Base Metal Prices Slip But Set to End Week Higher
1217 GMT – Base metal prices fall, with LME three-month copper down 0.2% at $9,535.50 a metric ton and LME three-month aluminum down 1.3% at $2,695 a ton. However, the base metals complex is set to end the week higher on mounting concerns of trade wars and a generally weaker U.S. dollar, with copper up 0.7% on week and aluminum up 2.3% on week. Among North American copper miners, 2024 copper production was on average 5% below original guidance, and 2025 guidance was 5% below consensus estimates, RBC Capital Markets analysts say in a note. This likely reflects more conservatism on guidance from miners and more challenging mining. Some recent positive signs around U.S.-China relations are constructive for metals and the fundamentals for copper look solid, though uncertainty remains short-term, RBC adds. (joseph.hoppe@wsj.com)
1140 GMT – Gold futures slip, but remain close to record highs. Futures are down 0.25% at $2,948.70 a troy ounce after a fresh high of $2,973.40/oz in the prior session. The precious metal is set to finish the week higher on safe-haven demand and attention from U.S. President Trump's administration, SP Angel analysts say in a note. Trump insisted he would 'make sure the gold is there' when asked about concerns over the Fort Knox gold supply and the rally gained steam after Treasury Secretary Scott Bessent mentioned monetizing the U.S. balance sheet, SP Angel says. However, Bessent dismissed revaluing U.S. gold reserves, and ruled out gold as an asset for a new U.S. sovereign wealth fund, SP Angel writes. Consistent central bank purchases and Chinese consumer buying also continue to support gold, SP Angel adds. (joseph.hoppe@wsj.com)
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0917 GMT – Gold futures slide but remain on-track for weekly gains on safe-haven demand. Futures are down 0.6% at $2,939.70 a troy ounce, but remain up 1.4% on week. The precious metal set a fresh record high of $2,973.40/oz in the prior session, and a test of $3,000/oz is starting to look like a question of 'when' rather than 'if,' Pepperstone's Michael Brown says in a note. The $3,000 mark might give the bulls a point to reassess gold's momentum and perhaps take some profit, but upward momentum should continue with safe-haven demand continuing to linger, Brown writes. President Trump's tariff threats, lingering trade and economic uncertainty and persistent geopolitical tensions are supporting the flight to safe-haven assets like gold. (joseph.hoppe@wsj.com)
0704 GMT – Comex gold futures are likely extending consolidation, based on the daily chart, RHB Retail Research's Joseph Chai says in a research report. The relative strength index is now moving sideways, indicating that momentum remains neutral, the analyst notes. Hence, the commodity is likely trading sideways for consolidation. Gold is also maintaining a bullish technical setup, trading above 20- and 50-day simple moving averages, the analyst says. As long as the precious metal stays above support at the $2,800/oz level, RHB will retain a positive trading bias for the commodity. Spot gold is 0.3% lower at $2,929.74/oz. (ronnie.harui@wsj.com)
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CNBC
20 minutes ago
- CNBC
Investing in Space: Iron Dome's performance could be Golden Dome's opportunity
Israel and Iran resumed fire exchanges at the end of last week, and space and defense enthusiasts have been following the fusillades. Front and center has been the use of drones in this new leg of the conflict and the health of Israel's infamous Iron Dome missile defense system, as it fought off a barrage of drones and missiles. There's an inevitable connection: the Iron Dome's currently doing the job in Israel that U.S. President Donald Trump wants to get done at home through the proposed Golden Dome multi-layered missile defense system — a costly $175 billion concept so cutting edge that lawmakers and analysts have often questioned its viability. On one hand, you have the Congressional Budget Office warning that the project could cost as much as $542 billion. On the other, space