Trade frictions causing market volatility

The company’s revenue decline was partly attributed to global trade disruptions, particularly from the US government’s shifting tariff strategy.

A recent announcement from President Donald Trump spared refined copper imports from sweeping new tariffs but left semi-processed products exposed, which triggered a sharp 18 percent drop in copper prices and dislocating demand patterns.

Anglo American noted that while it benefited from a 127 percent year-on-year increase in U.S. refined copper imports in the first five months of 2025, this redirected metal away from traditional markets in Asia and Europe.

Copper remains at the center of Anglo’s growth strategy. Post-restructuring, the metal is expected to account for over 60 percent of group EBITDA, according to internal forecasts.

In line with its weaker performance, Anglo American slashed its interim dividend to US$0.07 per share, down from US$0.42 last year. The company cited negative earnings contributions from its platinum and coal divisions and no contribution from De Beers.

De Beers exit timeline and options

The divestment of De Beers is progressing, with Anglo confirming it is now in the second round of its formal sale process, involving what it described as “a credible set of interested parties.”

The company is also in discussions with the government of Botswana, which holds a 15 percent stake and may seek to increase its ownership.

If a trade sale fails to materialize, Anglo is preparing for a public listing. Wanblad said exchanges in London, Johannesburg, and New York are all under consideration.

A trade sale could be finalized within six to nine months, he added, while an IPO would likely be delayed until early or mid-2026 depending on a recovery in diamond prices.

De Beers’ Venetia mine in South Africa, one of the country’s largest diamond operations, is undergoing a costly underground expansion aimed at extending its life beyond 2040.

Wanblad said Anglo remains engaged with stakeholders on the mine’s future, regardless of the group’s eventual exit from the diamond sector.

Market performance by the numbers

The zinc price started the year with downward momentum, sliding from US$3,150 per metric ton on December 10 to US$2,750 on January 31.

Zinc price chart, January 1 to July 31, 2025

via TradingEconomics

The metal found some support in February and March, climbing to US$2,928 on February 24 and then reaching a year-to-date high of US$2,971 on March 14; however, it wasn’t to last. The bottom fell out from under Zinc and quickly plunged to its year-to-date low of US$2,562 on April 9.

Since then, the zinc market has been volatile, and although it has recovered somewhat, it is still far from its first-quarter highs, peaking at US$2,865 on July 23.

What’s behind the price?

According to a review from the Shanghai Metal Market (SMM) on June 29, ex-China zinc concentrate production increased by 6.47 percent in the first quarter to 1.3 million metric tons versus 1.22 million metric tons during the same period of 2024.

It attributed these increases to resumption in production at Boliden’s Tara mine in Ireland, and ramp-ups at Grupo Mexico’s Buenavista mine in Mexico and Ivanhoe’s Kipushi mine in the Democratic Republic of the Congo.

Additionally, SMM noted that Xinjiang’s Huoshaoyun lead-zinc mine started production in May, with output reaching 50,000 metric tons in its first two months and is expected to reach 150,000 metric tons in July. The company is targeting full-year production of 700,000 to 750,000 metric tons.

Although supply seems robust and Chinese imports of concentrates increased 52.46 percent over 2024, treatment charges for imported metal have also increased from US$20 per metric ton at the start of the year to US$65 in May. The sharp increase in fees indicates an oversupply in the market, allowing smelters to charge more.

The SMM findings are further supported by data released from the International Lead and Zinc Study Group (ILZSG), which reported on June 18 that mining supply had increased during the first four months of the year to 3.94 million metric tons from 3.75 million metric tons in 2024.

It also showed flat demand for the metal with 4.28 million metric tons consumed during that period versus 4.3 million metric tons last year.

Changing US policy

A steep decline in commodity prices in April demonstrates just how fragile the global markets can be.

Zinc prices fell 13.77 percent at the start of April to US$2,562 per ton alongside President Trump’s “Liberation Day” tariff announcement and subsequent sell-off in the equity and US Treasury markets.

