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Iron ore reaches multi-month lows amid China demand concerns
Iron ore fell to multi-month lows Monday, amid concerns about demand in China's top consumer and increasing portside ore inventory. However, falling shipments helped reduce some losses in afternoon trading. The January contract for iron ore on China's Dalian Commodity Exchange ended the dayday trade at 765 Yuan ($107.40). Earlier in the session, the contract had fallen to its lowest level since 10 July at 756 Yuan. As of 0725 GMT the benchmark December iron ore traded on the Singapore Exchange had risen by 0.72% to $102 per ton after having fallen as low as $100.85 an earlier time. Mysteel data showed that lower global shipments - the lowest in two months - supported prices. Risk appetite was also boosted by further signs of an easing in trade tensions between China & the United States. China announced on Monday it would suspend the port fees charged to vessels with ties to the United States for one year. Data showing that China's producer prices deflation eased during October, and that consumer prices have returned to positive territory as a result of efforts to reduce overcapacity, and fierce competition between firms, has also helped to boost sentiment. Despite the price increases, however, they were tempered by lower demand and wider production cuts caused by losses. Some regions of northern China, such as the key steel hub Tangshan in particular, have lifted production restrictions based on environmental protection since Sunday. Analysts say that the steel industry's margins have been squeezed by the low raw material costs and the softening demand for downstream products. Iron ore stocks at major Chinese ports SteelHome data shows that the number of tons produced by the steel industry in the week ending November 7 was up 2.1% from the previous one. This is the highest level since March 21, according to the consultancy. Coke and other steelmaking materials, such as coking coal, fell by 1.02% and 1.19 %, respectively. The majority of steel benchmarks traded on the Shanghai Futures Exchange broke the downward trend. Rebar gained 0.26%; hot-rolled steel grew 0.06%; stainless steel grew 0.28%, while wire rod fell 0.12%.
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PetroChina Yunnan Petrochemical Unit to Close Plant for Two Months
PetroChina, a major oil company in China, announced on Monday that it will close its Yunnan Petrochemical Plant from November 15th, 2025 to January 15th, 2026 for maintenance. It said that the overhaul covered about 23,000 tasks, with a broad scope and considerable depth. During the maintenance period, operational and supply adjustments will take place. According to a July report by the company, this refinery in Southwestern China produces mainly China VI standard gasoline, diesel and jet fuel for Southwestern China as well as Southeast Asia. The report stated that since its launch in 2017, the company has processed 83,000,000 tons of crude oil. In 2024, alone, they processed 11,56,000,000 tons of crude, producing 11.15,000,000 tons of products including gasoline, diesel fuel, jet fuel and LPG. The company added that the timing of the maintenance was based on the unit's operating conditions in order to ensure reliable and efficient operation after the overhaul. Reporting by Sam Li and Aizhu in Beijing; Editing and production by Tom Hogue, Harikrishnan Nair.
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Indigenous leaders attend the opening of COP30 Climate Summit with an uncertain outcome
It was not clear what the 190+ countries attending the COP30 would be discussing during the two week U.N. Summit in Brazil's Amazonian city of Belem. It's also unclear how they will handle controversial issues such as the 2023 pledge to stop using polluting sources of energy and their demand for funding to achieve this. The biggest question was whether or not countries would want to reach a final deal, which is difficult to do in an era of global politics that has been fractious and the U.S.'s efforts to block a move away from fossil-fuels. After years of COP summits where lofty promises were made but many were not fulfilled, some countries including Brazil suggested that smaller efforts be undertaken that do not require consensus. In an interview with other media, COP30 president Andre Correa do Lago stated that he preferred not to require a COP resolution. "If there is a strong desire from countries to have a COP resolution, we'll certainly consider it and take action." Do Lago noted that China has become more important in the discussions, given the fact that the United States is threatening to withdraw from the Paris Agreement by January and Europe struggles to maintain their ambitions amid concerns over energy security. "Emerging nations are playing a different part in this COP." China has solutions for everyone," said do Lago, noting that China's green technologies were now driving the global energy transition. He said, "You complain that China is spreading the GDP around the globe." "But that is great for the climate." Indigenous leaders will join the countries, after arriving Sunday evening on a boat, having traveled 3,000 km (1.864 miles) between the Andes and the Brazilian coast. They want more control over how their territory is managed, as climate change increases and industries like mining, logging, and oil drilling continue to push further into forests. "We don't want them to keep making promises, we want them to start protecting because it is us, the Indigenous people, who are suffering