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Von der Leyen: EU will lift sanctions against Kosovo and release financial assistance
According to European Commission President Ursula von der Leyen, the European Union will lift the sanctions it imposed against Kosovo in 2023 due to tensions in the northern part of the country. The EU introduced punitive actions against the ethnic Albanian majority in Kosovo after the government of Prime Minister Albin Kriti failed to respond EU and U.S. requests to defuse violence in northern Serb majority following "the worst violence in more than 10 years". These measures included stopping visits to the EU by Kosovo officials and suspending large parts of EU economic assistance. Von der Leyen posted a 'post on X, late Wednesday night. 'Good news for Kosovo. "We have programmed 216 million euros ($253 millions) in financial assistance and plan to release 205million euros early next year." In 2023, violence erupted after ethnic Albanians became mayors in the northern part of Kosovo following local elections that were boycotted. Serbs demanded the implementation a decade-old agreement granting greater autonomy. Around 30 NATO peacekeeping soldiers guarding townhalls were injured during clashes between protesters and Serbs. Von der Leyen stated that the EU decided to lift the restrictions after the local elections in October, which saw the installation of Serb mayors. Kosovo is due to hold a parliament election on December 28th after a failed attempt to form a new government in February. Normalising relations between Kosovo and Serbia is essential to their common goal of EU membership. ($1 = 0,8532 euros) Reporting by Ivana Skularac and Editing by Timothy Heritage
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Palm oil prices rise on bargain-buying and soyoil price spread
Malaysian palm futures rose for the second session in a row on Thursday, boosted by bargain-buying and improved prices against'soyoil. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Market gained 13 ringgit or 0.33% to $3,979 ringgit (US$974.29) per metric ton. The recent price drop has prompted traders to buy the dips. Palm oil is also more attractive than other oils, especially soybean oil. Dalian's soyoil contract with the highest volume?fell by 0.38% while palm oil contracts grew by 0.46%. Prices of soyoil on the Chicago Board of Trade rose by 0.31%. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of rival edible oils. Oil prices increased slightly as investors weighed the risks of a Venezuelan oil blockade and further U.S. sanction against Russia. Palm oil is more attractive as a biodiesel feedstock due to the stronger crude oil futures. The palm ringgit's currency edged up 0.05% against the dollar making the commodity slightly more expensive for buyers with foreign currencies. A circular posted on the Malaysian Palm Oil Board's website revealed that Malaysia had lowered the crude palm oil price reference for January 2026 to a level which?lowers export duty to 9.5 percent. The Indonesian Palm Oil Association reported that Indonesian palm oil stocks fell by 10% at the end of October despite a rise in production. $1 = 4.0484 ringgit (Reporting and editing by Ashley Tang, Subhranshu Sahu, and Tasim Zaid)
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Russia hopes Trump doesn't make a 'fatal mistake' in Venezuela
The Russian Foreign Ministry said Thursday that they hoped the U.S. President Donald Trump administration didn't make a fatal mistake over Venezuela. They also said that Moscow was concerned about U.S. actions that threaten international navigation. Trump ordered on Tuesday a "blockade", of all oil tankers sanctioned by Washington, that enter and leave Venezuela. Washington was trying to increase pressure against Nicolas Maduro’s government. After the U.S. seize a sanctioned oil tanker off the coasts of Venezuela, last week. Loaded vessels with?millions barrels of crude oil chose to stay in Venezuelan waters than risk being seized. In a press release, the Russian foreign ministry stated that it hoped "the D. Trump Administration, which is characterized as a 'rational and practical approach,' will not make a grave mistake." The ministry stated that Venezuela is a friendly nation to Russia and that Moscow hopes the U.S. will not get involved in a situation which could have "unpredictable effects for the entire Western Hemisphere". Russia quoted Simon Bolivar as saying, "Every nation has the right to select its own rulers, and other countries should respect this." Bolivar was a brilliant Venezuelan tactician, who freed much of South America from centuries-long Spanish rule. The Russian ministry stated that it wanted to normalize the dialogue between Washington DC and Caracas and reiterated Russia's "solidarity" with the Venezuelans in the face of their trials. Russia supports "the Maduro Government's course, which is aimed at protecting national interests and the sovereignty of the Motherland." (Reporting and writing by Felix Light, Guy Faulconbridge; editing by)
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Gabon introduces new housing tax to tackle debt
