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China's rare earth magnet exports reached their second highest level ever in November
China's rare-earth exports reached the second highest level ever in November, the first month following the U.S. and China agreement to streamline the exports?of?the elements. Customs data published on Saturday shows that exports reached 6,150 metric tonnes in November. This is up 12% over October, and the highest level since January's record 6,357 tons. China restricted exports of specialised magnets that are used in cars, phones, and weapons in April, during the trade conflict started by U.S. President Donald Trump. This brought parts of the global supply chains to a standstill. Trump?said that he and Xi Jinping, the Chinese leader at a recent summit in South Korea, had agreed to maintain rare earths exports in a deal where he lowered tariffs on Chinese products. China's exports have recovered steadily after a slew of diplomatic agreements culminating in the Trump - Xi summit. This included a special classification meant?to accelerate shipments. China's rare earth magnet exports to America totaled 582 metric tonnes in November. This is down 11% compared to the previous month, but still within the range of the average since July. Exports to Japan, which is embroiled in diplomatic disputes with Beijing, increased by 35%, reaching 305 metric tonnes, the highest amount this year. The exports of rare-earth magnetic materials fell by 2% in the first 11 month of this year to 51.440 tons. Reporting by William Mallard; Editing by William Mallard
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ERG signs long-term supply agreement with Mitsubishi
The Eurasian Resources Group, a mining group, announced on Saturday that it had signed a long-term agreement to supply gallium for Mitsubishi Corporation?RtM Japan Ltd., a subsidiary company of Japanese trading house Mitsubishi?Corp. Kazakhstan, which currently produces no gallium, will become the second largest producer in the world after China when ERG begins production in the third-quarter of 2026. Gallium is a critical mineral for the United States and European Union. It is used to manufacture semiconductors and radar systems for aerospace and defence. In a recent statement, Shukhrat?Ibragimov (CEO and board chairman of ERG) said that gallium was a crucial element. By developing domestic operations, we can?transform strategic resources into competitive products and strengthen Kazakhstan’s position in the market for high technology materials." China announced last month that it had lifted a ban on the export of gallium and antimony to the United States after a meeting between Donald Trump and Xi Jinping. However, the metals are still subject to broader controls, which require shippers to obtain licenses from Beijing. Luxembourg-headquartered ERG will ?be producing 15 metric tons of gallium per year from the bauxite ?ore it processes to produce alumina in Kazakhstan. These two products are part the aluminium production chain. ERG has not disclosed the amount of gallium that it plans to supply Mitsubishi. In June, it said that the product was going to OECD countries. According to the U.S. Geological Survey, global gallium production reached 760 tonnes last year. China produced the majority of this gallium, with only very small amounts coming from Japan and Korea. (Reporting and editing by Rosalba o'Brien; Polina Devlin)
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MiniMed, Medtronic's diabetes division, files for a US IPO
MiniMed Group, part of Medtronic, filed an initial public offering (IPO) in the United States Friday as the medical device manufacturer moves forward with the spin-off?of its diabetes business. As the capital markets slow down for the holidays, corporate issuers prepare for a possible roadshow launch at the beginning of 2026 when the IPO marketplace kicks back into action. On Friday, the New York IPO paperwork was also filed by ARKO Petroleum, a fuel distributor and Aktis Oncology, a drug developer. MiniMed of Northridge, California, founded by Alfred Mann in 1983, has a range of products from glucose monitors to insulin delivery devices. In 2001, Medtronic acquired MiniMed for $3.3 billion. In recent years, the diabetes unit struggled with quality management and cybersecurity concerns related to certain devices but has now returned to growth. Medtronic announced in May that it would spin off its Diabetes unit via an IPO?of less than 20 percent, followed by a split-off. MiniMed reported net losses of $21million on?sales? of $1.48billion in the six-month period ended October 24 compared to a loss of $23million on sales?of $1.30billion a year ago. Goldman Sachs is the leading underwriter for IPO. BofA Securities?, Citigroup?, and Morgan Stanley? are also involved. MiniMed has selected more than 10 underwriters to help with the offering. The company will be listed on Nasdaq, under the symbol MMED. The company intends to use the proceeds of the offering for debt repayment to Medtronic, among other things. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli and Shailesh Kuber)
