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Shanghai copper falls from record highs as weak China data raises concerns about demand
Shanghai copper prices fell on Monday, after hitting a record in the previous session. This was due to renewed demand concerns triggered by an array of 'weak' data in China, which is a major consumer. As of 0228 GMT, the most traded copper contract at the Shanghai Futures Exchange fell 1.49%, to 92180 yuan per metric tonne ($13,068.87). The price of copper reached a record-high?of 94.570 yuan last Friday. The red metal widely used in power plants, construction and manufacturing has seen its largest daily drop since December 9. China's growth in?factory production and retail sales slowed down further in November due to weak domestic demand. China's real estate investment and sales by floor area have also declined. China?Vanke reported in a Hong Kong Stock Exchange document on Monday that the company had failed to obtain bondholder approval for a one-year delay of a bond payment which was due the same day. This raised concerns about a?potential default. The Shanghai Futures Exchange also monitors the inventory of warehouses to determine whether they are increasing. . The benchmark?three-month?copper on the London Metal Exchange rose by 1.35% to $11,671 a metric tonne. After reaching its highest level ever on Friday, it fell more than 3%. SHFE aluminium fell 1.49%. Nickel lost?1.09%. Lead eased 0.26%. Tin dropped 1.88%. Zinc fell 0.79%. Aluminium, nickel, and tin were all little changed. Lead advanced by 0.15%. Zinc rose by 1.06%.
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Key data: Stocks fall ahead of central bank decision
Investors reined-in risk-taking as they began a week that would be peppered with important central bank decisions and data release. MSCI's broadest Asia-Pacific index outside Japan fell 1%. This was largely due to a fall of up to 2.7% on South Korean shares. South Korea is one of the best-performing markets in the world this year. Chris Weston said, "We are now in the last week of trading before many close their books for 2025 and call it an end of year," said Chris Weston. He is head of research at Pepperstone Group based in Melbourne. "Some may have already done this," he said. Prices will drop by a significant amount next week. S&P 500 futures rose 0.3% while yields on U.S. Treasury bonds fell 1.2 basis points to 4.182%. Investors waited for a series of economic data releases as well as a number of central bank decisions. The Bank of England could make a similar cut of 3.75%. Along with Sweden's Riksbank, and Norway's Norges Bank, the European Central Bank will 'keep interest rates on pause'. Investors can also catch up with economic data that was delayed due to the U.S. shutdown. This includes the November jobs report and the consumer price index. The U.S. Dollar was stable at 7,0532 yuan against the Chinese Yuan trading offshore. This is its highest level in over a year. Factory output and retail sales numbers for November showed a further slowdown. Official data released on Monday showed that the price of new homes continued to decline in November. This indicates that the recovery in the demand for housing is still elusive, despite government promises to stabilize the sector. China Vanke announced that it would convene another bondholder meeting after the state-backed developer failed to secure bondholder approval for a one-year extension of a bond payment due on Monday. This increased the risk of default, and renewed concerns about the property crisis-hit sector. Jeff Zhang, Morningstar's equity analyst, said that if Vanke defaults in the end, the impact on the China real estate sector could be significant. Investors are more worried about the government's attitude to bailouts, even for'safe' names. Stocks in Japan fell, despite a boost from the BOJ's "tankan", a closely-watched survey, which showed that the business sentiment of big manufacturers reached a four year high on Monday, indicating the economy is weathering the blow caused by higher tariffs. tariffs. Last week, the Nikkei was down 1.4%. Brent crude rose 0.6% to $61.46 on supply concerns sparked by tensions between the U.S. and Venezuela. Imperial Oil announced on Sunday that it had issued an alert for a fire at its 120,000 barrels per day refinery in Ontario, Canada. Russia, meanwhile, said that a refinery in Afipsky had not been damaged by an Ukrainian drone attack. Steve Witkoff, the U.S. ambassador to Berlin said that "a lot of progress has been made" on the geopolitical side in the peace talks in Berlin for the end of the Ukraine conflict. Gold has extended its recent rally for a fifth consecutive day, as it nears a record-high of $4381.21. The spot bullion price was last up 0.5%, at $4325.51. The cryptocurrency markets ended a three-day losing spree, with bitcoin ending the day up 1.2% to $89,517.01 while ether rose 1.1% to 3,116.42. (Reporting and editing by Shri Navaratnam, Sam Holmes and Gregor Stuart Hunter)
