Latest News
-
Copper falls below records as Fed caution tempers gains
The copper price held steady on Wednesday just below records highs, as investors awaited a possible hawkish message from the U.S. Federal Reserve after its two-day policy meeting. The Shanghai Futures Exchange's most traded copper contract closed the daytime trade down 0.23%, at 91.850 yuan (about $13,005.86). As of 0710 GMT, the benchmark 3-month copper price on the London Metal Exchange rose 0.68% to $12,565.50 per ton. The Fed's upcoming rate decision slowed copper's momentum. Markets expect a "hawkish reduction" in interest rates at a time of rising inflation fears and the resilience of US economy. Analysts at Chinese broker Jinrui stated that investors have scaled back their?positions due to apprehension over future rate cuts. They also expect a supply'strain' outside of the U.S., which is keeping prices high and volatile. China's consumer price inflation reached a 21-month high in November. However, factory-gate deflation continued to persist, even as the Chinese government intensified its campaign to reduce overcapacity. Shareholders of Canadian'miner Teck Resources' approved the merger between Anglo American on Tuesday, clearing the way for the case?to be reviewed by regulators. Aluminium, lead, and nickel all declined, while tin was the only metal to gain. The?LME metals gained 0.45% in lead, 0.45% in zinc, 0.31% in nickel and 2.39 % for tin. $1 = 7.0622 Chinese Yuan Renminbi (Reporting and editing by Dylan Duan, Lewis Jackson and Harikrishnan Nair).
-
Silver reaches new records at $60/oz, gold little changed before Fed decision
On Wednesday, gold prices remained steady as investors prepared to analyze Federal Reserve Chairman Jerome Powell's comments on a day when the bank will likely announce a rate cut. Silver continued its record-breaking rise above $60 per ounce. As of 0606 GMT, spot gold was unchanged at $4210.79 an ounce. U.S. Gold Futures for February Delivery rose by 0.1%, to $4238.90 an ounce. Spot silver rose 1% to $61,30/oz, after hitting a session high of $61.46. The price of silver rose 1% to $61.30/oz after hitting a high of $61.46 earlier in the session. Silver is now overtaking gold in value. In October Today, that is close to 69, said Jigar Trivedi senior research analyst at Reliance?Securities. Jigar Trivedi is a senior analyst at Reliance Securities. Trivedi said that silver is in high demand, considering its fundamentals and the use of the white metal in various industries. In a report released on Tuesday, the Silver Institute, an industry association, said that sectors?such as solar energy, electric cars and their infrastructure, data centers, and artificial intelligence, will drive industrial demand through 2030. Maria Smirnova said that the metal was boosted by exchange-traded funds and the U.S. decision to designate it as a critical mineral in early this year. Silver inventories are shrinking globally and the expectation of Fed rate reductions has supported demand. Powell will hold a press conference at 1930 GMT after the conclusion of the two-day meeting. Investors expect a 25 basis-point cut to be implemented in about 89% of cases. GoldSilver Central MD Brian Lan stated that "what we're seeing is not much of a change on spot gold, it's still range-bound and people are looking to the Fed interest rate?tonight and whether or not there will be any further news" (on monetary policy). White House economist Kevin Hassett said on Tuesday that there was "plenty" of room for further cuts, but rising inflation may change this outlook. Gold is a non-yielding asset that tends to be favoured by lower interest rates. Palladium dropped 0.6%, to $1,497.31, while platinum fell 1.3%, to $1667.89. Reporting by Ishaan Aroo, Anmol Choubey, Sherin Elizabeth Vaghese and Rashmi Anich in Bengaluru. Editing by Harikrishnan Nair and Rashmi Anich
-
Namibia's second desalination facility to be built by Chinese uranium mining company
Swakop Uranium is a subsidiary owned by the China General Nuclear Power Group. It has entered into a joint venture agreement with Namibia’s water utility, NamWater to build Namibia's second desalination plant near Swakopmund. The plant is only the second one of its kind in Africa. It will help to bolster water supply to the country's biggest uranium mining operation, Husab. In a joint statement released on Tuesday, partners of the joint venture said that negotiations had ended successfully. The project implementation phase will now begin. Swakop Uranium holds 70% of the stake, and NamWater has the rest. According to the statement, "The next steps include the'registration of Erongo Sunam Desalination Project Joint Venture Company and the detailed engineering, environmental assessment, financing arrangements, and construction planning." The new 20-million cubic-meter facility is expected to provide a stable and cost-effective supply of water to Swakop Uranium’s Husab Mine, as well as to neighbouring mines, communities and mines. Officials said that the Husab Mine is the largest open-pit uranium mining operation in the world. It also consumes the most water in the Erongo Region and is the second largest single water consumer in Namibia after Windhoek. Lot Ndamanomhata refused to reveal the cost of the project, but local newspapers estimated it at 3 billion Namibian dollars ($176 million). ($1 = 17,0364 Namibian Dollars) (Reporting and editing by Wendell Roelf, Mrigank Dhaniwala).
