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China's copper exports to China decline in November amid rising prices
Official data released on Monday showed that China's imports of copper fell for the second consecutive month in November, due to rising prices for the metal. The General Administration of Customs reported that imports fell 2.51% in November, from 438,000 metric tons the month before to 427,000 tons. China is the largest consumer of copper, and imports unwrought copper, as well as copper products. This includes anodes and refined metals, alloys, and semi-finished products. The London Metal Exchange benchmark three-month price of copper rose 2.77% in November, reaching a record high of $11,210.50 per ton. However, supply concerns led to a break through this level in December. China's leading smelters have agreed to reduce output by 10% in 2026, to combat negative processing charges. This has fueled expectations of a tighter supply for refined copper next year. Yangshan Copper Premium The price of copper in China, which is a measure of the appetite of Chinese buyers for imported products, was $32 per ton at the end November. This compares with $36 at the end October and $58 a month earlier, reflecting a shrinking demand for imports. As traders raced to profit from the arbitrage between Comex and LME, more global refined copper was shipped to the United States during the entire year. Comex stocks of copper The price of oil rose to an all-time high at the end of November. Chile's copper giant, owned by the state, sought to increase premiums for contracts that would last until 2026. The traders saw the Codelco premiums at record levels as a way to make money from arbitrage between the Comex and LME, not for the purpose of supplying markets outside the United States. According to official data, China imported 4,88 million tons (down from 5,12 million) of copper in the period January through November. This is down from the 5.12 million tonnes in the same period in 2024. Imports of copper concentrate, which is used in smelters to produce metal, increased from 2.45 million tons a month ago to 2,53 million tons in November. China imported 27,61 million tons (up from 25,57 million) of copper concentrate between January and November. (Reporting and editing by Clarence Fernandez; Lewis Jackson and Dylan Duan)
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Gold prices rise as the dollar weakens and traders prepare for a Fed rate cut
Gold edged higher on Monday as traders became more confident that the U.S. Federal Reserve would cut interest rates at its meeting this week. As of 0319 GMT, spot gold was up by 0.3% to $4,212.70 an ounce. U.S. Gold Futures for December Delivery were unchanged at $4,241.30 an ounce. Gold priced in greenbacks is now cheaper for foreign buyers. Tim Waterer, KCM Trade's Chief Market Analyst, said that the Fed is on track to reduce rates this week. The expectation of a looser monetary policy will drive gold prices higher. He added that "the anticipated rate reduction this week keeps the dollar under control while giving the gold some room to move upwards." After three consecutive months of gains, U.S. Consumer Spending increased modestly in September. This suggests a loss in momentum at the end third quarter due to a lacklustre job market and increasing cost of living. Last month, private payroll data showed the largest decline in over two and a half years. The Fed's dovish comments have further fueled expectations for monetary ease. CME's FedWatch shows that markets are pricing in an approximate 88% chance for a rate cut of 25 basis points at the Fed meeting on December 9-10. Gold is a non-yielding asset that tends to be favoured by lower interest rates. After hitting a new record high of $59,32 per ounce on Friday, silver fell 0.4% to $58.06 an ounce. The white metal has risen more than 100 percent this year. Waterer stated that silver is still widely viewed as undervalued compared to gold. Its 2025 rally reflects a growing industrial appetite, and the expectation that demand will continue outpace supply until 2026. Palladium fell 0.1%, to $1455.97, and platinum rose 0.7%, to $1653.0.
