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TORONTO, June 12 (Reuters) - The Canadian dollar edged ‌lower against its U.S. counterpart on Friday as oil prices fell on signs of progress toward a peace deal in the Middle East, with the currency adding to its weekly ​decline.The loonie was trading 0.1% lower at 1.3975 per U.S. dollar, ​or 71.56 U.S. cents, after moving in a range of 1.3959 ⁠to 1.3995. On Thursday, the currency touched its weakest level since November ​at 1.4023, while it was down 0.3% since the start of the week. The ​Bank of Canada on Wednesday left its benchmark interest rate unchanged at 2.25% for a fifth straight time and said it was seeing limited evidence that higher energy prices were fueling ​broad-based inflation.Investors were pricing in 24 basis points of tightening by the ​end of the year from the BoC, down from 37 basis points before Wednesday's rate decision, ‌swap ⁠market data showed."The dovish communications from the Bank of Canada this week, as well as hopes that a U.S.-Iran peace deal is just round the corner, suggest the Bank of Canada will keep interest rates unchanged this year," Stephen Brown, ​chief North America ​economist at Capital ⁠Economics, said in a note.The U.S. dollar was little changed against a basket of major currencies after sliding the previous day, ​as traders awaited confirmation that a deal in the Middle ​East could ⁠be imminent.The price of oil, one of Canada's major exports, was trading 3.8% lower at $84.38 a barrel. Traffic through the Strait of Hormuz, which normally carries a fifth ⁠of ​global oil and liquefied natural gas shipments, has ​been extremely limited as a result of the war.Canadian government bond yields were mixed across the curve, ​with the 10-year unchanged at 3.409%.Reporting by Fergal Smith; Editing by Andrea Ricci

Canadian dollar extends weekly decline as oil falls on Mideast peace deal hopes

Gold holds key $4,000 support as analysts watch for signs of a bottom

WASHINGTON, June 12 (Reuters) - U.S. consumer sentiment bounced off record lows in early June as easing gasoline prices offered households some relief, though concerns about inflation stoked by the Middle East ​conflict lingered.Lower-income households led the broad improvement in sentiment reported by the University of Michigan's Surveys of Consumers on Friday. Gasoline prices have ‌dropped from four-year highs over the past three weeks, according to data from motorist advocacy group AAA, as oil prices stayed below $100 a barrel despite a fragile ceasefire.Labor market resilience, marked by three consecutive months of above-expectations job growth and a stable unemployment rate, also likely contributed to the increase in the sentiment. But the U.S.-led war against Iran, now in its fourth month, still poses a risk to ​the economic outlook.President Donald Trump denied on Friday that the United States had made major concessions to Iran. Trump on Thursday called off new strikes on Iran saying ​a deal had been reached."It looks like gasoline prices peaked around the Memorial Day holiday as often happens each year," said ⁠Christopher Rupkey, chief economist at FWDBONDS. "There is still a cost-of-living crisis and goods prices are not going to be coming back down. The economic risks are still out there ​but at least the outlook is less dire than it was before."The University of Michigan said its Consumer Sentiment Index increased to 48.9 this month from an all-time low ​of 44.8 in May. Economists polled by Reuters had forecast the index climbing to 46.0. Sentiment increased across age groups, education and political party affiliation.The national average retail gasoline price dropped to $4.11 this week from $4.56 on May 21, the highest in four years, AAA data showed. The pain at the pump has disproportionately hurt lower-income households, with higher-income consumers cushioned by a stock market rally, which is ​boosting their wealth."Lower-income consumers exhibited a particularly strong sentiment increase, consistent with the fact that gasoline comprises a larger share of their budgets," said Joanne Hsu, the director ​of the Surveys of Consumers. "Consumers remain focused on kitchen table issues.They feel burdened by the recent escalation in inflation and worry that higher inflation could remain stubborn going forward, particularly in ‌the short run."INFLATION ⁠EXPECTATIONS MODERATEThe higher cost of living is fueling unhappiness with Trump's handling of the economy, and weighing on his approval rating. Consumer inflation jumped above 4% in May for the first time in three years, the government reported this week.Stocks on Wall Street traded higher. The dollar slipped against a basket of currencies. U.S. Treasury yields rose.Easing gasoline prices led to a moderation in consumers' inflation expectations this month, though the conflict will determine the future trajectory."We expect inflation pressures to ease after the Iran conflict simmers and the subsequent ​improvement in supply chains," said Jeffrey Roach, ​chief economist at LPL Financial. "But if the ⁠conflict in Iran remains throughout the summer, we should expect stronger inflation headwinds will put a damper on the growth trajectory."The survey's measure of consumer expectations for inflation over the next year slipped to a still-high 4.6% this month from 4.8% in May. ​Consumers' expectations for inflation over the next five years dropped to 3.4% from 3.9% last month.High inflation has dashed hopes for ​an interest rate cut ⁠from the Federal Reserve this year, with financial markets pricing in monetary policy tightening. Economists believe the bar for a rate hike is high, in the absence of widespread energy-related price increases. TheU.S. central bank is expected to keep its benchmark overnight interest rate in the 3.50%-3.75% range next Wednesday, but abandon its easing bias.Economists said Fed officials were likely to ⁠shrug off ​the drop in inflation expectations, noting that respondents in the University of Michigan Survey anticipated higher borrowing ​costs over the next year."This level of medium-term inflation expectations was seen as a factor in the rapid pace of Fed hikes that began in June 2022 and a 3.4% reading should not be interpreted as ​a sign that the public is no longer worried about inflation," said John Ryding, chief economic advisor at Brean Capital.Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci

