Latest News
-
Iron ore prices fall as shipments increase
The price of iron ore futures fell on Tuesday as increased shipments by major suppliers Australia and Brazil dampened sentiment. However, lingering hope that steelmakers in China, the top consumer, would restock their cargoes, limited the losses. The May contract for iron ore on China's Dalian Commodity Exchange closed morning trade at 790.5 Yuan ($112.92) per metric ton, a decrease of 0.25%. On?Monday, the contract reached its highest level since December 3. By 0417 GMT, the benchmark January iron ore at the Singapore Exchange had fallen by 0.22% to $105.55 per ton. In the previous session, it reached its highest level since November 27 at $106.55. Data from Mysteel, a consultancy, showed that iron ore shipments to Australia and Brazil, two of the world's largest suppliers, increased 8.6% in a week during December 22-28. Analysts predict that Chinese steel mills will book more cargoes over the next few weeks to cover production requirements during the Lunar New Year break, which lasts a week in February. Analysts say that Chinese developer Vanke has received approval from its bondholders to extend the grace period on the repayment of the 3.7 billion yuan loan, thereby removing the risk of default. The property market in China was the biggest steel consumer, but long-term?problems in this sector weighed on steel consumption and feedstock prices. Coking coal and coke, two other?steelmaking components, gained a lot of ground on the DCE. Steel benchmarks at the Shanghai Futures Exchange have been moving sideways. Rebar gained 0.16%, while stainless steel gained 1,55%. Hot-rolled coils slipped 0.06%, while wire rods fell by 1.59%.
-
Silver recovers from a two-week low and gold bounces back
On Tuesday, gold rose to recover from a two week low that was hit the previous session. This is due to a 'profit-taking at year-end which sparked a wide pullback of precious metals. As of 0322 GMT spot gold was up by 0.7% to $4,363.79 an ounce after reaching a record-high of $4,549.71 last Friday. On Monday, it fell to its lowest level since December 17, and also suffered its biggest daily loss?since October 21, U.S. Gold Futures for February Delivery were up 0.8% to $4,377.80/oz. Kelvin Wong is a senior market analyst with OANDA. He said that the earlier run was overextended within the last week. This makes the precious metals more vulnerable to the leveraged positions being squeezed at the bottom. On Monday, the relative strength indices (RSIs) for gold and silver both fell from their overbought levels. Bullion is on a stellar rise in 2025. It has already risen 66%. Gold's rise this year has been fueled by interest rate cuts, bets on further easing from the U.S. Federal Reserve and geopolitical conflict, strong demand from central bankers, and increasing holdings in exchange traded funds. The traders expect two rate cuts at least next year. In a low interest rate environment, non-yielding investments tend to perform well. Silver spot was up 3% to $74.41 an ounce after reaching a record high of $83.62 the previous session. On Monday, silver registered its biggest daily loss since August 11 2020. Silver is up 154% in the past year, outpacing gold. This has been attributed to its inclusion on the U.S. critical minerals list, low inventories, and supply constraints. Wong said, "I expect the longer-term rally for both gold and silver to continue with price targets of $5,010/oz gold, and $90.90 silver in the next six month." Spot Platinum increased 1.1% to $2132.86 an ounce. It dropped the most ever in one day on Monday after reaching an all-time record high of $2478.50. Palladium rose 1.1%, to $1,634.29 an ounce after it dropped 16% in value on Monday. (Reporting and editing by Rashmi aich, Harikrishnan Nair, and Ishaan arora)
-
China pledges to stabilize grain and edible oil production at key meeting
China must stabilize grain and edible oils production, improve 'grain varieties' and enhance quality. This was the message of state-run news agency Xinhua on Tuesday following a meeting of the annual Central Rural Work Conference held from December 29-30. The group that sets China's agricultural priority has pledged to "enhance capacity for diversified supply" and promote high-quality development through?zoned- and categorised-planning". China relies heavily on imports to feed the population. Tensions with U.S.A., its'major trading partner in agriculture, have led it to invest more in seed technology and machinery. A Xinhua report on the meeting stated that "we must not relax our effort?in grain cultivation, promote?the?integration of high quality land, high quality seeds, high quality machinery, and high-quality farming techniques to enhance the agricultural production capacity and the overall production and the quality." In the readout, China said it would "make every possible effort" to promote stable employment and increase farmer's income as Beijing seeks food security despite economic challenges and urbanization pressures. The readout said that China will also launch province-wide programs to extend rural land use?contracts another 30 years, after the current?contracts expire in 2027. China's total output of grain has reached a record in this year, with a 1.2% increase from 2024, reaching 714.9 millions tons. This is according to data released by the statistics bureau earlier this month.
