Latest News
-
Sources say that after drone attacks in late August, Russia's gas production dropped to 70% of the domestic demand.
According to two sources in the industry, Russia's gasoline production fell to 70% of its domestic consumption by the end August. This was after a series drone attacks forced major refineries into suspension of operations. Ukraine has intensified its attacks on Russia's infrastructure to reduce Moscow's revenue. This has created a fuel shortage that has forced Russia import petroleum products, and maintain sales restrictions throughout the country. After a short respite in July when local authorities began to?ease or lift restrictions on fuel sale, shortages returned in Russian regions by August. According to sources, gasoline production dropped at the end August?to about the same level as in early July. This was at the height of the first wave, a fuel shortage that had been building since May. Regional authorities have again imposed restrictions. These include limits on the number of purchases per customer, and sales schedules based on vehicle plate numbers. Drivers have avoided non-essential journeys because they are afraid of waiting in long queues or running out fuel. Drones have struck several refineries in the past week and stopped their operations, including those located in Perm and Nizhny Novgorod, which are all major producers of motor fuel. Sources said that the emergency shutdowns increased the gap between gasoline supply and demand to about 35,000 tons per day. This means that the current production, at around 80,000 tonnes per day only compensates for 70% of the domestic demand. The average gasoline production in August was about 90,000 metric tons per day. This is equivalent to approximately 80% of the estimated'summer demand' of 115,000 metric tons per day. The Russian Energy Ministry has not responded to a comment request. Imports are increasing as a result of the fuel shortage. According to participants in the market, seaborne supplies from Asian nations are expected to reach 270,000 tons by?August. Meanwhile, gasoline imports from Belarus will be around 150,000 tonnes during the month. This is roughly 5,000 tons a day. According to?traders, 220,000 tons of 'imported gasoline' have arrived in Russia so far in August. This is an average of around 7,000 tonnes per day. The domestic market may be able to meet 85% of the demand in August with a daily average of 97,000 tons, as gasoline exports are banned until 31 January.
-
Codelco, Chile's copper company, posts higher profit as output is impacted by mine disruptions
Chilean state-owned miner 'Codelco' reported sharply higher earnings in the first half of this year as higher copper prices offset lower?production, and higher costs. The company is now focusing on restoring productivity following setbacks to key mines. Codelco has reported a pre-tax profit for the first six months of 2026 of $1.97 Billion, a fourfold increase from the $429 M posted in the same time period last year. The company's own copper production dropped 11%, to 564,000 metric tonnes, from 634,000 tons the year before, due mainly to operational restrictions at El Teniente and lower output at Chuquicamata, as well as weaker ore grades in?Ministro Hales. Costs also increased due to the weaker output. Codelco's cash costs increased 7%, to 231.6 cents/pound. However, the realized copper price of 653.2 cents/pound was a significant increase from 461.7 cents/pound a year ago, helping to boost earnings. Codelco didn't mention its output forecast for 2026 in the report. The company had previously set a target of 1.33 to 1.36 millions tons for this year, but Chairman Bernardo Fontaine stated earlier this month that it was difficult to achieve. The results are a result of CEO Gomez's efforts to reverse years of?production declines? while dealing with?fallout? from operational disruptions?at El Teniente, and a review the miner’s investment priorities and its debt burden.