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China's crude steel production in November is at a 23-month high
China's crude output of steel in November dropped 3% from the previous month, and is now on track for six consecutive months of declines. This has been curbed by thinner margins, as well as a waning domestic market. Data from the National Bureau of Statistics revealed that the 'world's biggest?steel manufacturer manufactured 69.87 millions metric tons of raw steel in December, the lowest monthly total since December 2023. The data revealed that this was down from 72 million tonnes in October, and 10.9% from the same period last year. According to calculations based on data, the November volume equates to an average daily production of 2.33 million tonne, compared to 2.32 million tonne in October, and 2.61 millions tonne in November 2024. Mysteel, a consultancy, reported that around 35% of steelmakers had made a profit at the end of November. This was down from 45% late in October. China's factory activity declined for the eighth consecutive month in November. This highlights manufacturers' struggles to sustain a recovery as a U.S./China trade war has increased pressure on businesses. Manufacturers have collectively become China's biggest steel consumer, replacing depressed property developers. In the first 11 months of 2025 production totaled 891.67 millions?tons. This is 4% less than a year ago. Cai Yongzheng is a Nanjing based director at the Jiangsu Fushi Data Research Institute. He said that China's total annual crude steel production?will fall between 950 millions and 960 millions tons. (Reporting and editing by Amy Lv, Lewis Jackson)
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Source: Korea Zinc board will discuss plans to build smelter in US joint venture.
A source familiar with this issue has confirmed that the board of Korea Zinc will vote on Monday on the plan to 'build a plant to refine key minerals in the U.S. as part of a joint venture between the U.S. Government and companies. The investments are estimated to be 10 trillion won (6.78 billion dollars). The South Korean Yonhap News Agency reported the U.S. Government and Companies will 'hold a 20 percent stake in the joint-venture with an investment of 2 trillion won. They said the facilities were expected to produce 'germanium and antimony. Unable to comment immediately, a spokesperson from Korea Zinc did not respond. China is the largest supplier of minerals like antimony and Germanium used in military technology, telecommunications and semiconductors. Beijing will ban exports of these mineral to the U.S. from December 3, 2024. This is in response to Washington's crackdown on China's chip industry. Since November, the ban has been lifted. Korea Zinc, the largest zinc smelter in the world, also produces antimony and other metals. Korea Zinc and Lockheed Martin agreed in August to "produce germanium from raw materials obtained outside of?China" starting 2028. This will ensure a steady supply of materials for the defense and space industries. Shares of Korea Zinc soared 7.5% following media reports about its plans to establish a joint venture in the United States. (1 dollar = 1,475.5400 won). (Reporting and editing by Hyunjoo Ji, Jack Kim)
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Key data: Stocks fall as traders reduce their exposure before central bank meetings
