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The price of 2026 diesel is higher at major Asian refineries
According to several trade sources, major Asian refineries have signed term agreements for diesel exports by 2026, at a higher premium than the benchmark Singapore prices this year. This is supported by the firmer prices of November. The spot premiums for refiners’?sales? of 10ppm diesel in December were at their highest level in two years as the?prompt?supplies tightened because refinery outages exceeded expectations and year-end demand by regional importers increased, traders reported. The higher premiums on 2026 supply indicates that traders are still bullish about the prospects for motor and industrial fuel in the coming year. Three sources familiar with this matter claim that the Taiwanese refiner Formosa Petrochemical Corp. (FPCC), sold two cargoes of 750,000 barrels per month at 10ppm sulphur to a Western trading house for a premium of 60-70c a barrel. They added that two more?buyers can load a 750,000-barrel shipment every quarter for a premium of up to 80 cents a barrel. The contract prices for this year were higher by 20-40 cents a barrel. The 'premiums' for diesel and jet-fuel are largely up on an annual basis due to'stronger forecasts of supply-demand next year', said FPCC spokesperson KY Lin. However, he declined comment on the deal. He added, "We expect global supply-demand fundamentals to be better than this year for most oil products such as diesel and jet fuel due to some refinery closures and shutdowns since the second half of this year." Some refineries in Asia have experienced longer than expected outages. Others on the West Coast of the U.S. West Coast refineries have permanently closed due to high cost. SK Energy (a unit of SK Innovation) and GS Caltex, two South Korean oil companies, have been selling?several cargoes of 10ppm sulphur-free diesel per month? to a few Western trading houses as well as regional end users at a premium of 30 cents a barrel?, compared to around 20 cents a barrel this year? SK Energy and GS Caltex didn't immediately respond to our requests for comment. Two sources confirmed that Japan-origin barriques were also being discussed, with premiums of 30-50 cents per barrique. However, further details couldn't be confirmed. Traders said that FPCC?and GS Caltex jet fuel and kerosene were both sold at a premium of 80 cents up to $1 per barrel compared to FOB Singapore prices. Several buyers took advantage of this opportunity to lock in supplies, expecting a stronger heating demand through the first quarter next year. Reporting by Trixie YAP. Joyce Lee contributed additional reporting. Mark Potter (Editor)
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Copper prices rise on the prospect of support for Chinese real estate sector
On Wednesday, copper prices rose, returning to record levels on the back of hopes for more stimulus, particularly in China's battered real estate sector. Benchmark three-month Copper on the London Metal Exchange rose?1.2%?to $11,624 per metric ton at 1005 GMT, after falling by 1.3% Tuesday. It had reached a record high of $11,771 one day earlier. The shares of China's real estate sector soared on Wednesday, amid unsubstantiated market rumours about a government mortgage subsidy package worth 400 billion yuan (56.63 billion dollars). Property is one of the largest consumers of industrial metals, including copper. Dan Smith, managing Director?at Commodity Market Analytics, said: "A lot of?data from China recently was pretty abysmal in construction. It wouldn't?surprise me at all if there will be more stimulus for that part of economy to continue to grow." Analysts said that a stimulus for the Chinese economy as a whole was needed. Data on Wednesday revealed?that domestic demand is still weak and deflationary pressures persist. LME copper prices have risen 32% in this year, on fears of mine disruptions leading to deficits. Also, the flow of metals into the U.S. has tightened the supply of the rest of world. "I think that the risk for now is still on the upside. Smith stated that he had a "hunch" we would reach $12,000 by the end of the calendar year. The Shanghai Futures Exchange's most traded copper contract closed the daytime trade down 0.2%, at 91.850 yuan per ton. The U.S. Federal Reserve, expected to cut rates on Wednesday afternoon, may also dampen expectations for further rate cuts. Analysts at Chinese broker Jinrui stated that investors have'scaled back their positions due to the uncertainty of future rate cuts. The expected supply pressure outside of the U.S. keeps prices high and volatile. Other metals saw a 0.3% rise in LME aluminium to $2,863.50 per ton. Lead rose by 0.2% at $1,983, Nickel increased 0.2% at $14,760. Tin gained 1.4% at $40,400, while zinc fell 0.1% to 3,086.50.
