Latest Commodity News

The Copper Monthly Metals Index (MMI) has seen a modest increase of 1.18% from July to August, with current copper prices hovering just above their lowest points in April. This comes after a tumultuous July when record volatility affected Comex copper prices, primarily due to unexpected changes in U.S. tariffs on copper products. Initially, there were expectations of new tariffs which caused a rise in prices, but a subsequent decision to exempt certain copper imports led to a sharp decline.

In late July, the announcement of a 50% tariff on copper by the White House sent the prices soaring, reaching a peak of $12,790 per metric ton on July 25. However, this bullish trend quickly reversed when exemptions for refined copper and input materials were announced, resulting in a significant price drop of 24.56% from the peak. Traders who had anticipated continued price increases faced large losses as the market adjusted to these changes.

The U.S. is heavily reliant on copper imports, with 45% of its consumption coming from abroad. Countries like Chile, which is the largest supplier, have sought exemptions from the tariffs. Meanwhile, other potential tariffs on copper remain under consideration by the administration, suggesting that volatility could continue in the future. Forecasts show a possible increase in demand for copper, particularly from electrification efforts and data centers, but the market remains cautious amidst recent developments.

Current prices for various types of copper products reflect the ongoing fluctuations in supply and demand. In the most recent data, some U.S. copper producer prices have risen, while prices in other markets, such as China and India, have dropped. As traders assess the future of tariffs and their impact on the market, the focus will remain on how these developments affect the overall price of copper going forward.

TotalEnergies is making significant investments in NextDecade's liquefied natural gas (LNG) projects, specifically Train 4 of the Rio Grande LNG export facility in Texas. This investment amounts to approximately $300 million for a 10% stake, as part of an equity commitment up to $1.8 billion alongside Global Infrastructure Partners. This financial backing moves NextDecade closer to a favorable decision for the 5.4 million metric tons per annum facility.

The development of Train 4 is contingent on receiving supplemental environmental approval. Although NextDecade has completed a final environmental impact statement, final regulatory approval is still pending. The company’s investment partners will play a crucial role in financing the venture, with NextDecade aiming to have a substantial ownership stake after specific return targets are met.

Interestingly, TotalEnergies has opted against entering a long-term contract for LNG from NextDecade's proposed Train 5, even though they have a long-term agreement to purchase LNG from Train 4. The construction of Train 4 is currently under a fixed-price contract with Bechtel that is valid until September 15. Overall, NextDecade’s expansion plans, including Trains 4 and 5, are designed to reinforce the United States' position as the leading LNG exporter globally.

A wildfire is currently raging on the outskirts of Canakkale, a city in northwestern Turkey, requiring significant firefighting efforts. Strong winds have exacerbated the flames, prompting local authorities to evacuate hundreds of residents as a safety precaution. The firefighting response includes airplanes, helicopters, fire trucks, and approximately 700 personnel directed by the city governor, Omer Toraman.

Evacuations have been initiated in high-risk areas, which include a university campus, military sites, and residential neighborhoods. Residents have been advised to avoid unnecessary travel to facilitate access for emergency vehicles. The wildfires have also led to the shutdown of the city's airport, a section of the Dardanelles Strait, and a part of the main highway, while local TV footage captured the alarming sight of thick smoke over the hills.

The weather conditions in the region have been intense, with temperatures reaching 33 degrees Celsius and wind speeds climbing up to 66 kilometers per hour. As a result of the smoke, around 50 individuals have been treated at local medical facilities, although none suffered life-threatening issues, according to the governor's update.

Azerbaijan and Armenia have released a text of a U.S.-brokered peace agreement aimed at resolving decades of conflict between the two countries. The agreement, reached during a meeting in Washington, D.C. involving U.S. President Donald Trump, Azerbaijani President Ilham Aliyev, and Armenian Prime Minister Nikol Pashinyan, focuses on recognizing each other's territorial integrity and officially ending the conflict that has lasted nearly 40 years.

The proposed agreement, which still requires formal signing, includes commitments from both nations to relinquish claims to each other’s territories and to refrain from using force. The text was endorsed by the foreign ministers of both countries, marking a significant step toward potential peace. Pashinyan expressed his views on social media, calling the agreement a solid foundation for lasting peace, reflecting balanced interests.

While the deal has garnered support from various international parties, including the EU and Turkey, there are still hurdles to overcome. Azerbaijan is pressing Armenia to amend its constitution, which it claims implicitly asserts a territorial claim over Azerbaijan. This requirement poses a challenge, as there has been no set date for the required constitutional changes and a referendum called by Pashinyan earlier this year.

The potential peace agreement could transform the South Caucasus, a region rich in energy resources and vital transit corridors, all while attempting to stabilize an area historically fraught with ethnic tensions. The U.S. would gain exclusive development rights to a strategic transit corridor, enhancing economic ties and energy exports, which had previously hampered initial peace negotiations.

Oil prices remained stable on Monday after experiencing a significant drop of over 4% the previous week. Investors are anticipating an important meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska, scheduled for August 15. This meeting is expected to address the ongoing war in Ukraine, and market analysts suggest that the potential for negotiations is reducing the so-called 'Russia war premium' on oil prices.

