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The Gulf's major markets are mixed in response to the US-Iran hostilities and Q2 earnings
Investors weighed the escalating tensions in the region and an array of corporate earnings announcements as they viewed major stock markets in Gulf in early trade on Thursday. The?U.S. The?U.S. The Iranian Revolutionary Guards reported that an oil tanker was set ablaze after an explosion occurred while trying to navigate what they described as a "mined" route near the coast of Oman in the southern Strait of Hormuz. Two other tankers returned. Saudi Arabia's benchmark index fell 0.1% due to a 0.9% drop in the Saudi National Bank, the largest lender of the country. However, ?oil major Saudi Aramco gained 0.5%. The tensions were further heightened when the Iran-aligned Houthis allegedly claimed on Thursday that they had attacked two Saudi tankers in Bab el-Mandeb Strait. This raised concerns about a possible threat to a key global shipping route for energy alongside the Strait of Hormuz. The Qatari index fell 0.3% with Industries?Qatar falling 1.2%. Dubai's main stock index rose 0.6% led by a 2.9% increase in the top lender Emirates NBD. The lender reported a second-quarter profit which was essentially flat compared to the previous quarter. Asset growth and margins were resilient, in the first full-quarter result since the start of the Iran War. The index in Abu Dhabi rose 0.7%. This was boosted by the 4.1% increase of the United Arab Emirates’ largest lender, First?Abu Dhabi (FAB), following an increase?in earnings for the quarter. FAB's Net Profit?for three months ended on June 30 increased to 5.72 billion Dirhams ($1.56billion) from 5.51 billion Dirhams one year ago. Reporting by Ateeq Sharif in Bengaluru. Editing by William Maclean
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African Rainbow Minerals approves Bokoni Platinum Project, Nickel Mine Restart
African Rainbow Minerals said that its board approved a?phased upgrade of 15.2 billion rands ($927.28 millions)?of the Bokoni platinum-group metal operations, as well?as resuming nickel mining at Nkomati. The South African miner, a diversified company, said in a press release that the outlook for PGMs - which are mostly used as autocatalysts to curb vehicle emissions - remains positive, despite the impact expected from battery electric cars, which don't require emission controls. ARM announced that the Bokoni Project?expansion would add a 120,000 metric tons per month Platinum Group Metal?concentrator, to an existing 60,000 tons per month plant. The existing plant will also be refurbished. The new concentrator will be operational in 2030. ARM expects that the 'Bokoni Project will reach steady state by 2032 with a?annual production between 350,000?and 400,000 ounces PGMs starting in that year. The company produced 615.719 ounces PGMs during its financial year ending June 2025. ARM suspended its operations at Bokoni, in June 2025. They said the smaller 60,000 tons per month mining and grinding capacity?was not sufficient to offset fixed costs or sustain profitability. After agreeing to a conditional deal with Boliden, the company that also owns iron ore assets, manganese, and coal, said it would restart open-pit mining operations at?Nkomati and begin nickel concentrate production. In 2021, the Nkomati Mine was put on maintenance due to persistent losses resulting from rising costs and low nickel prices. ARM, who took over?Nkomati from former joint -venture partner Nornickel in July 2025, has plans to invest $46 million for the nickel mining restart. The mine will produce 56,065 tonnes of nickel concentrate per year.
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Gold falls from two-week high as oil gains; Fed meeting is in focus
Gold prices fell on Thursday, after a two-week peak hit on Wednesday, due to an escalating Middle East war. Traders were waiting for the Federal Reserve's policy meeting next Monday, which could provide clues about the timing of interest rate increases. Gold spot fell 0.6% at 0713 GMT to $4,103.39 an ounce, after reaching its highest level since July 7, $4,165.87, on Wednesday. U.S. Gold Futures for August Delivery?fell by 1.1% to $4106.40. Oil continues to rise, adding to inflation pressures and expectations of Fed rate hikes. This has a positive effect on gold, as the dollar is weakening, said Jigar Trivedi. Oil prices reached their highest level in over?six-weeks, as the United States launched a new round on strikes against Iran and Yemen Houthis targeted oil tankers at the Red Sea. Dollars fell by 0.1% making greenback bullion cheaper for holders of other currencies. Interest rate sensitive two-year U.S. Treasury Yields have risen to a 17 month high, as rising oil prices fuelled concerns that new energy disruptions may reignite inflation. This could increase the chances of Fed rate increases. Futures markets are widely positioned for at least one hike before year's end. According to the CME FedWatch tool, traders are pricing in 77% of an increase in rates in September. High interest rates tends to reduce the appeal of non-yielding gold. The European Central Bank will almost certainly keep rates the same on Thursday, but it is keeping the "door wide open" for a possible hike in September. Silver spot fell 1.3%, to 58.90 dollars per ounce. Platinum dropped 1%, to 1,628.63, and palladium was down 1.2%, to $1274.96. (Reporting from Pablo Sinha and Swati verma in Bengaluru, Editing by Mrigank dhaniwala and Rashmi aich and Subhranshu sahu.)