-
Lingbao Gold, a Hong Kong-listed company, will buy 50% of Australia’s St Barbara unit at $245.5 Million.
St Barbara Mining, a subsidiary of Australia's St Barbara, announced on Wednesday that Chinese gold producer Lingbao?Group would buy a 50% share in the company for A$370m ($245.5m) cash. St Barbara Mining is the owner of Simberi Gold Company. This company will own an 80% stake on Simberi Gold 'Project' in Papua New Guinea. Kumul Minerals will purchase the remaining 20% of the shares for A$100million. Kumul Minerals is the state nominee to?PNG for the share of minerals in the country. Kumul's investment comes as the PNG Government seeks to?expand national ownership of key resource projects. Australian gold producers are enjoying a rapid rise in equity, thanks to the surging gold price. This has prompted companies to unlock value both from domestic and foreign assets. "With 'Lingbao', we have an experienced, well-funded and committed partner," St Barbara CEO, Andrew?Strelein, said. He added that Kumul’s participation in Simberi helps to?align key stakeholders. "St Barbara has now received full funding for its expected share of development costs?of the Simberi Gold Project." The company hopes to make a final investment decision for the Simberi Expansion Project by the third quarter fiscal year 2026.
-
The yen is a hazed mess before the Fed
Rae Wee gives us a look at what the European and global markets will be like tomorrow. Investors have focused their attention on the Federal Reserve rate decision this week, but on Wednesday the currency markets briefly turned to the Japanese yen. After a sudden fall in the yen's value against the euro, and a drop of nearly 0.9% versus the Aussie dollar, the yen appeared to be slurring its words. The dollar was also on the verge of breaking through the 157-yen mark. The move was not a major event, but it could have been a way to position itself ahead of next week's policy meeting of the Bank of Japan (BOJ). Markets have almost priced in a 25-basis point hike, but the future is still unclear. There is little reason to tighten policy beyond December, given the lingering fiscal and growth concerns in Japan. If the expected hike next week is followed by another?months' wait, then the yen's trajectory will not change much - which means more downside risk. Even at 0.75% rates,?Japan's would still be among the lowest in world. The announcement comes at a time when policymakers in Australia, Europe and elsewhere have indicated that they may be considering a rate hike. Markets elsewhere reacted little when data showed that China's annual inflation rate accelerated in November to its highest level in 21 months, and factory-gate deflation increased. The Politburo - the top decision making body of the ruling Communist Party - said this week that China would continue to expand domestic demand in 2026 and support the economy through more proactive policies. The rupiah in Indonesia has weakened slightly after news that the United States trade agreement is at risk, according to an official from the United States, as Jakarta has retracted on several of its commitments made under the deal. Later, an Indonesian government official said that tariff negotiations between the United States and Indonesia are progressing as planned by both leaders. The Fed was the focus of attention, as the?outcome on Wednesday could be the most divisive in recent years. Investors have had a stressful few weeks in the lead up to this meeting. There was little data available during the record 43-day U.S. Government shutdown. Fed officials sent contradictory messages and President Donald Trump's Administration pushed for lower interest rates. Kevin Hassett is the White House's economic adviser and the leading candidate to become the Fed's new?chair. He told the WSJ Chief Executive Council on Tuesday that there was "plenty" of room to reduce interest rates. However, he said, if inflation increases, then the calculation?"may change." The Bank of Canada is also expected to announce its policy announcement on Wednesday. It will likely remain unchanged on rates due to a growing economy and an easing of inflation. The following are key developments that may influence the markets on Wednesday. - Federal Reserve rate decision Bank of Canada Rate Decision
