Asia

U.S. Secretary Marco Rubio told reporters on Friday that the United States was not worried about an escalation in Venezuela with Russia, while?President Donald?Trump?s administration is building up military forces throughout the Caribbean. The Trump administration sent thousands of soldiers to the Caribbean, along with an air carrier, warships, and fighter jets. Rubio said to reporters that he was not worried about an escalation between Venezuela and Russia. Rubio said, "We have always expected Russia to give rhetorical support for the Maduro government... but it is not a factor when we look at this whole thing." Foreign Ministry of Russia...

Donald Trump's decision imposing a partial Venezuelan blockade marks a dramatic increase in U.S. political pressure on Venezuelan President Nicolas Maduro. But it could also undermine a key U.S. goal: deterring an eventual Chinese naval encirclement. The U.S. President on Tuesday ordered a "total and complete blockade" against all sanctioned oil tanks entering or leaving Venezuela. This was a move to choke off the main source of revenue for the Maduro regime. The action immediately raised questions about its legal status under international law. Military planners in the Indo-Pacific have feared for years that China could use a blockade of...

Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its...

The European Parliament approved Wednesday the plan to phase out Russian imports of gas by the end of 2027. This is the last legal hurdle that needs to be cleared before the ban can become law. The EU has agreed to legislation that will cut ties with Russia, Europe's former largest gas supplier. They had vowed to do this after Moscow's full-scale invasion in Ukraine 2022. The vote was 500 for, 120 against, and 32 abstained. The EU Ministers will still need to formally?approve the ban, which is expected in early?2019. Officials expect that countries will?approve the deal without any...

Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington. Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle. Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure...

The central bank reported that Azerbaijan, a country heavily dependent on oil, saw its current-account surplus drop to $3.0 Billion, or 5.4% of gross domestic product (GDP), from $4.0 Billion in the same period last year. The bank stated that the fall in oil prices was the main reason for the decline in current account surplus. The oil and gas sector surplus decreased by 3.7% on an annual basis to $10.7 billion. Meanwhile, the non-oil & gas sector deficit increased by 7.5% to $7.7 Billion. The southern Caucasus' exports are largely based on oil and gas, which accounts for around...

South African miners have increased thermal coal exports after Colombia, the top supplier, banned shipments to Israel in August. Data from Kpler LSEG, and DBX Commodities revealed this. Colombia and South Africa are among Israel's loudest critics. The South American nation issued a presidential decree that enacted the export ban, after accusing Israel for killing tens-of-thousands in Gaza, including children. South Africa accused Israel of genocide before the International Court of Justice. Israel's Prime Minster Benjamin Netanyahu rejected this claim. Data from Kpler shows that Colombian coal exports into Israel fell to zero during the three-month period ending November after...

Four people familiar with the matter said that the U.S. Treasury rejected an 'offer' from a group headed by U.S. Bank Xtellus Partners to buy foreign assets of Russian Oil Company Lukoil. Xtellus was in a race with Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. MOL from Hungary and the U.S. Private Equity firm Carlyle are also still involved. The U.S. Treasury declined comment. Lukoil was willing to sell its assets in October after the U.S. sanctioned it and Kremlin controlled rival Rosneft to encourage Russia to reach a peace deal with Ukraine. Over a dozen companies...

Three people familiar with the matter said that the U.S. Treasury 'has rejected the offer of a group led U.S. -based Xtellus Partners to purchase the foreign assets owned by Russian oil.company Lukoil. Xtellus was competing with U.S. oil giants Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. Hungary's MOL, and U.S. Private Equity firm Carlyle are also still in the race. The U.S. Treasury declined comment. Lukoil was willing to sell its assets after the U.S. sanctioned it in October, along with the Kremlin controlled rival Rosneft to try to?push Russia towards a peaceful deal with Ukraine....

