MARKET MOVEMENTS:
–Brent crude oil is flat at $70.33 a barrel
–European benchmark gas is up 0.9% to EUR36.27 a megawatt-hour
–Gold futures are flat at $3,363.90 a troy ounce
–LME three-month copper futures are down 0.4% to $9,619.50 a metric ton
TOP STORY:
The Race Is On to Build U.S. Copper Mines After Trump Pledges Higher Tariffs
Nearly 6,000 acres of old Arizona farmland once intended for a residential subdivision is on track to potentially become home to the first big new U.S. copper mine in more than a decade.
If all goes as planned, Ivanhoe Electric will begin construction of its Santa Cruz mine early next year and start selling copper cathodes to manufacturers before the end of 2028. That is a blink of an eye in mining, where the time between discoveries and production is often measured in decades.
The mine is on an unusually fast track as a result of being on private property along a booming industrial corridor between Phoenix and Tucson. The sooner it comes online, the better-and not just for Ivanhoe Electric's investors.
OTHER STORIES:
Kazatomprom to Provide Uranium Concentrate to Slovak Utility
Kazatomprom said it has signed a memorandum of understanding with Slovak electricity producer Slovenske elektrarne to provide natural uranium concentrate and potentially uranium dioxide for Slovak nuclear power plants.
The world's top uranium producer said Monday that the agreement reflects its continuing commitment to work with European utility companies and expands its presence in the region.
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Silver Stocks Shine in China as Metal Rallies
Silver companies' stocks rose after prices of the precious metal hit a more than decade high, buoyed by industrial and investor demand.
Shares of Hunan Silver climbed 10% in Shenzhen on Monday, rising by the daily limit. Baiyin Non-Ferrous Group gained 7.3% in Shanghai and Shengda Resources shares rose 6.5% in Shenzhen.
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South32 Flags Impairment Charge Against Mozal Aluminum Smelter
South32 said Monday it is reviewing the carrying value of its Mozal aluminum smelter in Mozambique because of increased uncertainty about future electricity supply and expects to record an impairment charge in its annual profit results.
The Australia-based miner said it will provide detail on the size of the forecast impairment once the company has completed its assessment. It also said production guidance at Mozal for next fiscal year is under review because of uncertainty over whether it can continue to operate beyond March 2026.
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Occidental Petroleum Backs 2Q Production Despite Curtailments
Occidental Petroleum said it expects second-quarter production to be within its previous guidance range despite some curtailments from third-party constraints.
The oil-and-gas producer said Monday that its Gulf of Mexico assets also experienced curtailments from extended facility maintenance and schedule-related delays.
MARKET TALKS:
Oil Futures Pull Back From Early Highs -- Market Talk
0930 ET - Oil futures are gaining, but off earlier highs with the market expecting a statement from President Trump on Russia. Expectations that it could include tightened sanctions sent Brent above $71 a barrel in earlier trade. But "not a lot of these sanctions have had a major effect on oil flows and I don't know why they would change now," Scott Shelton of TP ICAP says in a note. "Sending arms via NATO would increase tensions between the U.S./NATO and Russia, but I struggle to see a significant change to oil supply." WTI is up 0.5% at $68.78 a barrel, and Brent is up 0.5% at $70.74. (anthony.harrup@wsj.com)
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U.S. Natural Gas Futures Pick Up -- Market Talk
0909 ET - Natural gas futures start the week higher on signs of tightening in the market. Positive catalysts at the end of last week included ebbing production, higher LNG feedgas flows, a recovery in implied weather-driven demand and a bullish storage number, Eli Rubin of EBW Analytics says in a note. "Natural gas is at a fundamental inflection point as core supply/demand balances begin a tightening cycle," he says. But weak Henry Hub spot market prices and a rising storage surplus to five-year averages "may question durability of any rebound." Nymex natural gas is up 2.3% at $3.394/mmBtu. (anthony.harrup@wsj.com)
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LME Copper Price Falls As Trade Tensions Weigh on Industrial Commodities -- Market Talk
1101 GMT - London copper prices fall in midday trade as rising commerce tensions weigh on sentiment across the commodities complex. LME three-month futures are down 0.6% at $9,602 a metric ton. President Trump's 30% tariff on goods from the EU and Mexico raised the prospect of an economic slowdown that could hurt demand for industrial metals. Copper is also facing its own industry-targeted tariffs after Trump announced the U.S. will place a 50% levy on imports of the red metal from Aug. 1, even though details haven't been unveiled yet. The tariff could see prices come under pressure due to a sudden, temporary gap in demand as a result of higher costs for U.S. buyers, analysts at Barclays said. However, the bank expects any impact on LME prices to be short-lived. (giulia.petroni@wsj.com)