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US sanctions Maduro's family and associates
As Washington intensifies its pressure against?the Venezuelan President, the United States imposed sanctions Friday on family members and associates. Treasury Secretary Scott Bessent said in a statement that the U.S. Treasury Department had imposed sanctions against seven individuals it believed were linked to Maduro, his wife and other officials. Bessent issued a statement saying, "We won't allow Venezuela to flood our nation with deadly drugs." "Maduro, and his criminal accomplices, threaten the peace and stability of our hemisphere." The Trump Administration will keep targeting the "networks" that support his illegitimate regime." The Venezuelan Information Ministry did not respond immediately to a request for comment. Maduro, his government and the United States have all denied any links with crime. The U.S. is seeking a regime change to gain control of Venezuela's vast reserves of oil. The move comes at a time when U.S. president Donald Trump has increased pressure on Maduro. He is campaigning to remove him and executing an extensive military buildup in southern Caribbean. The Trump?administration carried out strikes on suspected drug vessels, seized a sanctioned tanker off the?coasts of Venezuela and declared a?blockade' of all sanctioned tankers entering or?leaving Venezuela. Trump has said repeatedly that he will soon launch a land attack in Venezuela. Friday's actions?sanctioned the relatives of Carlos Erik Malpica Flores. The?nephew Maduro's spouse who, according to the U.S., was involved in a?corruption plot at the state oil company. Washington sanctioned him last week. On Friday, sanctions were imposed on Maduro, his mother, who also happens to be the sister of Maduro’s wife, as well as his father, sister and wife.
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Rubio is not worried about an escalation of tensions with Russia regarding Venezuela
U.S. Secretary Marco Rubio told reporters on Friday that the United States was not worried about an escalation in Venezuela with Russia, while?President Donald?Trump?s administration is building up military forces throughout the Caribbean. The Trump administration sent thousands of soldiers to the Caribbean, along with an air carrier, warships, and fighter jets. Rubio said to reporters that he was not worried about an escalation between Venezuela and Russia. Rubio said, "We have always expected Russia to give rhetorical support for the Maduro government... but it is not a factor when we look at this whole thing." Foreign Ministry of Russia On Thursday, Moscow expressed its hope that Trump's government would not commit a?fatal mistake? over Venezuela. It also said that it was worried about U.S. actions that threatened international shipping. Venezuela and Russia are close allies, but a Trump strategy document said that the United States would reassert their dominance in the Western Hemisphere. It also argued the U.S. needed to revive the 19th Century. Monroe Doctrine Washington declared the Western Hemisphere as its zone of influence. The Trump administration also conducted strikes against suspected drug vessels in the region. It seized an oil tanker sanctioned off the coasts of Venezuela and declared it a "blockade" All sanctioned oil tanks entering and departing Venezuela. Trump has repeatedly said that he will'soon' launch a land attack in Venezuela. Democrats have claimed that Trump's administration has only provided limited information on the operations in the region. Rubio stated, "Nothing that has occurred requires us to notify Congress, get congressional approval or even cross the threshold of war," Rubio. Reporting by Simon Lewis and Daphne Psaledakis. Idrees A. Ali (Writing, Editing by Deepa B. Babington).
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Sources: Antofagasta and China smelter have agreed to zero copper charges in 2026.