Holders of Pirelli's 500 million euro (582 million dollar)?bond? will decide on Monday if they want to convert the bond into shares. This could dilute the stakes that the existing investors hold in the group, who are fighting over the Italian tiremaker's governance. Sinochem, the Chinese state-owned company, and Marco Tronchetti Provera, an Italian businessman, both owning Camfin, have been at odds with each other in recent years. Camfin has complained that Sinochem's share is preventing the group from expanding into America. The tiremaker issued a five-year, no-coupon convertible bond at the end 2020. The bond is due to expire...

According to government data released on Monday, the annual inflation rate in Saudi Arabia fell to 1.9% from 2.2% in October. The consumer price index, which measures inflation, has been hovering around 2.1%-2.3% for the majority of this year. This is due to rising house prices. According to the General Authority for Statistics in Saudi Arabia, housing rental prices rose 5.4% and passenger transport prices increased by 6.4%. Saudi Arabia's Real Estate Authority in September outlined new rules to combat'rental increases'. These included a suspension of annual rent increases for both residential and commercial properties within the urban boundaries of...

After two days of discussions in Minsk with?President Alexander Lukashenko, John Coale, the envoy for President Donald Trump was quoted by Belarusian media as saying that the United States will lift sanctions on Belarusian Potash. Belarus did not specify what it would do as a response. Belarus is one of the largest producers of potash - a vital component in fertiliser. Coale was appointed by Trump as his special envoy for Belarus last month. The president has tasked Coale with negotiating the?release of more than 1,000 political prisoner in the former Soviet state, which is close to Russia. Belta, the...

As 'investors' flocked to the safety of gold amid the U.S./Venezuela conflict, silver rallied to a new high. Gold spot rose by 0.9%, to $4,486.55 an ounce, at 0753 GMT. It had earlier reached a session record of $4,497.55. U.S. Gold Futures for February Delivery gained 1.1%, reaching $4,519.20. Tim Waterer is the chief market analyst for KCM Trade. He said that U.S.-Venezuela tense relations are keeping gold in investors' minds as a hedge against uncertainty. Gold has surged this past week, as part of a larger positioning shift, with U.S. rates expected to ease even further. Waterer stated that...

In 2025, precious metals outperformed all other "safe haven" investment options. This is remarkable, especially in an year that was marked by turmoil, conflict and artificial intelligence bubble concerns. The market landscape for this year was shaped by a number of factors: a booming economy, politicians pushing for easy money, fading recession fears, an AI frenzy, and rising geopolitical tensions. Precious Metals outperformed almost everything else. Silver and platinum have more than doubled and gold has risen over 60%. This is its biggest jump since 1979's oil crisis. This performance was far superior to the roughly 20% gain in global...

Export Finance Australia has sent a non-binding support letter to Latrobe Magnesium, Australia. The letter could be used to fund the construction of a magnesium plant in Victoria. The U.S. will provide support for the development of stage 2 of the commercial magnesia extraction facility as part of a deal with Australia that aims to counter China's dominance of the minerals industry. Magnesium, which is used to produce steel and titanium in China, is the world’s largest producer. Construction of the 'plant, which will process up to 10,000 tons of magnesium each year, is estimated to cost approximately A$250,000,000 ($166.70...

The copper price ticked upwards on Tuesday. It hovered near the record levels reached in the previous session. This was after Antofagasta, a Chilean miner, and a Chinese smelter, agreed to a zero-processing fee for 2026 copper concentrate. This underscored supply constraints. As of 0332 GMT, the most active "copper" contract on Shanghai Futures Exchange rose 0.1% to 93,810 Yuan ($13325.28) per metric tonne. The benchmark copper price for the three-month period on the London Futures Exchange remained unchanged at $11,926.0 per ton. According to a Chinese market data provider, China's leading copper smelters plan to reduce production by more...

The price of iron ore futures fell on Tuesday due to steel mills performing annual furnace maintenance, and a rise in?Chinese ports inventories. As of 0258 GMT, the most-traded contract for May iron ore?on China’s Dalian Commodity Exchange(DCE)?traded 0.64% lower at 775.5 Yuan ($110.30). The benchmark January Iron Ore at the Singapore Exchange fell by 0.49% to $104.25 per ton. The steel mills have annual blast furnace maintenance plans which are causing a decline in pig iron production. Port inventories are continuing to build up, showing a slight weakening of the fundamentals. SteelHome data shows that total iron ore stocks...