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Copper prices rise as supply pressures increase, but demand is still low
Copper prices rose on Thursday as a result of falling inventories and ongoing concerns about supply. Benchmark 'three-month' copper at the?London Metal Exchange rose?0.08%?to $13,819 per metric ton as of 0700 GMT. The Shanghai Futures Exchange's most traded copper contract was down by 0.21% to 105,890 Yuan ($15.642.91) per ton. Both exchanges saw their prices reach multi-week highs after Tuesday and Wednesday, when supply fears combined with good demand drove them to these levels. Analysts with Chinese broker Galaxy Futures stated that the combination of?rising copper prices and high-premiums have curtailed downstream buying. Available copper inventories in ?LME-registered Shanghai monitored warehouses The physical supply has been under pressure in recent months as the price of goods has fallen. The Yangshan copper premium has risen. On Wednesday, the metric for China's import demand reached a record high of $115 per ton. The price of copper has also been supported by the strong shipments to the United States ahead of any potential U.S. tax on refined copper. Traders are still waiting for details. The LME cash to three-month copper premium On?Wednesday the price of a ton was $4.7, indicating a pressure on supply in the near term. Geopolitical events continue to influence risk sentiment and demand expectations. Oil prices have risen to their highest level in six weeks after Yemen's Iran aligned Houthis claimed they had attacked two oil tankers as part a Saudi Arabian blockade. The rise in energy prices has rekindled inflation fears and put pressure on industrial commodities, as it increases the likelihood of rate hikes. This typically slows economic growth. Aluminium gained 0.28% on the LME, while zinc rose?0.63%. Lead increased 0.5% and nickel gained 0.62%. Tin added 0.16%. On the SHFE, aluminium rose 0.71%. Zinc gained 1.57%. Lead advanced 1.08%. Nickel jumped 1.59%. $1 = 6.7692 Chinese Yuan Renminbi (Reporting and editing by Sonia Cheema).
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Israelis are concerned that a Saudi nuclear deal may spark a Mideast arms race
Israel is worried about the'start of an arms race in the Middle East' after a deal between the United States & Saudi Arabia was announced on Wednesday. The agreement allows the kingdom to build nuclear power plants using American technology and enrich uranium. The?agreement announced on Wednesday, which needs Congressional approval to be implemented, is intended to allow Saudi Arabia to develop a civil nuclear programme. The Prime Minister Benjamin Netanyahu, his Defence and Foreign ministers, have not yet commented on this deal. Critics say that it compromises Israel's long-term interests. "The nuclear deal that's coming together between Israel and Saudi Arabia over Israel's head is a serious failure in strategy that threatens our security," stated former prime minister Naftali Bennet, who is running to unseat Netanyahu at an election on October 27. "Nuclear enrichment in Saudi Arabia could lead to an'regional nuclear race' and a dangerous lack of control." Avigdor Lieberman, former defence minister of Saudi Arabia, said "the civilian nuclear program in Saudi Arabia will result in nuclear weapons. It will also lead to an arms race in the Middle East." He said that Israel, widely regarded as having the only nuclear arsenal in the region, should oppose the agreement and lobby Congress for its cancellation. The civil nuclear deal with Saudi Arabia was in the works during President Donald Trump's administration as well as that of former president?Joe Biden. A deal has not been reached yet, in part due to the warnings of?nonproliferation organizations who claim that this could give Saudi Arabia a way to develop a nuke weapon. Israelis also hoped that any deal would be part of the long-sought agreement for normalisation between Israel and Saudi Arabia, as envisaged in the Biden Plan. Benny Gantz said that no official in the security field would agree that adding civilian nuclear capability to Saudi Arabia, without also integrating it into a regional alliance that promotes moderate values, is a good thing for Israel. (Writing and editing by Steven Scheer)
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Repsol's Q2 profits more than tripled on the strength of refining