The prediction from analysts at the time was that if reciprocal tariffs were put in place, it would trigger a recession before the end of the year, impacting consumer spending on homes and cars, which have significant zinc inputs.

Demand for the metal has already been weak over the past several years due to high inflation and interest rates following the pandemic. Although inflation has eased, and interest rates have begun to normalize, the new tariff threat provides a new layer of uncertainty.

So far, auto makers have yet to raise their prices, but demand for new cars increased 2.5 percent in March, double the 1.1 percent typical for the same period in recent years. The gain is attributed to consumers looking to get ahead of more significant price increases down the line.

The impetus behind the tariffs is to stimulate domestic production, but the willingness from producers to follow through on new US projects remains uncertain.

For its part, the Trump administration has signalled its willingness to back large infrastructure and critical mineral projects by continuing the FAST-41 program that started under President Joe Biden.

The program aims to streamline the permitting process and speed development timelines to get the projects to production faster.

So far, the only zinc project to be included on the list is South32’s Hermosa, near Tucson, Arizona.

Progress at the site has continued with the company reporting in its update for the June quarter that it had made US$517 million in investments in FY25. It also stated that work on the main and ventilation shafts began during the second quarter, and construction work at the processing plant had begun.

In addition to development activities, the company also reported that it met a key milestone with the US Forest Service releasing a draft environmental impact statement.

The project is expected to see its first production from the Taylor deposit during the second half of 2027.

As a campaign promise, Trump proposed freeing up federal lands for housing projects, which could drive demand for galvanized steel products. The plan would invite developers to bid on land with the promise that a percentage of units would be set aside for affordable housing, and close the 4 million home shortfall.

However, a report from Realtor.com on July 22 poured cold water on the idea, stating that while it could offer incremental gains, it noted that there wasn’t enough land in places that need housing most.

Instead, the report suggested there are better methods available, including land use and zoning reforms, and increasing construction capacity in high-demand regions.

So where does that leave zinc?

With supply surpluses expected from the ILZSG, a significant turnaround may not be in the cards for zinc prices in the short term, especially when met by weak demand due to tariff uncertainty.

Although there was some recovery at the end of the second quarter, the oversupply situation doesn’t lend much support for the market to turn bullish.

The market has largely seen a dearth of investment as the market fundamentals haven’t provided support.

A June 11 report from analysts with German investment bank, IKB, noted the oversupply situation developing in the Zinc market and forecast that by the end of the third quarter, zinc prices will be trading in the US$2,600 per ton range.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$114,797, down by 2.8 percent over the last 24 hours. Its highest valuation on Friday was US$118,696, while its lowest valuation was US$114,322.

Bitcoin price performance, August 1, 2025.

Chart via TradingView

Bitcoin’s price drop followed sweeping new US tariffs, including a 35 percent levy on Canadian imports, which rattled risk assets broadly. In parallel, the Federal Reserve’s decision to maintain interest rates at 4.25 percent –4.50 percent and stronger-than-expected inflation data dampened hopes of near-term rate cuts, adding downside pressure to Bitcoin’s price

Ethereum (ETH) was priced at US$3,595.75, down by 5.2 percent over the past 24 hours. Its lowest valuation on Friday was US$3,591.61, and its highest was US$3,809.48.

Altcoin price update

• Solana (SOL) was priced at US$167.55, down by 5.4 percent over 24 hours. Its lowest valuation on Friday was US$165.43, and its highest was US$179.17.

• XRP was trading for US$3.03, down by 2.2 percent in the past 24 hours. Its lowest valuation of the day was US$2.91, and its highest valuation was US$3.13.

• Sui (SUI) is trading at US$3.52, down 6.7 percent over the past 24 hours. Its lowest valuation of the day was US$3.45, and its highest was US$3.81.

• Cardano (ADA) was trading at US$0.7321, down by 4.1 percent over 24 hours. Its lowest valuation on Friday was US$0.7137, and its highest was US$0.7731.