Asian stocks fell in early trading Monday, as investors reined-in risk-taking ahead of a week that will be dotted with data releases and central bank decisions. MSCI's broadest Asia-Pacific share index outside Japan fell?0.6%. This was led by a fall of up to 2.7% on South Korean shares. South Korea is one of the best-performing markets in the world this year. Chris Weston said, "We are in the final trading week for 2025. Many will close their books at this point and call it an end to the year." Chris Weston is head of research at Pepperstone Group Ltd. "Some may have already done this," he said. The liquidity levels will likely be lower than usual this week, but still sufficient to work the sizes without causing excessive price movement. Next week, however, they will drop significantly. Investors awaited the release of economic data and the central bank's decisions. The S&P 500 e-mini futures rose by 0.1%. Bank of England and the Bank of Japan are expected to make similar decisions. The Bank of England could cut rates by the same amount to 3.75%. Along with Sweden's Riksbank, and Norway's Norges Bank, the European Central Bank is expected to hold interest rates. Investors can also check on the economic data which were delayed due to the U.S. shutdown. This includes the November jobs report and the consumer price index. The Topix index remained steady in Japan after the BOJ’s closely watched “tankan” survey revealed on Monday that the business sentiment of big manufacturers had reached a four-year-high, indicating the economy is weathering the impact of higher U.S. tariffs. The U.S. Dollar was trading at 7,0532 yuan against the Chinese Yuan. This is its highest level in over a year. Today, we will be releasing the house price and activity statistics for November. A filing shows that the state-backed property company China Vanke, which is in financial trouble, failed to get bondholders' approval on Friday to extend a Monday bond payment by a year. This increased the risk of default, and renewed concerns about the property crisis-hit sector. Brent crude rose 0.3% to $61.30 in commodities after Imperial Oil announced on Sunday that it had issued an alert for a fire at its 120,000 barrels-per-day refinery facility?in Ontario, Canada. Russia reported that a Ukrainian drone strike on an Afipsky oil refinery did not cause any damage. Steve Witkoff, the U.S. ambassador to Berlin, said that "a lot?of progress" was made in the peace talks in Berlin last Sunday. After a four-day rally in the last week, gold fluctuated between gains & losses. It was approaching its record high $4,381.21. The spot bullion price was down by 0.1% to $4,299.69. The cryptocurrency markets were under pressure for the fourth day in a row. Bitcoin was down by 0.3% to $88,235.59, and ether was 0.5% lower, at $3,065.62. (Reporting and editing by Shri Navaratnam.)
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China and Saudi Arabia agree to enhance coordination on regional and global issues
China and Saudi Arabia have agreed to a closer communication and coordination regarding regional and?international matters, and Beijing has praised Riyadh for its role in Middle?East Diplomacy. This was revealed by statements made following a?meeting?between?the?nations?' foreign ministers? on Sunday. Wang Yi, the Chinese Foreign Minister, is currently on a Middle East tour that started in the United Arab Emirates. It is expected to conclude in Jordan. On Sunday, he met with Saudi Arabian Foreign Minister Prince Faisal Bin Farhan Al-Saud. China's 'official news agency Xinhua' published a joint statement that did not specify what areas the countries would strengthen their coordination, but mentioned China's support of Saudi Arabia and Iran in 'developing and enhancing' 'their relationships. In a statement issued on Monday, it was stated that "China appreciates Saudi Arabia for its leadership role and efforts in achieving regional and international stability and security." In the statement, both countries reaffirmed their support for "a comprehensive and just settlement" to?the Palestinian question and for the creation of an independent Palestinian state. In a Monday statement, the Chinese Foreign Ministry said that Wang had told his Saudi counterpart at a high level meeting that China always considered Saudi Arabia to be a "priority in Middle East diplomacy", and an important global partner. He also urged a?more cooperative approach in the areas of energy and investment, as well in the fields?new energy? and green transformation. According to a joint statement, the countries have agreed that diplomatic passport holders and special passports from both sides will be exempted of visa requirements. Reporting by Liz Lee, Shanghai Newsroom; Editing and rewriting by Paul Simao
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Australia's Fortescue will buy Alta Copper's remaining stake, valued at $101 Million.