Repsol, a Spanish energy company, announced on Thursday that its adjusted net?profit for the second quarter of this year was more than three times higher than it was in the same period a year ago. This increase is attributed to higher oil prices and stronger refining margins. The adjusted?net? income rose to EUR1.84bn ($2.1bn) between April and June, compared with the EUR598mn posted in the 2nd quarter of 2025. This beat the analysts' consensus estimate of EUR1.64bn. The net income was EUR1.27 billion, up from EUR237 millions a year ago. Earnings before interest, tax,?depreciation, and amortisation, or adjusted earnings, also tripled, to EUR3.52 billion, up from EUR1.15 million. The main Spanish refiner and oil producer announced that it will increase the second share buyback programme for 2026 to EUR500m, on top of the EUR350m already completed. The company expects to announce its third share buyback in October, as part of its plan to distribute between 30% and 40% of operating cash flows to shareholders. Operating cash flow increased to EUR1.94billion from EUR1.56billion, and free cash flow increased to EUR1.04billion from EUR431m. Net debt decreased to EUR3.67billion at the end June, from EUR4.8billion at the end March. This reduced leverage from 14.3% to 11.3%. CEO Josu Imaz said in a statement that the company's strong cash flow and balance sheet enabled it to continue investing while increasing shareholder returns. Refining, Repsol Peru and chemicals, as well as trading, were the main drivers of this improvement. The adjusted net income rose to EUR1.24billion from EUR103mil a year earlier. Exploration and Production Adjusted Net Income rose from EUR312 million to EUR371 millions, thanks to higher crude prices, increased volumes, and stronger results from equity-accounted firms. Repsol's Spanish refinery margin indicator increased to $14 per barrel from $5.9 per barrel a year earlier. Brent crude was at $103.8 a barrel on average in the third quarter, up from $67.1. The total production was essentially flat, at 558,000 barrels equivalent per day compared to 557,000 the previous year.
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TotalEnergies' second quarter profit soars on higher oil prices and strong refining margins
* Best quarter for nearly three years * Trading segment (which includes refining)?up 362% on an annual basis due to rising prices * Share Buybacks Maintain?at $1.5 Billion for Q3 By ?America Hernandez PARIS, 23 July - TotalEnergies, the French oil major, reported on Thursday a 67% increase in its second-quarter earnings, its best in almost three years. The company attributed this to higher oil prices, and high profit margins in fuel refining due to war in Iran. According to a poll of analysts by LSEG, adjusted net?income for the second quarter was $6 billion. This is in line with what analysts expected. This compares to $3.6 billion for the second quarter in 2025 and $5.4 billion for the first quarter in 2026. The U.S. and Israeli war against Iran, which resulted in Iran 'effectively closing the Strait of Hormuz', disrupted world supplies and pushed 'crude oil and -gas -prices to multiyear highs. This was a windfall to major energy companies. Brent crude oil prices in the global benchmark ranged between $97 and $97.50 per barrel from April to June, up by 45% compared to $67 a barrel one year ago. TotalEnergies has announced that it will continue to buy back shares for $1.5 billion in the third quarter. This is the same amount they paid for the second. Exploration and Production earnings have reached $3.2 billion. This is a 64% increase from the same time period last year and 25% more than the first quarter of 2026. Refining income and chemicals grew 362%, to $1.8 billion. This was due to the margins of refining fuels and the fact that Total continued to make profits on the rising prices of oil and fuels caused by the paralysed Strait of Hormuz. The liquefied gas division earned $807 million. This is a 22% decrease that Total attributed to the weak LNG demand in Europe in its trading statement last week.
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Anglo flags loss in diamond and coal units for first half; reduces copper cost outlook
Anglo American's copper production was largely?flat in the first-half of this year and its copper price guidance for 2026 has been lowered. However, it said that?its diamonds?and steelmaking?coal businesses will post negative earnings underlying in the first quarter. The London-listed company maintained its guidance for full-year production of copper between 700,000 and 760,000 metric tons. The miner produced 343,600 tonnes of copper during the first half, compared to 342,200 tons one year ago. Anglo stated that its proposed merger with Teck Resources is still on track. The final regulatory hurdle will be the approval of China. The miner would become 'the fifth largest?copper manufacturer in the world, as it reshapes their portfolio by selling its nickel and steelmaking coal businesses and separating diamond unit De Beers. In order to complete the acquisition of De Beers, 'Anglo' has chosen a preferred consortium headed by former De Beers CEO Gareth Penny. Botswana owns 15% of the business and is considering exercising its right of refusal to buy it directly or through a third-party, according to a government official. Anglo stated that despite an 88% increase in diamond production?in the 2nd?quarter, weak demand and lower prices continue to weigh on the markets. (Reporting and editing by Louise Heavens, Clara Denina)
China robust commodity imports puzzle weak economy story: Russell
In plain contrast to the continuous weakness in China's essential manufacturing index, the imports of essential products by the world's. secondbiggest economy are roaring ahead.