Today’s crypto news to know

Coinbase revenue misses as trading volumes lag

Shares of Coinbase Global (NASDAQ:COIN) fell 12 percent in premarket trading Friday (August 1) after the crypto exchange missed Wall Street expectations for second-quarter revenue.

While revenue grew 3.3 percent year over year to US$1.5 billion, it fell short of the US$1.59 billion estimate and was down from US$2 billion in the previous quarter.

Spot trading volumes declined globally and in the US, with average market capitalization roughly flat during the period, according to the company’s shareholder letter.

Still, net income surged to US$1.43 billion, largely from unrealized gains on its crypto holdings and investments.

Coinbase continues to diversify, noting it is testing traditional stock, FX, and commodity trading. The company was recently added to the S&P 500 (INDEXSP:INX) in May.

Assetera expands access to tokenized securities with Plug-and-Play API

Austria-based trading platform Assetera has launched a MiFID-compliant API that lets crypto exchanges offer tokenized securities, which include US Treasuries and blue-chip stocks, without needing their own regulatory license.

The service provides over 60 financial instruments at launch and handles all compliance responsibilities, including KYC and anti-money laundering checks. Assetera is targeting crypto platforms in the European Union and European Economic Area, aiming to break the dominance of major players like Kraken and Gemini in tokenized assets.

The company says it’s in discussions with several top-20 global crypto exchanges and anticipates €1 billion in trading volume during its first year.

Strategy’s US$10 billion profit fails to impress investors, treasury model dominates

Despite posting a massive US$10 billion profit for Q2, Strategy’s (NASDAQ:MSTR) share price dropped 1.4 percent in after-hours trading, highlighting investor concern about the company’s future beyond Bitcoin.

Strategy, formerly focused on enterprise software, has increasingly transformed into a corporate Bitcoin treasury. The firm now holds over 628,000 BTC, comprising more than 3 percent of the total supply, valued at US$74 billion.

Michael Saylor’s pivot has inspired imitators like Japan’s Metaplanet, which converted hotel assets into crypto. Despite the dip, the firm’s next move includes raising US$4.2 billion through a new STRC offering to buy more Bitcoin.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$16,964, down by 0.5 percent over the last 24 hours. Its highest valuation on Wednesday was US$118,644, while its lowest valuation was US$116,079.

Bitcoin price performance, July 30, 2025.

Chart via TradingView

Markets rallied briefly following the release of the White House’s crypto policy report, which called for greater SEC clarity and new legislation to regulate digital assets, but pulled back after the Federal Reserve left interest rates unchanged and warned of slowing economic growth.

Ethereum (ETH) was priced at US$3,764.26, down by 0.1 percent over the past 24 hours. Its lowest valuation on Wednesday was US$3,708.13, and its highest was US$3,820.17.

Altcoin price update

• Solana (SOL) was priced at US$176.09, down by 2.9 percent over 24 hours. Its lowest valuation on Wednesday was US$173.22, and its highest was US$179.83.

• XRP was trading for US$3.10, down by 0.6 percent in the past 24 hours. Its lowest valuation of the day was US$3.04, and its highest valuation was US$3.15.

• Sui (SUI) is trading at US$3.77, down 1.3 percent over the past 24 hours. Its lowest valuation of the day was US$3.66, and its highest was US$3.81.

• Cardano (ADA) was trading at US$0.7600, down by 2.3 percent over 24 hours. Its lowest valuation on Wednesday was US$0.7414, and its highest was US$0.7759.

Today’s crypto news to know

Ethereum marks a decade since launch

Ethereum marked its 10th anniversary on July 30 with growing corporate interest in Ether as a potential treasury reserve asset.

The Ethereum network launched in 2015 and has since maintained uninterrupted uptime, becoming the backbone of the decentralized finance (DeFi) movement. In the lead-up to the anniversary, Ether’s price approached US$4,000, driven in part by renewed institutional inflows and growing confidence in the asset’s long-term utility.

