Commodity

Vietnam Airlines’ June 28 2026 annual general meeting approved a conservative operating plan that targets higher revenue but nearly flat profit for 2026. The carrier expects jet fuel to average about $120 per barrel in the second half, which would add roughly $524 million to fuel costs versus its original plan. It also flagged the VND/USD exchange rate as a major risk, with the rate expected to rise by around 3.5%, tightening pressure on U.S.-dollar-denominated expenses. The report did not mention any listed tradfi asset candidates (ONUS/BE/SUS/COST), focusing instead on Vietnam’s airlines and the regional aviation market.

Sugar mills in India’s Maharashtra have rapidly shifted into ethanol, with production capacity rising from 26 lakh litres in 2021–22 to 244 crore litres in 2022–23 and output reaching 104.83 crore litres in the 2024–25 Ethanol Supply Year. The industry has invested more than ₹35,000 crore in ethanol facilities and is seeking higher procurement prices to match an increase in sugarcane Fair and Remunerative Price (FRP). The shift has improved mills’ financial resilience, but it also diverts cane and molasses into fuel, creating a structural constraint on raw sugar supply.

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.