Sir Ben Wallace was the UK Secretary of State for Defence from 2019 to 2023
Staff Writer
South African equities underperformed broader emerging markets in April, with the MSCI South Africa index rising by 1.4% in US dollar terms compared to a 14.5% gain for emerging markets overall, according to the latest strategy report by Simonis Storm Securities.
The report said the 13-percentage point gap reflects ongoing structural challenges in the South African market, although some opportunities remain in defence retailers, telecommunications and diversified mining companies.
Simonis Storm identified Shoprite Holdings, Clicks Group, Naspers, MTN Group, Glencore and Omnia Holdings as its preferred overweight positions.
The report said Shoprite remains attractive because of its defensive food retail position and “strongest wallet-share capture”, while Clicks continues to benefit from stable demand in pharmacy and beauty retail.
Simonis Storm upgraded Naspers and Prosus, saying the discount to Tencent-linked net asset value remains too wide despite a 19% decline since the start of the year.
MTN was identified as a beneficiary of an improving telecoms outlook across emerging markets and stronger oil-linked revenues in some African countries.
Glencore was favoured for its coal cash flows, copper exposure and trading opportunities linked to market volatility. Omnia was backed for its pricing strength in agricultural and mining inputs.
Among sectors, telecommunications recorded the strongest gains on the MSCI South Africa index during April, followed by healthcare and financials. Precious metals and basic materials underperformed.
The report showed that the best-performing South African shares so far this year were Sasol, which rose 117%, Thungela Resources, up 51%, and Glencore, which gained 41%.
On the downside, Sappi fell 34% and SPAR Group declined 32%, while Naspers lost 19%.
Simonis Storm warned that South Africa faces a difficult economic environment as higher oil prices combine with the growing possibility of an El Niño weather event, which could increase food inflation and delay interest rate cuts by the South African Reserve Bank.
The firm expects the reserve bank to keep the repo rate unchanged at 6.75% for an extended period. It said the Monetary Policy Committee views current inflation pressures as temporary but remains cautious about easing policy too soon.
Simonis Storm said diversified miners, food retailers and telecom operators remain the strongest equity positions in the current market environment, while investors should approach interest rate-sensitive domestic sectors with caution.
https://observer24.com.na/sas-equities-lagged-broader-emerging-markets-in-april/
Iraq’s New Prime Minister Faces Immediate Test Over Iran and the U.S.
By James Durso - May 12, 2026, 2:00 PM CDT
Iraq may soon have a new prime minister as the Coordination Framework, Iraq’s largest parliamentary bloc and a coalition of Shia Arab political forces, nominated businessman Ali al-Zaidi for the post, hoping to break a deadlock between caretaker prime minister Mohammed Shia Al-Sudani and former prime minister Nouri Al-Maliki, who was previously nominated for the post. U.S. president Donald Trump spoke to Zaidi and pronounced himself satisfied: “With our help, he won, and we want him to do very well.”
Trump may have felt some affinity for Zaidi, a billionaire businessman who is new to politics, but he may also have run out of options after refusing to support Sudani and publicly rejecting Maliki, despite a Wall Street Journal report that a Zaidi-linked bank did business with Iran-linked militias.
If Zaidi can form a government in 30 days and formally take the reins, what are the top issues he must address with the U.S.?
The “founding charter” of Iraq’s militias is arguably Coalition Provisional Authority Order Number 2: Dissolution of Entities, which, in May 2003, dissolved, but did not disarm, Iraq’s military and security services. Many of the 400,000 newly unemployed troops joined the anti-American resistance and later joined al-Qaeda if they were Sunni Muslims, or the Mahdi Army if they were Shia Muslims. The militias played a part in defeating Islamic State of Iraq and the Levant that controlled significant territory in Iraq and Syria from 2013 to 2019.
In May 2025, two U.S. legislators asked Secretary of State Marco Rubio to expand sanctions on Iranian-backed militias and designate the PMF, the Al-Muhandis General Company, and the Badr Organization (a Shia Islamist political party and paramilitary group) as Foreign Terrorist Organizations (FTO); none of these entities have been designated an FTO, though they have all been sanctioned.
In August 2025, U.S. pressure (and internal divisions in Iraq) caused Baghdad to withdraw legislation that would formally integrate the PMF into Iraq's armed forces under unified military command. Washington’s concern was that the legislation would legitimize groups it considers terrorists while creating a parallel force separate from the regular Iraqi military that has ties to the U.S. military.
Washington has made curbing militia influence a key condition for stronger cooperation.
Iraq’s economy remains heavily dependent on oil and vulnerable to external shocks, corruption, and illicit finance. The U.S. has expressed concerns about illicit financial flows and sanctions vulnerabilities tied to Iranian influence.
