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Copper firms buy metals earmarked for exit from LME
The price of copper rose on Monday as a rise in the number of cancelled warrants and metals marked for delivery at the London Metal Exchange stimulated buying. Meanwhile, the lower U.S. dollar boosted the positive sentiment towards industrial metals priced in dollars. Benchmark 'copper' on the LME was 0.2% higher, at $14240 per metric ton. Last week, prices of metals used in construction and power industries reached $14,396. This is the highest price since January's $14,527.50 high. Industry sources say that the cancellations 0#MCUSTXLOC> are mostly stored in LME warehouses in Asia and the U.S., in free-trade zones. They will likely be delivered to Comex or traders and consumers in the United States. Since President Donald Trump proposed import tariffs last February, traders and producers have been bringing copper to the United States. Comex -copper stocks The record is 742,778 short tonnes, or 673 836?metric tonnes. The LME stocks 50% of the total stock, or 240 250 tons. The majority of the metal that was cancelled last week had been delivered against maturing short positions. The premiums on nearby contracts are expected to rise, after having fallen last week as the copper was delivered. Zinc prices in other countries rose to $3.850 per ton. This is the highest price since June 2022, due to concerns about shortages. Stocks of the metal have increased by more than twofold this year, at warehouses approved and inspected by the Shanghai Futures Exchange. . Zinc increased?0.4%, to $3 838 per ton. LME Zinc stocks at 93 250 tons Since the middle of June, prices have fallen by 25%. In a recent note, Panmure Liberum's Tom Price said that a distortion in which both the supply and demand shrink makes it appear as if the market is tighter than a weak consumer would warrant. The traders said that 'large holdings of Zinc warrants and cash contracts 0#LMEWHC> were contributing to concerns regarding supplies on the LME. Other metals saw aluminium fall 0.1%, while lead rose 0.4%, tin increased 0.2%, and nickel gained 0.1%. (Reporting and editing by Shilpa Majumdar; reporting by Pratima Deai)
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Russell: The debate over the volume of crude oil in Hormuz hides a real shortage of refined fuels
It is a mistake that the crude oil market is debating the wrong thing about how much oil actually moves through the Strait of Hormuz. The crude oil market should be debating the restricted flows of refined products in Asia. Energy Secretary Chris Wright of the United States has claimed repeatedly that vessel tracking analysts like?Kpler cannot see how much crude oil is flowing through the disputed Strait. Wright claimed that 15 million barrels per day (bpd), or about a third of the total volume, left the Strait of Hormuz in a single day last week. If this is true, the volumes would be close to the levels before the U.S. & Israel attacked Iran on 28 February. Wright also stated that transits averaged around 9 million bpd during a 7-day period. However, he did not specify exact dates or provide details like vessel names and intended destinations. The Strait of Hormuz is estimated to be leaving around 5 million barrels per day, including dark transits from smaller vessels and transfers between larger tankers. The dispute over crude oil volume is false. If Wright's claim is true, then Asia will see a rise in oil imports as the crude that he claims is coming from the Middle East reaches ports. The market will soon be able to determine whether Wright's numbers are accurate or if they're 'overstated'. As evidenced by the sharply reduced volumes and high refining margins, Asia's markets for refined products remain under pressure. Kpler estimates that Asia's imports for light and middle distillates in August will be 5.59 million barrels per day, which is in line with 5.60 million barrels per day seen in July. These volumes, however, are down 21% compared to the average of 7.08 million bpd in the three-month period ending February. Asia is essentially having to absorb the loss of 1,49?million barrels per day (bpd) of fuels like diesel, jet-fuel and gasoline. UNEVEN FALLOUT Impact is not evenly distributed across the continent that consumes the most energy, with the less-wealthy countries bearing a greater share of the product volume loss. The imports of Indonesian light and middle distillates were estimated to be 432,000 bpd during August. This is the lowest level in 13 months, and lower than the average of 533,000 in the three-month period prior to the Iran conflict. In August, the Philippines will see an arrival of 257,000 bpd for light and middle distillates. This is down from the average of 362,000 in the last three months. Kpler estimates that August imports of middle and light distillates were 863,000 barrels per day, just a little below the 880,000 barrels per day in the three-month period prior to the Iran War. Securing fuel is expensive, as product prices remain near record levels and refinery margins are high. A Singapore refinery made a profit of $71.29 per barrel of gasoil (the building block of diesel) on August 21. This was down from a record high of $855.63 on the 30th of March, but still 226% more than the $21.90 on the 27th of February, just before the conflict began. Middle distillates are the most stressed products, due to the limited supply of Middle East crudes. Asia's refineries are designed to convert this oil type into products like jet fuel and diesel. Even gasoline, which is the primary light distillate, commands a premium with a large profit margin Ending at $20.74 per barrel on August 21? up 159% from $8.00 a barrel on February 27. The market is indicating that there are enough crude oils reaching Asia but they may not be the right grades. Also, countries with surplus refining capacity do not increase exports in order to meet the demand. 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 the columnist, an author for.