Gabon plans to introduce a housing tax next January in order to finance the needs of this oil-producing nation, as its debt continues to grow. The country is facing an acute liquidity squeeze that has made it more dependent on regional capital markets. Marie-Noelle Ada Meyo, a special adviser to the Gabon Presidency's social media, said that authorities are working on an annual tax which will be paid by the owner or tenant of a dwelling. Ada Meyo, Gabon's Treasury Minister, said that the funds will be used to improve street lighting, road maintenance, and city cleanliness. The amount of the contribution will vary depending on where you live, between $1,000 ($1.80), and 30,000 CFA Francs ($53.88), per month. She added that the exemptions will apply to households in need, schools, and places of worship. According to the World Bank, more than a third (33%) of Gabon’s population is living in poverty. In rural areas, access to basic services like water and electricity is still difficult. The outstanding public debt of Gabon increased to '8.6 trillion CFA Francs' ($15.45billion) by the end October, from '7.1 trillion' for the same time period last year. The total?amount includes 4.2 trillion CFA Francs in external debt and 4 trillion CFA Francs in domestic debt, including 3.2 billion issued on the regional market. At the end of October, arrears totaled 443.6 billion CFA Francs. $1 = 556.7500 CFA Francs (Reporting and editing by Alexander Smith; Anait Miridzhanian)
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China aluminium imports decline 14% y/y, custom data shows
Customs data released on Thursday showed that China's imports of?unwrought aluminium? and?aluminium? products dropped 14% from a year earlier in November. According to the General Administration of Customs, China was the world's largest metals consumer in November. Traders said that the decline in imports, which ended five months of growth in volume, was a sign of softer demand for metals used in construction, transportation and packaging. The traders also added that arbitrage incentives remained muted and import appetite was weak. In the first 11 months 2025, China imported 3,60 million tons unwrought aluminum and aluminium-based products. This is an increase of 4.4% over the same period last year. The data includes primary metals and alloyed aluminum that has not been wrought. Imports of Bauxite (a key raw material for aluminium) increased by 22.9% in November compared to the previous year, to '15.11 millions tons. This brings the total year-to date imports up to '185.96million tons, a?29.4% increase year-on-year. According to Bureau of Statistics data, China's aluminium production remained high in November. It was up 2.5% on the year to 3.79 million tons. (Reporting and editing by Eileen Soreng, Lewis Jackson, Dylan Duan)
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Iron ore continues to gain on improved steel margins and restocking hope
Iron ore futures continued to rise on Thursday. This was due to improved steel margins, and expectations of feedstock replenishment by steel mills in China, the top consumer. The largest iron ore contract on China's Dalian Commodity Exchange rose for the third consecutive session, ending daytime trading up 1.63% to 777.5 Yuan ($110.43), its highest level since December 8. As of 0722 GMT, the benchmark January iron ore traded on the Singapore Exchange had risen 0.87%. It was now trading at $104.55 per ton. The price of iron ore reached its highest level since November 27, at $104.6, earlier in the day. Analysts say that the sharp drop in coal and coke prices last week has improved profitability for some mills. Analysts at Galaxy Futures stated that "some mills could ramp up supply by the end of this month due to improved margins. However, hot metal production will continue to fall this week." Iron ore demand is usually gauged by the hot metal production, which is a blast-furnace product. In the meantime, Chinese steel mills will be frantically buying raw materials to replenish their in-plant inventories, including iron ore. This is to meet production needs during the Lunar New Year, which occurs in February. Coking - Following a decline earlier in the month, coal and coke (other steelmaking ingredients) both grew by 6.07% and 5.91%, respectively. Analysts at Galaxy Futures say that the expectation of a?reduced supply due to equipment repairs by year-end, and mills' need to restock their stocks, has supported coal prices. The majority of steel benchmarks traded on the Shanghai Futures Exchange have gained ground. Rebar gained 1.4%, while hot-rolled coil rose 1.05%. Stainless steel also rose 0.53%. Wire rod, however, fell by 1.19%. ($1 = 7.0409 Chinese Yuan Renminbi)
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Copper prices diverge due to US rate outlook and AI sentiment
The copper prices moved in opposite directions Thursday as the market focused on the outlook of U.S. Interest Rates, and a waning confidence within the artificial intelligence industry weighed on sentiment. The most-traded contract for copper on the Shanghai Futures Exchange ended 0.23% higher, at 92600 yuan (13,151.73) per metric ton. As of 0718 GMT, the benchmark three-month price for copper at the London Metal Exchange fell 0.16% to $10,718.50 per ton. In his Wednesday national address, U.S. President Donald Trump said the next Federal Reserve chairman will be someone who believes in lowering interest rates by a "lot". Trump has previously stated that he would announce his choice for Fed Chair Jerome Powell's replacement, whose tenure ends in May next year. The President's remarks?came after the U.S. Central Bank lowered its policy rate by 25 basis points, which helped copper outperform other base metals. Markets are unsure whether the known finalist, White House Economic Advisor Kevin Hassett and Federal Reserve Governors Kevin Warsh or Chris Waller would lower rates to Trump's desire. Dollar prices are rising, making commodities priced in greenbacks more expensive for investors who use other currencies. At the same time, AI skepticism grew after Oracle's data-center partner Blue Owl Capital was reported to have backed a $10 billion contract for its next facility due to concerns over?rising spending and debt? Copper is an important metal in data centers. Red metals still enjoyed a 'good level of support, both from the supply shortage and demand outlook. This helped to limit?the size of the session decline. Aluminium was up by 0.25%. Zinc gained 0.52%. Lead?nudged higher 0.06%. Nickel gained 1.07%. Tin surged by 2.88%. Nickel gained 1.0% and tin 0.37%.