and defense companies are chomping at the bit to fast-track Trump's ambitions from executively ordered vision to satellite-touting reality before the 2029 end of his term. "The performance of Israel's multi-tiered missile defense system underscores the urgent need to strengthen U.S. missile defenses. Thus far, Israeli missile defense inventories have kept up with the Iranian threat — buying decisionmakers valuable time to not just defend the goal but to score some," Patrycja Bazylczyk, research associate at the Center for Strategic and International Studies' Missile Defense Project, told CNBC by email. "U.S. policymakers should view this as a nod towards the importance of building inventories well before the fight, in the event of a missile attack from either Russia or China, we will be facing far more complex, and numerous salvos," she added. Like a Hollywood revenant, Golden Dome rose from the ashes of Ronald Reagan's Strategic Defense Initiative — nicknamed "Star Wars" — that died a long death to a string of arguments over tech obstacles, steep price tags and the potential to kick off a new arms race with the Soviet Union. Unsurprisingly, Russia and China have been the starkest foreign detractors of Golden Dome, which sets out to defend the vast spread of the U.S. homeland from ballistic, hypersonic and cruise missiles through a web of satellites, sensors and interceptors. The timing isn't ideal — both superpowers doth protest too much at a point when the major arms control deal between Washington and Moscow, the New START treaty, is set to lapse next year without a successor, while U.S. talks on a similar topic with Beijing were suspended in 2024. Within the industry, Golden Dome looks like a mighty fine bone thrown to private space companies faced with severe budget cuts at key U.S. space contractor NASA. For the past few months, defense and space businesses have been vying for a slice of the project's pie, especially after Elon Musk's recent public feud with Trump left SpaceX's potential role in the scheme under question. Take a look at the Paris Air Show — a sprawling affair enveloping Le Bourget Airport in the northeast of the French capital every two years. Around 45% of this year's show is offering a stage to defense and security this year, and the likes of U.S. defense and aerospace manufacturer LockHeed Martin and Boeing used the platform to tout their Golden Dome credentials. "We clearly have a whole number of product lines that will contribute very well, that are going to fit very well with what is necessary to achieve the mission," Lockheed Martin President of Missiles and Fire Control Tim Cahill said, according to Reuters. Golden Dome's progressing, but time will tell if it's here to stay. On June 10, two Republican members of the House of Representatives, Rep. Dale W. Strong (AL-05) and Rep. Jeff Crank (CO-05) announced the formation of a Golden Dome Caucus that will work closely with the Senate's own initiative, in a bid to back Trump's plans. Meanwhile, the House Appropriations Committee unveiled the draft of its fiscal 2026 defense spending bill that features a cool $831.5 billion top spend line — and a $13 billion allocation for "missile defense and space programs to augment and integrate in support of the Golden Dome effort." That's a respective $8.8 billion and $4.1 billion for missile defense and space programs backing the project, in the fine print. Don't worry, there's a deal to be had: Trump's reassured Canada it can skip a newly upped $71 billion fee to enjoy Golden Dome's benefits — if it just becomes part of the United States. Even better, Washington could end up a trendsetter across the Atlantic. "I don't know about the Golden Dome in the U.S. and so forth, but I do believe that we have to create an integrated … missile defense system, also in the European perspective, and there are initiatives going in that direction," Micael Johansson, CEO of Swedish aerospace and defense company Saab, told CNBC's Charlotte Reed at the Paris Air Show. "We have to have a European setup around that, and we have that capability with all the companies in Europe."