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Capstone: Grid bottlenecks force businesses to upgrade their onsite power systems
Vince Canino, Capstone Energy+ CEO, said that the demand for more onsite power is increasing as businesses struggle to secure enough capacity from their strained American utilities. Businesses are looking at onsite generation to reduce energy costs, but also as a solution for expanding their business. Capstone, a provider of microturbines and power systems behind the meter for industrial and commercial customers, has seen a rise in demand from sectors such as?healthcare, and is now pursuing projects involving data centers. Canino said, "Today’s discussions are about energy security." Canino said that Capstone customers are now buying larger blocks of energy, such as 3, 4, and 6-megawatt systems, in comparison to smaller projects which were more common?in years past. A 1 megawatt system can supply electricity to approximately 750-1,000 households at any given time. This depends on the average household demand, as well as location. As a result, customers are now moving more quickly to obtain onsite power. "I believe today, many of these cycles are shrinking, because it is no longer about if this investment was a good one and what the return would be. It's not so much about if I want power, but if I can get it when I need it," Canino said. Capstone installed a combined heat and power 2 MW system at Scripps Mercy Hospital, San Diego. This system provides electricity and backup power during power outages. Canino stated that the?company? has deployed their technology?at small-scale enterprise data centers, but they have not yet done so at a large data center. Reporting by Arunima in Bengaluru, editing by Devika Syamnath
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France's Orano expands its uranium exploration in Botswana
Orano Mining, a French-owned state-owned firm, has been granted three more uranium exploration licences by Botswana. This is in addition to the 15 already held by the company. The southern African nation is looking to diversify beyond diamonds. Uranium fuel is used primarily in nuclear power plants. Botswana is home to significant uranium reserves and exploration projects but no active uranium mining. Namibia, a neighbouring country, is the world's third-largest uranium producer. Botswana has long been hailed as an African success story. However, the country is now being hit by a downturn on the global diamond market due to the increasing popularity of lab-grown gemstones. The southern African nation now "seeks to exploit its other mineral resources including copper and uranium." Orano's centralised licensing portal in Botswana shows that it has been granted uranium, pitchblende and prospecting licenses for three blocks within the central Kalahari desert measuring approximately 970 hectares. The mining cadastre indicates that the three-year licenses expire on March 2029. Orano's licenses are adjacent to 15 licences awarded in October 2025 by its subsidiary, Compagnie Francaise de Mines et Metaux. The Companies and Intellectual Property Authority (CIPA), Botswana’s official business registration portal, shows that Orano registered a subsidiary in Botswana on 10 April 2026. This was a few weeks after President Duma?Boko met with French President Emmanuel Macron, and Orano officials, on 'April 8?in France. "We're?looking to accelerate the process so they can get on to extraction." Boko stated in?May that we can then?develop nuclear reactors and generate power. Orano is searching for uranium on the Botswana after Niger’s military junta nationalised Orano’s SOMAIR uranium mining company, which owned 63.4% of it. They also revoked their cooperation in 2023 following a coup. Niger accused Orano of unfair practices and exploitation, which led to the complete nationalisation and Orano’s exit from operations in June 2025. (Reporting and editing by Nelson Banya, Louise Heavens, and Brian Benza)
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Xpeng Robotics Unit valued at more than $6.3 billion following record funding round
Xpeng, a Chinese automaker, announced 'on Monday that its robotics unit raised more than $900m in its initial 'funding round. This is a record in China for a single private financing. Xpeng, in a press release, said that the funding round led by IDG Capital, and backed up by strategic investors Tencent, and Alibaba, valued the robotics business more than $6 billion. The company stated that the proceeds would be used to develop robotics hardware and software, refine AI physical models, collect data of high quality, build end-to-end production facilities, and support international expansion. Xpeng will begin mass production of its humanoid robotic, Xpeng IRON by the end of this year, and deploy it initially in its retail stores, industrial campuses, and other locations. Commencement of commercial sales and deliveries to China and other overseas markets is scheduled for 2027. He Xiaopeng, CEO of He Xiaopeng, announced in June that he will personally lead the robotics 'business as the electric car maker, considered as one of leading automaker-backed humanoid robot developers,?pushes toward mass production. Automakers are increasingly interested in robotics, as they see similarities with the development of intelligent vehicles, such as expertise in sensors and software, batteries, and supply chain management. TARS Robotics, a Shanghai-based embodied AI startup, raised $455 million as part of a pre A funding round in April. At the time, this was billed as 'the largest private financing in China’s embodied AI industry. Reporting by Qiaoyi Li and Xiuhao chen; editing by Susan Fenton, Mark Potter and Ryan Woo
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As markets await US inflation figures, gold reaches a three-month high.