-
South Africa's wheat crop is threatened by lack of rain
Farmers' group in South Africa said that a lack of rain in the Swartland wheat-growing region could cut this year's harvest. The area is already depleted due to reduced planting. They called on government support. Many farmers around the world have been experiencing arid conditions. This has led to warnings of food shortages and price inflation. Swartland has seen 79% less rain in winter between June and august, compared with the 10-year average. GrainSA reported that "grain producers face another extremely challenging production season. Some?farmers estimate as much as 25%-30% of their crop potential has already been lost. On top of this, a hectarage?decrease" may have occurred. Unfavorable weather and doubts about profitability GrainSA said that the country's wheat hectarage had?fallen to its lowest level in 97 years. Analysts claim that planting was reduced due to poor weather conditions, and in some cases farmers switched over to more profitable crops because costs increased faster than grain price. Crop Estimates Committee of the government forecasted on Thursday that 2026's wheat harvest will be 8% less at 1,76 million metric tonnes. Western Cape province, whose hectarage decreased by 9% in 2018, is expected to harvest 11% fewer wheat compared with 2025. South Africa imports about a similar amount of wheat to meet its domestic needs. It produces around 2?million tonnes annually. The majority of the wheat is planted in South Africa during winter. Swartland, which is in the Western Cape, is a region with heavy winter rains and produces most of South Africa's grain crop. GrainSA has asked the South African government to introduce affordable insurance for farmers. GrainSA CEO Tobias Doyer stated in a statement that the government cannot continue to view climate risk as the problem of farmers alone. "South Africa doesn't just lose a business when a producer fails. He added that we lose production capacity and employment, as well as skills, infrastructure, and a greater level of food-security resilience. (Reporting and editing by Barbara Lewis; Nelson Banya)
-
Executive says Congo's EGC is looking to battery makers after meeting cobalt quotas
EGC, the state-backed cobalt buyer in Congo, is looking to increase the market for traceable cobalt. This includes establishing closer ties with electric vehicle battery manufacturers. Congo is the largest producer of cobalt in the world, and small-scale suppliers are responsible for 15% to 25%. The government is stepping up its efforts to formalise this sector by introducing export quotas, and tightening oversight. Cobalt is a critical metal for the energy transition. Since Congo implemented the system in October last year, Entreprise Generale du Cobalt, established to channel artisanal supply chains into formal supply, has shipped 100 percent of its allocated export quota. This shows that the model can provide traceable supplies at commercial scale. Battery manufacturers and automakers are avoiding artisanal cobalt because of concerns over child labour and traceability. EGC's efforts to establish closer ties with end-users may open up a new market for Congo's cobalt. No unused quotas. Congo's cobalt miner say that complex?shipping regulations have made it difficult to fully utilise quota allotments, and regulator ARESCOM warns that unused quotas are forfeited. According to data from the government, Congo exported 696 725 metric tonnes of copper cathode, and 51 940 tons of cobalt hydroxide in the first quarter 2026. Saka, EGC's CEO, said that EGC exported 3,995 tonnes of cobalt-containing copper and 1,400 tons this year. This was a full use of its export allocations. EGC sells via Trafigura, Mercuria, and Traxys. However, it wants to work more closely with the end-users in order to better understand what they need for direct sales. Apple and other cobalt users faced U.S. lawsuits over Congo's artisanal industry, which sharpened the focus of the industry on responsible sourcing. Apple denied the allegations. Saka stated that EGC aims to show that the challenges of responsible sourcing and artisanal cobalt could be addressed. The company has 12 other partnerships in place and works with five cooperatives. EGC completed its first shipment via the Lobito Corridor by exporting 587 tonnes of cobalt cathodes and 500 tons through Angola. Saka noted that transit time dropped to five 'days' from 28 days via Dar es Salaam - and more than 30 via Durban. Saka, EGC's CEO, said that by exporting via multiple corridors EGC could offer its customers greater flexibility in terms of logistics and route options. The company is also preparing to expand the formalisation model for metallic ore, coltan.