from the impacts of climate changes," said Pablo Inuma Flores. He also lamented the oil spills along the river and the illegal mining that he claims are taking place. Scientists from dozens of science institutions and universities, from Japan to South Africa, Britain and elsewhere, raised the alarm hours before the summit began about the thawing of glaciers and ice sheets around the world. In a letter sent to COP30 on Monday, the groups stated that "the cryosphere destabilizes at an alarming rate." "Geopolitical conflicts or short-term interests of national governments must not be allowed to overshadow the COP30. Climate change is our greatest security and stability threat. AGENDA REFERENDA The first order of business for COP30 is to vote on the agenda. Do Lago stated that countries have been debating what to include for months, which he described as an exchange of priorities. Brazilian President Luis Inacio Lula da Silva is hoping that countries will set up a plan to quit fossil fuels. How are we going about it? Will there be a consensus on how to proceed? "This is one of the greatest mysteries of COP30", do Lago said. The agenda could also include how to reduce emissions even further as current plans fall short of the necessary level for limiting extreme warming. On Monday morning, 106 countries had submitted their new climate plans. Sources familiarized with the discussions said that more plans would be offered this week, including South Korea. This year's delegates have a unique focus on agriculture emissions. The topic is often pushed to the back of the agenda due to the difficulties in addressing farming and livestock practices that are central to food security and livelihoods for many countries. Do Lago stated that "there is a move" among developing countries to promote solutions and technologies which can make farming more effective and less polluting. The countries also hope to set financial and action goals for adapting the world to a warmer climate. They are hoping that the development banks will undergo reforms to make sure more money, including private sector money, is allocated to these goals.
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Copper prices rise as China's economic data boosts growth optimism
The price of copper rose on Monday, after data released by China's top consumer in October showed a easing of deflation. This boosted confidence that the economy is recovering. Consumer prices also turned positive while factory gate prices declined. The Shanghai Futures Exchange's most traded copper contract closed the day trading at 86480 yuan (12,140.95 USD) per ton, up by 0.62%. As of 0720 GMT, the benchmark three-month price for copper increased by 0.78%, to $10,800 per ton. According to the National Bureau of Statistics' (NBS) data published on Sunday the producer price index fell by 2.1% in October compared with the previous year. This is a slight improvement from the 2.3% drop in September. The consumer price index rose 0.2% and reversed a two-month downward trend. Both readings exceeded estimates and showed a reduction in deflationary stress in the second largest economy in the world. Analysts warned that risks were not over, but called for additional policy to stimulate demand. The United States Senate is close to passing a bill that will fund the government until January 2026. This would end the shutdown which was a record. It also helped copper prices by relieving the market of the negative impact. Analysts said that copper stocks in sheds registered with the SHFE decreased 1% compared to a week earlier, according to Friday's stock report. This shows a recovery in demand after a decline in weekly prices, which wiped out over-extended gains. Copper demand has been resilient. Although buyers were cautious during high prices, they have increased their purchasing orders as prices decreased," said analysts at Chinese broker GF Futures in a recent note. Aluminium, lead, and tin were all up, but zinc, nickel, and zinc alloys remained unchanged. ($1 = 7.1230 Chinese yuan renminbi) (Reporting by Dylan Duan and Lewis Jackson; Editing by Sherry Jacob-Phillips) $1 = 7.1230 Chinese Yuan Renminbi (Reporting and editing by Sherry Jacobi-Phillips; Sherry Duan, Lewis Jackson)
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Sources: HPCL and MRPL of India will buy 5 million barrels from the US and Middle East, say sources.
Sources in the trade said that two Indian state refiners purchased 5,000,000 barrels of crude from spot markets through tenders, as they continue their search for alternatives to Russian supplies. Hindustan Petroleum Corp. has purchased 2 million barrels of each U.S. West Texas Intermediate and Abu Dhabi Murban crudes for arrival in January, according to reports. Mangalore Refinery and Petrochemicals Ltd purchased one million barrels Basra Medium Crude for delivery between January 1-7, according to the company. It was not immediately clear who the sellers were or what their prices were. Indian refiners have been looking for alternatives since U.S. president Donald Trump imposed sanctions against Rosneft, and Lukoil - Russia's largest oil companies - in an effort to pressure Vladimir Putin into ending the war in Ukraine. MRPL has halted the purchase of Russian oil because of the risks involved. A company source told us last month that MRPL had paused its purchases due to these risks. HPCL has also stopped importing oil from Russia, despite having cut its intake in recent months. (Reporting from Siyi Liu in Singapore and Florence Tan in New Delhi, Nidhi in New Delhi. Editing by Tom Hogue & Eileen Soreng).