Two sources familiar with the matter confirmed on Friday that Antofagasta, a Chilean miner, has agreed to pay 0 cents and 0 dollars per pound for treatment?and?refining?charges (TC/RCs). After protracted negotiations, the deal was reached. It compares with charges of $21.25 per ton?and 2.125cents per lb?for 2025, agreed in December last year. The agreement matches?a mid-year contract between Antofagasta?and some Chinese smelters?at zero levels. Miners pay smelters?TC/RCs for the copper concentrate they turn into refined metal. A severe shortage of mine supplies?in the past few months sent spot processing fees to negative territory, meaning that smelters had to pay more money for the privilege of processing materials. One source said that talks between Antofagasta, the world's largest copper consumer, and smelters from China have been "tough" and "challenging" this year. Because the negotiations took place in private, the sources refused to identify themselves or to name the smelter who agreed to the deal. Three sources familiar with this matter earlier said that Jiangxi Copper - one of China's largest copper smelters - was due to meet with Antofagasta Friday evening. Last month, the two sides failed to agree on the sidelines of Asia Copper Week in Shanghai when a representative from the China Nonferrous Metals Industry Association objected to "free and negative treatment of copper concentrate." Antofagasta didn't immediately respond to our request for comment. Reporting by Tom Daly and Pratima Dasai; editing by Kevin Liffey, Louise Heavens and Amy Lv
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After Japan's rate increase, stocks rise worldwide and the dollar gains against the yen.
MSCI's global equity gauge advanced on Friday, with technology leading Wall Street higher. The yen was weaker after the Bank of Japan increased interest rates to three-decade highs and left the door wide open for further tightening. As traders weighed up the impact of a possible disruption of Venezuelan oil supply, U.S. president Donald Trump said in an interview with NBC News published on Friday that he would leave the possibility open. War with the Country On the table. Investors sold the yen after the BOJ raised rates, and some traders took profits. This led them to think about the possibility of an official intervention in order to support the currency. The 10-year bond yield in Japan reached a record high of 26 years and the Nikkei closed 1% higher. In the United States, existing home sales increased marginally in November due to economic uncertainty and mortgage rates that were still elevated. The University of Michigan survey of consumer confidence came in below consensus estimates, but higher than the November number. Gary Schlossberg is a global strategist with Wells Fargo Investment Institute. He said that the economy may be coming out of a "mild soft patch" in terms of economic growth. Consumer price inflation He warned that the CPI could have been distorted due to the 43-day shutdown of government. "We could be still feeding off yesterday's CPI news. This is a significant event, at least on the surface. Schlossberg said that he was "a little sceptical about the extent of improvement we saw in inflation," but added that it appeared to be "peak inflation, at least now." This is good news for both the Fed and markets. MSCI's global stock index .MIWD00000PUS Rose 7.08 points 1 008,26 t The pan-European STOXX® 600 index is a .STOXX Index The rise in the 0.44%. Wall Street 11:42 a.m., Dow Jones Industrial Average Rose 280.23 point 48,232.08 The S&P 500 is a measure of the S&P 500 index. Rose 56.22 points 6,830.98 The Nasdaq Composite Index The rise in the 256.36 point 23,262.72 BOJ RAISES Rates, Yen Slips currencies The yen fell sharply in value against the dollar, and other major currencies. Traders pushed it to levels that could trigger an official buy after the Bank of Japan increased rates?to the highest level for 30 years but didn't provide clarity about future hikes. The Japanese yen is a strong currency. The dollar Strengthened 1.22% 157.44 Dollar index The greenback is measured against a basket including the yen, the euro and other currencies. The rise in the price of goods and services rose by 0.2% The euro is a currency that has been in circulation since the year 2000. Down?0.03% 1.1718 Fixed income markets Treasury yields The Bank of Japan increased interest rates on Friday, and investors continued to assess?delayed releases of economic data' and the direction of Federal Reserve Policy. The yield on the benchmark 10-year U.S. notes increased 2.3 basis points from Thursday's 4.116% to 4.139%. Meanwhile, the 30-year bond yield increased 1.8 basis -points to 4.8181%. The yield on the 2-year note, which is usually in line with expectations of interest rates for the Federal Reserve rose by 2.3 basis points to 3.483% from 3.46% at late Thursday. Energy markets Oil prices The market was waiting for news of a possible peace agreement between Russia and Ukraine, as well as watching U.S. actions regarding Venezuela. It also digested the latest central bank interest rate decisions from around the globe. U.S. crude climbed 0.82%, to $56.61 per barrel. Brent rose 0.72% to $60.25 a barrel. Gold prices fell slightly, as the stronger dollar and higher Treasury yields lowered demand for this non-yielding material. However, bullion is still expected to gain a small amount each week. Spot gold The price of roses 0.26% 4,342.99 An ounce. U.S. Gold Futures The rise in 0.34% 4,354.40 An ounce. (Reporting bySinead carew in New York; Iain Withers, London, and Wayne Cole, Sydney; Editing by Sam Holmes Jacqueline Wong Tomaszjanowski, Chizu Nomiyama