The Ethereum Foundation will commemorate the milestone by issuing celebratory NFTs and organizing more than 100 events globally.

A live broadcast featuring Vitalik Buterin, Joseph Lubin, and Tim Beiko will also be hosted to reflect on the network’s origins and future direction.

SEC greenlights in-kind ETP creations and redemptions

On Tuesday, July 29, the Securities and Exchange Commission (SEC) gave its approval for in-kind creations and redemptions by authorized participants for crypto asset exchange-traded products (ETPs).

“It’s a new day at the SEC, and a key priority of my chairmanship is developing a fit-for-purpose regulatory framework for crypto asset markets,” said Chairman Paul Atkins in the announcement. “Investors will benefit from these approvals, as they will make these products less costly and more efficient.

“Today’s approvals continue to build a rational regulatory framework for crypto, leading to a deeper and more dynamic market, which will benefit all American investors. This decision aligns with the standard practices for similar ETPs.”

Authorized institutions can now directly exchange crypto assets like Bitcoin or Ethereum for shares of a crypto ETP, and vice versa, making these products more efficient and potentially cheaper to manage than when only cash transactions were allowed.

Senator Lummis proposes bill to allow digital assets for mortgages

In a Tuesday notice, Wyoming Senator Cynthia Lummis introduced the 21st Century Mortgage Act, a law that could compel mortgage purchasers to consider digital assets in applications.

Lummis said her proposed bill would initiate congressional action following a June order from the US Federal Housing Finance Agency (FHFA) that mandated US mortgage purchasers Fannie Mae and Freddie Mac “consider cryptocurrency as an asset for single-family loans.”

“This legislation embraces an innovative path to wealth-building, keeping in mind the growing number of young Americans who possess digital assets,” said Lummis.

A similar crypto mortgage proposal, the American Homeowner Crypto Modernization Act, was introduced by Republican Representative Nancy Mace on July 14. Mace’s proposed bill would mandate that mortgage lenders incorporate the value of a borrower’s digital assets held in cryptocurrency brokerage accounts into their mortgage credit evaluations.

The bill is one of three that the US Senate may consider after a month-long recess, alongside a digital asset market structure bill and a bill aimed at barring the Federal Reserve from launching a central bank digital currency.

eToro expands 24/5 trading and tokenizes US stocks

Trading platform eToro has announced plans to expand its current 24/5 trading for 100 popular US stocks and ETFs, meaning customers can now trade these assets five days a week, almost around the clock, even outside regular market hours.

Co-founder and CEO Yoni Assia spoke with Yahoo Finance Executive Editor Brian Sozzi about the move on Tuesday (July 29).

“We’re expanding a lot of the trading universe and trading hours on the eToro platform. Announced today, more 24-hour stock trading on the platform, as well as near 24/5 trading on exchange CME traded futures, a new type of futures product,” Assia said.

“That’s very exciting for our users worldwide. And very excited also about revamping tokenization in eToro, launching those 100 stocks that trade 24/5 on the eToro platform as tokenized assets, gradually available to people with the eToro crypto wallet.”

The company also announced the launch of tokenized versions of these same US stocks as ERC20 tokens on the Ethereum blockchain.

This will eventually enable true 24/7 trading and transfers, and is part of eToro’s strategy to tokenize all assets on their platform and integrate them into the broader decentralized finance world. They’re also rolling out spot-quoted futures with CME Group, a simpler futures product, currently in Europe, with plans for wider availability.

Trump Working Group calls for aggressive federal action on crypto markets

A White House-appointed working group on digital asset markets has released a sweeping set of recommendations to overhaul US crypto policy, according to a preview.

The group, established under an executive order by Donald Trump in January, urged Congress to pass the Digital Asset Market Clarity Act and called on regulators to use existing powers to support immediate crypto market growth.

The report recommends that the Commodity Futures Trading Commission be granted broader oversight over spot markets for non-security tokens and that safe harbor provisions be used to accelerate product launches.