-
Markets watch Ukraine peace talks and Fed rate decision
Investors waited for a decision by the U.S. Federal Reserve on interest rates and watched progress in Russia-Ukraine talks. Brent crude futures rose 7 cents or 0.1% to $62.01 per barrel at 0500 GMT. U.S. West Texas Intermediate Crude was trading at $58.32 per barrel, an increase of 7 cents or 0.1%. Suvro Sarkar is a DBS Bank energy analyst and said that the American Petroleum Institute reported a decline in U.S. oil inventories. Oil prices could be supported by the U.S. Fed's rate-cut policy, which is another macro-driver. Citing market sources The API numbers are a good way to understand the figures. On Tuesday, the U.S. Department of Energy reported that crude oil inventories in the United States fell by 4.78 million barrels, while gasoline inventories increased by 7 million barrels, and distillate stocks increased by 1.03 millions barrels. While markets were booming, Expecting The U.S. Federal Reserve is to Reduce the size of your ad with this At its meeting on Wednesday, the Bank of England cut its key interest rate a quarter-point to help cool down the labour market. A reduction in interest rates may increase oil demand through economic growth. However, concerns that supply would outpace demand curtailed gains. ING analysts stated in a note that despite the market moving further into a glut, Russian oil supply is still a concern. "While Russian seaborne oil export volumes are doing well, these barrels are having a hard time finding buyers," ING stated, adding that Russian output will begin to drop if buyers cannot be found. After days of intense diplomacy, Ukrainian President Volodymyr Zelenskiy announced that his country and European partners would soon be presenting "refined documents," on a plan to end the conflict with Russia. The lifting of sanctions against Russian companies could be achieved by a 'peace agreement' between Ukraine and Russia. This could allow for the reopening of restricted oil supply. The Energy Information Administration has also said that it expects U.S. crude oil production this year to be higher than expected. Its forecast for 2025 was raised by 20,000 barrels a day to an average of 13.61 million. The organization, however, reduced its forecast of total production in 2026 to 13,53 million bpd by 50,000. (Reporting and editing by Thomas Derpinghaus; Emily Chow)
-
Silver reaches new records, gold edges ahead of Fed decision
Silver continued its record-breaking rise above $60 per ounce, as silver continues to be pushed higher by investors awaiting the Federal Reserve Chairman Jerome Powell’s guidance on the day the bank is expected cut interest rates. As of 0309 GMT, spot gold rose 0.2% to $4215.61 an ounce. U.S. Gold Futures for February Delivery rose by 0.2% to $4244.70 an ounce. Spot silver was up 0.6% to $61.06/oz, after reaching a session high of $61.46. It has built on Tuesday's breakthrough above the $60 level, driven by depleted stocks and strong industrial demand. GoldSilver Central's?MD Brian Lin said: "What we are seeing on spot gold is that it's range-bound and people will be looking to the Fed interest rate tonight (to see if there'll any further news)" Powell will hold a press conference at 30 minutes after Powell's rate announcement at 1900 GMT. The FOMC meeting, which lasted two days, concludes on Wednesday with a decision about the interest rate. Investors currently price in an 88.6% probability of a 25 basis-point cut. Kevin Hassett is a White House economist and a leading candidate for Fed chairman. He said that there was "plenty" of room?for more. Rate cuts But rising inflation could change this outlook. Gold and other non-yielding investments tend to do well in low interest rate environments. "Many are now interested in silver because it (finally is) catching up to gold. "The (gold-silver ratio) has dropped sharply and there's a lot of demand for silver on major markets including India," Lan stated. Silver Institute, an industry association, said that a report released on Tuesday showed that sectors such as?solar power, electric vehicles, data centers, and artificial intelligence would drive the industrial demand upwards through 2030. Silver prices are supported by dwindling inventories worldwide, high demand and expectations that the Fed will ease interest rates. It has also been added to the U.S. Critical Minerals list. Palladium dropped 0.2%, to $1,503,26. Platinum fell 1.2%, to $1669.70. (Reporting by Ishaan Arora in Bengaluru; Editing by Rashmi Aich and Harikrishnan Nair)