On 'Monday, gold rose to its highest level in more than three months, building on gains made last week, as a softer dollar increased appeal. Investors awaited U.S. Inflation data and remarks by Federal Reserve Chairman Kevin Warsh, this week, for any indications on interest rate path. Spot gold rose 1% to $4,649.08 an ounce at?1004 GMT. This is the highest price since May 15. U.S. Gold futures also increased 0.6% to $4,706.20. Bullion prices rose by more than 5% in the last week, after the U.S. Treasury Department’s buyback plan?pushed down the dollar and made greenback-priced gold more affordable to foreign investors. "The consolidation and potential 'for further gains of gold prices over $4,600 will depend in large part on the U.S. -dollar remaining under pressure -and Treasury yields stabilizing or decreasing further," ActivTrades Senior Analyst Ricardo Evangelista stated. On Monday, the dollar fell to a multi-month low. Market participants will now be awaiting Wednesday's release of the Personal Consumption Spending Price Index and Warsh’s speech at the Jackson Hole Symposium, which is scheduled for Friday. This information will help them gauge policymakers' views on interest rates. According to the CME FedWatch Tool, traders are pricing in a 36% probability of a September rate hike, and a 64% likelihood of the Fed keeping rates the same. Gold is often seen as a hedge against inflation, but higher interest rates tends to reduce its appeal because of its non-yielding nature. The U.S. warned Iran of the "greatest financial offensive" it had ever launched as it was preparing to impose economic sanctions on?Iran’s trading partners. Oil prices have 'fallen more than $1 per barrel as investors take profits before an announcement is expected from Washington. Spot silver remained at $68.93 an ounce. Platinum gained 0.1%, to $1.880.17. Palladium fell 0.4%, to $1.344.35.
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Chief supervisor candidate: Indonesia will build a trustworthy commodity exchange
The upcoming Indonesian minerals and strategic commodities exchange will be built with infrastructure that is trustworthy, said the president's nominee for commodity trading on Monday. The commodity bourse will begin operations on January 1 and is part of a government effort to exert greater influence over its commodities' prices, which are some of the most dominant in the global market. The resource-rich Indonesia exports the most thermal coal, nickel and palm oil in the world. Indonesia is a major exporter of tin and copper. It also produces bauxite and coffee beans. Sarjito stated that people will always judge the market based on whether or not it is transparent, fair and orderly. Sarjito (also known as Sarjito) said that traders and industry players would not be able to trust the market if it was not deep or had no integrity. He is the only candidate of President Prabowo for the post of chief supervisor of commodities trading at the Financial Services Authority, locally known as OJK. Sarjito, a former OJK deputy commissioner for consumer protection who retired in 2024, needs parliamentary approval before he can be appointed to the position. The big-tent coalition that controls the Parliament is likely to approve his appointment. This is especially true after the Financial Committee endorsed him following the hearing on Monday. Sarjito said that OJK and the bourse must work immediately to build trust in the market. He said that the exchange doesn't have to be huge from its first transaction, but must be trusted. FAIR PRICES Prabowo launched a series policies to tackle what he called commodity shipment leakages. He accused exporters of under-invoicing and transfer pricing in order to shift profits overseas. In May, Prabowo announced a controversial policy to centralise exports under the sovereign wealth fund Danantara. This policy roiled commodity markets. Later, he softened the plan by saying that commodity exports will be monitored and not controlled. Sarjito stated that the country is pursuing its goal to become the price maker of its major commodities. However, the prices on the exchange should be fair. Sarjito said that a presidential regulation would be released detailing commodities which'must be traded at the exchange. He did not provide any additional details. He said that trading through the exchange will be mandatory. However, he didn't specify whether this would apply to domestic or export sales. Two privately-owned commodity futures exchanges are already operating in the country, which handle transactions on commodities such as gold, tin, palm oil, and forex. Sarjito stated that he believes there should be only one commodity exchange in Indonesia. He also said he will evaluate the future of current bourses. (Reporting and writing by Bernadette Cristina and Stefanno sulaiman, Gayatri suroyo and editing by David Stanway & John Mair).