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Uganda to reduce debt issuance by 21 percent in FY 2026/27
Uganda will cut its domestic debt by 21,1% during the financial year beginning July from the previous period in order to reduce its ballooning public debt. The finance ministry announced this in a budget paper seen by by on Thursday. The paper states that in 2026/27, (July to June), a total of 9 trillions shillings worth of Treasury bonds and bills will be issued, compared with 11.4 trillions shillings the year before. The paper stated that "this reduction reflects the government's intent to avoid crowding out the private sector, to curb the rising debt to GDP ratio, and to address the increasing burden of interest payments relative revenues." According to the Ministry, interest payments on Uganda's?public?debt will consume nearly a third?of?all?internal revenues in 2026/27. Public debt as a proportion of the gross domestic product rose from 46.8% to 51% during the period ending June. The paper stated that "such elevated debt service obligations shrink fiscal space and leave fewer resources available for discretionary expenditure in high-multiplier growth-enhancing areas." Uganda's public debt totaled $32.3 billion as of June. This is up 26.2% compared to the same period a year earlier. The paper projected that economic growth would increase to 10.4% by 2026/27 from 6.6% the previous fiscal year. The paper stated that "this robust growth outlook will be primarily fueled by the start of oil production. This is expected to generate substantial revenue and boost productivity through strong inter-sectoral links." Uganda plans to begin commercial crude oil production in 2026 from fields located in the west of the country.
Russia's crude oil and LNG shipments to Asia slip a little in 2024: Russell
Asia's imports of Russian crude oil and melted natural gas are set to log little declines this year and while coal had a bigger drop, there's little evidence that Western sanctions are working well.
Russia has concerned depend on Asia, the world's most significant purchaser of energy products, to absorb freights that are no longer able to be sold to buyers in Europe and elsewhere as an outcome of sanctions put against Moscow in the wake of the February 2022 intrusion of Ukraine.
China and India became significant buyers of Russian crude, coal and LNG after the invasion, taking freights due to the fact that of the discounts on offer.
This dynamic has actually mostly continued in 2024, and while there is likely to be some small decline in Asia's imports of Russian energy products, it's difficult to say that this is since of sanctions or since of other elements, such as slow growth in China, the world's second-largest economy.
Asia's imports of seaborne crude from Russia, the world's. second-largest exporter, are on track to drop to 161.2 million. metric heaps in 2024, below 170.6 million in 2023, according. to data compiled by commodity analysts Kpler.
In barrels each day (bpd) terms, Asia's seaborne imports from. Russia are likely to come in around 3.22 million bpd this year,. down 5.6% or 190,000 bpd from the 3.41 million bpd in 2023.
The bulk of the decrease is since China, the world's. most significant crude importer, saw arrivals from Russia drop 100,000. bpd to 1.24 million bpd in 2024.
South Korea was responsible for the other major decrease in. imports from Russia, which dropped from around 100,000 bpd in. 2023 to simply 29,000 bpd in 2024.
India, which now counts Russia as its leading crude provider,. saw mainly constant imports of 1.76 million bpd in 2024, down. somewhat from 1.79 million bpd in 2023.
LNG, COAL
Asia's imports of Russian LNG are likewise likely to be lower in. 2024 than the previous year, but just by a tiny 1.6%.
An overall of 14.93 million lots of Russian LNG is most likely to. get here in Asia this year, below 15.17 million in 2023,. according to Kpler data.
China is the major purchaser of Russian LNG, with 6.65 million. heaps this year, up a touch from 6.63 million in 2023.
The other significant importer is Japan, which purchases Russian LNG as. an outcome of an ownership stake in the Sakhalin-2 LNG job.
Japan's imports of 5.47 million loads in 2024 are somewhat. down from the 5.90 million in 2023.
However, Japan's imports of all grades of Russian coal did. drop significantly in 2024, moving 75% to 610,000 heaps from. 2.42 million 2023.
Overall, Asia's imports of seaborne Russian coal dropped to. 102.3 million heaps, down 19.3% from the 126.8 million in 2023.
The decrease was largely driven by China, with imports. falling to 45.01 million loads in 2024 from 59.19 million in. 2023.
This is likely a price-driven dynamic as China's coal. imports have increased strongly up until now in 2024, with official. customizeds information showing a 13.5% boost in the first 10 months of. the year to 435.4 million heaps.
Russian coal needs to complete versus overland materials from. Mongolia, along with seaborne grades from Indonesia and. Australia, with prices from the 2 biggest exporters of the. fuel trending lower over the course of 2024.
Putting together Asia's imports of Russian energy. products and it's clear that the decline in volumes in 2024. is little, and even the somewhat bigger drop for coal is. described by price competitors, instead of by any sanctions. steps.
It's also likely that for crude oil, Russia has needed to use. discount rates in order to preserve volumes. The concern then. ends up being whether the discount was deep sufficient to trigger Moscow any. genuine pain from lost income.
The views expressed here are those of the author, a columnist. .
(source: Reuters)