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Copper falls from record highs due to physical demand
The copper price hit a new record on Wednesday, thanks to persistent demand by speculative funds. However, some investors were concerned that the high price would discourage industrial buyers from buying. The benchmark three-month copper price on the London Metal Exchange fell 0.1% to $13,176.50 per metric tonne by 1030 GMT after reaching a record high of $13,407. LME copper prices have risen by 44% in the last 12 months. This is due to disruptions at the mines and concerns about deficits for this year. Also, a large flow of metal has been sent to the U.S. before potential tariffs which could tighten supply elsewhere. "With all the?concerns? about debasement and financial risks, as well as Fed independence, these hard assets are just sensational," Ole Hansen, head commodity strategy at Saxo Bank, in Copenhagen, said. There's a limit to industrial metals, where we?hit a wall when it comes to potential demand destruction. I don't even know where this level is or if it's already reached. He said that if you look at the?technical signal, a closing below $13,000 will cause a downward reaction. Hansen stated that the copper demand in China appeared to be stable and there was a potential for stocking before the Lunar New Year holiday. After hitting a record high of 105.650 yuan, the most-traded contract for copper on the Shanghai Futures Exchange ended daytime trading 0.9% higher, at 104.120 yuan per ton ($14.931.88). Investors bet that demand for tin, which is used in semiconductors, will grow rapidly as a result of the artificial intelligence boom. SHFE tin rose 8%, reaching the upper limit of 413,170 Yuan. LME tin increased 4.1%, to $51,550. The fundamentals of tin have not changed dramatically. Jing Xiao said that the price rally was fueled by speculative trading. Tom Langston?at The International Tin Association?agreed that supply-demand metrics had not changed, noting the record interest rates on the LME. Other metals saw a 0.1% increase in LME aluminium to $3.200 per ton. Zinc rose 1% at $3.232. Lead added 0.4% at $2.069, and nickel climbed 1.7% to 17.995.
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Malaysia's state utility signs a deal to send energy from Laos and Singapore, revitalizing a cross-border project
Malaysia's state-run utilities firm signed a 2-year energy - agreement to transmit electricity from Laos into Singapore. This deal revives a Southeast Asian multilateral power trade - agreement that has been stalled since the year 2024. Tenaga Nasional Berhad, in a filing to the bourse on Wednesday, said that Energy Wheeling Agreement Phase 2 is part of a project to integrate power from Laos with Thailand, Malaysia, and Singapore. This will allow up to 100 megawatts in Laos to supply power via Thailand and Malaysia to Singapore using existing transmission links. The first phase was signed in 2022 with a validity of two years that ended June 22, 2024. Malaysia's Energy Minister in October last said that the delay was due to?local political changes in Thailand. According to an agreement signed Wednesday, the state utility Electricite?Du Laos pays TNB for wheeling?services in order to transmit energy produced in Laos from Singapore. The deal is part ?of the second phase of ?the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, which is a precursor to a ?broader ASEAN Power Grid initiative aiming to connect all ten member states and tackle the region's growing reliance on fossil fuels. (Reporting and editing by David Stanway; Ashley Tang)
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Gold and silver reach historic highs amid geopolitical tensions and Fed uncertainty
Silver broke through $90 for the first time and gold reached a new record on Wednesday. The escalating tensions in Iran, along with concerns about the Federal Reserve’s autonomy, fueled demand for safe havens, while lower inflation numbers boosted bets to cut rates. Gold spot rose 0.9%, to $4,627.72 an ounce, by 1001 GMT. This was after the gold price had reached a session high of $4.639.48. U.S. gold futures for delivery in February rose by 0.8% to $4 636. Jamie Dutta is the chief analyst at Nemo.money. He said that prices are rising because of "well-known haven characteristics" amid increased geopolitical risk, fiscal uncertainty and concerns over Fed independence. The Federal Reserve Chair Jerome 'Powell was backed by central bankers from around the globe on Tuesday. They issued an unprecedented statement of support after the Trump administration threatened to indict him, which could have a negative impact on the trust that people place in U.S. assets like the dollar. Dutta said that "protests in Iran maintain