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Indian Oil purchases first Colombian oil as part of Ecopetrol contract: sources
Indian Oil Corp bought its first Colombian crude oil as part of an 'optional supply agreement' with state oil company Ecopetrol. This was done to diversify away from Russian oil. Indian refiners have been searching for crude oil as the tighter sanctions imposed by the U.S. on Russian oil producers and vessels and those of the European Union are causing a disruption in Russian imports. India's Russian oil imports will plunge to a 3-year low of 1.2 million barrels per day in December. This is down from 1.84million bpd during November, according to Kpler, a ship tracking company. Sources said that IOC purchased 2,000,000 barrels of Colombian Castilla oil for delivery by the end of February. They said that the refiner has an option contract to purchase 12 million barrels of oil, which is equivalent to six very large crude carriers. Each VLCC is capable of carrying 2 million barrels. The contract was signed late in 2021 and has been renewed every year since. IOC and Ecopetrol have not responded to requests for comment. IOC buys most of its oil from Russia and the Middle East, but rarely purchases South American grades, despite having purchase contracts with Mexico Brazil and Colombia. Sources said that the terms of the agreement, including pricing, must be acceptable to both parties. South American crude is rarely competitive with Middle Eastern and Russian grades.
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Sources say that China has begun issuing the second batch of crude import quotas for 2026 to refiners
Two people with a direct understanding of the matter said that at least one independent Chinese refiner received its second round of government quotas 2026 for 'crude oil imports.' More refiners are expected to receive their allocations in the near future. One source said that the independent refiner in eastern China had received 11 million metric tonnes, or 220,000 barrels a day, from the first two quota batches combined. According to the source, the newest allocation, in combination with a small batch released at the end of November, represents about 70% of the refiner’s total quota next year. Sources declined to identify themselves or the company as the information wasn't public. The Chinese Ministry of Commerce which issues crude oil import quotas did not reply to a fax asking for comment. Two sources familiar with the situation say that independent?refiners in the eastern refinery hub of Shandong Province, also called teapots or teapotters, expect to receive their quotas on Wednesday, or in the next few days. They added that the first two batches combined of quota for each teapot should account for 70% or their total yearly. The first two batches of 2025 will?account for the full year allocation for each refiner. Beijing did not explain why it?reduced its issued volume. China regulates its oil imports through a quota-based system. The total allocation for 2026 has been set at 257 millions tons, the same as a year ago. Beijing released a quota of 8 million tons in late November as the first batch of 2026. This quota will be used to cover cargoes that arrive by the end this year. Reporting by Florence Tan in Singapore, Sam Li in Beijing, and Siyi Liu in Beijing. Editing by Thomas Derpinghaus.
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Indians prefer bars and coins to jewellery as gold reaches record highs
Prachi Kadam, a Mumbai-based homemaker, has been buying gold jewellery to mark the festive season for nearly 20 years. She combines tradition and personal style. The record price rise this year, however, led Prachi Kadam to opt for a 10-gram coin rather than necklaces or bracelets. Kadam said, "I love jewellery because it can be worn at functions. But, I find it hard to justify an extra 15% in making fees." Kadam is one of millions of Indians who consider buying gold during festivals auspicious. "I settled on a 10-gram piece of coin this time," said Kadam. Her decision is part of a larger shift in India. The country has one of the largest gold markets in the world, and the metal has a deep cultural and economic significance. Consumers are turning away from jewellery and towards small coins and gold bars as prices continue to rise. This is the biggest annual increase in 46 years. Global gold prices have risen 67% this year due to a combination of factors including U.S. rate cuts, a weaker currency and strong demand for safe-haven investments. They reached a record high on December 26, reaching $4,549.7 a troy ounce. Indian gold prices rose 77% in this year. This outpaced the Nifty 50's 9.7% increase, and was aided by a 5% drop in the rupee versus the dollar. The price surge changes buying habits Analysts claim that the trend will continue into 2026 and cushion a fall in demand. This is in line with a global slowdown of ornament purchases due to an increase in bullion price. Others may choose to buy less gold instead of abandoning their jewellery. Nibeditachakraborty, a Kolkata resident, said that her household budget had not kept up with the?rising price of goods. She therefore switched to lighter designs. Chakraborty stated that reducing the weight by just six or seven gram of a gold pendant can save you more than 100,000 rupees (1,114 dollars). Saurabh Gadgil said that as prices increase, consumers become more value- and design-conscious. In June, the company launched a sub-brand of lighter and lower-carat jewelry. Gadgil stated that modern craftsmanship makes lightweight jewellery more aspirational than entry level. The World Gold Council (WGC), a global trade association, reported that India's gold demand in the first nine month of 2025 fell by 14% compared to the same period last year. Jewellery consumption dropped 26%, to 278 tons, while investment rose 13%, to 185 tonnes. The World Gold Council (WGC) reported that investment accounted for a record 40 percent of the total demand over this period, underscoring gold's role as an important store of wealth among Indian households. Prithviraj KOTHARI, President of the India Bullion and Jewellers Association, said that the shift from jewellery to investment gold is expected to continue through 2026. Kothari stated that consumers are buying gold coins, gold bars or gold ETFs in the belief that "the rally" will continue. WGC reports that India's gold-backed ETFs have seen an inflow of $3.3 Billion, or 28.7 tonnes, this year. This has increased their holdings to 86.2 tonnes. Metals Focus, a leading industry consultancy, expects India's jewellery market to continue to soften into 2026. The full-year jewellery consumption is projected to decline by another 9%. It added that as gold becomes less affordable, consumers have shifted their jewellery preferences to lighter weights and lower carataages. Santosh Kataria is the chairman of DP Abhushan Ltd. He said that there has been a growing acceptance for lower-carat jewelry, such as 18-carat or 14-carat options. This is especially true amongst younger customers and professionals. Kataria stated that these pieces are suitable for everyday use and allow the buyer to stay within budget while enjoying attractive designs.