36 minutes ago
Democrats in Virginia have a hefty fundraising advantage heading into November general election
RICHMOND, Va. -- Democrats in Virginia have built up a hefty fundraising advantage for their effort to reclaim the governor's mansion in a November election that is seen as a bellwether for the party in power in Washington ahead of the 2026 midterms. Democrat Abigail Spanberger, a former CIA spy turned congresswoman, has a more than 2-to-1 fundraising advantage over her GOP opponent for governor, Lt. Gov. Winsome Earle-Sears, who has struggled to draw support from her fellow Republicans. Both were unopposed for their party's nominations and were able to focus on the fall general election without having to overcome a challenge in this week's primaries. The match-up means Virginia is all but certain to elect the state's first female governor. Spanberger has amassed $6.5 million toward her campaign for governor over the last two months after raising $6.7 million between January and March, according to the nonpartisan Virginia Public Access Project. Combined with the money Spanberger raised in 2024, she has gathered $22.8 million and still has $14.3 million in her coffers. Earle-Sears, meanwhile, spent more than she earned between April and June, bringing in $3.5 million and spending $4.6 million. Between January and March, she also raised a little over $3.1 million. In total, she has raked in nearly $9.2 million since launching her campaign last September. Now, she has a little under $3 million in the bank, according to Virginia Public Access Project data. In a statement, Earle-Sears' campaign said the candidate is putting forward a message for Virginians that money can't buy. 'Clearly the Spanberger campaign needs a lot of help attempting to erase Abigail's bad voting record on issues that actually matter to Virginians," press secretary Peyton Vogel said in an email. 'This race isn't being bought — it's being built on a message that matters.' 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'It is reminiscent of Trump's first term in office when Democratic fundraising and ultimately voting overwhelmed the Republicans in Virginia.' Money does not guarantee success, however. In the last Virginia governor's race, former Gov. Terry McAuliffe outspent Republican Glenn Youngkin, who had invested $20 million of his own money in the race. Youngkin still clinched the election by nearly two points. Youngkin, who is term-limited from seeking reelection, has offered more than $21,000 in support to Earle-Sears through his political action committee. When asked whether he would donate more, his PAC responded, 'Governor Youngkin is working to elect the entire GOP ticket and is urging all Virginians to support the commonsense team this November to keep Virginia winning.' The Democrats' fundraising advantage isn't confined to the governor's race. State Sen. Ghazala Hashmi, who eked out a primary win in a close three-way contest for lieutenant governor, raised nearly $1.8 million in her primary race and has $462,000 remaining. The Republican nominee, conservative talk-radio host John Reid, raised nearly $312,000 since launching his campaign and has $116,000 remaining. The only statewide GOP candidate with a fundraising lead, incumbent Attorney General Jason Miyares, has $2.3 million in the bank after raising a total of $4.6 million. His Democratic opponent, Jay Jones, has raised $2.7 million. He had about $493,000 left at the beginning of June, reports show. This year, all three Democratic statewide candidates are backed by Clean Virginia, a political group that pushes for clean energy and often takes on legislative challenges against Dominion Energy, Virginia's largest utility. The two groups are some of the most influential entities lobbying on state politics and policy. With energy demand likely to be a key issue in November, their influence could be significant. According to the nonpartisan public-access group, Spanberger has taken in $465,000 from the environmental organization. On Tuesday, Clean Virginia endorsed Hashmi's candidacy for lieutenant governor, following its previous donations to her state Senate campaign committee. During his campaign, Jones also received $1.5 million from Clean Virginia, while his primary opponent, Democrat Shannon Taylor, accepted $800,000 from Dominion Energy between 2024 and 2025. Clean Virginia released attack ads targeting Taylor for accepting Dominion money. The energy utility has become entangled in other statewide battles. On the Republican ticket, Earle-Sears accepted $50,000 from Dominion in March. Miyares also gained $450,000 from the utility so far this year. Clean Virginia has donated to both Democrats and Republicans, including to candidates running for the House of Delegates, where all 100 members are up for reelection in November. Democrats who control the legislature are hoping to keep or expand their thin majority and amend the state's Constitution to protect rights to voting, marriage equality and abortion. Democratic candidates have raised about $16.9 million in those races, with $3.2 million stemming from House Speaker Don Scott. Meanwhile, Republicans have raised $8.8 million, with former Minority Leader Todd Gilbert earning over $643,000, and newly tapped Minority Leader Terry Kilgore raising nearly $470,000. ———
San Francisco Chronicle
39 minutes ago
- San Francisco Chronicle
Democrats in Virginia have a hefty fundraising advantage heading into November general election
