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Copper reaches record highs as Chinese smelters cut production
Copper reached new highs on Monday, after the top Chinese smelters accepted a plan for reducing output by 2026. Codelco also offered premiums that were record-highs. As of 0230 GMT the most active copper contract at the Shanghai Futures Exchange soared by 2.08%, to 89.020 yuan per metric tonne ($12,583.40), after reaching a record high of 89.650 yuan. After setting a record on Friday, the benchmark three-month copper price on the London Metal Exchange also rose to a new high of $11,294.5 per ton. As of 0230 GMT, the London copper contract had risen 0.24% to $10,216 per ton. The China Smelters Purchase Team, a group of China's largest copper smelters said Friday that their members had agreed to reduce production by over 10% in 2026 to combat negative fees for copper concentrate processing. The bullish headlines of last week's Asia Copper Week in Shanghai have also prompted traders to take positions. Codelco in Chile, the top copper producer in the world, wanted to increase copper premiums for Chinese buyers to as much as $350 per ton. Many thought this level was no longer relevant to Chinese participants and that there would be little impact on the supply-demand dynamics of copper locally. Sources say that the Codelco premiums were designed to allow those with access to Comex to benefit from arbitrage between Comex and LME amid tariff uncertainty. Copper also reached new heights due to the optimism that an interest rate reduction by the Federal Reserve will occur in December. This is because increased economic activity is linked with increased demand for copper. The U.S. dollar continued to weaken, supporting markets by making commodities that are traded in greenbacks cheaper for investors who use other currencies. Aluminium, zinc, nickel, tin, and lead were all up in price. Nickel gained 0.34% and tin rose 1.08 %. London lead was also little changed. Monday, December 1, DATA/EVENTS, (GMT) 0850 France HCOB Manufacturing Mfg. PMI, Nov 0855 Germany HCOB Manufacturing Mfg. PMI, Nov 0900 EU HCOB Manufacturing Final PMI, Nov 0930 UK S&P Global Manufacturing PMI, Nov 1445 US S&P Global Manufacturing Final, ISM Manufacturing Final PMI, Nov
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Asian stocks rise on Fed rate cut optimism; yen firm
Asian stocks started the month of December 2025 steadily on Monday as optimism about a rate cut in the United States lifted risk sentiment before economic data. The yen strengthened, with investors weighing up the possibility of a rate hike near-term. Investors are analyzing the comments of Bank of Japan Governor Kazuo Ueda in Nagoya to determine when the next rate hike will be. Ueda told business leaders in an address that the central banks will weigh the "pros" and "cons" of increasing interest rates during its next policy meeting, which is scheduled for December. MSCI's broadest Asia-Pacific share index outside Japan, which includes Japan, was unchanged at 703,19. It has gained 23.5% this year, and is on track to achieve its best annual gains since 2017. Japan's Nikkei dropped 1.3% in the early trading. The U.S. futures were lower during Asian hours. Hong Kong's Hang Seng, however, rose by over 1%, pushing Asian stocks to higher levels. Chris Weston is the head of research for Pepperstone. He said, "The risk bulls are feeling good about their directional bias as they roll into December." As the clouds of concern that hung over the markets from mid-November onwards slowly dissipate they give way new emotions, namely the fear of missing out and the risk of falling short of benchmark targets. This week, investors will focus on U.S. economic data that covers manufacturing and service activity, as well as consumer sentiment. Matt Simpson, senior analyst at StoneX, Brisbane, said: "With the U.S. Data void being finally filled and an economic calendar that is busy, December appears to be a happy month for volatility hunters." Simpson said that if the data indicate a slowdown, but not a recession, then the sentiment is likely to remain buoyant as the U.S. Dollar weakens like it usually does during this time of the year. The dollar index (which measures the U.S. Dollar against six rival currencies) was 99.414, which is little changed from the previous day. The index is down 8% for the year, with most of the losses occurring in the first half. Focus on Consumer Spending Investors are looking for clues about what the Fed is going to do in the next few days by listening to the comments of Federal Reserve Chair Jerome Powell. Investors have been convinced by the dovish remarks of policymakers that a rate reduction is imminent. Traders have priced in an 87% probability of a rate cut in the next month. As data from Black Friday, Cyber Monday and other retail sales events start to trickle in, early indications of holiday consumer spending will be a focus. Adobe Analytics, a company that tracks the 1 trillion visits made by shoppers to online retail sites, reports that U.S. consumers spent $11.8 billion on Black Friday. This is a record amount. The yen has been the focus of the market for the past few weeks due to uncertainty over the timing of the next rate hike and concerns over the fiscal policies implemented by Prime Minister Sanae Takayichi. Japan's Finance Minister said that the recent erratic swings on the foreign exchange markets and the rapid weakening of the yen are "clearly driven by fundamentals". This is yet another verbal warning which has so far not helped to slow down the yen’s decline. Oil prices increased after OPEC+ decided to keep oil production levels the same for the first three months of 2026. The group has slowed its efforts to regain market shares amid fears of a looming glut of supply. Brent crude futures rose 1% to $63.03 per barrel. U.S. West Texas Intermediate Crude was up 0.99% at $59.16 per barrel. (Reporting and editing by Muralikumar Anantharaman in Singapore.