US consumer sentiment pushes off record lows as gasoline prices ease

Gold demand in India improved slightly this week as softer prices drew in jewellery buyers even as caution prevailed, while premiums in China eased.Gold prices in India dropped to their lowest since April 2 at 146,444 rupees per 10 grams on Thursday, and are down 1.5% for the week so far.Demand improved as the recent price correction drew buyers back, particularly those for jewellery purchases, said Chanda Venkatesh, managing director at CapsGold, a bullion merchant based in the southern city of Hyderabad.Dealers quoted discounts of up to $35 an ounce over official domestic prices, inclusive of 15% import and 3% sales levies, down from last week’s discounts of up to $87.While jewellers have started restocking, purchases remain measured as confidence in retail demand for the coming months is still weak, said a Mumbai-based bullion dealer with a private bank.Last month, the South Asian country raised import tariffs on gold and silver to 15% from 6% as part of efforts to ease pressure on foreign exchange reserves from higher oil prices. India’s physically backed gold exchange-traded funds logged their first net monthly outflow in a year in May, as investors booked profits following a sharp rise in prices triggered by higher import duties.In top consumer China, bullion traded at premiums of $1 to $5 an ounce over the global benchmark price, down from $7 to $10 premiums last week.“The $4,000 mark for gold was a good support level, and hence we can see some fresh buying interest,” said Peter Fung, head of dealing at Wing Fung Precious Metals.Spot gold hit an over six-month low of $4,022.29 on Thursday before closing higher, and is on track for a weekly loss. Meanwhile, China’s central bank increased its gold reserves for a 19th month in May, data from the People’s Bank of China showed on Sunday.In Hong Kong, gold traded between par and a $1.90 premium, while in Japan, it was sold at a discount of $0.50.In Singapore, gold was sold between a $0.50 discount and a $2 premium.(By Pablo Sinha and Rajendra Jadhav; Editing by Eileen Soreng)

India gold demand ticks up as prices slip; China premiums ease

Zimbabwe’s state-owned gold mining company Mutapa Gold Resources plans to double its annual output to 220,000 ounces by 2029 after securing funding for an expansion project, according to production reports made available to reporters on Friday.Mutapa, the country’s biggest gold producer, had output of 104,626 ounces in the financial year to March 31, according to the documents, a 10% decline from the year before mainly due to lower grades.The company said it had secured $75 million from Zimbabwean banks, half the funding requirements for its Shamva Hill open pit project, which will raise the mine’s output to nearly 80,000 ounces annually from about 24,000 ounces currently.Work on the Shamva project, about 100 km (62.14 miles) north-west of Harare, will begin in August, and Mutapa is negotiating with foreign lenders for the balance of the project’s capital requirements, it added.The rest of the additional production will come from a capacity expansion at the company’s Jena mine, where work is expected to start in the final quarter of 2026, improved output at its Freda Rebecca mine, and moves to incorporate material from artisanal miners.Mutapa, owned by Zimbabwe’s sovereign wealth fund, is key to the country’s ambitions to raise gold output. The country is targeting 50 metric tons of production this year from last year’s record 46.7 tons.Gold is Zimbabwe’s top foreign currency earner, with export sales reaching $1.19 billion in the first quarter of 2026, against $579 million during the same period last year.Zimbabwe earned $4.61 billion from gold exports in 2025, nearly half of the country’s total exports of $9.7 billion.(Reporting by Chris Takudzwa Muronzi; Editing by Jan Harvey)