It also advises federal banking regulators to clarify permissible crypto-related bank activities and modernize capital rules to reflect token-based risks.

The Trump administration said the proposals would help ensure US leadership in the “blockchain revolution” and usher in a “Golden Age of Crypto.”

JPMorgan to let Chase customers buy Crypto via Coinbase

JPMorgan Chase (NYSE:JPM)has announced a major partnership with Coinbase that will allow Chase credit card users to purchase cryptocurrencies directly from the exchange.

The service is expected to roll out in fall 2025, with full account-linking functionality available by 2026. Customers will also be able to redeem Chase credit card reward points for USDC, a stablecoin pegged to the US dollar.

The move marks a notable shift in the firm’s stance toward crypto, going from a cautious observer to an active participant in retail-focused blockchain infrastructure.

With crypto’s total market cap recently crossing US$4 trillion, large banks are now racing to integrate digital asset capabilities into their core offerings.

Clinical progress and policy shifts drive market interest

Interest in the space continued in H1 as drug candidates advanced into pivotal trials, particularly in the treatment of depression, anxiety and PTSD. Cybin (NYSEAMERICAN:CYBN) reported meaningful progress, citing investor and regulatory confidence in the therapeutic potential of psilocybin, LSD analogs and DMT derivatives.

Cybin’s 2025 financial results, released on June 30, highlighted significant progress in its lead programs, as well as its strong financial position, with C$135 million in cash reported.

CEO Doug Drysdale emphasized the company’s progress in building a strong foundation for anticipated clinical and regulatory milestones.

Key highlights include strengthened intellectual property with new patents for CYB003 and CYB004, strategic partnerships with Osmind and Thermo Fisher Scientific, and promising Phase 2 efficacy data for CYB003 in MDD, showing 100 percent responder rates and 71 percent remission with two 16 mg doses. The Phase 2 study for CYB004 in GAD is underway and expected to be completed around mid-2025.

Likewise, COMPASS Pathways (NASDAQ:CMPS) announced that its COMP360 psilocybin treatment successfully met its primary goal in a Phase 3 trial for treatment-resistant depression on June 23.

A single 25mg dose of COMP360 significantly reduced depression symptoms compared to a placebo at six weeks, showing a clinically meaningful difference and strong statistical significance. This marks the first Phase 3 efficacy data reported for a classic psychedelic, and Compass Pathways said it plans to discuss these positive results with the FDA.

Policy signals were equally consequential. Notably, the Texas House and Senate passed SB 2308 in May, which will provide up to US$100 million in state funds for ibogaine trials.

The results of the trials will be presented to the US Food and Drug Administration (FDA) for potential approval of ibogaine for opioid use disorder, co-occurring substance use disorder and other neurological or mental health conditions. Governor Abbott signed the bill into law on June 11, representing a notable and progressive shift in the Republicans’ approach to drug policy.

However, the sector continues to face real challenges, such as costly clinical access and inconsistent regulatory frameworks that have resulted in a patchwork of state-level regulations. Despite these challenges, there are ongoing efforts towards federal reform and standardized guidelines.

Health Secretary Robert F. Kennedy Jr. recently told members of Congress that new therapeutics using psychedelic substances could revolutionize treatment for mental health challenges.

‘This line of therapeutics has tremendous advantage if given in a clinical setting and we are working very hard to make sure that happens within 12 months,” he said during a House subcommittee meeting regarding the Trump administration’s proposed budget for the US Department of Health and Human Services (HHS).

FDA head Marty Makary has likewise labeled the assessment of MDMA and other psychedelics as a “top priority,” announcing initiatives aimed at potentially expediting their approval.

One new program in particular aims to accelerate drug approval, potentially cutting review times from six months to one month.

This initiative might relax requirements for some drugs, possibly waiving placebo-controlled studies, which have been a hurdle for psychedelic research because patients often know if they’ve received the drug.