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ASIA COPPER WOMEN-Codelco offers US copper clients at record premiums of over $500 per ton above LME prices
Two sources familiar with this matter claim that Chile's state owned copper producer offered to sell copper to U.S. clients with contracts based upon London Metal Exchange copper price at a record premium of over $500 per metric ton. The premium is added to the benchmark LME price and reflects fundamentals of demand and supply. The premium also covers transport costs and taxes. Codelco didn't immediately respond to our request for a comment. The LME copper price reached a record high of $11,200 per ton on the 29th October due to expectations that shortages would occur, partly as a result of disruptions such as accidents at mines located in Indonesia and Chile. On Comex, the copper price hit a record of $5.8950 per lb, or $12,996 per ton, on the 24th of July, ahead of an announcement about whether the United States will impose tariffs against imports of this metal, which is used in construction and power industries. The 50% tariffs on imported copper that went into effect August 1 were eventually lifted for refined copper. The copper prices on Comex are now lower as the levies on U.S. imports of copper continue to be reviewed. Howard Lutnick, the Commerce Secretary, is expected to give Trump an update on the domestic copper market by June 2026. Amy Lv and Lewis Jackson reported; Tomaszjanowski edited.
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US makes progress in talks with Ukraine after meeting in Florida, but still more work is needed to reach a deal
U.S. officials and Ukrainian officials had what both sides described as productive talks about a Russia-Peace Deal on Sunday. Secretary of State Marco Rubio expressed optimism about the progress made despite challenges in ending the war that has lasted more than three years. Rubio met a Ukrainian delegation headed by a newly appointed chief negotiator at his home in Florida. He said the talks were to help Ukraine maintain its sovereignty and independence. Rubio, after the end of the talks, told reporters that "we continue to be realistic about how difficult this situation is but optimistic." "It's about securing Ukraine’s future. A future we hope will more prosperous than ever before." Rubio told reporters after the talks concluded. These discussions followed a new round of negotiations which began with an updated U.S. peace blueprint. Critics claimed that the plan favored Russia initially, as it was Russia who started the conflict in 2022 with an invasion of Ukraine. Steve Witkoff, the special envoy, and Jared Kushner - son-in law of U.S. president Donald Trump - were also in attendance to represent the U.S. Witkoff will leave for Moscow on Monday, where he'll meet with Russian counterparts this week. There's still more work to do. Rubio called the situation "difficult". There are many moving parts and there is another party involved in this... which will be part of the equation later this week when Mr. Witkoff goes to Moscow. Trump has expressed frustration over not being able end the war. He promised as a candidate for president to end the war in a day. Trump's team has pressed Ukraine to make concessions, including a territorial transfer to Russia. On Sunday, the Ukrainian side changed its leadership. After the Friday resignation of Andriy Yeromak, the previous leader of the team, who was the chief of staff of Ukrainian President Volodymyr Zelenskiy, due to a scandal in Ukraine, a new chief negotiator led the talks for Kyiv, Rustem Umerov. Trump said on Air Force One that Ukraine had "some difficult little problems" referring to the scandal of corruption, which was "not helpful". He reiterated his belief that both Russia, and Ukraine, wanted to end this war. Umerov thanked officials in the United States for their support. He said, "U.S. hears us, U.S. supports us, U.S. walks beside us" in English, as the negotiations started. He declared the meeting productive afterward. Umerov stated that "we discussed all important issues for Ukraine and the Ukrainian people, with U.S. being super supportive." The Sunday talks were held near Miami, at Shell Bay, a private club developed by Witkoff’s real estate company. Zelenskiy said that he expected results of previous meetings to be "hammered" out on Sunday. Ukraine made a counter-offer in Geneva to the proposals that U.S. Secretary Dan Driscoll had presented to Kyiv leaders two weeks earlier. The Ukrainian leadership is trying to push back against a Russian-friendly regime as Russian forces advance along the frontlines of the war, despite a political crisis at home sparked by an investigation into major corruption in the energy sector. Zelenskiy warned Ukrainians last week that their country was in its most difficult situation yet, but vowed to not make a bad bargain. Sergiy Kyslytsya (also part of the delegation) wrote from Miami, "There's an inherent difficulty in forecasting, because the atmosphere is a chaos system where small differences can lead to big outcomes." Jeff Mason reported from Hallandale Beach in Florida. Additional reporting was provided by Jasper Ward and Dan Peleschuk; editing by Chizu Nomiyama and Sergio Non.