Brent crude and U.S. West Texas Intermediate (WTI) crude futures experienced slight declines, indicating ongoing fluctuations in the market. The anticipated talks between Trump and Putin come in the context of heightened U.S. pressure on Russia, which could lead to tighter sanctions if no peace agreement is reached. The expectation of an offer to negotiate could also have implications for tariffs on Russian oil, particularly concerning Indian imports.

Market assessments indicate that supply disruption fears are receding, especially after the U.S. targeted only India with additional tariffs rather than imposing penalties across the board. UBS has revised its year-end forecast for Brent crude downwards due to increasing supply from South America and stable production in nations facing sanctions. OPEC's output has also risen, albeit tempered by production cuts in Iraq and disruptions from drone strikes in Kurdish oilfields.

In a related note, Exxon Mobil announced earlier-than-expected crude production from a floating production facility in Guyana. This highlights the shifting dynamics in global oil production amid changing geopolitical influences and responses to local and international supply issues.

A recent drone strike on the Saratov refinery, owned by Rosneft, has forced the facility to stop taking in crude oil. This refinery, located in the Volga region, has a processing capacity of 140,000 barrels per day and has now been put offline due to the ongoing conflict, specifically, attacks from Ukrainian forces.

The Saratov refinery is known for processing Russia’s Urals and Saratovskoye crude oil, as well as crude sourced from Orenburg. This incident marks the third Russian crude processing facility to sustain damage from drone strikes in the current month, impacting the domestic supply of gasoline and diesel in Russia.

In response to these refinery disruptions, Russian authorities are reportedly looking to ramp up crude oil exports, particularly from western ports, in August. Experts predict that shipments could rise to 2 million barrels per day, above previously established targets. The ongoing conflict between Ukraine and Russia adds to the political tension, especially with the upcoming summit between U.S. President Trump and Russian President Putin.

Global equity markets experienced minor declines as investors awaited important trade and economic data, including U.S. consumer prices. The S&P 500 and Dow Jones both traded lower, while the Nasdaq managed a slight increase. Energy and materials sectors led the losses, offset by gains in healthcare and consumer discretionary stocks.

Market sentiments are influenced by an upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin, where they will discuss the ongoing conflict in Ukraine. Additionally, concerns regarding a pending U.S. tariff deadline on China are looming, as analysts expect an extension of the deadline.

The critical economic report for the week includes consumer price index data, which analysts predict may see a 0.3% rise due to tariffs. This could potentially impact expectations for a rate cut by the Federal Reserve, with a significant deviation from expectations possibly challenging prevailing market views.

In other market activities, the dollar saw a slight increase against major currencies, while gold prices decreased notably due to tariff concerns. Oil prices also fell slightly amid anticipation surrounding U.S.-Russia discussions on energy policies.

Jaguar Mining Inc. has received federal authorization to start preparatory work to restart its Turmalina gold mine located in Minas Gerais, Brazil, with operations expected to kick off in the first quarter of 2026. This permit allows the company to create a second access route to key ore deposits and adjust the underground ventilation system. However, it does not include stabilizing the tailings pile, which is crucial for resuming full operations.

An earlier municipal permit is still valid and offers similar permissions for an ongoing three-month extension. The company is also working on an agreement with the Public Prosecutor’s Office to perform a technical safety audit, as they settle a civil lawsuit related to a tailings slide that occurred in December 2024.

In 2025, Jaguar managed to reduce its environmental fines significantly from R$320 million to R$60 million, with some of the funds being dedicated to social and environmental projects in the area. It also settled an agreement with the Public Defender’s Office for R$57 million to aid local residents affected by the tailings incident. Following these developments, Jaguar Mining's shares rose 5% on the Toronto Stock Exchange and the company reached a market capitalization of C$354 million.

MP Materials, the only domestic producer of rare earth elements in the U.S., recently received a $150 million loan from the Department of Defense to enhance its production capabilities. This funding is part of a larger agreement aimed at strengthening the U.S. industrial base and supply chain for critical minerals. The company operates the Mountain Pass mine in California, which is central to its rare earth production.

The loan comes from the One Big Beautiful Bill Act, signed into law by President Trump in 2025, signaling government commitment to the rare earth sector. Following the announcement, MP's stock price surged, reflecting investor confidence and enthusiasm over the company’s potential, especially after a strong earnings report.

In conjunction with the funding, the DoD has agreed to purchase neodymium-praseodymium materials from MP at prices significantly above market value for a decade. They also acquired 15% of the company’s preferred stock, making them the largest shareholder. Plans are underway for MP to expand its production, including separating heavy rare earths, and to build a new magnet manufacturing facility, which will bolster production capacity.

Tropical Storm Erin has developed in the vicinity of the Cape Verde Islands, as reported by the U.S. National Hurricane Center. The storm is currently situated approximately 280 miles (455 kilometers) west-northwest of the islands.

At present, Erin possesses maximum sustained winds reaching speeds of 45 miles per hour (75 kilometers per hour). This development marks another weather event in the region, with potential implications for surrounding areas.

Reporting on such weather phenomena is crucial for preparedness and assessing any impacts on local communities. Continued observation will be necessary as the storm progresses.