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Peru Central Bank sees economy increasing by 3% between 2026 and 2027
The central bank of Peru slightly increased its forecasted economic growth for 2026 from 2.9% to 3.0%. It also forecasted the same 3.0% growth in 2030. The central bank stated that the revised projections of 2026 in its latest inflation report take into consideration the likely impact of the country's forthcoming presidential elections scheduled for April 12th, 2026. Bank of America also increased its forecast for growth this year from 3.2% to 3.3%. Peru's economy has been recovering for the last two years, after a severe recession in 2023 that was caused by political unrest, social unrest and adverse weather conditions. The bank has predicted that consumer prices will rise by 1.5% this year, and then accelerate to 2.0% the following year. Last week, in line with analyst expectations, the bank maintained its interest rate at 4.25%. The bank's target range for inflation is between 1% to 3%. The central bank also projected a fiscal surplus of 1,9% of GDP for 2026. This is less than the 2,2% estimate made this year. The central bank's fiscal deficit estimates for 2027 remain at 1.6% GDP. The?bank has also raised its projections for the trade balance surplus, which is expected to reach another historic record of $32,89 billion this year and an additional $38,21 billion by?2026. This is due to higher mineral prices as well as a greater volume of sales for agricultural and fishing products. Peru is the third largest copper producer in the world. (Reporting and editing by Natalia Siniawski, Aida Pelaez Fernandez and Marco Aquino)
China's uncommon copper export boom signifies more than weak need: Andy Home
An uncommon burst of Chinese exports has actually deflated bull spirits in the copper market, with funds discarding long positions and costs down by 16% from the record highs seen in May.
The world's largest buyer of copper shipped an extraordinary 158,000 metric lots of refined metal in June. First-half exports of 302,000 tons were currently higher than any full calendar year since 2019.
This break of typical trade patterns has pierced a bull narrative of constrained supply and cyclical need healing.
Weak Chinese purchasing supervisors indices show that activity in the nation's production sector sank to a five-month low in July, strengthening Medical professional Copper's dismal message.
Yet demand weakness is just part of the story.
Fast-rising domestic production and a flood of African imports have saturated the regional market. And after that a relentless squeeze on the CME agreement in May opened an equally uncommon export arbitrage window for that excess to flow out.
TOO MUCH COPPER
China produced 5.9 million tons of refined copper in the initially half of the year, according to local data service provider Shanghai Metal Market. That represented year-on-year development of 6.5%, comparable to an extra 359,100 loads.
The robust growth rate runs counter to expectations that domestic production would fall after the nation's smelters committed in March to curtail output due to tight raw materials supply.
It's true that numerous smelters have actually taken upkeep downtime in recent months, however the cumulative impact has actually just been a. moderation of the supercharged rate of expansion.
Rising smelter output has accompanied a period of high. improved copper imports.
Although the export burst has actually significantly lowered China's. net contact the worldwide market, the country's imports have. stayed strong. Volume rose by 16% year-on-year to 1.9 million. lots in the first 6 months of 2024.
China also imported significantly more scrap copper, volume. increasing by 18% year-on-year to 1.2 million tons in. January-June.
Chinese need would have had to be super-strong to take in. the simultaneous combination of more domestic and more import. supply. Clearly, it wasn't strong enough.
THE RISE OF THE CONGO
The core motorist of China's greater metal imports has been the. Democratic Republic of Congo (DRC). The country last year. surpassed Peru as the world's second-largest copper manufacturer and. shipped more metal to China than top manufacturer Chile.
