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Since 2021, the scarcity of copper and pre-expiry drives has increased.
Investors covering bearish positions drove 'prompt copper price into the most extreme reversal?since 2021, on Friday. This was ahead of a benchmark contracts expiration next week. Backwardation, a market structure in which?prices? for prompt delivery are higher that those further ahead, highlights a severe shortage of inventories. The cash LME copper contract premium is the difference between the forward three-month price and the cash LME copper contracts. The price of a metric tonne has risen to $434, from $45 just two weeks earlier. This is the highest since October 2021 when it was at more than $1100. Alastair Munro is a senior base-metals strategist with broker Marex. He said: "The curves for copper are tight, and trade shorts have no choice but to buy outright or roll over their positions." Investors who are short or bearish can buy back positions or roll them over before next Wednesday expiry. But physical metal is scarce. Stocks outside of the U.S. Since months, traders have been positioning for the threat of U.S. Tariffs. The situation has also been exacerbated by a breakdown at Freeport Indonesia’s Gresik smelter which processes copper from the Grasberg Mine. LME copper stock Since late May, the total weight of these products has decreased by almost 50% to 204 975 tons. LME's available copper stocks (those that are not earmarked for disposal) have fallen even further to 94,875 tonnes, which is slightly more than a day's global consumption. The LME has established procedures for managing low-stock situations, such as those currently seen on the copper market. COMEX stocks of copper are a large part of the exchange inventories in the United States The number of short tons has risen by 47%, reaching a record high of 733,653 (665,558?metric tons). The tightness in the market was only reflected by a 0.1% increase on Friday for the benchmark three-month contracts, as traders expected it to be a short-term issue before next week's expiration. (Reporting and editing by Barbara Lewis, Tom Daly, Polina Devitt)
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Fuel subsidies announced for the transport sector in Peru amid protests against rising prices
Keiko Fujimori, the Peruvian President, said that the government would 'implement short-term fuel subsidies for drivers working in the cargo and passenger transport sector. This is to help offset the cost increases which have sparked protests across the country. Fujimori stated that the subsidies would begin Saturday and last for three months. The levels will vary between 15% to 20%, depending on price fluctuations. Fujimori, in a joint press conference with Economy Minister Elmer Cuba, said: "This is a direct support, particularly to those who most need it." This is a temporary measure to offset the dramatic increase in fuel costs. This comes after protesters and transport workers blocked roads in Pucallpa and set tires ablaze on Wednesday, in response to the steep rise in fuel prices. Local groups have also gone on strike in the eastern region Ucayali to demand government action to'mitigate higher prices which?they claim are squeezing businesses and households far from Lima. (Reporting and editing by Kylie Madry; Marianna Hernandez and Marco Aquino)
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Britain may ease 2030 zero-emission car targets
Britain announced a number of options on Friday that could help ease pressure on automakers to switch new sales over to zero-emission cars. The review was launched of the 'existing targets' which gradually phase out new petrol and diesel vehicles. Introduced in 2024, the mandate requires automakers to increase their sales of zero-emission cars. EVs will account for 33% in 2026, 80% by 2030, and 100% in 2035. The policy is intended to speed up the transition of the industry to electric vehicles. Manufacturers who fail to meet the targets will be fined. The carmakers have argued that the supply-chain disruptions, and lack of consumer demand, make it difficult to meet these requirements. On Friday, the government launched a consultation to gather industry views on four different paths for achieving the targets. Three of the four options would keep the 2035 target but reduce the 2030 goal to as little as 50%. The fourth option would be to 'keep the current path, but introduce new flexibility for manufacturers in order to comply. In the context of complex and challenging global economic conditions including supply chain disruption, tariff and trade uncertainties, the UK is reviewing its targets to ensure that they are pro-business and grounded on the real world, according to a statement from the Department for Transport. The Society of Motor Manufacturers and Traders (SMMT) has argued previously for an urgent revision of the entire mandate. They said that higher energy 'prices, inadequate charging infrastructure and low consumer confidence held back a?demand despite manufacturers providing?substantial discounts? on EVs. Last year, the Labour government, who inherited the ZEV policies from the Conservative Party after it came to power in 2024 introduced a series of 'technical changes' that made it easier on manufacturers to reach the targets. New AutoMotive published data earlier this month showing that battery EVs made up 27.4% new car registrations. This showed that sales exceeded the required level for compliance when existing flexibility within the mandate was taken into consideration.
