in seven weeks. Gold is still nearly 20% lower than when the Iran War began in late February. The July U.S. payroll update is due tomorrow. ADP reported yesterday that private sector job gains in July were below expectations. The lower oil prices have helped to ease the pressure on the rate market and Treasuries. The markets also take into account what Fed members say ahead of the next meeting. Overnight, Lisa Cook, the board governor of the Federal Reserve said that she would be willing to raise interest rates if inflation did not fall soon. Mary Daly, a San Francisco resident, said she was comfortable with the Fed’s current stance while it awaits further data. Chart of the Day Gold, which had been languishing in the doldrums since the Iran War, enjoyed its best day in six months on Tuesday, reaching its highest level in about seven weeks. Gold is benefiting from the belief that the sharp decline in oil prices on the latest hope for an Iran agreement will relieve the Fed of the pressure to raise rates by the end of the year. As always, the gold market is a complex place. Not least, the fluctuation of central bank gold holdings and the diversification it provides to investment portfolios. Watch today's events * ?U.S. Weekly jobless claims (8.30 am EDT), Q2 labor costs and productivity (8.30 am EDT). * U.S. Corporate Earnings: Cloudflare ConocoPhillips Warner Bros? Want to receive Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed by the author are their own. These opinions do not represent those of News. News is bound by the Trust Principles to maintain integrity, independence and a lack of bias. (By Mike Dolan).
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Singapore's oil products stocks fall for the first time since June
Singapore's oil product stocks, Asia's "key fuel trading hub", registered their first weekly increase since June 24. This was due to a rise in the light distillate and residue fuels inventories that offset a decline in middle distillate stockpiles, according to government data. Enterprise Singapore's data shows that total onshore oil products stocks increased to 39.455 millions barrels from 37.952million barrels the previous week. RISE OF LIGHTS AND RESIDUAL FUELS The inventories of light distillate, which includes naphtha, gasoline and other fuels, rose for the second week in a row to 12.539 millions barrels during the week ending August 5. Residual fuel oil inventories also reached a new five-week record despite lower net imports. During the period, gasoline imports totaled about 263,000 metric tonnes (2.2million barrels), while exports reached around 533,000 tons. Indonesia led the way in terms of outbound gasoline volume, with about 255,000 metric tons. Malaysia was close behind at 148,000 metric tons. Malaysia, with nearly 45,000 tonnes of naphtha imported, and Australia with around 42,000 tons were the two largest importers. Singapore re-exported approximately 76,000 tons naphtha. All of it was shipped to China. Data showed that the residual fuel inventory was up 8% on a week-to-week basis, at 19,58 million barrels (3.08 millions tons). Recent trade sources claim that the high cost of marine fuel, particularly for ultra-low sulphur grades, has tempered demand for spot bunkering in Singapore. Fuel oil imports fell 3.2%, to 939,000 tonnes. Saudi Arabia and Iraq were this week's top suppliers. Exports more than doubled, reaching 374,000 tons. The Philippines and Hong Kong were the two main outlets. MIDDLE DISTRILLATES FALL The stocks of middle distillates continued to decline for the third week in a row, hovering around two-month lows. This is due to a rise in the net exports of diesel and gasoil. The net exports of transport and industrial fuels increased by five times compared to a week ago, while imports fell 47%. Exports to Bangladesh and Vietnam were mostly from Malaysia, Japan and Taiwan. Preliminary Kpler shiptracking results showed that August imports may decline even further than July. Jet fuel exports mainly went to Bangladesh. Inflows were minimal. The net exports dropped by 39% from week to week. (Reporting and editing by Joyjeet Das; Trixie Yap, Jeslyn Leerh, Mohi N. Narayan)
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European stocks are up on the back of optimism about earnings as traders consider Iran proposals
Investor sentiment recovered on Thursday as optimism about company earnings pushed stock markets to record highs. Traders interpreted a proposed agreement between Iran and 'Oman as progress in ending the U.S. - Iran?conflict. Wall Street stock markets fell overnight and during?Asian hours as investors became cautious about AI and certain earnings, including those of chipmakers Sandisk, Advanced Micro Devices, and data storage companies Western Digital, failed to meet expectations. The rally continued as European markets opened. Media and telecom stocks drove the pan-European STOXX 600 to a new all-time high. The STOXX 600 was last up by 0.4% for the day, at 0912 GMT, while London's FTSE 100 rose 0.3% and France's CAC40 was up by 0.8%. Germany's DAX was also up 0.1%. Hani Redha of MetLife's multi-assets portfolio manager said that the overnight losses are a natural correction in a rally which is set to continue. Wall Street has been pushed to new highs by strong earnings and renewed enthusiasm for AI-related technology stocks. He said: "This is part of a general hangover after a great party we had in the market during the last few sessions." "We are still pretty positive... I do not expect the same pace of returns as we have seen in the past few weeks but we should still be?in an environment that is conducive to risk assets and equities, particularly." IRAN-OMAN PROPOSED DEAL Oil prices dropped below $80 a barrel after reports of a?proposed deal between Iran and Oman that could?help to end the U.S.Iran conflict by giving Tehran control of ships entering the Gulf via the Strait of Hormuz. The U.S. has not commented on the proposal. It would be the largest concession to Iran ever. Brent crude futures rose 0.3% to $79.70 a barrel on the day, while U.S. West Texas intermediate futures gained 0.2% to $75.37. MetLife's Redha stated that the U.S. - Iran conflict was one of the major factors influencing the markets this year along with AI expenditure, but the market is?becoming more sensitive to it. "Overall, I would say that we have been less concerned about what appears to be negative developments in the region. "It is a negative when oil prices spike, but I don't believe that it will derail the cycle," said he. The yields on 10-year German government bonds were unchanged, and the yield on euro zone government bonds was only up by a little more than one basis point. Later in the session, nearly EUR13 billion ($15.00 million) of French government debt is expected to be traded. The currency markets were also quiet. The euro fell by less than 0.1% to $1.1540 while the U.S. Dollar Index rose 0.1% for the day, at 99.767. The Japanese yen is at 157.85 per dollar, after having fallen slightly in the past two sessions. It has also given back some gains that it had made following the U.S. government's intervention on Friday. Investors are waiting for the U.S. payroll data, which is due in the afternoon, to get an idea of what the Federal Reserve will do with interest rates. Federal Reserve Bank of San Francisco President Mary Daly, who is not a member of the Federal Open Market Committee, said that she "completely supported" the decision made last week by the Federal Open Market Committee to keep interest rates unchanged while the central bank collects more information about how to respond to an inflation rate well above the 2% target.