geopolitical tensions, resulting in a strong demand for bullion." HRANA, a rights group based in the United States, said that the death toll has reached 2,571, sparking threats from?U.S. intervention. The Bureau of Labor Statistics reported on Tuesday that the core Consumer Price Index in the United States rose by 0.2% from one month to the next and 2.6% over the course of a year. Powell, the Fed's chairman, has been urged by President Donald Trump to reduce interest rates "meaningfully". The traders expect?two rate cuts in this year. Low interest rates are usually in favour of non-yielding gold. Spot silver rose 4%, to $90.46 an ounce. This is down from a record high of $91.53. It has risen by nearly 27% within just 14 days of this year. Dutta stated that "long-term targets" are big numbers like $5,000 and $100 respectively for gold and Silver. After touching a session high of $2,406.75 per ounce earlier, spot platinum rose 3.5%. It hit a record $2,478.50/oz on December 29. Palladium increased 0.1%, to $1840.19 per ounce. (Reporting and editing by Clarence Fernandez in Bengaluru, with Pablo Sinha reporting from Bengaluru)
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TotalEnergies and Bahrain's Bapco Energies form Middle East Trading Venture
TotalEnergies, the French oil giant, announced on Wednesday that it had?formed BxT Trading a joint venture with Bahrain's Bapco Energies. The Middle East-focused venture is expected to trade products from Bapco’s Sitra refinery, which produces 267,000 barrels per day. The partnership builds upon a 2024 agreement?underwhich Total agreed to expand and modernise the?Sitra refinery to reach a throughput capacity 380,000 barrels per d?ay and to share its trading expertise. It also explored options to partner with Bahrain in projects involving renewable energy and liquefied gas. Bapco announced in December a new increase of capacity to 405,000 bpd. In a recent statement, Bapco Energies chairman Shaikh Nasser bin Hamad Al Khalifa said, "Through our partnership with TotalEnergies, we are strengthening our downstream value chain, and reinforcing Bahrain’s position as a trusted and competitive player on the international energy market." Patrick Pouyanne, CEO of TotalEnergies, said that the joint venture would strengthen Total's Middle East position Two executives signed a contract in Abu Dhabi on Tuesday. (Reporting by America Hernandez in Paris. Mark Potter (Editing)
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TotalEnergies sells its SPDC assets in Nigeria to a new buyer
By America Hernandez PARIS, January '14 - French giant TotalEnergies signed an agreement to sell its 10% non-operated stake in the Nigerian oil asset SPDC (renamed Renaissance JV) to Vaaris. This follows a failed sale to Mauritius based Chappal Energies last year. Total retains a 'full economic interest in the?deal, which includes stakes of three other licenses that produce mainly?gases for Nigeria LNG. The company did not provide any further information on the buyer. The inability of the buyer to pay the $860 million price tag was the reason why Nigerian regulators rejected Total's first deal with Chappal Energies for the SPDC stakes. This dealt a serious blow to Total's attempts to liquidate its mature and polluting assets, as well as to reduce debt. The SPDC was plagued by hundreds of oil spills due to theft, sabotage, and operational problems that resulted in costly repairs?and high profile lawsuits. Shell sold its 30% share in SPDC to a consortium made up of mostly local?companies last year for up $2.4 billion. Nigerian National Petroleum Corporation, or NNPC, holds a?55% stake in the joint venture while Eni of Italy has 5%. The Nigerian regulators must approve the deal. Reporting by America Hernandez, Editing by Jan Harvey & Tomasz Janowski
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Copper prices rise as concerns over supply outweigh dollar strength
The price of copper peaked on Wednesday as global supply concerns, mounting geopolitical risk and a stronger dollar outweighed the pressure. The Shanghai Futures Exchange's most-traded contract for copper closed the daytime trading session 0.85% higher, at 104120 yuan per metric ton, after reaching an all-time record of 105650 yuan. The benchmark three-month copper contract on the London Metal Exchange rose 0.58% at $13,240 per metric ton as of 0743 GMT after hitting a record high earlier. The price of copper has been supported by "disruptions" at mines, concerns about deficits in this year and an influx of red metal into the United States. Supply elsewhere is being squeezed by potential tariffs. Donald Trump, the U.S. president, said on Tuesday that help was on its way for Iranians. Analysts say that this fueled concerns about geopolitical