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Oil Gains Further, With Brent Above $71 a Barrel -- Market Talk
1051 GMT - Oil prices extend gains in midday trade, with Brent crude climbing above $71 a barrel driven by prospects of potential U.S. sanctions on Russia and China's higher oil imports in June. The international oil benchmark rises 1.5% to $71.42 a barrel, while the U.S. oil gauge WTI gains 1.6% to $69.53 a barrel. President Trump is due a "major statement" on Russia later on Monday after criticizing Russian leader Vladimir Putin and announcing the U.S. will send Patriot air-defense systems to Ukraine. In China, the latest trade figures showed exports regained momentum last month following a tariff truce with the U.S. Meanwhile, intensifying global trade tensions are weighing on the U.S. dollar, making oil cheaper for holders of other currencies. (giulia.petroni@wsj.com)
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Palm Oil Ends Higher, Tracking Gains in Soybean Oil, Crude Oil -- Market Talk
1013 GMT - Palm oil prices ended higher, tracking gains in soybean oil and crude oil prices, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng sees support well above 4,150 ringgit a ton and resistance at 4,280 ringgit a ton. Possible profit-taking after recent gains and worries about higher inventory levels could have capped upside, analysts at Kenanga Futures say in a note. The Bursa Malaysia Derivatives September contract rose 58 ringgit to 4,232 ringgit a ton. (kimberley.kao@wsj.com)
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European Gas Prices Rise on Cooling Demand, Russian Sanctions Concerns -- Market Talk
0801 GMT - European natural-gas prices rise in early trade as higher temperatures boost demand for cooling and traders grow wary of potential U.S. sanctions on Russia. The benchmark Dutch TTF contract is up 1% to 36.31 euros a megawatt hour. "An increase in spot purchases from buyers such as Japan and South Korea have been triggered by declining inventories," analysts at ANZ Research say. "LNG inventories held by Japanese utilities slid to their lowest in almost two months amid strong power consumption." Meanwhile, traders await President Trump's "major statement" on Russia later on Monday. Potential sanctions could restrict Russian LNG flows to Asia, tightening global supplies. (giulia.petroni@wsj.com)
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Gold Rises to Three-Week High on Escalating Trade Tensions -- Market Talk
0752 GMT - Gold prices rise in early trade as fears of a global economic slowdown due to widening trade tensions reinforce the precious metal's role as a defensive hedge and safe-haven asset. Futures are up 0.5% to $3,382.70 a troy ounce, their highest level in three weeks, after President Trump said he will charge a 30% tariff on goods from the EU and Mexico--two of the U.S.'s largest trading partners. Meanwhile, investors await key U.S. economic data later this week, including CPI inflation figures. "Should the June data report higher-than-expected inflation, this could prompt a selloff in U.S. Treasuries and increase demand for the U.S. dollar this week," says Aaron Hill, chief analyst at FP Market. (giulia.petroni@wsj.com)
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Gold Miners Rise on Trump's 30% EU Tariff Threat -- Market Talk
0735 GMT - Shares in U.K. and South African listed gold miners climb as the price of the precious metal rises on President Trump's threat of a 30% tariff on goods from the European Union and Mexico from Aug. 1. Safe-haven demand pushes spot gold prices up 0.4% to $3,369.84 an ounce. In London, Hochschild rises 3.7% and Fresnillo rises 2.5%. In Johannesburg, Harmony Gold rises 1.3% and Gold Fields rises 0.5%. (adam.whittaker@wsj.com)
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Oil Rises as Traders Await Trump's Statement on Russia
0730 GMT - Oil prices rise as investors await further details on President Trump's "major statement" on Russia later on Monday after he voiced frustration with Russian leader Vladimir Putin over the war in Ukraine. In early trade, Brent crude and WTI are both up 0.5% to $70.69 and $68.80 a barrel, respectively. "There's the potential that Trump could announce additional sanctions on Russia," ING analysts say. "This could dramatically shift the oil outlook if sanctions target Russian energy." Meanwhile, China's oil imports rose by around 7% on year in June, driving first-half growth to 1.4%. However, price gains are capped by intensifying trade tensions, with the latest U.S. tariff threats casting a shadow over energy-demand prospects. (giulia.petroni@wsj.com)
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Iron Ore Rises on Solid Demand, Weak Supply -- Market Talk
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July 14, 2025 10:46 ET (14:46 GMT)
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