Iran is one of Iraq’s top trading partners, but the relationship is asymmetric: Iraq imports far more from Iran than it exports to Iran. Bilateral trade (mostly Iraqi imports of Iranian goods and natural gas) has hovered around $12–15 billion per year in recent years, and late 2025, the Iran-Iraq Joint Chamber of Commerce set a three-year goal to increase bilateral trade to US$20 billion.
Iraq imports natural gas almost exclusively from Iran (via pipelines to power plants near Baghdad and Basra), as local production and infrastructure have lagged behind demand for electricity generation. Volumes fluctuate significantly due to payment disputes, U.S. sanctions pressure, Iran’s domestic shortages (especially in winter), and recent regional conflicts.
Natural gas imports have been highly volatile in 2025–2026. In late 2025, imports were fully suspended due to payment/U.S. sanctions issues and Iran’s domestic needs), causing major power shortfalls of 4,000–4,500 megawatts (MW), about 40% of Iraq’s needs. Imports resumedin February 2026, briefly increased in mid-March 2026 then halted after Israel’s attack on Iran’s South Pars gas field (a loss of about 3,100 MW). Imports then resumed as of late April 2026.
Iraq plans to reduce or eliminate gas imports from Iran by capturing more of its own flared associated gas, worth US$4–5 billion/year currently. Iraq’s Ministry of Oil states that over 80%of associated gas is already being captured, with a target of zero routine flaring by 2028 in major southern fields such as Rumaila, West Qurna?1, and Zubair. This aligns with the national goal to eliminate routine flaring across the country by 2028.
Washington will likely support any Iraqi plan to reduce energy dependence on Iran in support of its overriding goal to cripple Iran’s economy and force regime change.
Chinese companies (primarily state-owned China National Petroleum Corporation/PetroChina, and others like China National Offshore Oil Corporation, Sinopec, and smaller independents such as United Energy Group) manage or are heavily involved in roughly two-thirds (around 67%, or 3 million barrels per day) of Iraq’s current oil production.
After Russian oil companies, especially Lukoil, withdrew from Iraq in 2025 due to U.S. sanctions, U.S. and other Western companies were invited to take over their projects, with American firms emerging as the primary replacements.
The U.S. mostly imports crude oil and petroleum products from Iraq, but Iraq imports a varied array of U.S. goods, such as agricultural commodities, machinery and industrial equipment, health equipment, consumer goods, commercial aircraft, and defense articles.
Iraq is a major and consistent buyer of U.S. rice, ranking among the top 10 U.S. rice export markets and the second-largest market for long-grain milled rice. U.S. rice is the only U.S.-origin item in Iraq’s government-run food basket program that was managed by one of Mr. al-Zaidi’s businesses.
Trump may be interested in U.S. participation in Iraq’s Development Road project, a US$17-24 billion effort to transform Iraq into a major transit hub connecting the Persian Gulf to Europe via Turkey, with railways, highways, and the Grand Faw Port as its core infrastructure, and that aims to help diversify Iraq’s economy away from hydrocarbons.
Other important issues are:
U.S. strategic cooperation & military ties. Iraq and the U.S. have longstanding military ties (dating back to the 2008 Strategic Framework Agreement), but these have become more sensitive amid regional tensions, and the U.S./Israel attack on Iran. Baghdad will seek to avoid taking a side or being a launch pad for future American and Israeli attacks or surveillance of Iran. Washington, on the other hand, clings to its notion of droit de seigneur, the legacy of over 4,400 dead American troops and US$ trillion spent in a war of choice to eliminate Saddam Hussein’s non-existent weapons of mass destruction.
Foreign troops are supposed to leave Iraq by September 2026, but U.S. Secretary of War Pete Hegseth announced U.S. troops will be “hanging around” the region after the end of the U.S.-Israel war on Iran. Will Washington press Baghdad for an indefinite delay to the troop redeployment? If so, that will put Zaidi in a dangerous position early in his term when he should be concentrating on consolidating his authority and explaining his program to the Iraqi people.
Sovereignty and perceptions of external influence. Iraqi leaders have always been sensitive to any perception of U.S. interference in Iraq’s internal affairs, especially in prime ministerial selection. Just as the Americans obsess about Iranian influence in Baghdad, Iraq’s leaders are anxious to avoid the fates of Germany and Japan – pro-U.S. satellite states with little influence on U.S. military operations launched from their territory.
Zaidi will have to engage Washington while being careful about national sovereignty concerns. Aside from American feelings of entitlement is the “Trump factor,” where a random tweet at 3:00 AM can upset sensitive negotiations or appear to compromise local leaders. The Wall Street Journal report of a secret Israeli military base in Western Iraq – that the Americans knew about – will limit Zaidi’s cooperation with Trump’s policies and cast doubt on future Iraqi military cooperation with the U.S.