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The Information reports that Databricks is in discussions to raise capital valued at $134 billion.
The Information reported Sunday that Databricks, a data analytics company, is in discussions to raise $5 billion. This would be at a valuation $134 billion. That's roughly 32 times the expected sales for this year of $4.1 billion. Investor documents and someone familiar with the situation were cited. Could not verify the report immediately. Databricks declined comment. The Information reported that Databricks increased its sales forecasts from $3.8 billion in September to $4 billion before slightly revising them upwards again. It expects sales growth of 55% in this year. The Information reported that the company told investors at the same time that its gross margin was falling faster than expected, from 77% to 74%, compared to a previous plan of 77%. This is due to the increased usage of AI products. Databricks was founded in 2013 and offers a platform to help users ingest data, analyze it and create AI applications. The company is viewed by many as the leading candidate for going public, and it has received numerous inquiries from investors. According to its website, Databricks serves more than 20,000 clients, including Block, the payments company, and Shell, a major energy company, as well as Rivian, a maker of electric vehicles. (Reporting and editing by Edmund Klamann, Diane Craft and Disha Mishra from Bengaluru)
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Four people killed after 14 shooters at a family gathering in Stockton California
Police said that four people died on Saturday night after police shot 14 people at a family reunion in Stockton, California. Stockton Vice Mayor Jason Lee stated in a post on Facebook that the shooting occurred at a birthday party for a child. He said: "I'm in touch with staff and officials from public safety to find out exactly what happened. I will continue to push for answers." Police received reports of a shooting near the 1900 block Lucile Avenue, Stockton shortly before 6 p.m. local (0200 GMT). San Joaquin County Sheriff's Office posted on X that "we can confirm, at this time, that approximately fourteen individuals were hit by gunfire and four victims have now been confirmed dead." Information is limited, as this investigation is very active. Investigators are looking into all possibilities. Early indications indicate that this could be a targeted attack. Authorities haven't provided any information about the shooter.
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US Judge authorizes sale to Elliott of Citgo parent shares
The sale of shares of Citgo Petroleum, the Venezuelan-owned parent company of Citgo Petroleum, to Elliott Investment Management was approved by a U.S. Judge on Saturday. This follows his approval this week of the $5.9 billion offer from the company at a court-organized bid to pay Venezuelan-related creditors. The sale order is a major legal step that wraps up a two-year auction to pay 15 or more creditors for defaults on debt and expropriations. Citgo Holding, Citgo's parent company, was found liable by the Delaware court for Venezuela's debt. This opened the door to over a dozen other creditors joining the auction. A court officer who was overseeing the auction had recommended Elliott's Amber Energy earlier this year, after recommending an offer by Gold Reserve, a rival bidder. This change led to a flood of objections, challenges and complaints against Amber's bid. Judge Leonard Stark in Delaware overruled them. Venezuela and other parties to the case have announced that they will appeal Stark’s decision to confirm Amber's bid. In his order, Judge Stark stated that "the consideration provided by the purchaser under the stock purchase contract is fair, reasonable, and adequate consideration for the PDVH share and constitutes a price adequate for the purchase of PDVH's shares under the Sale Procedures Order." If the transaction is successful, more than a half-dozen creditors will receive the proceeds of the auction. Amber announced earlier this week that the sale would close in 2019 pending regulatory approvals and U.S. Treasury Department approvals. These creditors include ConocoPhillips, Crystallex, Rusoro Mining and industrial conglomerates O-I Glass, Koch and O-I Glass. The judge stated that the buyer would not be liable for Citgo, Venezuelan oil company PDVSA or the Republic after the sale. The judge said that the buyer would not be liable for Citgo's ultimate parent, Venezuelan oil company PDVSA or the Republic.
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How would Venezuela's military react to an attack by the US?