Trade flows in between the 2 countries continue to. speed up, with China's imports jumping by 91% year-on-year to. 698,000 tons in January-June. The June tally of 150,000 loads was. a brand-new month-to-month record.
Offered China's dominant role in DRC's copper-cobalt mining. sector, trade flows between the 2 countries are unsurprising.
Nevertheless, it's likewise the case that there is no other. equivalent market for Congolese copper, consisting of the world's. huge three exchanges.
The London Metal Exchange (LME) presently has just one. Congolese brand name on its good shipment list - SCM, produced by. La Sino-Congolaise Des Mines with yearly capability of 82,400. loads.
DRC copper is not deliverable against either the CME or. Shanghai Futures Exchange (ShFE) agreements.
With Chinese demand insufficiently strong to take in surging. imports, Congolese metal has actually cleaned around the domestic market,. dragging down both premiums and rates to the hinderance of local. smelters.
( NOT) EXCELLENT SHIPMENT
CME's limited good-delivery list of copper brand names is one. factor the U.S. contract got squeezed so severely in the 2nd. quarter.
Stocks was up to simply 8,117 tons at the start of July, as. shorts discovered their capability for physical shipment mostly. restricted to U.S., Canadian or Latin American brands.
Inventory has given that rebuilt to 23,620 heaps, however it has been. a painfully sluggish process.
When the squeeze was at its most intense in May, CME copper. was trading at a premium of $1,100 per ton over LME copper. Both. were priced much greater than the well-supplied Shanghai market.
The net outcome was an unusual export window for Chinese. producers to ship surplus metal.
China shipped 16,000 tons of refined copper to the United. States in June, which is an extremely uncommon phenomenon. But. the metal can't be delivered against CME shorts because the. exchange has no Chinese brand names on its great delivery list.
Nevertheless, Chinese metal can be delivered to the LME, which. presently accepts 22 Chinese brand names of copper.
Most of what China has actually exported has headed to South Korea. and Taiwan, both LME good-delivery locations.
LME stocks consisted of just 400 tons of Chinese copper in. February. That mushroomed to 121,700 tons at the end of June,. with Chinese metal accounting for practically 54% of overall signed up. inventory.
Existed seamless physical arbitrage in between the CME, LME. and ShFE, China might have delivered directly to the CME, or. diverted excess Congolese copper to the United States.
The truth has actually been a tortuous reconciliation of regional. imbalances. Chinese surplus is transferring to the West however mainly. by means of LME warehouses in Asia.
The LME a minimum of is emerging as a potential market of last. resort for Congolese copper. It received its first 500 tons of. SCM brand metal in June. Other Congolese manufacturers, including. China's CMOC, are seeking to note their brand names.
The CME good-delivery list, by contrast, accounts for a. shrinking share of worldwide production.
Experts at BNP Paribas compute the volume of deliverable. copper has actually avoided seven million loads in 2010 to around four. million.
The CME has the drawback of running just domestic. good-delivery points, leaving it exposed to wider U.S. trade. policy versus China, Russia and other nations considered. problematic.
But while physical delivery alternatives remain constricted, a. repeat of the May capture is not impossible.
OPTICAL ILLUSION
Reading Chinese copper exports as an easy signal of weak. need misses out on the effect of the extraordinary capture on the CME. and the divergence in good-delivery choices on the three. exchanges.
Chinese copper need might be slower than anticipated however it. hasn't fallen off a cliff. State research study home Antaike is. forecasting 2.5% development in use this year.
China's export burst, meanwhile, appears to be unwinding,. with outbound shipments being up to 70,000 heaps in July.
ShFE stocks have been moving considering that the start of July, and. at 262,206 loads are now 75,000 tons below the June peak.
The Yangshan import premium << SMM-CUYP-CN >, which fell under. negative area in May, has actually increased to $53 per lot.
It may not be too long before some of what China has. exported reverse and heads home.
The viewpoints revealed here are those of the author, a. writer .
(source: Reuters)