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Salzgitter reduces forecast as the steel market remains weak
Salzgitter, a German steel manufacturer, lowered its 2025 outlook on Monday for the second consecutive time, citing sales and earnings that were at the lower end of their earlier ranges. It also noted the market had not improved since the start of the year. It added that recent signs of modest price increases will not be reflected until next year. Salzgitter now expects sales to be just over 9 billion euros ($10,5 billion), down from the previous range of 9.0 billion to 9.5 billion. The company also reduced its top-end profit guidance range by 50 million euro, to between 300 and 350 million. The company stated that its loss would range between 50 and 100 millions euros. It used to guide for the metric between a 100 million loss and breakeven. Birgit Potrafki, the Finance Chief of Finland, praised the potential for the new measures presented by the European Commission to improve the competitiveness in the European steel industry. Last month, the Commission proposed reducing tariff-free import quotas for steel by nearly half and imposing a 50% tax on excess shipments in an effort to maintain viable steelmaking within the European Union. The European Steelmakers warned that a flood of steel could enter the continent if exporters diverted shipments because of U.S. Tariffs. Salzgitter was among those who asked the EU to take protection measures. Potrafki stated that if the economic recovery expected next year materializes, they expect an increase in earnings. According to a poll conducted by the company, Salzgitter's results for the first nine-months of 2025 were largely better than market expectations. The loss before taxes in this period was 72.7 millions euros, while analysts expected a loss 90 million euros. Earnings were 224 million Euros, compared to the consensus estimate of 219 millions.
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Gold reaches two-week highs on Fed rate-cut betting and slowdown concerns
Gold prices rose to their highest level in two weeks on Monday. This was due to the expectation of a further Federal Reserve rate cut for December, and a series of weak economic reports that increased global slowdown concerns. Gold spot rose 1.8%, to $4,070.99 an ounce, at 0643 GMT. This is the highest it has been since October 27. U.S. Gold Futures for December Delivery rose 1.8% to $4.079.70 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that gold is receiving a strong bid by traders as they begin the week. The precious metal rose on the expectation of a rate reduction next month even though the Fed had downplayed the likelihood. Last week, the U.S. economy lost jobs in October due to losses in government and retail. Cost-cutting measures and artificial intelligence adoption led to an increase in announced layoffs. A survey released on Friday showed that the U.S. consumer's sentiment fell to its lowest level in almost 3-1/2 years at the beginning of November, amid concerns about the economic impact from the longest government shutdown ever. According to the CME FedWatch Tool, market participants see a 67% probability of a rate cut in December. Gold that does not yield tends to perform well in an environment of low interest rates and economic uncertainty. The U.S. Senate seemed to be moving forward on Sunday with a bill aimed at reopening federal government, ending a shutdown of 40 days that had left federal workers unable to work, delayed food aid, and obstructed air travel. Waterer stated that "while it appears as if we are moving towards the end of the shutdown, this will bring greater visibility to key economic indicators which have been lacking on the ground ever since the shutdown began." SPDR Gold Trust (the world's biggest gold-backed exchange traded fund) said that its holdings increased 0.16% on Friday to 1,042,06 metric tonnes from 1,040.35 metric tons on Thursday. Spot silver increased 2.5%, to $49.52 an ounce. Platinum rose 1.3%, to $1.565.22, and palladium rose 1.1%, to $1.396.37. (Reporting and editing by Sumana Nady and Subhranshu Sahu in Bengaluru.
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Markets celebrate the potential end of US government shutdown
Rae Wee gives us a look at what the future holds for European and global markets. Investors are ecstatic about the imminent end of the historic U.S. Government shutdown, which has disrupted everything from air travel and key economic data releases to the global markets. The U.S. Senate advanced a bill passed by the House on Sunday. It will be amended in order to fund the federal government until the end of January and will include a package containing three full-year appropriations. The Senate may pass the amended bill but it still needs to be approved by Congress and sent to the President Donald Trump. This could take a few days. The positive momentum was sufficient to propel Nasdaq and S&P futures in Asia up by 1.2%, 0.7%, respectively, while European futures saw strong gains as well. The dollar and U.S. Treasury yields rose, as did the Asia stock market. The shutdown is taking a toll on the U.S. Economy. Federal workers, from airports to the military and law enforcement are not paid. Meanwhile, the Federal Reserve has limited access to government data. Kevin Hassett, White House economist, said in an article that if the government shutdown continues the U.S. could see a contraction in the fourth quarter. The data released on Friday showed that the U.S. consumer's sentiment fell to its lowest level in almost 3-1/2 years at the beginning of November, amid concerns about the economic impact of the shutdown. After a few turbulent sessions last week, the stock market received a much needed boost after fears over high valuations for artificial intelligence and technology shares - sectors which have driven the market in this year. Many investors still viewed the pullback not as a sign of greater trouble, but rather as a temporary breather. Minutes of the Bank of Japan meeting in October showed that policymakers in Asia saw an increasing case for raising interest rates in near-term. Discussions about the BOJ's rate hike are likely to increase the likelihood that it will happen next month or January. The timing depends on whether the BOJ is convinced enough by the comments and earnings of executives that companies will continue to pay their employees next year. Hong Kong's Hang Seng Index grew 0.6%, while the CSI300 blue chip index in China fell 0.24%. The world's No. 2 economy has seen a slight decrease in producer prices. Data showed that the world's No. 2 economy grew in October, and consumer prices were back to positive territory. Beijing is stepping up its efforts to curb excessive capacity and intense competition among firms. Market developments on Monday that may have a significant impact France: Reopening 3-month, 6-month, 9-12-month, and 1-year auctions of government debt Reopening the 3-month and nine-month auctions of government debt
Investors look to end US government shutdown as global shares rise
On Monday, global shares rose amid optimism that the U.S. government's historic shutdown is nearing an end. Yields also rose and the dollar continued to suffer losses from the previous week.
