Commodity

Nigeria’s petrol imports jumped 207% month on month in June to 18.1 million litres per day, while domestic supply fell 22% to 32.5 million litres per day. LPG imports rose 1,400% and aviation turbine kerosene supply declined 30.6%. Total petrol receipts increased 6.8% and stock sufficiency improved to 19.7 days, underscoring a widening reliance on imports to offset weaker local supply.

A report by the National Laboratory of the Rockies said limited domestic capacity to produce large power transformers and heavy reliance on imported raw materials are pushing up procurement costs and delivery times. A single transformer can now cost as much as $10 million, about 80% higher than in 2021, and delivery can take as long as five years. The bottleneck is directly slowing hydropower modernization projects, even as hydropower provides more than 6% of total US electricity generation.

International gold prices rose $24 on Saturday to $4,018 per ounce, lifting Pakistan’s local 24K gold rate by Rs2,400 to Rs424,236 per tola. Silver prices also strengthened, with international silver up to $55.91 per ounce and the local rate at Rs6,070 per tola. The moves reflect a same-day market pricing update issued by the All Pakistan Sarafa Gems and Jewellers Association.

Global gold prices fell sharply in the week of July 13–18, 2026, with spot gold down about 2–3% for its biggest weekly loss in more than a month. Comex Gold for July delivery settled at $4012.70 per troy ounce, down 2.23% on the week. Expectations that the Federal Reserve will keep interest rates higher for longer, alongside rising U.S. Treasury yields and a stronger dollar, weighed on the appeal of non-yielding gold. Despite escalating Middle East tensions, safe-haven buying did not materially offset the pressure.

India’s state-run Hindustan Copper Limited (HCL) said it is accelerating an expansion of its Malanjkhand Copper Project in Madhya Pradesh to lift annual capacity from 2.5 million tonnes to 5 million tonnes by 2030. The miner also plans phased capital spending to raise its overall ore production capacity to 12.2 million tonnes by 2030. The Malanjkhand project currently contributes about 70% of HCL’s total output. The company cited a widening global gap between copper demand and supply, according to PTI.

Gold and silver prices in Pakistan rose on Saturday, tracking strength in global bullion markets. The price of 24K gold increased by Rs2,400 per tola to Rs424,236, while 10 grams gained Rs2,057 to Rs363,713. Silver rose by Rs41 per tola to Rs6,070. International gold climbed by $24 to $4,018 per ounce, and Pakistan’s pricing formula sets local gold at $20 per ounce above the global rate.

The article outlines copper’s strategic role as the “metal of electrification” as the global energy transition accelerates. It says global refined copper consumption reached 28.2 million tonnes in 2025, with demand from electric vehicles, solar and wind power continuing to rise. On the supply side, it points to falling ore grades, long lead times of 10 to 20 years for new mines, and heavy reliance on a small group of producers—Chile, Peru, the Democratic Republic of Congo and China—alongside geopolitical and regulatory risks. Those constraints are reinforcing expectations of a structural shortage.

Wheat futures turned volatile after touching a two-year high, as traders weighed heightened attacks on grain export corridors in the Black Sea that threaten global food supplies. At the same time, weekly US wheat export sales came in at just 235,000 tons, the lowest since May. The most-active Chicago wheat contract was at $6.74 a bushel, while corn and soybeans also traded but lacked a similarly strong driver.

Asia holds nearly threefifths of the world’s known coal reserves. Rapid growth in AI infrastructure is driving a surge in electricity demand, while solar and wind still cannot reliably provide the around-the-clock baseload power data centres require. As a result, coal is emerging as the region’s main transitional fuel for AI. The shift underlines coal-fired power’s short-term role in the AI era, without pointing to specific companies, policy changes or immediate supply-and-demand data.

Alberta’s 2026 budget projected a C$9.4 billion deficit, but the outlook has improved sharply as WTI oil prices have run well above the budget assumption of $60.50 US per barrel. With prices holding above $70 US for much of spring and summer and briefly topping $100 US, the province could end the year with a surplus of about C$5 billion. The shift is driven entirely by oil, with each $1 move in WTI affecting annual provincial revenue by roughly C$680 million. Officials and economists caution the surplus is not assured and depends on oil prices staying elevated through the rest of the fiscal year, with risks including easing U.S.–Iran tensions and trade disruptions.