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Dealers body: India's E20 gasoline rollout is pushing buyers to alternative-fuel vehicles
The country's auto dealers' body said on Thursday that consumer reluctance to switch from E20 petrol in India is driving demand for alternative fuels. Sales of CNG, electric and hybrid vehicles are "striking distances" away from petrol models. The Federation of Automobile Dealers Associations reported that alternative-fuel passenger cars accounted for 40.59 percent of the total sales in December, only 1.09 percentage points behind petrol models, which accounted 41.68%. India's Prime Minister Narendra Modi has announced the introduction of E20 petrol, which requires fuel sold at 90,000 retail outlets contain 20% ethanol. This replaces the previous E10 blend. FADA stated that consumer uncertainty about the transition drove buyers to CNG, hybrid, and electric vehicles. They added that better communication regarding the E20 launch could help convert petrol vehicle buyers who are hesitant. Some consumers have criticised the transition, saying that it will affect fuel efficiency and vehicle performance. FADA stated that "Passenger vehicles?enter the month of August with a healthy pipeline and new launches. But they need a clear and confident consumer communication about the E20 fuel switch to convert hesitant petrol purchasers." The dealers' association said that overall passenger vehicle retail sales increased?19.1% on an annual basis to 416.555 units in July. This was due to a?tax-cut-driven demand and the launch of new models. Reporting by Kashish and Abhinav in Bengaluru, editing by Sonia Cheema
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Governor of Yaroslavl, Russia says that oil refinery is on fire in Russia after a drone attack by Ukraine
The governor of the region, Mikhail Evrayev said that a major refinery in Russia's Yaroslavl area is on fire following a large Ukrainian drone attack. Emergency services are working to extinguish the flames. Images posted on social media that have not been verified show plumes of black smoke rising above the facility. Evrayev stated in a statement on Telegram that the refinery’s storage tanks were struck by falling drone debris. He described this as the largest enemy attack on Yaroslavl to date, located about 250 km (160 mi) northeast of Moscow. "Today, the region successfully repelled the biggest attack by enemy drones." "All 93 drones have been shot down by electronic warfare and air defence units," Evrayev said. He claimed that four people suffered shrapnel injuries, but no one was killed. Volodymyr Zelenskiy, the Ukrainian president, said earlier in the day on Telegram that the Ukrainian military had?hit two Russian oil refineries. The Bashneft - Novoil refinery is located in the Bashkortostan republic and the Slavneft - Yanos refinery is in the Yaroslavl area. Russian officials in Bashkortostan did not immediately comment. The Ukraine has intensified its attacks on Russian refineries over the past few months. This has caused fuel shortages in many areas of Russia, which have been'stabilised' by authorities. However, some problems still remain. The refinery at Yaroslavl, which was targeted by Ukraine in the past, has a capacity of 15,000,000 metric tons per annum, or about 300,000 barrels a day. Andrew Osborn, Reporting; Andrew Osborn, Editing
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Gold nears seven-week high amid easing concerns about rate hikes
Gold reached a seven-week high on Thursday and extended gains into the fourth session as the hopes of reopening the Strait of Hormuz helped ease fears of inflation and rising interest rates. Gold spot was up 0.6% to $4,271.33 an ounce at 0843 GMT after hitting its highest level in June 18 earlier. The bullion market posted its largest daily gain since February on Wednesday, with an increase of $4,267.24 for each ounce. U.S. Gold Futures increased 0.6% to $4330.20. Gold tries to hold on to its recent gains amid increasing optimism surrounding the Strait of Hormuz. The hope for a diplomatic victory that restores oil flow is easing inflationary concerns and reducing aggressive Fed tightening betting, said Nikos Tzabouras. Senior market analyst at Tradu.com owned by Jefferies. According to a senior Iranian official and two regional officials, the proposed deal between Iran & Oman would allow Tehran to control ships entering the Gulf via the Strait of Hormuz. This could help end the five-month-long 'war' between Iran & the United States. The market expectations of a rate increase in September have dropped to 55%, from 67% just two days ago. Gold is often seen as an inflation hedge, but it can lose its appeal as a low-yielding investment in high interest rate environments. Mary Daly, the president of the Federal Reserve Bank of San Francisco, said that she "completely supports" the decision made last week by the central bank to hold interest rates constant while it gathers additional data on?how to?respond to an inflation rate well above the 2% target. Investors await the release of the U.S. July nonfarm payroll report, scheduled to be released?on Friday. ADP's national employment report revealed that U.S. private payrolls growth slowed down in July. Gold remains vulnerable to new pressures and 2026 lows. Tzabouras said that despite lingering price tensions, dissenters against rate hikes are still active. Geopolitical risks have also been finely balanced. Any diplomatic setback would quickly revive 'those negative dynamics. Silver spot fell by 0.4%, to $61.84. Palladium rose 1% to $1.376.71 and platinum was up 1.2% at $1,755.55. Both metals were up for the third session in a row. (Reporting and editing by Devika Syamnath in Bengaluru)
The ROI-LME wanted to buy more lead. Andy Home
Lead is everywhere.