On Sunday, the U.S. Senate advanced a bill aimed at reopening federal government. The measure would end a 40-day shutdown which has impacted federal workers and food aid. It also slowed down air travel.
In a procedural motion, the Senate advanced a bill passed by the House. The amended version will fund government operations until January 30, and includes a package of 3 full-year appropriations.
The Nasdaq futures gained 1.27%, while S&P futures rose by 0.74%. The EUROSTOXX Futures, DAX Futures and FTSE Futures all jumped by about 1.5%.
The Nikkei, Japan's stock market index, rose 1.33% and MSCI's broadest Asia-Pacific share index outside Japan gained 1.36%.
The markets are likely to be positive about a possible end to this longest-running U.S. government shutdown. We expect a House vote to be held on Wednesday and the government will reopen this Friday," PrashantNewnaha, senior Asia-Pacific rate strategist at TD Securities.
The Senate may pass the bill but it must be approved by both the House of Representatives, and then sent to the President Donald Trump, who will sign the bill. This process could take a few days.
The shutdown is taking a toll on the U.S. Economy. Federal workers, from airports to the military and law enforcement are not paid. Meanwhile, the central bank has limited access to government data.
Kevin Hassett, White House economist, said in an exclusive interview that if the government shutdown continues the fourth quarter GDP of the United States could be negative. The data released on Friday shows that the U.S. consumer's sentiment fell to a low of about 3-1/2 years in early November, as consumers worried about economic consequences.
Charu Chanana is the chief investment strategist for Saxo. She said that while a deal could be beneficial to the market by restoring trust and liquidity, the damage done to the economy from the shutdown, which has now been the longest in U.S. History, would not be undone.
On Monday, the overall risk sentiment was still positive.
Hong Kong's Hang Seng Index climbed 1.5%, while the CSI300 blue chip index in China reversed earlier losses to close last trade 0.3% higher.
The data released on Sunday shows that China's producer prices deflation has eased and consumer prices have returned to positive territory. This is as the government intensifies its efforts to reduce overcapacity and fierce competition between firms.
The benchmark 10-year Treasury yield increased by more than 4 basis point to 4.1355%. The yield on the two-year bond rose by 3.8 basis points to 3.5949%.
The dollar has recovered some of the losses it suffered last week as investors weighed the prospects for the U.S. economic outlook against a Federal Reserve that is more hawkish.
Recent data has fueled concerns about the U.S. labor market. However, Fed officials reiterated last week that they prefer to be cautious in further rate reductions.
The euro fell 0.04% against the dollar to $1.1561. The pound fell by 0.06%, to $1.3157. Meanwhile, the dollar index remained at 99.62.
The markets are pricing in 63% of the chance that Fed will reduce rates in December.
In a recent note, ANZ economists said that "the Fed's talk last week was overwhelmingly in favor of delaying easing until December," even though the majority of speakers were regional Fed Presidents who do not vote.
For now, the 12-member panel, which includes seven governors and 5 regional Fed presidents, is voting in favor of a 25-bp rate reduction, with hawkish as well as dovish dissensions. We do not see a rate reduction as a foregone conclusion and recognize that the decision will be based on the incoming data, and the balance of the risks associated with the future.
The dollar rose 0.33% against the yen to 153.96.
A summary of the opinions expressed at the Bank of Japan's October meeting revealed that policymakers were increasingly convinced of the need to increase interest rates soon. Some even argued for the necessity of ensuring wage increases will continue, according to the report.
Brent crude futures rose 0.83%, to $64,15 per barrel. U.S. crude was up 0.92%, to $60.31.
Spot gold rose 1.9%, to $4 074.81 per ounce.
(source: Reuters)