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Musk's xAI purchases third building to expand AI computing power
Elon Musk announced on Tuesday that his artificial intelligence startup xAI purchased a 'third building' to expand its infrastructure. The goal is to increase xAI's?"training capacity" to almost 2 gigawatts of compute?power. xAI is stepping up its efforts to train more advanced models in order to better compete with the industry leaders OpenAI ChatGPT and Anthropic Claude. Colossus is the company's supercomputer in Memphis, Tennessee, which it claims to be the world's largest. Musk posted on?X that "xAI bought a third property called MACROHARDRR", without revealing its location. This term could be a play off Microsoft's name. The 'Information', which first reported on the news earlier that day, citing a property record and a source familiar with the project said a supersized third data center was planned to be built outside Memphis. xAI plans to expand the supercomputer Colossus so that it can house 1 million?graphics processor units. The Information reported that the startup plans to begin converting the newly-purchased warehouse into a 'data center' in 2026. It also noted that the 'new data center' and Colossus 2 were both close to a xAI natural gas power plant xAI will be building in the area as well as to other power sources. Environmental activists have criticized the expansion of AI infrastructure because data centers use a lot of energy. xAI didn't immediately respond to a comment request. (Reporting and editing by Shilpa Majumdar in Bengaluru, Harshita Varghese from Bengaluru)
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Gold returns to top off the best year for over 40 years
The precious metals market rebounded on Tuesday after a sharp drop in the previous session. As the'market refocused? on geopolitical risks and economic concerns, gold rallied to end its best year since 1978. At 2:07 pm, spot gold was up 0.8% at $4,364.70 an ounce. ET (1907 GMT). It recorded its largest daily percentage loss since November 21. Profit-taking drove it down from the record high of $4,549.71 on Friday. U.S. Gold Futures closed 1% higher, at $4.386.30. "We experienced extreme volatility yesterday, with strong trading in Asia to the upside, followed by substantial profit-taking... But things have stabilized a bit today, and the trade is still generally favorable," said Peter Grant. Gold, a "safe-haven" asset, has risen 66% since 2025, its steepest rise since 1979. This is due to a perfect storm of interest rate easing and geopolitical tensions, as well as central bank purchases, ETFs backed by bullion, and robust central bank purchasing. Minutes of the most recent two-day meeting show that the U.S. Federal Reserve only agreed to lower interest rates in December after a nuanced discussion about the current risks to the U.S. economic system. Investors expect rates to remain unchanged at the next Fed meeting on January 27-28. Grant stated that "the market is still sceptical about the Russia-Ukraine deal and the wider?measures geopolitical risks remain elevated", which supports prices. Russia claimed that Ukraine was attempting to "attack" President Vladimir Putin's residence, and promised retaliation. Ukraine denied the claim. Silver increased 7.3%, to $77.48 an ounce. On Monday, it reached an 'all-time high' of $83.62, before recording its largest daily drop since August 2020. Silver prices have risen 168% in the past year due to its inclusion on a list of critical minerals, shortages, and growing investor and industrial interest. Platinum increased 5.1%, to $2216.45 an ounce. Platinum also reached a record-high on Monday of $2,478.50 before experiencing its largest-ever drop in a single day. Palladium increased 1.6% to $1.639.08 after falling by around 16% Monday.
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India has imposed a three-year tax on certain steel products in order to reduce imports of cheap steel.
According to an order from the Finance Ministry published on Tuesday, India has imposed a tariff between 11% and 12% for three years on certain steel products. The government wants to stop cheap shipments coming from China. Locally known as the safeguard duty, the levy will be imposed in three years at a rate of 12% in the first, 11.5% in the second and 11% in third. The measure was published in the official government gazette and excludes imports of certain developing countries. However, China, Vietnam, Nepal, and other Asian countries will be subject to the levy. The levy will not be applied to stainless steel or specialty steels. The federal steel ministry has said repeatedly that it does not wish to see the domestic steel industry suffer due to imports at low prices and "substandard" products. In April, the government implemented a 200-day temporary tariff of 12 percent. The Directorate General of Trade Remedies recommended a three-year duty, after finding that "recently, suddenly, sharp and significant increases in imports" were causing or threatening to cause a serious injury to the domestic industry. U.S. President Donald Trump's steel import tariffs have sparked a wave of trade friction over Chinese Steel, with countries such as South Korea and Vietnam imposing?anti-dumping levies this year. (Reporting and writing by Rajveer Pardesi, Bengaluru. Editing by Joe Bavier.