Government formation and inclusive politics. Washington has signaled it wants the next Iraqi government to exclude hardline militia leaders and Iranian proxies from senior roles - a condition that could complicate Zaidi’s cabinet negotiations – but Zaidi’s discomfort will be secondary to Washington’s prioritization of limiting real or perceived Iranian influence. And that inclusive government will have to reflect Iraq’s diverse politics, e.g., Shiite, Sunni, and Kurdish blocs, while satisfying enough U.S. demands that it can get on with the business of governing.
Published 12th May 2026
KEY POINTS
Prices that consumers pay for a wide range of goods and services increased at a faster-than-expected pace in April, as another burst in energy prices raised further concerns about inflation’s impact on the U.S. economy.
The consumer price index rose at a seasonally adjusted 0.6% for the month, putting the one-year pace at 3.8%, the Bureau of Labor Statistics reported Tuesday. The monthly rate was as forecast, but the annual rate was 0.1 percentage point above the Dow Jones consensus.
Excluding food and energy, the core CPI increased 0.4% and 2.8%, respectively, keeping inflation well above the Federal Reserve’s 2% goal as the monthly rate was the highest since January 2025. Fed officials consider core a better indicator of longer-term inflation trends.
The annual headline inflation rate was the highest since May 2023 and was up half a percentage point from March. Core inflation rose 0.2 percentage point annually.
Energy prices, which jumped 3.8%, accounted for more than 40% of the headline gain, while food prices also climbed 0.5%. For energy, that put the 12-month gain at 17.9%, while food was up 3.2%. The gasoline index increased 28.4% annually. Food at home prices increased 0.7%, the biggest monthly gain since August 2022.
Though energy and in particular gasoline has been much of the headline story, inflation pressures also came from a variety of other areas.
Shelter costs rose 0.6% after easing in prior months, indicating that inflation is a problem beyond the Iran war impacts. The tariff-sensitive apparel category increased 0.6% and airline fares accelerated 2.8%, putting the 12-month gain at 20.7%. Tariffs also seemed to hit other areas, with household furnishings and operations up 0.7%.
New vehicle prices fell 0.2% while the index for used cars and trucks was flat. Medical care costs decreased 0.1% and hospital services were down 0.3%. Health insurance also declined 0.4%, while motor vehicle insurance increased 0.1%.
The report also contained bad news for workers, as real average hourly wages slipped 0.5% for the month and fell 0.3% annually.
Stock market futures were negative following the report while Treasury yields were higher. Traders also raised the odds for a Fed rate hike by the end of the year to about 30%, according to CME Group data.
“Inflation is the key drag on the U.S. economy now,” said Heather Long, chief economist at Navy Federal Credit Union. “This is hurting Americans. There is a real financial squeeze underway. For the first time in three years, inflation is eating up all wage gains. This is a setback for middle-class and lower-income households and they know it.”
The latest inflation news comes at a crossroads for the Fed, which has kept its benchmark interest rate steady all year amid misgivings among policymakers both on where the central bank should be heading and how it should communicate its intentions.
In late April, the Fed voted again to hold but saw four dissents, the highest since 1992. Fed Governor Stephen Miran again voted no in favor of a quarter percentage point cut, while three regional presidents objected to language that markets read as an indicator that the next move will be a cut.
At the same time, incoming Chair Kevin Warsh has advocated for lower rates, a position that will be difficult to square with the burst of inflation since the fighting in Iran began. Energy prices have surged, with oil running above $100 a barrel and gasoline averaging $4.50 a gallon nationally, according to AAA.
“Given that inflation is heading in the wrong direction and the labor market is holding up, it’s very unlikely that the Fed will be able to lower interest rates any time soon and it’s possible that we may start pricing in rate hikes for next year,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
Amid the higher rates, consumer sentiment has hit all-time lows though the stock market has been resilient. Major averages are just off their all-time highs as corporate America is nearing the end of a strong earnings season.
Consumer spending also has held up, though it’s largely been pushed by higher-income earners and the general trend higher in prices. The Atlanta Fed’s GDPNow tracker of incoming economic data is pointing toward economic growth of 3.7% in the second quarter, though on a limited set of data for the period.
“The good news is that the economy looks resilient to this price shock so far,” said James McCann, senior economist for investment strategy at Edward Jones. “Many consumers have benefited from tax refunds this year, hiring has picked up from near stagnant rates in 2025 and businesses are generating robust profit growth. There are limits to these buffers, but we expect, they should provide some reassurance that the economy can weather this shock.”
https://www.cnbc.com/2026/05/12/cpi-inflation-april-2026-.html
13 May 2026 | By: Tim Rühlig
Since Donald Trump returned to the White House in January 2025, international affairs have become less predictable. Yet the Xi-Trump summit in Beijing on 14–15 May 2026 is unlikely to deliver any dramatic strategic surprises. Beijing can orchestrate the visit to provide Trump with the optics of success, and Trump may describe the exchanges in characteristic superlatives. In substance, however, the summit is more likely to focus on managing tensions than on producing a reset in relations. Neither side is ready for a grand bargain, nor does either want a breakdown that would further damage an already fragile global economy. Key issues to watch include whether the Busan trade truce holds, progress on technology governance and AI safety consultations, and whether Beijing is willing to use its influence to help de-escalate the conflict with Iran. For the EU, the stakes lie above all in avoiding further disruption to critical mineral supply chains and in the potential – however slim – for Chinese engagement on Iran to improve energy security prospects.