On Monday, Dalian iron ore futures gained for a fifth session due to the tight supply of BHP’s?Jimblebar fines and Jingbao's fines. The May contract for iron ore on China's Dalian Commodity Exchange(DCE) rose 0.58%, to 781.5 Yuan ($111.01) per metric ton. As of 0710 GMT, the benchmark January iron ore price on the Singapore Exchange had fallen 0.05% to $104.65 per ton. Atilla Widnell, managing Director at Navigate Commodities, Singapore, stated that prices rose due to a limited supply of BHP's Jimblebar & Jingbao Fines. This left most Chinese mills represented state-owned China Mineral Resources Group with no choice...

The third year has been tough for battery metals like lithium, nickel, and cobalt. All three markets are struggling to absorb the supply wave that followed the price boom of 2022. The electric vehicle revolution continues. The demand for batteries, and the metals needed to make them work, is still rising at an accelerated pace. It is only a matter time before the current glut of supply is absorbed by demand. This was at least the hope. Chinese companies are undergoing a technological revolution at the same time, as they work to create ever-more powerful batteries for ever-lower costs. Battery...

Two sources familiar with the matter confirmed on Friday that Antofagasta, a Chilean miner, has agreed to pay 0 cents and 0 dollars per pound for treatment?and?refining?charges (TC/RCs). After protracted negotiations, the deal was reached. It compares with charges of $21.25 per ton?and 2.125cents per lb?for 2025, agreed in December last year. The agreement matches?a mid-year contract between Antofagasta?and some Chinese smelters?at zero levels. Miners pay smelters?TC/RCs for the copper concentrate they turn into refined metal. A severe shortage of mine supplies?in the past few months sent spot processing fees to negative territory, meaning that smelters had to pay more...

The third year has been tough for battery metals like lithium, nickel and copper as the three markets struggled to absorb the supply wave that followed the price boom of 2022. The electric vehicle revolution continues. The demand for metals and batteries that power them is growing at an accelerated rate. It is only a matter time before the current glut of supply is absorbed by demand. This was at least the hope. Chinese companies are, however, embarking on a "simultaneous" technological revolution, as they seek to develop batteries that are ever more powerful at a lower cost. Battery chemistry...

Gold prices were not much changed on Friday due to a stronger U.S. Dollar and higher?Treasury?yields. However, bullion is still expected to gain weekly. As of 10:05 am, spot gold was up 0.1% at $4,338.37 per ounce. ET (1505 GMT) but was on track to record a weekly increase of 0.9%. U.S. Gold Futures gained?0.1% at $4,370.10. Dollar-priced gold is now more expensive for overseas buyers. Benchmark 10-year U.S. Treasury rates also increased. "We are seeing some reactions to a stronger U.S. Dollar, higher yields on the curve and a slightly firmer appetite for risk since yesterday," Bart Melek said,...

The copper price rose on Friday as investors looked at the possibility of U.S. rate cuts in 2019 following lower consumer inflation in the United States. However, a possible artificial?intelligence bubble tempered?gains. The most-active contract for copper on the Shanghai Futures Exchange ended daytime trading 0.46% higher at 93180 yuan (US$13,234.86) per metric ton but finished the week 1.07% down. It reached a record of 94.030 yuan last week. As of 0714 GMT the benchmark three-month Copper on the 'London Metal Exchange rose 0.29%, to $11,812 per ton. The week is expected to end 2.53% higher. According to data released...

The U.S. government body that oversees the fund announced on Thursday that the Ukraine-U.S. Reconstruction Fund, created as part of a minerals 'deal' signed by the two countries in April, has approved its asset policies and is ready to review its first investment opportunities starting in 2026. In a press release, the Development Finance Corporation (DFC), said that the fund's 2nd meeting "reached the final consensus needed to bring the fund into full operational status". The DFC stated that potential deals could focus on energy and minerals development, as well as maritime infrastructure. Kyiv, under pressure from Donald Trump for...