The London Metal Exchange's (LME) stock of battery metal increased by 58% over the course of two days this week. This was due to the warranting?of 171,175 tons in Singapore warehouses.
The exchange should be happy. The exchange reduced listing fees between April 2024 to December?2025 for smaller lead producers in order to "enhance the liquidity" of its lead contract.
Evidently, it's?worked.
LME's lead stock has risen to nearly 500,000 tons over the past few months, with?large? tonnes sitting in off-warranty storage.
Metals that are not loved have become the preferred metallic financing tool. Most of the inventory is located in Singapore and it rotates between warehouses to find better rental deals.
This week’s burst in warranting activity was just the latest and largest of such rotations.
Where did all this metal come? How much more metal is to come?
WAREHOUSE ROULETTE
LME lead stocks are characterized by large and concentrated bursts that warrant action. This has been going on for several months.
The trade in question is more about arbitrage in warehousing than it is about lead market fundamentals.
The trader in this instance, Trafigura, placed a large quantity of metal on the LME warrant and agreed with the warehouse operator to split the future rental fees.
The new owner is likely to cancel the warrants quickly to avoid the rental agreement and move the metal to another warehouse company.
Stock?churn used to be a key feature of the LME Aluminium market. However, inventory has now dropped below 400,000 tons including non-warranty stocks.
The lead is now the game.
Some of the "stocks" that arrived this week were simply moved from off-warrant stock. Singapore's stocks fell by 34.256 tons when the first 83.225-ton metal tranche was warranted on Monday. There are still 142,598 tonnes of metal that could be warrantable ahead of the second delivery on Tuesday.
INDIAN EXPORTS SURGE
At the end of June, Indian-made lead represented 76% of all LME inventories on warrant. In January 2023, there was no Indian metal in the LME system.
According to the World Bureau of Metal Statistics, which collects trade statistics from official customs data, Indian exports grew from 151,000 tonnes in 2022 to 482,000 ton?last year.
Singapore is a popular destination even though it's not a major hub for lead-acid battery manufacturing, which is the primary application of the metal.
Since the beginning of 2023, Singapore has received more than 400,000 tons. In November 2025 they reached a peak of 31,000 tons, which was almost half the total refined lead exported by India.
There were three lead brands registered at the LME until last year. Two of them were produced by Hindustan Zinc, a large mine-to refinery primary producer. The third was by Jain Resource Recycling, a secondary producer.
Last year, five more brands with a combined production capacity of 195,000 tonnes were added as part of LME's "drive" to encourage smaller secondary lead producers.
Gravita India has become the ninth Indian leading brand to achieve LME Good Delivery status.
Change of flow
As more Indian producers register with the exchange, it is likely that there will be a greater flow of lead to LME storage in Singapore.
India's trading patterns have changed this year.
According to the WBMS, exports to Singapore in April were only 1,555 tons, which was the lowest monthly total in a whole year.
China was the main destination for April's exports, with 8,685 tonnes accounting for 34%.
It is a very new market for Indian Metal. China imported very little refined lead last year, and only took 500 tons of it from India.
WBMS data shows that imports of mushrooms from India reached 57,000 tons during the first five months this year. This brings the total to 132,000 tonnes, the highest number since 2009.
It is unclear why China suddenly requires so much lead, but the fact that it does means that less Indian metal will be heading to LME Singapore warehouses.
This still leaves Singapore with a large amount of metal that is being sold through warehouse deals.
This week, the sudden 'appearance' of so much?lead sent LME 3-month metals tumbling to a 15-month-low of $1840 per ton.
The chances of a sustained economic recovery are dependent?on the length of time China diverts Indian metal flows from LME Singapore warehouses.
Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
(source: Reuters)