Managed rivalry, not a grand bargain
In a midterm election year, Trump and the Republican Party have little reason to risk another economic shock. High petrol prices, falling real disposable income in recent months and slower job creation are already creating political pressure. A blow-up with China would add uncertainty to inflation, supply chains and financial markets at precisely the wrong moment for the White House.
Beijing also has few incentives to escalate. It has weathered Trump’s tariff pressure better than many expected and has shown that it can retaliate in areas where the United States and its allies are vulnerable. China’s April 2025 export-licensing restrictions on rare earths and magnets did not amount to a full embargo, but they showed Washington how quickly Beijing could create bottlenecks in defence, energy, electronics and automotive supply chains. According to interviews conducted by the author with Washington insiders, President Trump changed course on China within a single afternoon in May 2025, acknowledging the extent of China’s leverage. In October 2025, China further extended the rare earth export controls but subsequently suspended the measures after reaching an agreement with Donald Trump. Unless both sides extend the agreement, these controls are due to come back into force in early November 2026. Chinese decision-makers appear to understand that, unlike many in Washington, Trump views China primarily in commercial and transactional terms rather than through the prism of long-term strategic competition. Beijing therefore seems to calculate that a mix of economic inducements and coercive leverage offers the most effective means of influencing the American President.
This does not mean that Beijing is complacent. China’s leaders remain deeply distrustful of the United States. Trump is seen as erratic, and concessions made today can be reversed tomorrow. In less than three years, moreover, he will most likely be gone from office, raising the risk, from Beijing’s perspective, that a more institutionalised and bipartisan China-sceptic consensus – which has not disappeared – will again dominate policy in Washington. This dual uncertainty makes Beijing extremely unlikely to agree to any far-reaching grand bargain.
Even the summit preparations reflect the absence of a clear process on the US side. Washington’s priority is to press Beijing to use its influence with Tehran. China has no interest in a prolonged closure of the Strait of Hormuz, given its dependence on Middle Eastern energy imports and the broader risks posed by an energy shock to the global economy. Yet it remains unclear whether Xi is willing to invest political capital in a US-led diplomatic outcome. Despite clarity regarding the US’s main priority, new topics were reportedly still being tabled at the last minute days before the meeting. Xi Jinping, by contrast, favours thorough preparation over improvised bargaining driven by personal chemistry between leaders. Beijing also detects a contradictory pattern in US policymaking: authority over major decisions is heavily concentrated in the hands of Trump and a small inner circle of advisers, yet poor coordination still allows hawkish measures to emerge without a coherent overarching strategy.
For Xi, tactical stabilisation is valuable because China’s domestic economy remains weak. Consumer demand is low, unemployment is high and exports remain central to growth. If the war with Iran drags on and keeps energy prices elevated, China’s growth could fall significantly below Beijing’s target range of 4.5-5.0%, regardless of the confidence projected by official statistics.
What to watch: trade, security and technology
Apart from Iran, several other questions will be critical in assessing the summit’s outcome. In Busan, South Korea, in October 2025, the two sides reached a tactical ceasefire. Washington reduced fentanyl-related tariffs by 10 percentage points and suspended heightened reciprocal tariffs until 10 November 2026. In return, Beijing committed to stronger action on fentanyl precursors, suspended for one year the additional rare earth export controls introduced in October 2025, and increased agricultural purchases from the US. The deal eased market pressure but did not resolve the underlying conflicts over industrial policy, technology controls or strategic mistrust. Trump suggested that the agreement could be renwed annually, but China may see little tactical benefit in extending it almost six months before it expires. Trump’s tariff leverage has also been weakened by litigation: the Supreme Court ruled in February 2026 that the International Emergency Economic Powers Act (IEEPA) did not authorise him to impose sweeping tariffs, and courts have since struck down his replacement levies too. However, Section 301 investigations into industrial overcapacity remain a possible basis for future tariffs. A more plausible outcome of the summit may be the creation of trade and investment boards to facilitate non-sensitive economic exchanges and manage disputes.