Australia's Fortescue announced on Monday that it would purchase the remaining 64% of Alta Copper, in a deal implying a value of C$139,000,000 ($101,000,000) for the Toronto listed copper miner. Fortescue offers C$1.40 in cash per Alta share through its Nascent Exploration unit. The offer represents a 14.8% increase over Alta's Friday closing price. Fortescue is the world's fourth-largest producer of iron ore. The company wants to expand its copper business, which has recently reached record levels in trading, as the demand for this metal is expected to rise. BHP Group, Rio Tinto and Fortescue's rivals in iron ore, BHP Group are also looking to increase their exposure to copper as a way to diversify their portfolios. Alta Copper is the sole owner of the Canariaco project, located in northern Peru. The mineral resource reported for this project is 1.1 billion tons at 0.42% copper equivalent and 0.9 billion tons at 0.29 percent. Fortescue shares fell 0.8% at the start of early trading, following in line with a decline in the Australian mining subindex.
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Venezuela's allies back Maduro amid rising tensions with the US
Venezuela's regional partners voiced their support for the Venezuelan government at a summit held?on Sunday. They condemned the Trump administration's seizure last week of an oil tanker. The US captured the Skipper tanker last Wednesday off Venezuela's coastline, marking the first time that Venezuelan oil has been taken by American forces since sanctions were imposed on Venezuela in 2019. Support for President Nicolas Maduro at a virtual televised meeting of the leftist ALBA group of Caribbean and Latin American nations, occurred during an escalation in a U.S. buildup of military forces in the southern Caribbean. Cuban President Miguel Diaz-Canel stated during the summit that "Latin America today faces threats that have never been seen in the last decades." Daniel Ortega, co-President of Nicaragua, referred to the seizure of the tanker by the United States. Daniel Ortega, co-President of Nicaragua, referred to the seizure by the?U.S. The seizure of the tanker could have a ripple effect throughout the region. Venezuelan oil exports will drop sharply, and Cuba's grid may be at risk. The Trump administration has not recognized Maduro as Venezuela's legitimate president, even though he's been in power since 2013. As the U.S. launched deadly strikes on suspected drug-trafficking boats in the eastern Pacific Ocean and off the Venezuelan coast, tensions have increased. Maduro has said that Trump wants to remove him. Maduro called on the ALBA bloc at the summit to resist what he called unlawful interference in that region. He said, "The colonizer will not happen." "We will be liberated." (Reporting and editing by Leila Mill; Paul Simao).
Amazon rivers' low water levels bring fresh challenges for residents
Water levels in the rivers that run through the large Amazon rainforest have been falling, after a record drought followed by less rain, providing unmatched challenges for the Ribeirinhos individuals living there.
With rivers ending up being more difficult to browse and water too filthy to consume, many of the conventional rural population who reside on river banks have been counting on outdoors products of drinking water.
Francisca das Chagas da Silva, a citizen, said older individuals in specific have struggled because they needed to stroll much even more to get water. We need to carry it from the riverbanks to our homes, she stated.
The Ribeirinhos usually get water directly from rivers or have actually connected systems - however these means of supply stop working when water levels drop so drastically.
Now, lots of residents rely on non-governmental organizations or the state federal government for drinking water.
Joao Ferreira Mendonca, a neighborhood leader, said the river bank had to do with 800 meters (0.5 miles) far from some homes, a. far away for an older individual or one with health issue.
Now think of an individual in the hot sun, individuals with high blood. pressure, doing this journey, he said.
The Brazilian Geological Service, SGB, has cautioned in recent. days that all rivers in the Amazon basin were anticipated to drop. below their historical levels.
Ribeirinhos normally live on river banks in pile dwellings -. from where they move with motor boats.
Rosicleia Gomes Vieira, another resident, said life in. general was becoming far more separated due to the fact that the low water. levels make navigation harder and difficult to bring. produce to the city.
Other than the rivers, which have long been the primary method of. transportation for locals, there is only a long dirt road that. cuts through the dense rain forest.
In Brazil, where wildfires have actually also occurred, the low water. levels are likewise striking soy and corn shipments in center-west. states such as Mato Grosso, Brazil's number one grains growing. location.
(source: Reuters)