Blog

In Wednesday’s Asian trading session, gold prices eased slightly as traders showed limited interest in the metal as a safe haven. Market uncertainty around U.S. trade tariffs and interest rate policies fueled demand for the U.S. dollar instead, putting downward pressure on gold.

Meanwhile, copper prices in the United States bucked the trend by climbing to record levels following President Donald Trump’s announcement of a potential 50% tariff on copper imports. This sharp tariff threat boosted domestic copper prices, even as London copper futures experienced declines on Tuesday and Wednesday.

The stronger dollar, recovering from recent three-year lows, weighed on most other metals, causing broad-based price retreats across the sector. The dollar’s rally was supported by rising expectations that the Federal Reserve would hold off on cutting interest rates after recent robust U.S. employment data.

Spot gold slipped 0.2% to $3,294.88 per ounce, while September gold futures declined 0.4% to $3,303.20 per ounce as of 00:55 ET (04:55 GMT). Gold hovered near its lowest point in over a week, as trade tensions failed to ignite typical safe-haven buying.

Investors shifted their focus to the heavily discounted dollar, which gained traction amid ongoing concerns about Trump’s tariff plans. The president began issuing official tariff notices this week targeting several major trading partners, adding to market uncertainty.

The Federal Reserve has cautioned that the tariffs, if fully implemented, could increase inflation pressures in the U.S., making interest rate cuts less likely in the near term. This dynamic contributed to subdued gold demand and pressure on other metals.

Precious metals saw some profit-taking after strong performances in June, with platinum futures down 1.1% at $1,376.35 per ounce and silver futures inching up slightly to $36.84 per ounce.

Copper prices in the U.S. surged on hopes of reduced supply due to tariffs. U.S. copper futures gained 2.6% to $5.6457 per pound on Wednesday, after reaching a record $5.8955 per pound the day before. The tariff threat is expected to benefit domestic producers such as Freeport-McMoRan, as the administration aims to boost local mining and reduce reliance on imports.

Copper’s strategic importance has grown amid the shift to green technologies, given its key role in electrical infrastructure and electric vehicles.

However, copper prices outside the U.S. declined amid concerns over softer import demand, especially from China, the world’s largest copper consumer. London Metal Exchange copper futures dropped 1.6% to $9,644.45 per ton, approaching a three-week low, as mixed inflation data from China fueled demand worries.

Oil prices slipped from a two-week high during Asian trading on Wednesday after industry data revealed a sharp increase in U.S. crude inventories. Investors remained cautious ahead of further trade tariff announcements expected from President Donald Trump.

As of 21:44 ET (01:44 GMT), Brent Oil Futures for September delivery fell 0.3% to $69.91 per barrel, while West Texas Intermediate (WTI) crude futures declined 0.4% to $68.10 per barrel. Both contracts had reached a two-week peak on Tuesday, driven by concerns over supply disruptions following recent attacks by Houthi forces on shipping lanes in the Red Sea.

A Reuters report on Tuesday detailed that four crew members aboard the Liberian-flagged, Greek-operated bulk carrier Eternity C were killed in a drone and speedboat attack off the coast of Yemen.

US crude stocks jump sharply

The American Petroleum Institute (API) reported on Tuesday a sharp and unexpected rise in U.S. crude oil inventories for the week ending July 4, with a build of 7.1 million barrels—far exceeding the forecasted drawdown of 2.8 million barrels. This followed a previous week’s modest increase of 0.68 million barrels.

Gasoline inventories fell by 2.2 million barrels, while distillate stocks declined by 800,000 barrels. The data suggests weakening demand and potential oversupply challenges in the U.S. market.

Market watchers now await confirmation from the Energy Information Administration (EIA), whose report is due later in the day. If the EIA data mirrors the API trend, it would mark the largest increase in crude inventories since January.

Trump announces copper tariff and more duties incoming

President Trump stated on Tuesday he would impose a 50% tariff on imported copper and plans to soon implement long-promised tariffs on semiconductors and pharmaceuticals.

The day before, he began sending tariff letters notifying 14 countries that sharply higher tariffs would take effect starting August 1. These letters outlined a 25% tariff on all goods from Japan and South Korea, with some countries facing levies as high as 40%.

Late Tuesday, Trump tweeted: “We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon.” He provided no further details, leading investors to adopt a cautious stance amid expectations of a new wave of tariffs.