On the security front, the agenda spans a wide range of issues, from China’s partners in the Western Hemisphere (notably Cuba), to Iran and Taiwan. Few observers in Washington expect the US to shift its declaratory policy from stating that it ‘does not support Taiwan independence’ to explicitly ‘opposing Taiwan independence’ – a shift in rhetoric that China had previously pressed the Biden administration to adopt. Nor is there much expectation that Washington will accept constraints on arms sales to Taipei after the State Department notified Congress in December 2025 of possible foreign military sales to Taiwan worth roughly $11.1 billion. Even if Trump made such a concession, he could reverse course within days. More lasting progress could be made if both sides agreed crisis-communication procedures: who answers a hotline, at what level, how quickly and under what rules during naval or air incidents.
Finally, on technology, Washington is unlikely to lift restrictions on frontier semiconductors, although concessions on China-compliant or mid-tier chips are possible. Both sides may also point to the TikTok joint venture – finalised in January 2026 – as a model for managing technology disputes: ByteDance retains a minority stake, while a majority-American investor group, with Oracle responsible for data security and algorithm oversight, takes control of US operations. The most meaningful forward-looking step would be opening consultations on AI safety. This is possible, but far from guaranteed.
What it means for Europe
For Europe, the summit matters because failure to sustain the Busan truce would send further shockwaves through the global economy and could worsen shortages of critical minerals. Chinese help on Iran – although highly unlikely –would also improve the prospects of reopening the Strait of Hormuz and easing energy security concerns.
Russia remains the wild card. Putin is expected to visit Beijing shortly after Trump. Xi’s choreography will matter. A lavish reception for Putin could play into Trump’s sensitivity to being upstaged and unsettle whatever modest stabilisation the summit manages to produce. That would underline the fragility of the likely outcome: managed détente rather than genuine trust.
Kuwait has agreed to build strategic petroleum storage facilities in Pakistan as both countries seek to strengthen energy cooperation.
The understanding was reached during a meeting in Islamabad between Petroleum Minister Ali Pervaiz Malik and Kuwait’s Ambassador to Pakistan, Nassar Abdulrahman Jasser Almutairi, according to a statement issued by the Petroleum Division.
Both sides discussed prospects for expanding cooperation in the petroleum and energy sectors, particularly refining and fuel storage infrastructure, and agreed to examine projects that could provide long-term benefits to both countries.
The meeting also focused on the impact of the ongoing Middle East crisis and disruptions caused by the closure of the Strait of Hormuz, a key global energy shipping route that previously handled nearly one fifth of the world’s oil and gas supplies.
During the meeting, the petroleum minister thanked Kuwait for facilitating the safe dispatch of the vessel Khairpur, which recently arrived in Pakistan carrying around 45,000 tonnes of diesel and 10,000 tonnes of jet fuel during the regional supply crisis.
The minister said the shipment was made possible through special approvals and close coordination between the two governments after disruptions in shipping routes created concerns over fuel availability in Pakistan.
Pakistan imports more than 60 percent of its diesel requirements from Kuwait under a long-term agreement between Kuwait Petroleum Corporation and Pakistan State Oil, making Kuwait one of Pakistan’s most important energy partners.
Kuwait had also extended its oil credit facility to Pakistan for another two years earlier this year and previously assured Islamabad of continued support for diesel and jet fuel supplies despite disruptions linked to the Strait of Hormuz crisis.
The Kuwaiti ambassador appreciated Pakistan’s efforts for regional peace and de-escalation and said Islamabad’s role during the crisis has improved its standing in the international community.
https://propakistani.pk/2026/05/12/kuwait-to-help-pakistan-build-strategic-oil-storage-facilities/
Saudi Arabia is expected to see a further decline in crude oil exports to China in June after buyers reduced their nominations due to persistently high prices during the US-Iran conflict, according to trade sources.
State energy company Saudi Aramco is set to ship about 10 million barrels of oil to Chinese customers next month, averaging around 333,000 barrels per day. This would mark a record low in data from Kpler and Reuters, compared with an average of 1.39 million barrels per day shipped to China in 2025, News.Az reports, citing AGBI.
Major Chinese refiners, including Sinopec, Sinochem and Rongsheng Petrochemical, have reduced their June crude liftings, according to sources who were not authorised to speak publicly.
Saudi Aramco declined to comment on allocation levels for June shipments to China, while the Chinese companies did not immediately respond to requests for comment.
Last week, Saudi Arabia set the official selling price of its June Arab Light crude for Asia at a premium of $15.50 per barrel, down from a record $19.50 the previous month. However, the reduction was smaller than expected by some Chinese buyers, keeping Saudi crude relatively expensive, the sources said.
Earlier disruptions to oil flows through the Strait of Hormuz during the ongoing conflict led Chinese state-owned refiners to reduce operating rates in April, further affecting import patterns.
Since the start of the war at the end of February, Saudi crude exports have declined, with shipments being rerouted to the Red Sea port of Yanbu via the East-West pipeline.