Donald Trump, the U.S. president, said that on Saturday airspace surrounding Venezuela and above it should be "closed completely", but he did not give any details. Washington is continuing to increase pressure on President Nicolas Maduro’s government. Trump has said repeatedly that U.S. attacks on alleged drugs boats in the Caribbean, Pacific and South America, which have claimed the lives of more than 80 people could lead to land action. He has also held a phone call with Maduro, and discussed the possibility of a U.S. trip by Venezuela's president. WHAT ARE VENEZUELA'S MILITARY CAPABILITIES? Six sources familiar with Venezuelan capabilities claim that the U.S. army dwarfs Venezuelan's. Venezuelan forces are crippled by low wages, a lack in training and outdated equipment. Even though Maduro has been in power since 2013 and enjoys military loyalty, rank-and file soldiers only earn $100 per month in local currency. This is less than a fifth of the amount that studies estimate an average family would need to cover its basic needs. According to sources, desertions could increase if the U.S. military attacks. Venezuelan troops have primarily faced unarmed civilians in street protests. Maduro claimed that 8 million civilians were training to be militia members, but a source said only a few thousand intelligence personnel, supporters of the ruling party and militia members would actually participate in defensive action. Lacking is the military equipment, which is mostly Russian and old. Caracas purchased 20 Sukhoi jet fighters in the 2000s. However, they are considered inferior to U.S. B-2s. Venezuela also has outdated Russian helicopters, tanks, and shoulder-fired rockets. How would VENEZUELA respond to an attack? Sources and documents viewed by us show that Venezuela is planning to mount a guerrilla resistance or create chaos if the U.S. launches an air or ground assault. High-ranking officials have referred to the response publicly, but without providing details. They refer to it by calling it "prolonged opposition", which would involve small military groups at over 280 locations committing acts of sabotage or other guerrilla techniques. Venezuela's 5,000 Russian Igla missiles have been deployed. Maduro praised them recently on Venezuelan state television. Sources said that military orders were given for units to disperse in different locations and hide if an attack occurs. Sources say that the second strategy, which is called "anarchization", and which officials are not aware of, uses intelligence services to use armed supporters of the ruling party in order to cause chaos in Caracas, and thus make Venezuela ungoverned. DO YOU KNOW IF THERE ARE OTHER ARMED ACTORS IN VENEZUELA? The National Liberation Army, a Colombian guerrilla force, operates in the western part of Venezuela. This area is also the center for coca cultivation, the main ingredient of cocaine. Often, supporters of the ruling party, collectives or colectivos as they are also called, mobilize on motorcycles in order to face protesters. Sometimes they are armed. Venezuelan opposition groups and NGOs as well as Washington and certain Latin American governments accuse Maduro of having ties with drug trafficking organizations, which are also accused by some of violence. The Venezuelan government denies any such links, and claims that the U.S. wants to change the regime in Venezuela so as to control its vast oil reserves. (Reporting and Editing by Alexander Smith).
Venezuelan oil prices rise on OPEC+ plan to increase output
The oil price rose by as much as 1.5 percent on Monday, after OPEC+ members reaffirmed a commitment to halt production increases during the first quarter next year. Also, the possibility of U.S. sanctions against Venezuelan oil producers unnerved the market.
Brent crude futures subsequently pared their gains, and were up by 0.98% or $62.99 a barrel at 0052 GMT. U.S. West Texas Intermediate Crude was at $59.12 up 57 cents or 0.99%.
Early November, the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to take a pause. They feared a glut of supply.
OPEC+ stated that after a Sunday meeting, it "reaffirmed its importance to adopt a cautious approach while retaining the full flexibility of continuing pausing or reversing the additional voluntary production adjustment".
Vivek Dhar, an analyst at Commonwealth Bank of Australia, said that the outcome of Sunday was widely expected given the previous decision.
Dhar wrote that "market worries about a growing glut on global oil markets likely played a part in the OPEC+'s decision."
The move by U.S. president Donald Trump to close Venezuelan's airspace has created new uncertainty on the oil market, given that the South American nation of Venezuela is a major producer.
Analysts at ING wrote in a note to clients that "adding more support to the Venezuelan crude oil market increases the supply risk after President Trump announced he was considering closing the airspace above the country".
Trump said on Sunday that he spoke with Venezuelan President Nicolas Maduro, but he did not provide details. He also did not elaborate on his comments about the airspace or whether they indicated military strikes against Venezuela.
Trump said, "Don't take anything at face value."
In Europe, the increasing uncertainty surrounding a Russia-Ukraine deal has reversed the bearish sentiment from the last two weeks when it looked like a deal was closer. This raised the possibility of large quantities of Russian oil currently sanctioned flooding the market.
Ukraine's military said via social media that it hit a Russian refinery and the Beriev military aircraft plant in Rostov Region on Saturday.
Separately two Ukrainian naval drones struck two sanctioned oil tankers heading for a Russian port in the Black Sea, to pick up crude oil to sell abroad.
Officials from Ukraine and the United States met in Florida, the U.S. State on Sunday for a discussion about the war. Marco Rubio, the Secretary of the U.S. Department of State called the meeting "very productive". He added that more efforts are needed to bring an end to the war which is now in its third year. Helen Clark, Chris Reese, and Christopher Cushing edited the report.
(source: Reuters)