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A Chinese rare earth manufacturer receives a streamlined license for magnet exports
Ningbo Jintian Copper, a Chinese rare earth producer, announced on Wednesday that it had obtained streamlined export?licences. After a meeting in late October between Donald Trump, the U.S. counterpart of President Xi Jinping, and Xi's Chinese counterpart Xi Jinping, the?new general licences? are intended to allow individual customers more exports with year-long permits. On an investor interactive platform, Ningbo Jintian Copper said that its rare earth magnets are used in electric cars, wind turbines and robots as well as consumer electronics, medical equipment, and consumer electronic products. Last week, it was reported that three Chinese rare-earth magnet manufacturers including JL Mag Rare Earth Ningbo Yunsheng High-Tech and Beijing Zhongke San Huan High-Tech secured the licenses which would allow them to speed up exports to certain customers. Beijing added several rare earth elements and magnets in early April to its export control list, requiring dual-use licenses for export. China's exports of rare-earth magnets plummeted in April and may, forcing automakers to shut down parts of their production. The dual-use license regime will continue to exist. Reporting by Beijing Newsroom. (Editing by Jan Harvey, Mark Potter and Jan Harvey)
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Intel wins reduced fine after losing its challenge to EU antitrust ruling
Intel, the U.S. chipmaker, lost its appeal against a 376 million euro ($438 millions) EU antitrust penalty imposed two years earlier for 'thwarting competitors.' But it gained some comfort as Europe’s second highest court reduced the fine by a third. The European Commission (which is the EU's competition enforcer) handed out the fine in 2023, after the court threw out an earlier penalty of 1.06 billion euro imposed by the tribunal in 2009 for blocking Advanced Micro Devices. The 376 million Euro fine was a result of payments Intel made to HP, Acer and Lenovo between November 2002 and December 2006 to stop or delay competing?products. These payments are often referred to as "naked restrictions" and are frowned upon by regulators. The Luxembourg-based tribunal stated that "the General Court upholds Commission 2023's decision against Intel, but reduces fine by about?140million euros." The judges said that a fine of 237 million euros is more appropriate in light of the severity and duration of the violation at issue. The company cited the limited number of computers that were affected by Intel?s restrictions and the 12-month interval between?some of these anti-competitive activities. On legal issues, the Commission and Intel may appeal to the European Court of Justice (the highest court in Europe), which is Europe's highest. T-1129/23 Intel Corporation V Commission.
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Silver extends rally beyond $60; gold steady ahead of Fed rate-cut decision
Investors awaited comments from Jerome Powell, the chair of the Federal Reserve, on future policy decisions, as gold prices remained unchanged. Silver extended its historic rally over $60 an ounce. As of 0844 GMT, spot gold dropped 0.2% to $4199.92 an ounce. U.S. Gold Futures for February Delivery fell 0.2% to $4.228.10 an ounce. Spot silver rose 1.2% to $61.37/oz after hitting an all-time record of $61.61 earlier. Silver broke above the $60 an ounce mark, luring in more short-term traders and trend followers. Carsten Menke, Julius Baer's analyst, said that this also reflects a narrative of "physical tightness" in the silver markets. White metal prices have risen 113% in the past year. This is due to a combination of factors, including a decline in inventories and the United States' designation of it as a "critical" mineral. Today, the two-day Federal Open Market Committee (FOMC) policy meeting ends. A rate-cutting decision is expected at 1900 GMT. Powell will then make his remarks at 1930 GMT. The markets assign an 88% chance of a 25 basis-point cut. In the last few weeks, investors' demand for gold measured by holdings in physically-backed products was not as high as silver. Menke said that this is the primary factor holding gold back. Holdings of the largest gold-backed ?exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.1% on Tuesday, while New York's iShares ?Silver Trust, gained 0.53%. Kevin Hassett is the White House's economic advisor and a frontrunner for replacing Powell as Fed Chair. He said on Tuesday that "there was plenty of room" to lower interest rates further. However, rising inflation may change this calculation. Gold is a non-yielding asset that tends to be favoured by lower interest rates. RBC Capital Markets has raised its long-term forecasts for gold prices to an average $4,600 per 1 ounce by 2026, and $5,100 in 2027. They cited geopolitical risk, a softer monetary policies, and persistent deficits. Palladium dropped 0.3%, to 1,501.71, and platinum fell 1.2%, to $1670.70. (Reporting and editing by Alexandra Hudson in Bengaluru, with reporting by Pablo Sinha from Bengaluru)