Analysts at Energy Aspects said the lower volumes to China in June are likely to benefit other Asian buyers, with additional barrels expected to be redirected to customers in northeast Asia.
https://news.az/news/saudi-arabia-crude-exports-to-china-fall-as-buyers-cut-nominations
The International Energy Agency (IEA) said in its monthly oil market report that due to severe disruption to Middle East oil production caused by the Iran war, the global oil market will face a supply shortage this year. As transportation through the Strait of Hormuz remains constrained, cumulative supply losses from Middle Eastern Gulf producers have exceeded 1 billion barrels, with more than 14 million barrels per day currently offline, marking an unprecedented global supply shock.
The IEA forecasts that global oil supply will fall short of total demand by 1.78 million barrels per day this year, compared with a projected surplus of 410,000 barrels per day in last month's report. The latest supply-demand outlook indicates that even if the conflict ends in early June, the oil market will remain in a severe supply deficit through the end of the third quarter. The supply gap in the second quarter alone could reach as much as 6 million barrels per day.
The IEA said its baseline scenario assumes that shipping through the Strait of Hormuz will gradually resume from the third quarter, and the market may return to a moderate supply surplus by the fourth quarter. (mn/u)
http://www.aastocks.com/en/usq/news/comment.aspx?source=AAFN&id=NOW.1524370&catg=4
Gold and silver prices traded higher on Tuesday, with both precious metals witnessing gains of up to 1 per cent amid rising global uncertainty.
On the Multi Commodity Exchange (MCX), gold futures (June 5) opened at Rs 1,53,999 per 10 grams, up Rs 336 or 0.22 per cent from the previous close of Rs 1,53,663.
At around 10:25 am, gold was trading at Rs 1,53,808, higher by Rs 145 or 0.09 per cent. The yellow metal touched an intraday high of Rs 1,54,243, up Rs 580 or 0.37 per cent, while the intraday low stood at Rs 1,53,771, higher by Rs 108 or 0.07 per cent.
On the other hand, silver futures (July 3) opened at Rs 2,80,229 per kg on MCX, rising Rs 1,988 or 0.70 per cent from the previous close of Rs 2,78,311.
The white metal touched an intraday high of Rs 2,82,755, up Rs 4,444 or 1.6 per cent. It also touched an intraday low of Rs 2,79,244, higher by Rs 933 or 0.33 per cent.
According to commodity market experts, precious metals’ near-term bias remains cautiously bullish amid ongoing geopolitical tensions.
The experts added that immediate resistance for gold stands in the Rs 1,54,750–Rs 1,55,000 range, and a sustained move above this level could extend the rally towards Rs 1,55,500–Rs 1,56,000.
“On the downside, Rs 1,53,000 acts as immediate support, while a failure to hold above this level could drag prices back into the Rs 1,51,500–Rs 1,53,500 consolidation zone,” they said.
For silver, immediate resistance stands at Rs 2,84,000–Rs 2,85,000, and a sustained move above this level could extend the rally towards Rs 2,87,000, with a possible test of Rs 2,90,000 if bullish momentum persists, they added.
“On the downside, Rs 2,77,000 acts as immediate support, with Rs 2,75,000 and Rs 2,71,000 serving as stronger bases if momentum weakens,” the experts noted.
In the international market as well, precious metals traded in the green. COMEX gold was trading at $4,733 per ounce, up 0.08 per cent, while COMEX silver gained 1.05 per cent to $86 per ounce.
Geopolitical tensions escalated again after US President Donald Trump rejected Iran’s peace proposal, renewing concerns over global stability.
https://intellectia.ai/news/stock/platinum-group-metals-signs-mou-for-saudi-smelter-development
Gold, Silver Rate Today Live Updates: Gold and silver prices are in focus as the government has hiked the import duty on both the precious metals from 6% to 15% in a bid to curb imports and also support rupee at a time when it is depreciating. The move comes within days of PM Narendra Modi calling for Indians to cut back on unnecessary gold buying.
The move is expected to weigh on demand in India, the world’s second-largest consumer of precious metals. At the same time, higher duties could help contain the trade deficit and provide some support to the rupee, which has been among Asia’s weakest-performing currencies.
Patrice Motsepe, African Rainbow Minerals
SOUTH Africa has recovered its competitiveness as a mining destination through collaboration between government and the private sector, said Bloomberg News citing the comments of Patrice Motsepe, the billionaire investor behind African Rainbow Minerals.
A persistent decline in exploration spending remained a concern, however.
Motsepe, speaking on the sidelines of a conference in Nairobi, said the South African administration, led by president Cyril Ramaphosa, had worked effectively with business groupings including Business for South Africa in addressing infrastructure weaknesses. The end of load-shedding and improvements in freight logistics had positioned the country to capitalise on stronger commodity prices, he said.
“Part of what should take place in those partnerships is for the CEOs of the mining industry to keep telling the government what are the changes, the improvements and the areas that will ensure that South Africa is a globally competitive destination,” Motsepe was quoted as saying.