risk, which led some investors to rush into commodities with "healthy fundamentals" such as copper or tin. A stronger dollar has capped the price increases. The tin price in Shanghai and London has also reached record levels, with gains so far this month of 23,6% and 30,4% respectively. Analysts say that more funds have been invested in the tin industry, as investors bet on the rapid growth of demand for this metal which is used to manufacture semiconductors and will?benefit the artificial intelligence boom'. SHFE tin increased 8%, reaching the upper limit of 413,170 Yuan. LME tin rose?more than 5 % to $52,495. Jing Xiao is an analyst with broker SDIC Futures. She said that she does not believe there has been a dramatic shift in tin fundamentals. The round of 'price rally' was driven by speculative trade. Xiao stated that the demand for tin in 'the AI sector was overestimated, while the consumption of traditional 'users were underestimated. The high prices of the products have dampened consumer demand, while this year's supply growth will probably exceed expectations. This points to potential downside risks." SHFE aluminium slipped 0.06%. Nickel slipped 0.11%. Lead dipped by 0.17%. Zinc grew by 0.51%. Aluminium, nickel, and lead are among the other metals traded on the LME.
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Silver cracks $90 in Fed rate cut betting
Silver broke the $90 barrier for the first time and gold reached a new record on Wednesday, after softer than expected U.S. inflation data fueled bets that interest rates would be cut amid geopolitical uncertainties. Gold spot rose 1%, to $4,632.03 an ounce, as of 0715 GMT. It had earlier reached a session high of $4.639.42. U.S. Gold Futures for February Delivery rose by 0.9% to $4639.50. Silver spot jumped by 3.6%, to $90.11 per ounce. It has risen nearly 27% this year. Tim Waterer is the chief market analyst at KCM Trade. He said that "U.S. Consumer Price Index numbers showed?that inflation remained largely contained (year-on year)" and that risk assets might be hoping for a similar benign Producer Price Index reading to keep expectations for further monetary easing alive. Core CPI in the U.S. rose 0.2% from month to month in December. This was below analysts' expectations for a 0.3% increase m/m, and 2.7% year-over-year. The U.S. core PPI data will be released later today. U.S. president Donald Trump welcomed inflation figures and reiterated his call for U.S. Federal Reserve chair Jerome Powell, to reduce interest rates "meaningfully." Powell received the support of top Wall Street bankers and global central bankers on Tuesday, following news that the Trump administration had decided to investigate him. Former Fed chiefs also condemned the government's decision. Analysts claim that concerns about the dollar and Fed independence, as well as trust in U.S. assets such as the dollar, have contributed to safe-haven demands. Investors anticipate two rate cuts of 25 basis points this year, the first one in June. Gold is traditionally favored by low-interest rate environments and geopolitical/economic uncertainty. ANZ said in a Wednesday note that it expects gold prices to rise above $5,000/oz by the first half 2026. Silver's next milestone will be $100, and Brian Lan, managing director of GoldSilver Central, believes that this metal is likely to see high gains in percentage terms. After touching a week-high, spot platinum rose 2.7% to $2.386.60 an ounce. It hit a record $2,478.50/oz on December 29. Palladium rose 0.8% to $1,854.70 an ounce. Ishaan arora reported; Mrigank dhaniwala, Harikrishnan Nair and Rashmi aich edited.
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Nestle CEO apologizes for instant formula recall
Nestle CEO Philipp Navratil apologized?over the recall of certain batches of 'the?firms infant nutrition products in dozens of -countries. This was a new blow for the Swiss consumer goods company after a difficult 2025. "Before I go into more detail about the situation, I want to sincerely apologize for any worry or disruption this may have caused our customers, our caregivers, and parents," Navratil stated in a video released by the 'company. Navratil announced that all recalls had been made. According to the CEO, there are no confirmed illnesses linked to products. The recall has increased the 'pressure' on KitKat and Nescafe makers and their new CEO Navratil. Navratil is trying to revive growth by a re-evaluation of its portfolio after management changes. Navratil stated that the 'firm confirmed a concern about quality?at an of its factories located in the Netherlands in December and 'began a preventative recall in several European countries, where the products affected were sold. (Reporting and editing by Ludwig Burger.)