Jet2 plc (LSE:JET2) posted record financial results for the year ending March 31, 2025, with revenue rising 15% to £7.17 billion and profit before tax increasing 12% to £593.2 million. The company achieved a 12% growth in flown passengers, reaching 19.77 million, and expanded its UK airport network by opening new bases at Bournemouth and London Luton. Strategic investments, including fleet expansion and a share buyback program, highlight Jet2’s commitment to growth and enhancing shareholder value. The company remains optimistic about future prospects, supported by a flexible business model and strong leisure travel demand.

Jet2’s strong financial performance is underpinned by solid revenue and profitability growth, effective equity leverage, and strategic capital management. However, elevated liabilities and some overbought technical indicators suggest caution. The stock appears undervalued, presenting a potential opportunity for investors despite mixed technical signals.

More about Jet2 plc
Jet2 plc is a leading Leisure Travel Group encompassing Jet2holidays, the UK’s top ATOL-protected package holiday provider to Mediterranean, Canary Islands, and European destinations, and Jet2.com, the UK’s third-largest airline by passenger numbers, specializing in scheduled holiday flights. The company operates from 13 UK airport bases, offering both package and flight-only options.

GSTechnologies Ltd (LSE:GST) has raised a total of £1.925 million through a retail offer (£175,000) and a placing of new ordinary shares (£1.75 million). The capital raised will be used to expand the company’s Bitcoin treasury reserve, supporting its GS Money strategy and reinforcing its position in the digital asset market.

Despite facing operational and profitability challenges reflected in weak financial performance and technical indicators, GSTechnologies’ recent strategic acquisitions provide potential growth avenues that partially mitigate the negative outlook.

About GSTechnologies

GSTechnologies Ltd is a fintech firm developing a borderless neobanking platform and next-generation digital money solutions. The company is advancing its Bake Cryptocurrency Platform and focuses on digital assets, including Bitcoin.

Hunting PLC (LSE:HTG) announced a strong trading update for the first half of 2025, with EBITDA growing 16% year-on-year to an estimated $68–$70 million, fueled primarily by solid performance in its OCTG (Oil Country Tubular Goods) division. The company plans to raise its targeted annual dividend by 13% and has initiated a $40 million share buyback programme to enhance shareholder value.

Recent acquisitions, including Flexible Engineered Solutions and Organic Oil Recovery technology, are expected to drive growth and improve capital returns in line with Hunting’s 2030 strategic vision. The firm reported a healthy sales order book of $450 million and a tender pipeline worth $1.1 billion, despite ongoing market volatility. Additionally, restructuring efforts in the EMEA segment are forecasted to generate annual savings of $10 million. Hunting continues to pursue further M&A opportunities to strengthen its market position.

While the outlook reflects strong revenue momentum and a solid balance sheet, profitability challenges and bearish technical indicators present some caution. Positive corporate developments and a competitive dividend yield provide optimism, though valuation concerns persist due to a negative P/E ratio.

About Hunting PLC

Hunting PLC is a precision engineering group serving the oil and gas sector, specializing in OCTG, subsea technologies, and advanced manufacturing. The company operates globally with key markets in North America, Asia Pacific, and EMEA.

SRT Marine Systems PLC (LSE:SRT) has reported a remarkable surge in revenue for the fiscal year ending June 2025, with sales soaring 423% to £77.5 million alongside a pre-tax profit of £4.4 million. The company recently landed a substantial $213 million contract with the Kuwait Coast Guard and currently holds active contracts totaling £320 million. Furthermore, its validated project pipeline is valued at £1.4 billion, positioning SRT for continued expansion.

Upcoming product launches, including the NEXUS transceiver, and the resumption of financial guidance by its partner Cavendish further bolster the company’s growth outlook. SRT’s strong market position in maritime surveillance reflects growing demand for digital solutions aimed at improving security, safety, and environmental sustainability across the maritime sector.

Despite clear business momentum driven by high-value contracts and innovation, SRT faces financial challenges that temper its outlook. While technical market indicators remain favorable, concerns around financial stability and valuation persist.

About SRT Marine Systems

SRT Marine Systems PLC is a leading player in the global maritime domain awareness industry, delivering cutting-edge technologies and systems that promote maritime safety, security, and environmental stewardship. Their portfolio includes proprietary tools like advanced analytics, data fusion, and augmented visualization, catering to a broad customer base spanning government agencies to commercial vessel operators worldwide.