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Ambassadors of EU countries approve phase-out of Russian gas imports
The ambassadors of EU countries approved the bloc's plan on Wednesday to 'phase out' Russian gas imports in 2027. A spokesperson for Denmark's EU Presidency said that this was the last legal hurdle before the ban can become law. Last week, the EU reached a 'deal' on a new law that will cut ties with Russia, Europe's former largest gas supplier. They had vowed to do so following Moscow's full-scale invasion of Ukraine in 2022. According to the agreement, the EU must stop Russian imports of liquefied gas by 2026. Pipeline gas will be stopped by 2027. Before it becomes law, the 'Russian gas ban' still needs to be approved by the European Parliament and a meeting of EU ministers. The EU Ministers will formally ratify the ban in early 2019. EU officials expect that both will approve the deal, despite Hungary and Slovakia's opposition. (Reporting and editing by Louise Breusch Rasmussen, with Kate Abnett)
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Kazakhmys Copper announces new controlling shareholder
Kazakhmys, a Kazakh copper producer, announced on Wednesday that it had signed an?framework contract? which would transfer the control of?company? to a new investor. The?signing?of?the document marks the beginning of the transfer of the control. The company stated that all the necessary obligations and measures under the agreement would be completed in the near future 'according to established procedures. This will then be followed by the signing a'share purchase agreement. Vladimir Kim and Eduard?Ogay, the board chairman of Kazakhmys, signed the agreement. Kazakhmys has not said who will take control. Local media reported that Nurlan Artykbayev founded Qazaq Stroy and is its majority owner. Local media reported that the preliminary transaction value was $3.85billion. Kazakhmys refused to identify the new owner when asked by journalists and referred them to its published statement. Qazaq Stroy didn't immediately respond to a request for comment. Kazakhmys is ranked 20th in the world in terms of copper concentrator production. It produces 271,000 tonnes per year. Kazakhmys stated that the change in shareholder will not affect production or contractual obligations.
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Iron ore prices rise as China's weak data boosts demand
Iron ore futures rose on Wednesday, ending multiple sessions of losses. This was after soft factory data in China, the top consumer, raised hopes for a new stimulus to boost economic growth by 2026. After falling by 0.7% on the previous day, the?most-traded contract for iron ore on China's Dalian Commodity Exchange closed its daytime trading 1.85% higher. As of 0748 GMT, the benchmark January iron ore traded on Singapore Exchange was up 0.84% at $102.65 per ton. China's factory gate deflation has accelerated in the third year of its existence, and last month it reached a new high. This indicates a weakening domestic demand, which is not expected to improve soon. Official data revealed that the producer price index (PPI), which measures prices for goods and services, fell by?2.2% in November compared to a fall of 2.1% in October. This was worse than expected, as the official data predicted a drop of?2%. Analysts expect Beijing to take some measures to support growth in the first three months of 2026. Iron ore prices rose despite the fact that analysts from China Mineral Resources Group (CMRG), a state-owned company, argued that current trends were not in line with fundamentals. In a Tuesday statement posted on the WeChat page of the state-backed Steel Association, CMRG analysts said that "speculative activity among traders has amplified price fluctuation." Prices are not likely to trend up in the fourth-quarter due to a backdrop of increasing supply and weakening consumer demand." CMRG was 'established in 2022 for the centralisation of iron ore - purchases and to win better terms with miners. Coking coal, another steelmaking ingredient, fell by 1.29%, while adding 0.36%. The benchmarks for steel on the Shanghai Futures Exchange have gained ground. Rebar grew by 0.97%. Hot-rolled coils climbed by 0.58%. Wire rod jumped 0.27%. Stainless steel gained 0.24%. ($1 = 7.0617 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson and Harikrishnan Nair).
