Key transactions & industry news Weekly Update 07/11/2025

Metals & Mining

Gold climbs on safe-haven bids as Trump imposes fresh tariffs. Gold prices climbed 1% to a one-week high on Friday as investors rushed towards safe-haven assets after U.S. President Donald Trump widened the global trade war with an announcement of new tariffs. Spot gold was up 1% to $3,356 per ounce, its highest price since July 3. U.S. gold futures gained 1.3% to $3,369.

Guinea terminates EGA subsidiary deal, forcing operations halt and job cuts. The Government of the Republic of Guinea has terminated its mining agreement with Guinea Alumina Corporation (GAC), a subsidiary of Emirates Global Aluminum (EGA), after suspending the company’s bauxite exports and mining operations. The termination comes amid Guinea’s broader push to extract more economic value from its mineral resources by requiring miners to build local alumina refineries.

20% hike in the United States Q1 aluminum imports – UAE’s role signals trade rethink. According to data from the U.S. Geological Survey, aluminum imports surged to 1.6 million tonnes in Q1 2025, marking a 17.65% jump year-on-year and a 20% rise from the previous quarter. March alone saw a 35% month-over-month spike, from 459,000 tonnes to 619,000 tonnes. The UAE, typically a modest player on the US aluminum board, exported a staggering 95,900 tonnes to the U.S. in March.

U.S. copper prices rise to record high as Donald Trump threatens 50% tariff. U.S. copper prices soared to a record on Tuesday after Donald Trump said Washington would impose 50% tariffs on the industrial metal in the latest escalation of the president’s trade war. Copper futures traded in New York soared 13% to $5.69 a pound. Copper prices on the London Metal Exchange dropped 2% on Wednesday morning, reflecting fears that the tariffs would reduce copper consumption in the U.S. and dent global demand.

Canada could financially back aluminum producers if 50% U.S. tariffs persist. Canada has discussed offering financial support to large aluminum producers like Rio Tinto impacted by a U.S.-led trade war, in the event that Washington’s 50% tariff on imports of the metal persist in the medium term.

Transportation & Logistics

U.S. freight-rail traffic jumps 5%. U.S. freight-rail traffic climbed 5% to 443,049 carloads and intermodal units in the week ending July 5 compared with the same week in 2024, according to Association of American Railroads data. The railroads hauled 204,513 carloads in the week, a 4.8% increase, and 238,536 containers and trailers, a 5.2% increase.

Import cargo volume to rebound in July, drop in August. Retail import cargo volume at major U.S. container ports is expected to rebound this month after the double-digit drop in volume that occurred in late spring. However, volume is forecasted to fall again once previously paused tariffs take effect, according to the Global Port Tracker (GPT) report.

Warehouse vacancies climb to highest level in more than a decade. More U.S. warehouse space is vacant than at any time in the past 11 years as companies hold off leasing new space amid rapidly changing trade policy. The average warehouse vacancy rate across the U.S. ticked up to 7.1% in the second quarter from 6.9% the previous quarter and 6.1% a year earlier. That marked the first time the vacancy rate surpassed 7% since 2014.

Energy

Oil rises on Russia sanctions prospects, OPEC+ output pause report. Oil prices rise in early trade on prospects of potential U.S. sanctions on Russian oil and reports that OPEC+ is weighing a pause in output hikes after August. Brent crude is up 0.5% to $68.99 a barrel, while WTI gains 0.6% to $66.93 a barrel. The Trump administration is in talks with Congress regarding a bill that would authorize steep sanctions on Moscow, including a tariff on Russian oil and other commodities. Meanwhile, Saudi Arabia and other key OPEC+ members are discussing a pause in production increases after next month’s hike.

Trump executive order seeks end to wind and solar energy subsidies. U.S. President Donald Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects. In an executive order, Trump said the renewable energy resources were unreliable, expensive, displaced more dependable energy sources, were dependent on foreign-controlled supply chains and were harmful to the natural environment and electric grid.

BP and Shell sign Libya deals as majors accelerate return after civil war. BP and Shell have signed agreements to assess new opportunities in Libya, as international oil majors step up their return to the North African country more than decade after it collapsed into civil war.

Others

Trump’s tariff assault on Canada drags Wall St lower. Wall Street indexes declined on Friday, as President Donald Trump cranked up his tariff assault on Canada, deepening uncertainty around Washington’s trade agenda. Trump on Thursday announced a 35% tariff on Canadian imports, set to kick in next month, up from the 25% imposed in March. The president also floated the possibility of a sweeping 15% or 20% tariff on other countries, up from the current 10% baseline.

Trump’s 200% tariff threat leaves pharma firms scrambling with scenario planning. The pharmaceutical industry is scrambling with scenario planning as U.S. President Donald Trump’s 200% tariff proposal threatens to drive up drug prices. The president once again warned on Tuesday that long-awaited industry-wide tariffs would be announced “very soon” after the administration launched a so-called 232 investigation into the sector in April.