China's imports of petroleum, liquefied natural gas (LNG),. coal and iron ore were all stronger in the very first two months of. 2024 than for the exact same period in 2015, according to information from. commodity experts Kpler and LSEG Oil Research.
Yet, though robust commodity imports appear at first glance. to be out of alignment with soft property building and construction and. producing information, they can be reconciled when market characteristics. such as stockpiling and cost relocations are taken into consideration.
Crude oil imports were 11.73 million barrels per day (bpd). in February, up from 11.31 million bpd in January, according to. LSEG data.
Over the very first 2 months of the year, LSEG estimates. China's oil arrivals at 11.51 million bpd, which is 1.07 million. bpd greater than the 10.44 million bpd main customs figure. from January and February in 2015.
China combines import information for January and February into a. single release to reduce the effect of the Lunar New Year. holidays, and the official customs numbers for the first two. months of 2024 are anticipated on March 7.
China's imports of LNG were 5.7 million metric lots in. February, down from January's 7.82 million, according to Kpler.
However, the combined 13.52 million loads for the first two. months of this year was 22.5% above the 11.04 million heaps for. the very same duration in 2015.
Imports of iron ore were approximated by Kpler at 101.5 million. heaps in February, below 113.0 million in January, which was. the second-highest in Kpler data going back to 2017.
The combined 215.5 million loads for the January-February. period was 4.6% higher than the 206.1 million heaps for the same. months in 2023.
Imports of all grades of coal were likewise robust in the. 2 months of this year, with Kpler estimating seaborne arrivals. of 28.4 million heaps in February and 34.0 million in January,. for an overall of 62.4 million.
This was 28.1% greater than the 48.7 million lots of seaborne. arrivals in the first two months of 2023.
The strength in imports of major commodities appears to be. at chances with the continuous run of soft outcomes in China's. official Buying Managers' Index (PMI).
The PMI shrank for a fifth month in February, coming in at. 49.1 points, down from 49.2 in January, and remaining below the. 50-level that separates growth from contraction.
While a few of the weak point may have been triggered by factories. closing for the week-long Lunar New Year holidays, the PMI information. shows that China's economy is at finest spluttering along.
This makes it most likely that further stimulus measures are. likely to be adopted, with the focus on this week's meeting of. parliament.
Whether any brand-new efforts will be enough to stir China's. economy stays to be seen, however the current track record of. modest steps suggest something bolder than what is most likely to. eventuate will be needed.
STRONG PRODUCTS, WEAK ECONOMY?
The question is whether China's strong product imports can. be reconciled with the obvious weak point seen in key sectors of. the economy, such as residential real estate building and construction and. manufacturing.
Each commodity has its own market dynamics and the robust. unrefined imports can be seen through the prism of lower oil. prices when cargoes would have been organized, and the early. release of import quotas for many refiners.
Global benchmark Brent unrefined futures remained in a. drop from October to mid-December, reaching a low of $72.29. a barrel on Dec. 13.
The lower costs, combined with the 60% boost in the very first. tranche of import quotas, would have encouraged refiners to buy. more than they planned to process, thus improving stocks. as a hedge against possible higher prices later this year.
Due to the fact that of high electricity, coal imports have been strong. demand and lower than usual hydropower output.
A more element has been some constraints on domestic mine. output because of security checks, which has actually likewise kept domestic. prices elevated, indicating imports can complete on a cost basis.
China's leading coal supplier is Indonesia, and the price of. Indonesian coal with an energy content of 4,200 kilocalories per. kg, as evaluated by product rate. reporting agency Argus, has actually been fairly steady in current. weeks, hovering near two-year lows and ending at $58.01 a heap in. the week to March 1.
Iron ore is maybe the commodity most challenging to fathom,. as strong imports do not necessarily align with weakness in the. residential or commercial property sector.
However, steel mills and traders have been building up. inventories in current weeks, possibly in anticipation of more. stimulus procedures, with experts SteelHome reporting port. stockpiles increasing to 134.9 million loads in the week to March 1.,. up 28.6% from the seven-year low of 104.9 million in the week to. Oct. 23.
Overall, the strength in China's commodity imports can be. lined up with weak point in other sectors of the economy, and program. that the economic story is more nuanced than the basic. narrative of sluggish development.
The viewpoints revealed here are those of the author, a columnist. .
(source: Reuters)