Inuit pride fuels Greenland independence spirit after Trump interest
In a small workshop in Nuuk, the capital of Greenland, goldsmith Nadja Kreutzmann polishes stones and metals mined on this vast island rich in minerals. Her jewellery is decorated with Inuit symbols for life and survival. Indigenous identity in Greenland is resurging ahead of the March 11 general elections called by U.S. president Donald Trump after he said he wanted Greenland to be his.
Trump's interest in Greenland has shaken up the status quo. This, coupled with growing Inuit pride has led to some locals viewing the vote as an historic opportunity to free Greenland of Danish influence.
Greenland is an autonomous territory in the Kingdom of Denmark. It has only 57,000 inhabitants spread over an area three times larger than Texas. A referendum can be held to decide whether Greenland will become independent.
Greenland is dependent on Denmark for more than half of its budget. The main parties all support independence, but differ in how and when this could be achieved. Over the last month, new accusations of historical wrongdoings regarding the exploitation and exploitation of Greenland's mineral wealth have galvanized factions seeking a quicker track.
In the 1950s the Danish authorities began a program of forced relocation of Inuit into larger towns. This resulted in the marginalization of indigenous practices and languages, which accounted for almost 90% of population.
In recent years, the Inuit cultural revival in Greenland has exploded as awareness of colonial repression grows. A new embrace of traditional body and face tattoos is a visible demonstration.
"For many, many years it was an embarrassment for people to be Greenlandic. They would suppress their Greenlandic culture, and try to become more Danish, both in appearance and way of life," said Kreutzmann. Her European surname, Inuit lines tattooed on her arms, reflect her own mixed heritage.
"We were told we had to act more Danish and speak Danish if we wanted something," she said at Nuuk. There, wooden houses painted in primary colors contrast with the snow that covers the town, as well as the white-blue, icebergs floating in the bay.
Speaking Greenlandic and looking Greenlandic are now being celebrated, as is Greenland's rich cultural heritage. Kreutzmann has created earrings that look like the scales of capelin fish, which is a vital but small part of the Arctic eco-system and Inuit diet.
Greenland's own Prime minister and other institutions have been in place since 1979. However, strategic decisions like foreign affairs, monetary policies and defence are still under Danish control. The four-year term of the current parliament ends in April.
Political analysts say it's not clear if voters will support the left-wing coalition again. Election polls are few and far between. Greenland, on the other hand, is concerned about foreign interference. In response to Trump’s remarks, the government banned overseas donations in the campaign.
In order to write this article, I spoke with more than a dozen Greenlanders. All of them said that they were in favour of independence from Denmark and America.
Many wanted Greenland's foreign affairs to be decided by it, but warned against taking rash actions in light of Trump’s remarks. They feared that Greenland would become worse off if it sought independence too soon from Copenhagen. Independence for Greenland would allow for greater U.S. influence on the island, which is seen as crucial for U.S. national security. This comes at a time where the Arctic region, dominated by Russia and China, has become a geopolitical hotspot.
Trump cites China's and Russia's Arctic presence as reasons for his interest Greenland. The United States had previously offered to purchase Greenland from Denmark for $100 million in 1946 after World War Two. Recent polls showed that nearly half of Greenlanders viewed Trump's interest in Greenland as a threat.
Kim Kleist Eriksen is an artist that carves walrus bones and tusks into intricate sculptures based on traditional Greenlandic stories and symbols. He said Trump's proposal had attracted positive attention, but he was still offended by it.
"At first I thought it was just a joke. But he was serious. Eriksen's 40-year-old work is sold both locally and internationally. "I was disgusted."
Eriksen wants to preserve a Greenlandic tradition, when hunters would use walrus tusks or bones to create hunting tools, amulets or toys.
Eriksen said, "I can create art from the stories I heard as a kid and turn them into carvings." It helps me to understand myself and my culture better.
MISSIONARY KING
Qupanuk Olsen is one person who hopes to capitalize on Trump's interests. He's a mining engineer and social media influencer turned candidate for Naleraq. Naleraq is the main pro-independence party in Greenland, and the largest opposition force currently in the Inatsisartut Parliament.
Olsen said that after Trump's remarks, she found her calling in politics.