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China's imports of iron ore in November fell due to a shrinking margin
China's imports of iron ore in November dropped for the second consecutive month by 0.7% compared to the previous month. The decline was due to a decrease in buying interest after several mills began equipment maintenance because profit margins were shrinking. Data from the General Administration of Customs revealed on Monday that China imported 110.54 millions metric tons of this key ingredient for steelmaking last month. It was less than 111.3 millions tons in October, but higher than 101.86 in the same month of last year. Last month, more steel mills performed maintenance on furnaces as iron ore prices remained stable and steel demand was weakening. Mysteel, a consultancy, reported that the average daily hot metal production - an indicator of demand – fell 1.7% in November compared to the previous month. Mysteel's data shows that only 35% (down from 45%) of steel mills made a profit at the end November, compared to late October. Imports were above 100 million tonnes for the sixth consecutive month, contributing towards a build-up of portside stocks. Portside inventory Steelhome's data showed that at the end of November, shipments had risen 2.5% compared to a month ago. Iron ore imports in the first 11 month of 2025 rose by 1.4% compared to the same period the year before, reaching 1.139 billion tonnes, setting the annual record. In November, steel exports increased by 2% over the previous month to 9,98 million tons. This represents an increase of 7.5% year-over-year. The November shipments brought the year-to date exports to 107.72 millions tons, which is a record for this period. This represents an increase of 6.7%. (Reporting and editing by Amy Lv, Lewis Jackson and Christopher Cushing).
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China's coal imports in November were down by 20% on a year-on-year basis
The General Administration of Customs reported on Monday that coal imports from China, the largest buyer in the world, dropped 20% from their record high of the previous year. Imports in November, at 44.05 millions metric tons, were up by 6% compared to 41.74 tons in October. Imports in November of the previous year had reached 54.98 millions tons, a monthly record. The China Coal Transportation and Distribution Association's (CCTD) website reported in late November that although imported coal has a slight price advantage, this arbitrage has decreased as domestic coal prices have fallen. CCTD stated that due to supply constraints, imports are likely to be lower than the previous year's levels in the last two months of the calendar year. The cold weather in Russia and Australia has affected Russian exports, and heavy rains in Indonesia have curtailed exports. The data revealed that China's imports of coal fell by 12% in the first 11 month of 2025 compared to a year ago, reaching 432 million tonnes. (Reporting and editing by Tom Hogue; Colleen howe)
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Oil nears two-week highs due to geopolitical risks and an expected US interest rate reduction
Oil prices were at a two-week high on Monday, as investors waited for a possible U.S. Federal Reserve rate cut to boost economic growth and increase energy demand. They also monitored geopolitical risks that threatened Russian and Venezuelan supplies. Brent crude futures were up 9 cents or 0.14% to $63.84 per barrel at 0321 GMT. U.S. West Texas Intermediate crude rose 8 cents or 0.13% to $60.16. Both contracts closed the Friday trading session at their highest level since November 18. LSEG data shows that the markets are pricing an 84% probability of a quarter point cut during the Fed meeting scheduled for Tuesday and Wednesday. Board member comments suggest that the meeting will be the most divisive for years. Investors are now more focused on the bank’s internal dynamics and policy direction. The pace of progress in Europe's Ukraine peace talks is slow. There are still disagreements over the security guarantees for Kyiv, and about the status of Russian occupied territory. U.S. officials and Russian officials have also differing opinions on the peace plan presented by the Trump administration. In a note to clients, ANZ analysts stated that "the various possible outcomes from Trump's recent push to end war could release a shift in oil supply of over 2 million barrels per daily." Vivek Dhar, an analyst at Commonwealth Bank of Australia, said that a ceasefire was the primary downside risk for the outlook of oil prices. However sustained damage to Russia’s oil infrastructure represents a significant upward risk. Dhar wrote in a note to clients that "we think the oversupply concern will be realized, especially when Russian oil and refined products flows circumvent sanctions. Futures prices should then track toward $60/bbl by 2026." People familiar with the situation have told me that the Group of Seven and the European Union were in discussions to replace the price cap on Russian crude oil exports by a complete maritime services ban. This would further reduce the supply of the world's largest oil producer. The U.S. also increased pressure on Venezuela, a member of the Organization of the Petroleum Exporting Countries. This included strikes against boats that it claimed were attempting smuggle illicit drugs out of Venezuela. It also talked of military action in order to topple President Nicolas Maduro. Analysts and trade sources said that independent Chinese refiners are also increasing their purchases of Iranian oil sanctioned from tanks onshore, using newly-issued import quotas. This is helping to ease a glut in supply. (Reporting and editing by Florence Tan, Jamie Freed, and Christopher Cushing).