What's the latest climate science as COP30 gathers?
Climate change is accelerating, and extreme weather events and other impacts have a growing impact on the environment and populations around the world. Here are some of this year's developments in climate science.
WARMER AND FASTER The global temperatures are climbing not only faster, but also warmer than ever before. New records have been set for 2023, 2024 and even at some points in 2025. This finding was made in a June study that updated the baseline data for the Intergovernmental Panel on Climate Change's science reports. New research indicates that the average global temperature is rising by 0.27 degrees Celsius per decade, or 50% faster than it did in the 1990s & 2000s.
The sea level is also rising faster - by about 4.5 millimeters a year in the past decade, as opposed to 1.85 mm a year since 1900. Scientists warn that the world will reach a threshold of 1.5 C by 2030. After this, we may trigger irreversible, catastrophic impacts. According to the World Meteorological Organization, the Earth has already warmed up by 1.3-1.4 C compared to pre-industrial times.
TIPPING POINTS The death of warm-water corals is almost irreversible due to successive marine heatwaves. This would mark the first "climate tipping point", when an environment system starts to shift from one state into another. Researchers warned in October that the Amazon rainforest would begin to shrink and change into a savannah if deforestation continued at a rapid rate as global temperatures reached 1.5 C. This is much earlier than originally estimated.
Scientists said melting water from Greenland's thawing glacier could cause an earlier collapse of the Atlantic Meridional Overturning Circulation (AMOC), which keeps Europe's winters mild. Scientists are concerned about the declining sea ice around Antarctica where ice sheets also threaten. As in the Arctic region, the loss of ice exposes dark waters that absorb more solar radiation. This amplifies global warming. This also threatens the growth and consumption of CO2 by phytoplankton.
Land on Fire
Wildfires are still likely to be severe and frequent, along with heatwaves. The State of Wildfires Report, led by a coalition of universities and weather agencies, estimated that 3.7 million square kilometers (1,4 million square miles), or an area the size of India combined, had burned between March 20,24 and February 20,25.
The average annual fires for the past two decades was about a third less. The fires did produce higher CO2 than previously, because more dense forests were burned.
Researchers are trying to determine the health effects of heat, and how to reduce them. The U.N. weather and health agencies say that about half the population of the world is already suffering from it. They also estimate that worker productivity drops 2-3% per degree above 20 C. A study published in the Lancet journal last October estimated global losses of over $1 trillion due to this lost productivity.
The definition of a heat-related fatality is not consistent internationally, but technological advances help scientists bridge data gaps to compare conditions across the globe. In Europe, for example, a team from the UK's Imperial College estimated that more than 24,400 deaths were caused by heat exposure this summer among about 30% of European population. Based on mortality trends, they attributed as much as 70% of these deaths to climate-driven heat. Another team examined mortality data, temperature data, and health parameters to estimate the number of heat-related deaths in Europe during last summer's record-breaking hot weather. This included more than 62 700 deaths, which is about 70%, across 32 countries.
SCIENCE UNDER ASSESSMENT The U.S. Administration under climate-denying president Donald Trump hopes to cut funding for agencies that monitor and collect climate and weather data. This is alarming a scientific community who say that U.S. Leadership will be difficult to replace. Trump's budget request for 2026, which has yet to be approved in Congress, proposes cutting NOAA spending by over a quarter, to $4.5 billion, and halving NASA Earth Science's budget to around $1 billion. It also eliminates its climate research division. In other countries, science budgets are increasing. China, Japan, the UK and the European Union have all set records for their science research. Last month, the EU opened up its real-time monitoring of weather data to the public. Reporting by Ali Withers and Kat Daigle from Copenhagen; editing by Ni Williams
(source: Reuters)