ZIGUP plc (LSE:ZIG) has released its full-year results for the period ending April 30, 2025, highlighting strong operational achievements and an optimistic outlook. While overall revenue dipped slightly, the company recorded a 2.3% rise in underlying revenue, supported by strong performances in its rental division. ZIGUP expanded its market share notably in Spain and maintained steady vehicle supply alongside stable market conditions.

Strategic moves, including new collaborations and technological upgrades, have strengthened the company’s growth prospects with an emphasis on creating sustainable value for shareholders. Reflecting confidence in its financial health and future opportunities, ZIGUP increased its dividend payout by 2.3%.

Despite some financial headwinds such as rising debt levels and negative free cash flow, the company’s robust valuation, encouraging corporate developments, and favorable technical indicators underpin investor interest. Additionally, its attractive dividend yield adds to the stock’s appeal.

About ZIGUP plc

ZIGUP plc is a prominent provider of integrated mobility solutions, offering a wide-ranging platform that supports various stakeholders—including businesses, fleet operators, insurers, and OEMs—across the entire vehicle lifecycle. Its services encompass vehicle rental, fleet management, accident and repair services, and maintenance. The company is also noted for its commitment to social mobility and efforts to bring young talent into the automotive sector.

Finseta plc (LSE:FIN) posted a 16% increase in revenue during the first half of 2025, reaching £5.9 million, driven by a growing active customer base. Although there was a slight dip in gross margin, the company continues to invest in key growth areas, including its corporate card program and expansion efforts in Canada and Dubai. These initiatives are expected to drive further revenue gains and improved profitability in the latter half of the year as market conditions normalize and new customer transactions pick up.

Finseta’s outlook is supported by a solid financial recovery and focused growth strategy. While technical indicators hint at some short-term volatility, positive corporate developments and a reasonable valuation underpin a constructive future view. Continued attention to managing leverage and broadening operational reach could further enhance the company’s prospects.

About Finseta plc

Finseta plc is a London-based foreign exchange and payments firm offering multi-currency accounts and payment solutions for businesses and individuals. Utilizing a proprietary technology platform, the company operates across more than 165 countries and supports over 150 currencies. With over 15 years of industry experience, Finseta is regulated by several authorities, including the UK’s Financial Conduct Authority, Canada’s Financial Transactions and Reports Analysis Centre, and the Dubai Financial Services Authority.

Close Brothers Group plc (LSE:CBG) has announced a strategic realignment of its Premium Finance division, shifting focus towards commercial lines insurance premium finance. This sector offers stronger risk-adjusted returns and greater growth prospects compared to personal lines, which the company plans to scale back due to increasing costs and changing market dynamics.

As part of this transition, Close Brothers intends to enhance operational efficiency by modernizing its technology infrastructure and streamlining processes, targeting annual cost savings of around £20 million by 2030. This shift will also involve exiting certain broker partnerships, affecting a small segment of the business, but is expected to drive improved profitability and long-term returns.

The company’s outlook benefits from solid technical signals and positive corporate developments that support investor confidence. However, challenges remain in revenue generation and cash flow stability, coupled with a weak valuation reflected in a negative price-to-earnings ratio, highlighting the need for ongoing financial improvements.

About Close Brothers Group

Close Brothers is a prominent UK merchant banking group offering a range of services including lending, deposit-taking, and securities trading. With a workforce of approximately 3,000 employees primarily across the UK and Ireland, the company is listed on the London Stock Exchange and is a member of the FTSE 250 index.

Union Jack Oil plc (LSE:UJO) has entered into a farm-in agreement with Reach Oil and Gas Inc to acquire a 60% working interest in the Sark well located in Oklahoma, USA. Scheduled for drilling in early Q3 2025, the project targets an estimated 1.44 million barrels of recoverable oil resources.

This move aligns with Union Jack’s strategic goal to grow its footprint in the U.S. onshore oil sector following recent achievements. The addition of the Sark well is expected to bolster the company’s asset base and enhance its position within the North American energy market.

About Union Jack Oil plc

Union Jack Oil is a UK and U.S.-focused oil and gas company engaged in hydrocarbon production, exploration, development, and investment. The firm aims to expand its portfolio and operations in the U.S. to complement its established UK activities, driving growth and diversified revenue streams.