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Shanghai copper prices rise ahead of Fed rate decision
Shanghai Copper began the week on Monday with a higher price, as the U.S. Federal Reserve is expected to cut interest rates. As of 0215 GMT, the most active copper contract at the Shanghai Futures Exchange had risen 0.52% to 92,040 Yuan ($13,020.78) a metric ton. The benchmark three-month price of copper at the London Metal Exchange fell 0.23% to $11,593 per ton. The markets are pricing in an interest rate reduction of a quarter point by the U.S. on Wednesday. Only 19 out of 108 economists voted against any change. Copper prices rose in Asia as signs of lower supply were evident. The weekly stock report of the SHFE showed that the amount of delivered copper in SHFE sheds had decreased by 9.22% at the end of the last week. This was the second week in a row of declining prices. Last week, cancellations were also observed in copper stocks available or on warrant in LME warehouses. Copper inventories at the U.S. Comex Exchange The number of short tons (which is equivalent to 396,306 tons of metric weight) has continued to rise after reaching a record in late November. Analysts at Chinese broker GF stated that the strength of copper is due to a structural mismatch in supply and available stock as a persisting Comex-LME Premium has diverted metal towards the U.S. tightening the supply in the remainder of the world. The disruption of mines in China and the agreement by major smelters to reduce output by 10% have also fueled supply concerns. Aluminium, tin, and zinc were all unchanged. Lead and nickel also showed little change. Aluminium was down by 0.33% on the LME, while nickel was down by 0.50%. Tin was also down by 0.67%. Zinc was not much changed, and lead was up 0.22%. Monday, December 8, DATA/EVENTS - (GMT) 0700 Germany Industrial Production MM, YY SA October 0745 France Reserve Assets Nov ($1 = 7,0687 Chinese yuan renminbi). (Reporting and editing by Lewis Jackson, Sonia Cheema, Dylan Duan)
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Iron ore prices fall as China's demand falls
Iron ore futures fell on Monday due to a sagging Chinese demand and increased equipment maintenance. However, the lingering bets for stimulus limited losses. As of 0219 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange fell by 0.7% to $782 yuan (US$110.63) per metric ton. It hit 778 yuan earlier in the session. This was the lowest price since November 17. As of 2109 GMT, the benchmark January iron ore traded on the Singapore Exchange fell 0.57% to $100.8, after earlier touching $102.35, the lowest price since December 1. Analysts said that several steelmakers have undertaken equipment maintenance due to the seasonal decline in steel demand around this time. This has resulted in a decrease in demand for steelmaking feedstock. Data from Mysteel consultancy showed that the average daily hot metal production, which is a measure of iron ore consumption, fell 1% since last week, to 2,32 million tons. This was the lowest level since September 5. Analysts said that the price of the main steelmaking ingredient was not affected by analysts' expectations that possible stimulus measures would be announced at top-level meetings in late this month. First Futures analysts said that a wave in restocking by steel mills, prompted by lower prices could also limit the downside. Coking coal, coke and other ingredients for steelmaking fell by 6.35% and 6.41 %, respectively. Zhuo Guiqiu said that iron ore prices were also affected by the weakening of coal markets. The Shanghai Futures Exchange has seen a decline in most steel benchmarks. Hot-rolled coils fell by 0.96% and rebar and wire rod by 1.39%. Stainless steel gained 0.28%. ($1 = 7.0687 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson)
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Official: India does not plan to increase coal power beyond 2035.
A top official in the power ministry said that India has no immediate plans to increase coal power generation beyond 2035. Pankaj Agarwal told an audience at a power ministry function that India wants to meet its energy needs. "By 2035, our goal is to have coal capacity of 307 Gigawatts." He said that it was "premature" to predict what the future holds beyond 2035. India proposed this year to increase its coal power by 46%, from its current 210 GW. It also doubled its non-fossil energy capacity of 500 GW. Agarwal stated that the coal power plans were in line with India's energy needs. India has reduced power production for the majority of this year due to grid challenges caused by the integration surplus clean energy in the grid. Agarwal said that the country could decide to add more coal capacity once it has studied the power demand growth and the rate of integration of renewable energy into the grid for three years. He said that India should evaluate grid challenges as well as the costs of storing clean energy in batteries before adding additional coal capacity after 2035. The annual decline in India's coal-fired electricity generation, which accounts for 75% of its output, was the highest since 2020, as the mild weather decreased cooling demand. Even so, some Indian utilities have signed long-term contracts to purchase coal-fired generators in order to meet the projected increase in evening demand. Reporting by Sethuraman NR from Delhi and Jayshree Upadhyay from Mumbai; editing by William Mallard
The EV industry is shaped by the competition between battery technologies
Startups around the world are racing to create new battery technologies that use materials such as sodium and sulfur, or other innovative chemistries. They aim to reduce costs and reduce dependence on certain minerals for electric vehicles (EVs).