-
Cavaliers beat Spurs with a 4th quarter outburst
Jarrett Allen scored 27 points, grabbed 10 rebounds, and led a decisive run in the fourth quarter as the Cleveland Cavaliers defeated the San Antonio Spurs 113-101 on Monday. San Antonio was ahead by a bucket going into the final quarter, but fell apart during a stretch where the Cavaliers turned an initial three-point deficit to a 101-89 advantage with 5:05 remaining. Jaylon Tyson hit back-to-back three-pointers to start the crucial run, while Darius Garland scored five points and Donovan Mitchell added another five. Spurs lost their second consecutive game after eight straight wins. Evan Mobley scored?16 for Cavaliers to end a losing streak of two games. Garland had 15 points and 11 assists, Tyson, De'Andre Hunter and Mitchell each scored 11 points, while Dean Wade and Dean Wade both hit 10 points. Victor Wembanyama, who led the Spurs with 26 and 14 rebounds. Stephon Castle scored 15 points. De'Aaron Fox had 14 points. Dylan Harper had 11 points. Keldon Johnson scored 10. San Antonio scored a 14-3 run, capped off by a Wembanyama three-pointer, to erase a 10 point deficit and gain a 26-25 lead after 12 minutes. Early in the second quarter, the teams were alternating. Two Johnson free throws at 4:16 left in the quarter put the Spurs ahead 43-42. A 12-0 run punctuated with two Luke Kornet free throws at?2:03 gave San Antonio a 10-point advantage. The Spurs were ahead by 11 points when?Cleveland ended the first half with a Sam Merrill 3-pointer and two Mitchell free throws to reduce its deficit to 55-49 at the break. Wembanyama scored 11 points before halftime, while Castle added another 11. Allen led Cleveland with 12 points. After a series of free throws by Fox and Wembanyama in the final two minutes, Mobley's two free throws with 0.7 seconds left in the quarter brought Cleveland within 78-76. Two Mobley free-throws, with 0.7 seconds remaining in the third quarter, brought Cleveland to within 78 76. Fox and Wembanyama had made a series free throws over the last two minutes. Field Level Media
-
Shanghai copper prices fall due to weaker Chinese demand and profit-booking
Shanghai copper fell on Tuesday as profit-taking, a weaker Chinese economy and a general risk-off trend weighed on the markets. As of?0330 GMT the most traded contract on the Shanghai Futures Exchange fell 1.96% to $14,064.78, per metric ton. It briefly touched 96,010, its lowest level since December 25. Losses in the first minutes of trading have narrowed, after gains in the benchmark 3-month copper at the London Metal Exchange which rose 2.19% to $12,489.50 per ton. Traders said that lower copper prices encouraged dip-buying and helped reduce losses. Shanghai copper prices fell as profit-taking and a weaker Chinese demand due to high prices led to the decline. Yangshan Copper Premium A measure of Chinese appetite for imported copper fell to $53 per ton on Sunday, down from $55 the previous day, but still an improvement over below $40 since mid October. Copper was also impacted by the broader move to a risk off stance among investors. Gold and silver both saw a decline from Monday's record highs. Investors continue to watch the U.S. Federal Reserve, after President Donald Trump threatened to sue Fed chair Jerome Powell on Monday. They are also waiting for the minutes of the December meeting of the central banks to be published on Tuesday. Tin was the most affected among other SHFE metals. The Shanghai contract fell 4.84%, to 325 780?yuan per ton. Stock levels continue to increase, despite the high tin price. Tin stocks that are available for delivery According to Friday's SHFE weekly stock report, the number of sheds in SHFE rose to 8,477 tonnes last week. The benchmark three-month?tin rose, however, by 1.59%, to $41,390 per ton. Nickel surged. The Shanghai contract for the most active nickel rose 3.71%, to 132200 yuan per ton after reaching a nine-month high. The benchmark nickel for three months also rose, rising 4.15% and reaching $16,470 per ton. After breaching the $16,500 mark to hit a high of $16,540 in nine months. The reported plan by the Indonesian government of reducing nickel production in 2026 is what has caused the recent strength of nickel. Other SHFE metals include zinc, which gained 0.56% and lead, which added 0.40%. ($1 = 7.0026 Chinese yuan renminbi) (Reporting by China C&E Team; Editing by Rashmi Aich) ($1 = 7.0026 Chinese Yuan Renminbi)
-
Asian stocks fall by tech and gold and silver cool