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China's oil purchases are put in the spotlight by US sanctions against Iran
China has been buying Iranian oil for many years. The U.S. is threatening heavy economic sanctions against Tehran. The Treasury Secretary,?Scott Bessent, was to hold a media conference on Monday at 1 pm EDT (1700 GMT). According to Kpler, a ship-tracking company, the following are some key facts about?China?s oil trade with Iran. How much oil does China currently buy from Iran? It's less than it used be. On July 13, the U.S. re-imposed its blockade on Iran's ports and ships in an effort to stop oil sales, as a deal aimed at ending their war fell through. This slowed down Iranian exports. According to Kpler, there haven't been any visible crossings of the Strait of Hormuz in recent years, even though many vessels turn their transponders off, making them difficult to track. Kpler's preliminary data shows that the number of barrels shipped per day has fallen to 534,000 in August, down from the previous month when it was 785,000. Who are the Chinese buyers? Chinese independent refiners are the biggest Iranian crude buyers. They're attracted to what is typically a steep discount compared to mainstream barrels. China's state-owned refiners have avoided?Iranian crude since the U.S. reinstated sanctions against Tehran in 2019. China's customs data shows no purchases of Iranian oil. Refinery sources and traders in the industry have confirmed that Iranian oil is delivered to China under the Malaysian and Indonesian names, and settled in Chinese currency. The trade involves a complex network of intermediaries who are difficult to track. HAD PREVIOUS U.S. SANCTIONS BEEN "EFFECTIVE"? Since President Donald Trump's return to the White House in early 2018, Washington has increased its efforts to crack down on Chinese purchases Iranian oil. It has imposed sanctions on smaller Chinese refiners and others in the supply chain. These sanctions have been disruptive in some cases. The?U.S. The Treasury Department has warned two large Chinese banks that they may face secondary sanctions should Iranian funds be found in their systems. However, it has not designated them. Washington imposed sanctions in April on Hengli Petrochemical Dalian refinery and about 40 shipping firms and vessels. Washington accused Hengli to have bought billions of dollars of Iranian oil. Hengli denies 'buying Iranian oil. The sanctions have not been able to significantly reduce the overall flow of Iranian oil into China. Kpler data shows that China's imports of Iranian oil stood at 1,24 million and 1,58 million bpd respectively in January and Februar. What does China say? China, who has rejected unilateral sanctions, called for a solution through diplomatic and politic means.
Sources say that Ghana's GoldBod purchasers are affected by delays in funding.
Five industry sources report that companies licensed to buy gold for Ghana's GoldBod artisanal marketing agency haven't been paid in up to three weeks. This has forced some operators to stop purchases or borrow money to stay in business, despite the surging gold prices.
Ghana, Africa's largest gold producer, created GoldBod 2025, with exclusive rights to purchase, sell, and export artisanal artisanal gold. This was part of Ghana's efforts to curb the smuggling of gold and increase foreign currency inflows.
GoldBod was initially funded by the Bank of Ghana, which helped boost Ghana's economy. However, the IMF demanded that central bank funding be stopped after losses were linked to the purchases. This left the state agency dependent on commercial banks and importers of gold for liquidity.
Sammy Gyamfi said at a recent press conference that GoldBod had raised $839 million in advance payments for purchases made between March and may. The GoldBod chief executive, Sammy Gyamfi, said at a press conference last week that the agency raised nearly $839 million?in advances for purchases between March and May.
Three bank executives stated that the Bank of Ghana considered GoldBod’s auction program to be inconsistent with its operating structure and that both institutions are working to address these concerns.
Kwaku Ohemeng Amosah, the Chief executive of the Chamber of Gold Buyers said that the delays were due to the fact that GoldBod was no longer able to fund itself after the central banks' exit. He added,?that buyers can seek additional funding themselves.
GoldBod, and the Bank of Ghana, did not respond to requests for comment immediately.
The last two weeks have been terrible. Last week, a gold dealer in Ghana's Ashanti Region claimed that you could wait for a day and still not receive funds. A?buyer from Ghana's Western Region who was funded by GoldBod said that funds hadn't been received in about three weeks.
Sources requested anonymity as they were 'not authorised to speak publically? on the subject.
Banking executives stated that fewer than 5 banks participated in GoldBod’s auction programme. They added that lenders felt more secure when the central banking backed the arrangement. Maxwell Akalaare Adombila reported from Dakar, and Emmanuel Bruce edited the article in Accra.
(source: Reuters)