China controls 90% of raw material processing for two of the most popular lithium-ion EV variants.
The battery technology is constantly evolving, but its basic principles remain unchanged. It has three components: a cathode anode, and an electrolyte.
Here are some of the battery types that are currently being used or developed by carmakers as they consider long-term solutions.
Use in batteries with 6 or 12 Volts to power car starters.
Cons: Not cheap, but works well in extreme conditions.
Cons: Low energy and heavy.
NICKEL-CADMIUM (NI-CD)
Rechargeable batteries.
NICKEL-METAL HYDRIDE (NI-MH)
Toyota's 1997 Prius was the first hybrid car.
SODIUM NICKEL CHLORIDE
The French Postal Service has used Venturi Automobiles in its fleet.
This battery is smaller and can be installed in existing vehicles without the need to convert them.
Cons: Maximum speed is limited to only 100 km/h. Range is limited to just 100 km.
LITHIUM METAL POLYMER (LMP)
Use in
Bollore Pininfarina's BlueCar, the Parisian Autolib car-sharing program, are both discontinued. The technology is now mainly used for stationary storage and buses and trams.
Benefits: The "dry" technology based on the principle of capacitors is easier to industrialize.
Cons: Battery must be preheated and maintained at a specific temperature.
LITHIUM-ION
Sony was the first to commercialize this technology in 1991. It is now used in many devices including mobile phones, laptop batteries, electric vehicles, and other devices.
Lithium, the second-most energetic metal in the world after uranium.
No charge memory and fast or slow charging are possible.
Cons: They are heavy and sensitive to the external environment (cold or vibrations), as well as "liquid" batteries that require careful monitoring of their temperature.
Two Li-ion technology families dominate the EV market
NMC (Nickel Manganese Cobalt) has a high energy density, but is more suitable for large vehicles. Cobalt is primarily sourced from the Democratic Republic of Congo where conditions for mining the metal raise ethical and strategic issues.
LFP (Lithium Iron Phosphate),
Benefits: Reduces the cost of technology and eliminates cobalt.
Cons: Lower energy densities than NMC
SODIUM-ION
Cons: Replaces lithium, nickel, and cobalt with aluminium, manganese, and iron, which are metals in high demand.
Because sodium is more abundant than lithium and easier to extract and provide, it's cheaper.
Non-flammable and can handle up to 50,000 cycles of recharge, which is five to ten times more than the lithium-ion.
Cons: Low energy density and a lack of supply. Interest is linked to lithium prices.
LNMO (Lithium Nickel Manganese Oxide)
Pros: No need for cobalt. Renault claims that the technology it plans to introduce by 2028 combines NMC's energy density with the safety and cost of LFP and recharge times less than 15 minutes.
Cons: Still in development.
LITHIUM-SULFUR
Pros: Stellantis'-backed U.S. company Lyten, who bought the majority of assets from bankrupt Swedish battery manufacturer Northvolt, claim that this technology is more than twice as energy dense as lithium-ion. It eliminates the requirement for nickel, manganese, and cobalt. This also ensures greater autonomy, since some raw materials can be manufactured locally in North America and Europe.
Cons: No deployment before 2028.
SOLID STATE BATTERIES
Lithium-ion batteries are now powered by a solid electrolyte, which replaces their liquid counterpart.
Cons: Lighter, higher energy density and non-flammable.
Cons: Still in development. No large-scale production. Sources: futurasciences.com, Plastec (TotalEnergies), Saft, Renault, Arkema and other companies.
(source: Reuters)