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Yonhap reports that SK Group Chairman Chey has appealed the divorce settlement decision.
SK Group Chairman, Chey 'Tae-won, has appealed a South Korean court ruling? ordering him to?pay 944 billion won ($668.52 mln) in a divorce settlement record, according to the Yonhap News Agency, citing his attorneys. The Seoul High Court ruled late in July that Chey'should' make the cash payment in order to divide marital assets while retaining his shares of SK Inc., the holding firm of South Korea’s second largest conglomerate. The Supreme Court ruled that the alleged 'funds' from Roh Taewoo, the former president of South Korea, were not protected contributions by law. Chey’s appeal could prolong a closely-watched case, which has brought investor attention to Chey’s control over SK Group. This case is attracting attention due to the AI boom that has increased the value SK Group's semiconductor assets - and, therefore, Chey Holding Company's stake. SK Hynix is a'major supplier' of high-bandwidth memories (HBMs) used in AI processors. It has been one of the biggest beneficiaries?of the global demand for AI infrastructure. The chipmaker listed American depositary shares in Nasdaq on July. This broadened its access to global investors following a surge? in its market value that was linked? to the AI rally. ($1 = 1,412.0800 won) (Reporting and Editing by Alison Williams and Aidan Lewis; Additional Reporting from Hyunsu YIM in Barcelona)
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Rolls-Royce and Reliance will develop a combat engine for fighter aircraft
Reliance Industries announced a partnership with Britain's Rolls-Royce on Friday to develop and produce an engine for India’s fighter jet programme. The?country is aiming to build its most advanced stealth combat aircraft. The Advanced Medium Combat Aircraft prototype is expected to be ready in 2028. It will play an important role in India's air combat strategy. India approved last year a framework to build its most advanced stealth jet fighter and invited interest by defence firms weeks after a conflict with Pakistan, a nuclear-armed neighbor. The country has also approved the model of the Advanced Medium Combat Aircraft (AMCA), a programme that will allow domestic companies to take part in the development of the twin-engine stealth aircraft. In the proposed partnership announced Friday, Reliance will work with Rolls-Royce to form a dedicated gas turbine complex for aerospace in India. The engine would be jointly developed. Anant Ambani, Reliance's Executive Director, said that the company and Rolls-Royce were working together to create an "indigenous aero-engine ecosystem" in India. The announcement could position the British aero-engine manufacturer against France's Safran. Safran has proposed separately a joint venture with India's GTRE, a state-run company. This would develop a more powerful engine for future versions of the AMCA. General Electric has had supply chain problems that have caused delays in the delivery of engines to Hindustan Aeronautics, which manufactures the Tejas fighter aircraft. Rolls-Royce has supplied engines to a range of civil and defence aerospace applications.
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Wildfires in Britain reach record levels following intense heat
Fire chiefs warned on Friday that wildfires have reached a record level in England and Wales. They also warned that rescue services are struggling to keep pace with the?rising?risks, a day after blazes spread from tinder dry fields to engulf homes on the hottest day. Britain is not facing the same devastation as Spain, France, and other parts of Europe, but it is experiencing its fifth heatwave in what is expected to become its hottest summer ever. It is also dealing with more fires than ever before. Phil Garrigan of the National Fire Chiefs Council said that the number of fires has now exceeded the total of last year of 1,017. Garrigan, without revealing the latest figures for this year, said: "We have far exceeded the previous high of 2025." "At this point in time, we're still in August and it seems that the wildfire season will extend into November." We're expecting this to be not only a record-breaking, but also a significant increase in the number of fires. Andy Burnham, the Prime Minister of England, urged the public to be extra careful during his visit to Stourbridge. This is one of many?locations in England where homes were destroyed on Thursday and hundreds of people evacuated. He warned that "Britain right now is a tinderbox." This is by no means over. "We have 37 fires burning around the country." Residents tell of trees exploding in flames One Stourbridge resident describes the moment his family and he decided to leave their home. "I heard a shout, and the trees were exploding along the railroad track. The trees weren't only on fire; they were also exploding. Paul Nash's garden was damaged. According to the government, Britain is on course for its hottest ever summer. Five heatwaves have caused around 45 million people to live in drought-affected areas and 27 millions people are facing restrictions on their water use. Met Office reports that temperatures in London reached 38.2 degrees Celsius on Thursday. This is the fifth-hottest day ever recorded for the United Kingdom. Pershore, a market town in central England, also reached 38 C. Flames tore across homes and fields. On Thursday, a major motorway had to be temporarily closed and the train schedules were also affected. Officials are yet to confirm if the heat was a factor in causing a train to derail in southern England. Garrigan stated that "we've declared eleven major incidents in the last 24 hours." "The requests and requests for support probably outstripped our capability as the UK fire and Rescue service... we have struggled to provide fire and emergency services with exactly what they need." Burnham stated that fire services worked alongside military forces in certain areas, and he will hold a summit to ensure emergency services have the resources they need.