-
Copper falls below records as Fed caution tempers gains
The copper price hovered just below its record highs as investors waited for the U.S. Federal Reserve to announce a possible hawkish policy following their two-day meeting. As of 0315 GMT, the?most-traded copper contract at the Shanghai Futures Exchange?was down by 0.37% to 91,720 Yuan ($12,987.27) per metric ton. The benchmark three-month price of copper at the London Metal Exchange rose 0.67%, to $11,564 per ton. The upward trend in copper slowed as the Fed rate decision drew near. At a time of persistent inflation fears and a resilient economy in the United States, the market was expecting a "hawkish" cut in December. Analysts at Chinese broker Jinrui stated that investors have scaled back their positions due to the uncertainty of future rate cuts. They also noted that the expected'supply pressure outside the U.S. keeps prices high and volatile. The copper price has recently reached record highs due to the expectation that supplies will be tightening outside of the U.S. and mine disruptions. China's consumer price inflation reached a 21-month high in November. However, factory-gate deflation continued even as the government intensified its campaign to reduce overcapacity. Shareholders of Canadian miner Teck Resources approved the merger between Anglo American on Tuesday, paving the way for the review by regulators. Aluminium, among other metals, fell 0.34% on SHFE. Zinc dropped 0.43%. Lead?lost? 0.84%. Nickel declined 0.73%. Tin was the only metal to gain 0.72%. Aluminium gained?0.63% on the LME, while zinc gained 0.49%. Lead was up 0.33%. Nickel gained 0.31%. Tin rose 1.11%. Wednesday, December 10, DATA/EVENTS 0600 US Wheat, Corn and Soybean End Stocks 25/26 Dec 0600 US Wheat, Corn and Soybean E/S for the World 25/26 dec 0600 US Corn, Soybean, Wheat end stocks 25/26 dec 0600 US world soy, wheat, corn
UK stadiums switch beef burgers to wild venison in order to reduce carbon emissions
In an effort to reduce carbon emissions, stadiums such as Brentford’s Gtech Stadium are switching to wild venison.
Levy UK, a hospitality partner, says that the initiative, which is now being rolled out to over 20 venues across the UK and Ireland could reduce emissions by up to 85%, and save as much as 1,182 tons of CO2e annually.
James Beale is the Director of Sustainability and Community for Brentford. He said that beef has the greatest impact on carbon emissions of all the ingredients we offer.
We wanted to replace it with wild venison, which has 85% fewer carbon?emissions (per kilogram) than our beef hamburgers. It has a huge impact.
In place of 54 tonnes of beef hamburgers, the initiative will provide wild?venison portions in eco-friendly packaging, with condiments made of surplus?vegetables.
Levy Sports and Entertainment Catering, which caters to sports and entertainment, says that the venison hamburger was first sold in Brentford's stadium. In just one month at Twickenham, close to 5,500 wild-venison burgers had been sold, including at Twickenham's Women's Rugby World Cup Final in September.
Beale stated, "Our fans love it." It's more popular that the beef burger last year.
Depending on how emissions are measured, independent studies have varied on the size of the carbon difference between wild venison and beef.
Levy said that Britain's two million estimated wild deer have no natural predators and are "helping to drive a sustainable push" as their meat is now on?stadium menus.
The company stated that using wild venison helps reduce reliance on artificial ingredients, supports biodiversity and curbs contamination of water. It also offers a 'lower-carbon alternative' to beef.
Levy said that the National Exhibition Centre, The O2, The National Theatre and The Oval Cricket Ground in London are also part of their nationwide rollout. (Reporting and writing by Stuart McDill; editing by William Maclean).
(source: Reuters)