Johannesburg’s industrial metals and mining index has risen 30% this year, against a 2.4% gain in the broader FTSE/JSE All Share Index, the newswire said.
Despite the improved operating environment, exploration investment fell for a seventh consecutive year in 2025, declining 5.3% to R738m in constant 2015 prices, according to Statistics South Africa. Prospecting investment has shed more than 85% over the past three decades.
Motsepe, South Africa’s wealthiest Black individual and brother-in-law of President Ramaphosa, said his African Rainbow Minerals planned to invest several billion dollars in South African mining, without specifying a timeline. ARM holds interests in coal, iron ore and platinum group metals, and owns a 10% stake in Harmony Gold.
Initiative targets potential substantial cash flow from previously unprocessed materials with no additional mining required
May 13, 2026 06:00 ET | Source: Titan Mining Corporation
GOUVERNEUR, N.Y., May 13, 2026 (GLOBE NEWSWIRE) -- Titan Mining Corporation (“Titan” or the “Company”), an existing zinc concentrate producer in upstate New York and the only U.S. end-to-end producer of natural flake graphite, today announced that it has entered into a cooperation agreement with Teck Resources Limited (“Teck”) to evaluate the recovery of germanium (“Ge”) from existing processing streams at its Empire State Mines (“ESM”), representing a potentially new significant revenue opportunity and supporting domestic supply of materials essential for defense, semi-conductors and chip manufacturing. Teck’s Trail Operations is the only commercial-scale facility in North America recovering germanium from primary sources.
HIGHLIGHTS
STRATEGIC OVERVIEW
Germanium is a critical mineral used in:
The United States currently has limited domestic supply and processing capacity, increasing the importance of new, secure sources.
At ESM, germanium occurs within material not associated with the primary zinc sulfide mineralization. As a result, it currently reports to processing waste streams rather than being recovered.
These waste streams, particularly the large-volume scavenger tails circuit, represent a potentially meaningful and currently unmonetized source of contained germanium.1
This initiative is designed to evaluate a capital-efficient pathway to unlock a critical mineral from material that is already mined and processed, without requiring additional mining activity.
Rita Adiani, CEO of Titan Mining, commented:
“This is a clear example of our focus on extracting maximum value from our existing operations.
“Germanium at Empire State Mines sits in material that is currently treated as waste. By working with a credible processing partner that operates an established large-scale metallurgical facility, we have the potential to generate incremental cash flow without additional mining.
“With strong pricing in U.S. warehouses ranging from $5800-8600/kg2 and limited domestic supply, this initiative positions Titan to potentially become a meaningful supply chain partner for domestically sourced germanium into U.S. defense and advanced technology supply chains in a capital-efficient and timely manner.
“Working with Teck allows us to evaluate this opportunity alongside a partner with proven recovery capabilities, while supporting the development of a more secure domestic supply of a critical mineral.”
Ian Anderson, Teck Executive Vice President & Chief Commercial Officer, commented:
“This agreement with Titan underscores Teck’s commitment to strengthening North America’s supply of critical minerals essential to defense, semiconductor production, and advanced chip manufacturing. Teck is one of the world’s largest global producers of germanium, a key supplier of germanium to the U.S., and this partnership builds on our long-standing leadership in critical-mineral production.”
COOPERATION AGREEMENT SCOPE
Under the agreement, Titan and Teck will:
The parties will work collaboratively with a view toward transitioning to a commercial agreement, subject to technical and economic results
Qualified Persons
The scientific and technical information contained in this news release related to the Company’s germanium has been reviewed and approved by Oliver Peters, MSc., P.Eng., who is a Qualified Person as defined by NI 43-101. Mr. Peters is independent of the Company. See the Company’s news release titled, “Titan Extends Kilbourne Graphite Mineralization, Advances Germanium and the 2026 Multi-Commodity Exploration Strategy” and dated April 16, 2026, for additional information.
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan is also a natural flake graphite producer and the USA’s first end-to-end producer of natural flake graphite in 70 years. Titan’s goal is to deliver shareholder value through operational excellence, development and exploration. We have a strong commitment towards developing critical minerals assets which enhance the security of the domestic supply chain. For more information on the Company, please visit our website at www.titanminingcorp.com.
About Teck
Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.
This was the result of positive internal and external changes
The German conglomerate Thyssenkrupp has raised the valuation of its steel business (Thyssenkrupp Steel Europe, TKSE) by a quarter. This came almost immediately after negotiations to sell it to the Indian company Jindal Steel broke down. Reuters reported this.
Thyssenkrupp CEO Miguel López noted that significant differences in the valuation of the asset were the reason for the failure of the latest round of negotiations. According to Reuters, the parties could not reach an agreement on the value of the business, given the burden of pension obligations.