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US retail sales decline for the first time in nine months, in July
Retail sales in the United States fell for the first nine months in July as the boost from large tax refunds faded. This suggests a significant slowdown in spending by consumers at the beginning of the third quarter. It was also a payback for Amazon's decision to move its Prime Day event from July to June, while other retailers offered competing promotions. Gasoline prices have also fallen, which has affected service station receipts. The report, which added to the unexpected job losses and mild inflation figures from last month, boosted financial market expectations of a Federal Reserve rate hike in September. This is assuming that August's price and employment data are not surprising. Sal Guatieri is a senior economist with BMO Capital Markets. This, along with a weaker job report and subdued CPI core inflation, increases the odds that the FOMC will remain patient in September. The Census Bureau of the Commerce Department reported that retail sales fell 0.6% in July after an unrevised gain of 0.2% in June. This was the first decline since October last year and the largest one in 14 months. Retail sales, which are mainly goods and not adjusted for inflation but are a major part of retail sales, were expected to increase by 0.1%, according to economists polled. Estimates ranged between a 0.5% decline and a 0.7% rise. Retail sales in July increased by 5.0% on an annual basis. Economists say that consumers are more?sensitive to price increases and are making more deliberate and selective purchases. Sales at non-store retailers fell by 2.2% in the last month. Motor vehicle and parts dealers saw their receipts plummet by 1.8%. Sales at electronic and appliance stores dropped by 0.5%, while receipts at service station fell by 0.9% due to lower gasoline prices. Clothing sales rebounded by 1.9% in the last quarter, likely due to back-to school shopping. CONSUMERS STILL Eating Out The only component of the report that deals with services, receipts from food and drink establishments, increased by 0.5%, after increasing by 0.4% in June. This category is a key indicator of household finances. Sales at retailers of furniture, building materials, garden equipment, and supplies, as well as health and personal care stores, increased. The sales of?sporting good, hobby, musical instruments and book retailers remained unchanged. The generous tax refunds in this year have helped soften the blow of higher gasoline prices due to the Middle East conflict. This has led to a robust second quarter in consumer spending. The economists say that these refunds are 'exhausted. They did not expect a drop in consumer spending, but a stock-market rally had boosted household wealth. S&P 500 has increased by 14% this year, after rising 16.4% in 2025. PNC Financial economists said that an analysis of bank data revealed that households were more sensitive to gasoline price increases in July than they had been earlier in the year. This created a less favorable backdrop for spending during the second half of this year. They said that it was "difficult" to imagine a scenario in which spending would truly roll over, given the increase in household wealth. The researchers also pointed out that "increasing evidence" showed upper-income households and older households using wealth gains as a way to fund spending. Retail sales, excluding automobiles, gasoline and building materials, fell by 0.4% last month, after an upwardly revised 0.4% rise in June. Economists had forecast that these core retail sales, the component most closely associated with consumer spending in gross domestic product (GDP), would rise 0.3%, after an earlier reported 0.5% growth in June. In the second quarter, consumer spending, which makes up more than two thirds of the GDP, grew at an annualized rate of 3.2%. Last quarter, the economy grew by 1.5%.