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Nickel reaches 14-month high, copper claws up
Prices of copper jumped on Tuesday, as speculators re-started their buying spree. However, they remained well below the record highs set in the previous session. Some investors were concerned that end users might hold back on purchases. The benchmark three-month copper price on the London Metal Exchange rose 3.1% by 1700 GMT to $12 606 per metric ton, after hitting a record high of $12 960 on Monday. A?trader' said that copper?got a lift as U.S. funds resumed their buying at the opening of the U.S. stock market. This was amid renewed risk-on sentiment on financial markets. European shares hit record highs following a...subdued Asian session and gold bounced back. LME copper prices have risen 43% in the past year. This is due to a combination of factors, including a weaker US dollar, concerns about mine disruptions affecting?supply and heavy speculative buying. Analysts at Sucden Financial wrote in a report that "base metals will likely remain headline and flow driven, with the upside susceptible to profit-taking before liquidity improves early in January." The price of copper in China fell as a result of a weaker Chinese market. The Shanghai Futures Exchange's most traded contract closed the daytime trading at 98.090 yuan per ton, down 2.4%. The Yangshan copper is a premium The Chinese appetite for copper imports fell to $53 per ton, down from $55 a week earlier, but still an improvement over the $40 it was at in mid-October. LME nickel rose 6.1% to $16,780 per ton on short-covering amid fears about reduced production from top producer Indonesia. It reached an intraday high of $16,855, its highest since October 2024. A minister said that the Indonesian government will cut mining output quotas to help support commodity prices. The most active nickel contract in Shanghai rose 3.9% to 132 390 yuan per ton after reaching a nine-month high of 134 480 yuan. LME aluminium rose 1% to 2,982.50 per ton. Zinc gained 1.3% at $3,128.50. Lead increased 0.3% to $2,000 and tin increased 3% to $40,965.
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Gold returns to top off the best year for over 40 years
The market focused on?geopolitical risks and economic concerns, which re-ignited gold's rally, capping its best year since 1980. At 11:29 am, spot gold was up 0.9% at $4,369.59 an ounce. ET (1629 GMT). It recorded its largest daily percentage loss on Monday since October 21, as profit-taking drove it down from the record high of $4,549.71 set on Friday. U.S. Gold Futures?were up by 1% to $4,386.40. "We experienced extreme volatility yesterday, with strong Asian trading to the upside, followed by substantial profit-taking... But things have stabilized somewhat today and the trade is still favourable," said Peter Grant. The gold price, viewed as a safe haven, has risen 66% in 2025, its steepest rise since 1979. This is due to a perfect storm involving interest rate easing, geopolitical tensions, central bank purchases, and flows into ETFs backed by bullion. The U.S. Federal Reserve will release the minutes of its meeting in December later on Tuesday. The traders see two rate reductions next year. This could be a scenario which keeps the wind in gold's sails. Grant stated that "the market is still sceptical about the Russia-Ukraine Peace Deal, and the broader measures of geopolitical risks remain elevated," which supports prices. Russia has accused Ukraine of attempting to attack the residence of President Vladimir Putin and promised retaliation. This is a blow to prospects for a peaceful peace agreement. Ukraine denied the claim. Silver increased 4.7% to $76.38 an ounce. Silver reached an all-time peak of $83.62 before its largest daily decline since August 2020. Analysts at Societe Generale pointed out that the CME Group raised its initial margin requirements for silver futures last Friday. Silver prices have risen 161% in the past year due to its inclusion on the U.S. Critical Minerals List, supply shortages, and a growing appetite from industrialists and investors. Platinum increased 4.7%, to $2208.94 an ounce. Platinum also reached a record-high on Monday of $2,478.50 before experiencing its largest-ever drop in a single day. Palladium increased 0.7% to $1.628, following a fall of around 16% Monday.
Ireland must increase electricity investment following storm damage, says PM
The Prime Minister Micheal Mart said that Ireland needs to invest heavily in its electrical grid so it can prepare for future weather conditions. After Storm Eowyn, 74,000 homes and businesses were still without electricity a week later.
ESB Networks has restored electricity to 694,000 homes, businesses and other buildings with the assistance of crews from Europe. However, some customers in remote areas will still be without power until February 6.
The newly re-elected government pledged to invest heavily in infrastructure. This was partly done with the help of an Apple tax windfall amounting to 14 billion euros ($14.52billion).
Martin, speaking to reporters on Friday, said: "I've already requested that work be done to speed up investment in (the electricity) grid to future-proof it and make it stronger."
Martin stated that "there will be a real need for substantial investment in the electricity grid going forward because the number and severity storms are increasing over the past 10 years." Climate change has a major impact on our country. ($1 = 0.9643 euro) (Reporting and editing by Padraic HALpin)
(source: Reuters)