Zimbabwe’s state gold miner plans to double output by 2029 as expansion projects take off

China sees ETF outflows, falling wholesale demand in May, but PBoC continues outsized purchases amid lower prices – WGC’s Jia  

Chinese copper smelters are buying more feedstock that contains little copper but lots of sulphur to cash in on lucrative margins from sulphuric acid sales that have helped counter losses from tumbling processing fees, industry sources and analysts said.At least six smelters in China, the world’s largest refined copper producer, including Jinchuan Group, have stepped up purchases of pyrite this year, said multiple sources with knowledge of the matter.Pyrite, also known as “fool’s gold” due to its shiny, yellow appearance similar to real gold, is a sulphur-rich mineral usually contained at low levels in the concentrate smelting process.Once an unimportant byproduct of copper smelting, sulphuric acid has soared in price more than 500% in three years, underpinned by tighter supply due to the Russia-Ukraine war and growing demand for electric-vehicle batteries.Iran war fuels price rallySmelters are now opting to process more pyrite to capitalize on a price rally fuelled by the Iran war, which has disrupted shipments from the Gulf, which typically supplies about half of the world’s seaborne sulphur.The 1,500 yuan ($222) per metric ton profit estimated by consultancy Oilchem from a ton of sulphuric acid offsets the loss incurred when processing a ton of concentrate bought on the spot market, which was running at about $115 last week, according to data from Argus.This new strategy, which also gives smelters something to feed their furnaces while concentrate is in acutely short supply and avoids expensive shutdowns, underscores how the increasing reliance on acid profits is changing copper markets amid a prolonged downturn in processing fees, traditionally a key source of revenue for smelters.“Years ago, it (buying pyrite) was a rare thing. But from 2026, more and more smelters are doing this … only acid is profitable now,” said a manager at a Chinese copper smelter on condition of anonymity because they and the other sources were not authorized to speak to media.China’s imports of unroasted pyrite jumped 13.5% year-on-year in January to April to 391,916 metric tons, the highest total for the first four months of a year since 2014, according to data from Trade Data Monitor.The volume is far below the 9.9 million tons of copper concentrate bought between January and April, but concentrate imports were down 0.8% versus last year and the pace of refined copper output growth slowed in April.Analysts say accelerating use of pyrite could mean less concentrate consumption and less copper output.Some smelters, however, say they are unable to process complex raw materials and are thus sitting out the race to secure pyrite.Diversification away from copper concentrate is also being hampered by technological constraints, but Chinese smelters have been making investments that allow them to feed in more pyrite and gold concentrate, said a trader at an international trading house.($1 = 6.7630 Chinese yuan)(By Amy Lv, Tom Daly and Lewis Jackson; Editing by Lewis Jackson and Jamie Freed)

China copper smelters chase ‘fool’s gold’ in hunt for more sulphuric acid profits

Brazil’s Vale, one of the world’s largest iron ore producers, said on Thursday it received a request from its top shareholder, pension fund Previ, for a shareholders’ meeting to vote on the removal of chairman Daniel Andre Stieler.Previ, which manages pensions for employees of state-run lender Banco do Brasil, proposed appointing Jose Mauricio Coelho to Vale’s board and backing current board member Manuel Oliveira as chairman, the miner said in a filing.According to Vale, Previ has argued that Oliveira will contribute to “the strengthening of governance practices, the improvement of strategic management and the alignment with the interests of shareholders and stakeholders.”The mining company did not release the document it received from Previ. The pension fund did not immediately respond to a request for comment, sent outside business hours.Vale said its board is assessing the steps required to convene the shareholders meeting.Previ holds about a 7% stake in Vale, according to regulatory documents. The fund swapped its own head last month, naming Marcio Antonio Chiumento as CEO after Joao Luiz Fukunaga resigned.Chiumento joined Vale’s board earlier this year.(By Andre Romani; Editing by Kylie Madry and Daina Beth Solomon)

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