The Chilean Copper Commission (Cochilco) said Escondida's July copper output fell 22.1% YoY to 89,400 tonnes.

AAA data show U.S. diesel averaged $6.0556/gal, the first time above $6, raising energy-driven inf risk ahead of the diesel demand season; California prices are near $8/gal. Diesel is a primary fuel for power generation, home heating, agriculture and tractor‑trailers, so record retail diesel prices are likely to feed through into food, transport and construction costs. With midterm elections just over 50 days away, surging costs pose a political problem for Republicans aligned with Trump.

After today's decision the ECB said it remains well positioned to address uncertainty stemming from the conflict.