She said, "Every Greenlander needs to now have an opinion." "We have to decide if we want to remain under Denmark or become independent.
Olsen spoke with Greenlanders by Nuuk’s colonial harbour. The scene included a wooden church painted red and a statue of Hans Egede. Hans Egede was a missionary who had been sent by the Danish King in the 18th Century. He is a symbol of colonialism and the loss of Inuit values for many Greenlanders.
"I believe that the statue will disappear in the near future, and be replaced by either a Greenlander or Inuit myth representing our culture or identity," said Olsen. He gave up Christianity for Inuit religious practices.
Her party is of the opinion that U.S. interests strengthen Greenland's negotiating position with Denmark in regards to secession. The party wants to put a deal reached with Copenhagen up for a vote in the four-year period before the next elections. Three candidates said they wanted an agreement on defence with the United States.
Liv Aurora Jensen was a more cautious candidate. She is a member of the Inuit Ataqatigiit, a party that governs on the left.
"We must choose wisely because we want to remain a part Denmark and work towards our independence. Jensen added that we must also work with our neighbours Canada and the United States.
United Airlines will begin direct flights to Nuuk from New York in June.
Trump mentioned Greenland again on Tuesday. He promised mutual prosperity, and struck a more conciliatory note than his previous comments which refused to rule out a military action in order to acquire the island. "We support your right of choice and if that is what you want, we will welcome you to the United States of America," he told the U.S. Congress during a speech.
HISTORICAL MISCONDUCT The relationship between Greenland, Denmark and Greenland has been strained in the last decade due to revelations about historical misconduct committed by Danish authorities. This includes removal of Inuit girls and women from their families as well as forced contraception.
In a documentary that was released in February, it was alleged the Danish government and companies made money from a large mine of cryolite in Greenland in the period 1853 to 1987 without any benefit for locals. The mine produced the rare mineral cryolite, which is used to produce aluminium.
In response to an email question, the Danish Finance Ministry stated that Denmark would examine the profit claims made in the movie as part of a historical investigation into relations with Greenland. The ministry stated that it did not revise the numbers in the film.
Greenland's Prime Minister Mute Ede said at the premiere of the film that it challenged the idea that Denmark was a "good colonizer" or that Greenland deserved to be grateful for money received from Copenhagen.
He said, "The Danes must look themselves straight in the face."
Local media and social media have been dominated by discussions about Denmark since the screening.
It definitely helps us towards independence, because Greenlanders now are more frustrated. The film has made them realize we're worth more than they thought.
The goldsmith Kreutzmann has used cryolite pieces in her work. They were collected by a friend on the abandoned mining site by the Danes.
"For those of us who live up here, nature has always represented a common resource, a shared asset. Kreutzmann explained that they were able "to go out, take what we need but not too much".
RARE EARTH
Greenland is a country that has a lot of deposits of rare earths, uranium and lithium. This is why global powers are interested in the island. It is largely covered by a huge ice sheet and has very few roads. The ruling party Inuit Ataqatigiit was re-elected in 2021 after promising to stop a mine project linked to China, which is one of the largest rare-earth deposits on the planet. This was due to concerns over uranium contamination of marine life, which is key to fishing - the mainstay of the country's economy and culture.
Kvanefjeld is still opposed by the party that supports mining and tourism in order to reduce Denmark's dependence and fishing. The project could be revived if the government changes at the next election.
A White House official was asked for comment and said that Greenland has "ample" rare earth minerals which will power the U.S.'s next generation economy.
Thomas Emanuel Dans was a U.S. Arctic Commissioner during Trump's initial presidency. He said that Greenland is at the heart of a geopolitical Arctic Game between China, Russia, and the United States because its raw materials are there and it's located in the Arctic.
We're beyond the point of oblique discussions and conversations about what needs to be done. "This is the time to act," Dans said.
"If they wish to achieve independence, this must be achieved within the framework of reality," stated Dans. It's about finding a new agreement. (Reporting from Jacob GronholtPedersen, Nuuk; Additional Reporting by Trevor Hunnicutt in Washington; Editing and rewriting by Frank Jack Daniel).
(source: Reuters)