7th July 2025
*Coal*
It was a quiet session for coal markets today, with limited activity and little change in pricing despite a rally in prompt gas and power. European and South African physical markets stabilised after last Friday’s sharp declines, while the Newcastle market saw further weakness. An August cargo offer in the Pacific basin pressured Newcastle physical prices lower by around $1.50, though interest was sparse and bids remained thin. Overall, swaps were largely unchanged in a muted day of trade.
*Brent Crude*
Oil held firm on Monday after OPEC+ surprised markets by accelerating the return of production, announcing a larger-than-expected supply increase for August. The move signals a bid to reclaim market share from non-OPEC producers. Adding to bullish sentiment, Saudi Arabia raised its August official selling prices, often seen as a sign of healthy demand. Still, rising global inventories remain a concern.
September Brent futures rose 1.17% to $69.10/bbl at 16h15 BST.
*European LNG (Dutch TTF Gas)*
TTF gas prices steadied near €33/MWh, holding around two-month lows as strong supply met cooling demand. Northwest Europe’s declining temperatures are curbing air-conditioning needs, while wind generation continues to offset gas-fired power demand. LNG supply remains robust, with Chinese imports weakening amid economic headwinds and trade tension, diverting more cargoes to Europe. EU gas storage is at 60.3%, bolstering market stability.
Dutch TTF Gas was last up 0.78% at €33.60/MWh.
*Iron Ore*
Iron ore retreated for a second session as China faces mounting pressure to enforce steel output cuts. Though port inventories remain tight, limiting the downside, broader demand remains subdued. A potential slowdown in construction—despite some stabilisation in the property sector—continues to cap upside. Meanwhile, Trump’s latest tariff threats targeting BRICS-aligned nations raised fears of dampened global growth and commodity demand.
August SGX TSI 62% fines traded up 0.31% at $95.55/mt at 16h21 BST.
*Copper (LME)*
Copper extended losses as trade tensions intensified. President Trump reiterated plans to impose additional tariffs—starting August 1—on countries siding with BRICS, while suggesting several new trade deals could be signed imminently. Copper, which hit a 3-month high last week, has since pulled back as market nerves build around global demand prospects.
LME 3-month copper fell 0.58% to $9,810/mt at 16h19 BST. COMEX copper slipped below $5/lb.