RICHMOND, Va. (AP) — Democrats in Virginia have built up a hefty fundraising advantage for their effort to reclaim the governor's mansion in a November election that is seen as a bellwether for the party in power in Washington ahead of the 2026 midterms. Democrat Abigail Spanberger, a former CIA spy turned congresswoman, has a more than 2-to-1 fundraising advantage over her GOP opponent for governor, Lt. Gov. Winsome Earle-Sears, who has struggled to draw support from her fellow Republicans. Both were unopposed for their party's nominations and were able to focus on the fall general election without having to overcome a challenge in this week's primaries. The match-up means Virginia is all but certain to elect the state's first female governor. Spanberger has amassed $6.5 million toward her campaign for governor over the last two months after raising $6.7 million between January and March, according to the nonpartisan Virginia Public Access Project. Combined with the money Spanberger raised in 2024, she has gathered $22.8 million and still has $14.3 million in her coffers. Earle-Sears, meanwhile, spent more than she earned between April and June, bringing in $3.5 million and spending $4.6 million. Between January and March, she also raised a little over $3.1 million. In total, she has raked in nearly $9.2 million since launching her campaign last September. Now, she has a little under $3 million in the bank, according to Virginia Public Access Project data. In a statement, Earle-Sears' campaign said the candidate is putting forward a message for Virginians that money can't buy. 'Clearly the Spanberger campaign needs a lot of help attempting to erase Abigail's bad voting record on issues that actually matter to Virginians," press secretary Peyton Vogel said in an email. 'This race isn't being bought — it's being built on a message that matters.' Virginia is one of two states, along with New Jersey, that host statewide elections this year. The contests will be closely watched as a measure of whether voters in the shadow of Washington will embrace President Donald Trump's aggressive effort to overhaul the federal government, or be repelled by it. Democrats' outsized fundraising lead ahead of the primaries may reflect local Democratic enthusiasm and the party's ability to push people to the polls in light of Trump being in office. Mark J. Rozell, dean of George Mason University's Schar School of Policy and Government, also referenced the noticeable frostiness among leading state Republicans. The party's statewide nominees have yet to campaign together, despite securing their nominations at the end of April. 'Enthusiasm drives fundraising and in Virginia right now the Democrats' voting base has much greater enthusiasm' than Republicans, Rozell said. 'It is reminiscent of Trump's first term in office when Democratic fundraising and ultimately voting overwhelmed the Republicans in Virginia.' Money does not guarantee success, however. In the last Virginia governor's race, former Gov. Terry McAuliffe outspent Republican Glenn Youngkin, who had invested $20 million of his own money in the race. Youngkin still clinched the election by nearly two points. Youngkin, who is term-limited from seeking reelection, has offered more than $21,000 in support to Earle-Sears through his political action committee. When asked whether he would donate more, his PAC responded, 'Governor Youngkin is working to elect the entire GOP ticket and is urging all Virginians to support the commonsense team this November to keep Virginia winning.' The Democrats' fundraising advantage isn't confined to the governor's race. State Sen. Ghazala Hashmi, who eked out a primary win in a close three-way contest for lieutenant governor, raised nearly $1.8 million in her primary race and has $462,000 remaining. The Republican nominee, conservative talk-radio host John Reid, raised nearly $312,000 since launching his campaign and has $116,000 remaining. The only statewide GOP candidate with a fundraising lead, incumbent Attorney General Jason Miyares, has $2.3 million in the bank after raising a total of $4.6 million. His Democratic opponent, Jay Jones, has raised $2.7 million. He had about $493,000 left at the beginning of June, reports show. This year, all three Democratic statewide candidates are backed by Clean Virginia, a political group that pushes for clean energy and often takes on legislative challenges against Dominion Energy, Virginia's largest utility. The two groups are some of the most influential entities lobbying on state politics and policy. With energy demand likely to be a key issue in November, their influence could be significant. According to the nonpartisan public-access group, Spanberger has taken in $465,000 from the environmental organization. On Tuesday, Clean Virginia endorsed Hashmi's candidacy for lieutenant governor, following its previous donations to her state Senate campaign committee. During his campaign, Jones also received $1.5 million from Clean Virginia, while his primary opponent, Democrat Shannon Taylor, accepted $800,000 from Dominion Energy between 2024 and 2025. Clean Virginia released attack ads targeting Taylor for accepting Dominion money. The energy utility has become entangled in other statewide battles. On the Republican ticket, Earle-Sears accepted $50,000 from Dominion in March. Miyares also gained $450,000 from the utility so far this year. Clean Virginia has donated to both Democrats and Republicans, including to candidates running for the House of Delegates, where all 100 members are up for reelection in November. Democrats who control the legislature are hoping to keep or expand their thin majority and amend the state's Constitution to protect rights to voting, marriage equality and abortion. Democratic candidates have raised about $16.9 million in those races, with $3.2 million stemming from House Speaker Don Scott. ———