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Wildfires in Britain reach record levels following intense heat
Fire chiefs warned that wildfires have reached a record in England and Wales. They also said that rescue services are struggling to keep up with the rising risks. This comes a day after wildfires swept from tinder dry fields to engulf homes on the hottest day. Britain may not have faced the same devastation as Spain, France, and other parts of Europe, but it has seen more fires than ever before. Phil Garrigan is the chair of the National Fire Chiefs Council. He said that the number of fires has now exceeded the total of last year, which was 1,017. Garrigan, without revealing the latest figures for this year, said: "We have far exceeded the previous high from 2025." We're still in the middle of August and it seems that the wildfire season will continue into November. We're expecting this to be not only a "record-breaking" year, but also a significant increase in the number of fires. Residents tell of trees exploding in flames As fires raged in central England, hundreds of homes were destroyed on Thursday. Stourbridge resident describes the moment his family and he decided to leave their home. "I heard a shout, and the trees were exploding along the railroad track. The trees weren't only on fire; they were also exploding. Paul Nash said, "We just grabbed all the stuff and left." Nash stated that his house remained standing despite the damage to his garden. This was in contrast to other homes on his street which had been destroyed by fire. According to government figures, Britain is on course for its hottest ever summer. Five heatwaves have caused around 45 million people to live in drought-hit areas and 27 millions people face restrictions on their water usage. Met Office reports that temperatures in London reached 38.2 degrees Celsius on Thursday. This is the fifth-hottest day ever recorded for the United Kingdom. Pershore, a market town in central England, reached 38 C. This was one of many areas where flames ravaged houses and fields. On Thursday, a major motorway had to be temporarily closed and the train schedules were also affected. Officials are yet to confirm if the heat was a factor in causing a derailment of a southern England train. Garrigan stated that "we've declared eleven major incidents?over the past 24 hours." The UK Fire and Rescue Service has struggled to meet the demands of fire and emergency services.
Israeli airstrikes and gunfire kill 60 people in Gaza. Many are near aid sites, say medics
Local health officials reported that Israeli airstrikes and gunfire killed at least 60 Palestinians on Wednesday in Gaza, the majority of whom were near a Gaza Humanitarian Foundation aid site in the middle of the enclave.
Shifa and Al-Quds Hospitals said that at least 25 people died and dozens were injured as they approached an old Jewish settlement near Netzarim, before dawn.
Israel's military said that it fired warning shots at a group overnight of suspecteds who posed a danger to troops near the Netzarim Corridor.
The warnings about the active combat zone in this area were ignored. "The IDF is aware that there have been reports of injuries; details are being reviewed," the statement said.
Health officials from Nasser hospital in Khan Younis, in the southern Gaza Strip, said that at least 14 people were killed by Israeli gunfire on Wednesday as they approached a second GHF site in Rafah.
The foundation stated that they were unaware of the incidents that occurred on Wednesday, but that they worked closely with Israeli authorities in order to maintain safe passageways and to make sure that Palestinians closely followed instructions.
In response to questions, it replied by email that "the solution is more assistance, which will create greater certainty and less urgent among the population."
There isn't enough food in Gaza to feed all those in need. We are currently focused on feeding as many people safely as possible in a volatile environment.
GHF released a statement saying that it had distributed 2,5 million meals on the day of the distribution, making it the largest delivery in a single day since it started operations. This brings the total number of meals served since the start of operations at the end May to over 16 million.
Gaza's Hamas run health ministry reports that 163 Palestinians have been killed since then and more than 1,000 injured trying to get the food boxes.
The United Nations condemned the killings, and refused to provide aid through the foundation. This foundation uses private contractors backed by Israeli military forces in a violation of human rights standards.
In Gaza, the health ministry reported that at least eleven other people had been killed in separate Israeli attacks and gunfire across the coastal enclave on Wednesday.
It began 20 months ago, after Hamas militants killed 1,200 people - mostly civilians - on October 7, 2023. This was Israel's deadliest day.
According to Gaza's health authorities, Israel's recent military campaign has killed more than 55,000 Palestinians. Most of these were civilians. The densely-populated area, home to over two million people, was also flattened. Malnutrition and displacement are widespread.
Benjamin Netanyahu, the Israeli prime minister, said that there had been "significant" progress in the efforts to free the remaining hostages from Gaza. However, it was still "too early" to hope that a deal will be reached.
Two Hamas sources said they were unaware of any progress in the negotiations. Reporting by Nidal Al-Mughrabi. Alex Cornwell, Crispian Balmer and Michael Perry contributed to the reporting; Philippa Fletcher, Mark Heinrich and Michael Perry edited.
(source: Reuters)