According to the company’s CFO, Axel Hamann, Thyssenkrupp increased the division’s book value from €2.4 billion (as of December) to €3 billion ($3.5 billion). Several factors contributed to this:
“Thanks to positive developments over the past six months… we have, quite naturally, arrived at a different assessment of the steel business,” López emphasized.
Miguel López stated that the strategic goal remains the sale of TKSE while Thyssenkrupp retains a minority stake. However, the priority at this time is the internal restructuring of the division, although the company remains open to new proposals.
At the same time, Thyssenkrupp has lowered its sales forecast for 2026, reflecting weak economic activity in Europe. The new forecast projects revenue growth in the range of -3% to 0%, whereas the previous forecast projected a range of -2% to +1%.
As a reminder, for the first quarter of the 2025/2026 fiscal year (October–December 2025), Thyssenkrupp reported a net loss of €334 million. The group recorded restructuring costs for its steel business—funding large-scale job cuts—in the amount of €401 million ($477 million).
As reported by GMK Center, the American investment fund Flacks Group had previously been prepared to make an offer to acquire Thyssenkrupp’s steel division if attempts to sell it failed. Flacks Group’s primary focus is currently on Italy, but the fund is interested in large steel companies.
https://gmk.center/en/news/thyssenkrupp-has-raised-the-valuation-of-its-steel-division-by-25/
Closed-loop carbon recycling company PeroCycle has announced it has been awarded a comprehensive feasibility assessment by Jindal Steel Oman.
This assessment will evaluate the integration of PeroCycle’s patented carbon recycling technology into Jindal’s steel manufacturing operations in the Port of Duqm on the southeastern coast of Oman. It marks a step toward transforming industrial gas biproducts (off-gas) into a valuable resource, and may set a new global benchmark for low emission steel production in the Middle East.
In a statement, Grant Budge, CEO of PeroCycle said: "The feasibility assessment is more than just a study; it could be a blueprint for the future of the industry. By combining PeroCycle’s ability to recycle CO2 with Jindal’s operational excellence, we look to prove that decarbonisation and industrial growth can go hand-in-hand."
Invented at Birmingham University, PeroCycle’s patented technology has been developed to help decarbonise foundation industries such as steel, cement, and chemicals.
By recycling off gas back into the production process as a feedstock, the technology could reduce carbon emissions in sectors like steelmaking by up to 90 per cent, and lower reliance on fossil-based reducing agents like natural gas, coal and coke.
According to the company, the technology can be integrated into new plants or retrofitted into existing facilities, thereby avoiding stranded assets and the high capital expenditure of new-build ‘green’ plants.
The feasibility study is designed to provide a roadmap for full-scale implementation. Work will focus on the key pillars of technical integration of PeroCycle’s technology with existing plant, design, assessment of the economic and environmental impact, and deployment strategy.
The technical integration workstream will validate the synergy between the PeroCycle system and gas recovery by Vacuum Pressure Swing Adsorption (VPSA) and Pressure Swing Adsorption (PSA) which are used to separate and produce high purity gases from off-gas.
The design element will develop detailed process flow diagrams, which are big picture blueprints that show the process from start to finish, and mass/energy balances, for use in system design.
On-site evaluations will determine the value of the investment and assess profitability, and the deployment strategy will plan construction phasing to ensure seamless integration with existing production cycles.
The agreement is expected to provide Jindal Steel with a data-driven strategy to reduce CO2 emissions from onsite activities and indirect emissions from purchased electricity, steam, heating or cooling, and could lower long-term operating expenses through reduced reliance on external carbon sources.
https://www.theengineer.co.uk/content/news/perocycle-targets-low-emission-steel
Baoshan Iron & Steel Co (Baosteel), a subsidiary of the world’s leading steel producer China Baowu Steel Group, is raising domestic prices for several key flat steel products for June orders. Specifically, the price of hot-rolled coil (HRC) will increase by $14.7/t (100 yuan per ton). This was reported by Mysteel.
This marks the fourth consecutive monthly price increase for Baosteel’s main products since March. The June adjustment is driven by a combination of factors: a moderate improvement in demand, stable supply, and, above all, rising raw material costs.
Baosteel’s net profit for the first quarter of 2026 fell by 8.6% year-over-year to $326.3 million. The main factors putting pressure on the company were geopolitical instability in the Middle East and the ongoing crisis in China’s real estate sector:
As reported by GMK Center, Baosteel produced 13.2 million tons of steel and 12.2 million tons of pig iron in the first quarter. The company’s steel exports rose by 6.8% year-on-year to 6.5 million tons. During this period, the company received nearly 2 million tons of foreign orders for steel products, compared to 1.55 million tons in the same period of 2025. In total, Baosteel plans to produce 51.5 million tons of steel and 48.5 million tons of pig iron in 2026.