-
Gold prices steady ahead of Fed chair Warsh's Jackson Hole address
Investors held off on placing large bets in anticipation of the speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole Symposium, hoping to get clues about the central bank's future policy. By 1302 GMT, spot gold was down by 0.02% to $4,600.07 an ounce. The price of gold had reached a record high of $4696.18 in the past three months, after the U.S. Treasury announced support measures for long-duration bonds. U.S. Gold Futures for December Delivery fell by 0.3% to $4642.90. Fawad Rasaqzada is a Forex.com market analyst. He said that traders were 'not willing' to take large positions ahead of Kevin Warsh’s remarks. This explains the reason why markets haven’t moved much in recent times. Fed officials expressed their concerns on the U.S. Inflation landscape Thursday as central bankers met in Jackson Hole. Kansas City Fed President Jeffrey Schmid, and Cleveland Fed President Beth Hammack both reiterated that interest rates could need to be raised to curb inflation. The comments were made a day after the Personal Consumption Expenditures Index, a key indicator of inflation for the central banks, showed that it stood at 3.7% over the 12-month period ending in July. According to CME FedWatch, traders see a 36% probability of an increase in U.S. interest rates in September. Warsh will speak at 1400 GMT. In an environment of high interest rates, gold tends to lose its appeal as it provides no yield. "To me, it appears that investors are looking for alternative currencies, or currencies with a better fiscal discipline, than the U.S ..... If we can get the parts back up to $4,600, where a little struggle has been seen this week, from there, gold could easily rise towards the $5,000 level," Razaqzada stated. The price of gold in India fell sharply this week as the market speculated that the government might consider reversing a recent increase in import duties. Silver spot rose by 2.02%, to $70.65 an ounce. Platinum was up 2%, at $1,882.70, and palladium rose 6.2%, to $1,434.25 per ounce. All three metals are on course to record weekly gains. (Reporting by Dharna Bafna in Bengaluru; Editing by Shilpi Majumdar)
-
Official: Nepal monitors two lakes; flood risk will remain until the lakes are fully drained.
An official with Nepal's Disaster?Management Authority confirmed that Nepal monitors two lakes a few miles upstream from the flood zone, where hundreds of people died on Wednesday. The official said that flood risks would continue until both lakes are completely drained. One of the lakes started overflowing Friday. Satellite images showed two lakes near the site of a glacier slide that pushed debris, rock, ice and mud into rivers on Wednesday. This caused flood waves which destroyed houses and destroyed bridges. A Chinese rescue team captured aerial footage of the formation of 'one of the two Lakes on Thursday. On Thursday, footage showed brown water in large quantities accumulating within a basin. According to satellite images, the water had drained from this lake by Friday. Images also showed that a second lake was growing upstream, and that its surface area was larger than the first one. There were no visible outlets as of Friday morning, which means that water pressure is still building. The Nepalese official stated that the Nepalese authorities rely on satellite imagery for monitoring the conditions. However, this is only possible because of the limited availability of images. He said that Nepal is planning to install 'cameras and sensors downstream, including near a border town called Timure. They are also evaluating helicopter deployment options. (Reporting and editing by Rick Noack; Sarita Chaganti, George Sargent)
-
Gold drops ahead of Fed chair Warsh's Jackson Hole remarks
Gold prices fell on Friday as investors awaited Federal Reserve Chair Kevin Warsh's remarks later that day at the Jackson Hole symposium to gauge the direction of the central bank's money policy. By 1203 GMT, spot gold had fallen 0.1% to $4,594.61 an ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. Gold Futures fell?0.4% to $4,647.20. Kyle Rodda is a senior financial market analyst at Capital.com. He said, "I believe price action has been fairly constructive in recent months, and we are not seeing much movement because we're awaiting Warsh's Jackson Hole speech." Fed officials expressed their concerns regarding the U.S. inflation landscape as central bankers met in Jackson Hole on Thursday. The Kansas City Fed President Jeffrey Schmid, and the Cleveland Fed President Beth Hammack, reiterated their belief that the central bank must raise interest rates in order to curb inflation. The policymakers' comments came a day after the Personal Consumption Expenditures price index, the main inflation gauge of the central bank, showed a reading of 3.7% for the 12-month period ending in July. According to CME FedWatch, traders see a 36% probability of an increase in U.S. interest rates in September and 74% by December. Fed Chair Warsh will speak at 1400 GMT. In an environment with high interest rates, gold tends to lose its appeal as it provides no return. It's possible that gold will reclaim the $5,000 mark by the end the year. Rodda said that it depends on the Fed's policy and how they change their language. In India, gold discounts plunged as the market grew increasingly concerned that a recent increase in import duties could be reversed. Silver spot rose by?1.5%, to $70.32 an ounce. Platinum was up by 2.6%, to $1,894.85; and palladium jumped 4.4%, to $1,409.74 per ounce. All metals are on course for a gain this week. (Reporting from Pablo Sinha, Bengaluru. Editing by Mrigank Dahniwala Ronojoy Mazumdar Elaine Hardcastle.)
-
India's market regulator has approved Jio Platforms $3.8 billion IPO
India's'markets regulator' approved Mukesh Ambani's Jio Platforms $3.8 billion initial 'public'?offering Friday, paving the way for what could be India's largest listing. Reliance Jio, the largest mobile operator in terms of subscribers by country after China Mobile, had 524.4 millions subscribers at the end of March. In recent weeks, several IPOs attracted a large number of retail and wealthy investors. In less than two weeks since July 1, more than two dozen IPOs were launched or announced, nearly matching the 28 IPOs in the first half 2026. Jio Platforms intends to 'use the majority of the IPO proceeds in order to pay off debts at its telecoms -unit, Reliance Jio Infocomm. The firm said proceeds would be used to pay off about 275 billion rupees (about $3 billion) in debt at Reliance Jio Infocomm. The company reported a 21% drop in the number of employees to 27,935 during the year ended March 31, even though revenue and subscribers numbers continued to increase. (Reporting and editing by Shilpi Magumdar in Bengaluru)
Executive says Congo's EGC is looking to battery makers after meeting cobalt quotas
A senior executive at Congo's EGC, the state-backed cobalt buyer, said that it was aiming to expand the market of traceable artisanal artisanal. This includes e-car battery manufacturers. Congo is the largest producer of cobalt in the world, and small-scale suppliers are responsible for 15% to 25%. The government is stepping up its efforts to formalise this sector by introducing export quotas, and tightening oversight. Cobalt is a critical metal for the energy transition.
Since Congo introduced the system in October last year, Entreprise 'Generale du Cobalt, established to channel artisanal supply chains into formal supply, has shipped 100 percent of its export quota. This shows that the model can provide traceable supplies at commercial scale. Senior adviser Daniel 'Saka Mbumba stated.
Battery manufacturers and automakers are avoiding artisanal cobalt because of concerns over child labour and traceability. EGC's efforts to establish closer ties with the end-users could open up a new market for Congo's cobalt.
NO UNUSED QUOTAS Congo’s cobalt miner say that complex shipping quota rules have made it hard to fully utilise quota allotments, and regulator ARESCOM warned that unused quotas would be forfeited.
According to data from the government, Congo exported 696 725 metric tonnes of copper cathode, and 51 940 tons of cobalt hydroxide in the first quarter 2026.
Saka, EGC's CEO, said that EGC exported 3,995 tonnes of cobalt-containing copper and 1,400 tons this year. This was a full use of its export allocations.
EGC sells via Trafigura, Mercuria, and Traxys. However, it wants to work more closely with the end-users in order to better understand what they need for direct sales. Apple and other end-users of?cobalt faced U.S. lawsuits over Congo's artisans sector, which sharpened industry focus on responsibly sourcing. Apple denied the allegations.
Saka said EGC wanted to show that the challenges of responsible sourcing and artisanal cobalt could be addressed.
The company has 12 other partnerships in place and works with 5?cooperatives.
EGC completed its first shipment via the Lobito Corridor. It exported 587 tons cobalt cathodes and 500 tons copper through Angola. Saka stated that the transit time dropped to five days, from 28 days via Dar es Salaam - and more than 30 via Durban. This highlights the logistical advantage of 'the Lobito Corridor.
Saka, EGC's CEO, said that by exporting via multiple corridors EGC could offer its customers greater flexibility in terms of logistics and route options. The company is also preparing to expand the formalisation model for metallic ore, coltan.
(source: Reuters)