Asian shares fell on Tuesday, following Wall Street's tech slump, while gold and silver steadied, after a sharp drop from record highs tempered the incredible rise of precious metals. The oil prices were mostly unchanged overnight as Russia claimed that Ukraine had attacked?President?Vladimir Putin?s residence. Although Moscow did not provide any evidence to support its claims, the move represents a major setback in U.S. efforts at brokering a peace agreement. China also added to the global geopolitical tensions by launching 10 hours of live firing exercises around Taiwan on February 2. In a week with fewer holidays, there is little liquidity across the majority of markets. This leads to volatile and sharp price swings. Silver was the big mover over night, with a drop of 8.7%, the largest one-day decline since August 2020. This cleared some froth from a parabolic rally that looked increasingly detached from reality. Metal prices rose 1.7% to $73.46 an ounce on Tuesday, after reaching as high as $83.00 the day before. It is still up an incredible 150% for the entire year. Gold and other precious metals were also affected by the sharp turn around. The yellow metal fell 4.4% overnight, but last was up 0.6% to $4,356 an ounce. Tony Sycamore of IG Sydney said that the increase in the price of silver at the opening on Monday was probably due to stop losses, price movement and 'panic buying, as well as Chicago Mercantile Exchange increasing margin requirements. Sycamore said, "This is a bubble that will last for generations." "I'm not saying that the bubble burst over night, but...?if you're seeing a sell-off, it will temper some of the excitement in these markets during the next session. For me, this is a much-needed cooling-off." The MSCI broadest Asia-Pacific share index outside Japan, which includes Japan, fell 0.1% on Tuesday but is set to achieve a gain of 26.7% annually, its best performance in 2017. Nikkei 225, the Japanese stock market index, fell 0.2% in value but rose 26% on a year-to-date basis. China's blue-chip shares fell 0.3% and Taiwanese stocks lost 0.7% after Beijing's live firing exercises around Taiwan. Overnight, Wall Street ended lower as heavyweight technology shares retreated after last week's gains. U.S. stock prices are still on track to finish 2025 at record highs after a turbulent year marked by tariff wars and central bank policy, as well as simmering geopolitical conflicts. U.S. stock futures in Asia were not much different. Euro STOXX futures and FTSE Futures were both flat. AUSTRALIAN DOLLAR FALLS, YEN FIRMS The U.S. Dollar was stable on the currency market ahead of the Federal Reserve minutes from the December meeting, which are expected to show a central bank divided and unsure about its policy direction for next year. The dollar is on track to have its biggest annual drop in eight years, a decline of almost 10%. The dollar held steady at 156?yen after losing 0.3% over night, marking the fifth drop in six sessions. The yen has moved away from the range of 158-160 that could prompt intervention by Japanese authorities. The Australian dollar was significantly weaker due to the fall in commodity prices. The Australian?dollar was stable at $0.6698 last, after regressing from its 2025 high of $0.6727 reached just on Monday. Treasury yields fell a bit on Tuesday. The yield on two-year bonds fell by 1 basis point, to 3.4524%. This is the fourth consecutive session that yields have fallen. Meanwhile, yields on 10-year bonds also decreased by 1 bp, to 4.1082%. The oil prices fell a bit on Tuesday, after rising by over 2% the night before. Brent crude futures fell 0.5% to $61.63 per barrel after a 2.1% increase on Monday.
-
Investors wary about tensions between Russia and Ukraine as oil prices drop a little
The oil prices fell a bit early Tuesday morning after they had risen more than 2% the previous day. This was partly due to spillovers from a drop in precious metals, while escalating tensions between Russia and Ukraine left markets dealing with supply disruption concerns. Brent crude futures expiring?on? Tuesday were down 21 cents or 0.3% at $61.73 per barrel by 0150 GMT. The March contract, which is more active, was down 19 cents (0.3%) at $61.30. U.S. West Texas Intermediate Crude fell 20 cents or 0.3% to $57.88. Both contracts closed more than 2% above the previous session, after Moscow accused Kyiv that it was targeting the residence of President Vladimir Putin. This stoked fears of supply disruptions. Ed Meir, Marex analyst, said: "The selling that you see 'now is likely some spillover weakness caused by the significant correction in precious metals which is bound to impact pretty well every other commodity." Investors booked profits following recent rallies and precious metals fell sharply. Silver?and platinum were down from records highs. Meir stated that "the markets sense a difficult deal." Kyiv dismissed as baseless Russia’s accusation that they were targeting Putin, and said this was intended to undermine peace talks. Geopolitical tensions are likely to escalate, causing oil prices to rise. The Middle East was also a concern for traders after President Donald Trump stated that the United States would support another major attack on Iran if it resumed its nuclear or ballistic missile programs. Trump warned Hamas that it would suffer severe consequences if they did not disarm. He also said he wanted the second phase to begin of the ceasefire agreement between Israel and Hamas, which was reached in October following?two years' fighting in Gaza. Saudi Arabia is the largest oil exporter in the world and it's expected to cut the price of its flagship Arab Light?crude to Asian buyers by a third consecutive month. This will mirror the declines on the spot market because of ample supplies. Meir said that the price direction will likely be lower in Q1 2026 due to a growing glut of oil on the market. (Reporting from Anushree MUkerjee in Bengaluru Editing done by Shri Navaratnam
-
Octopus Energy, a British company, spins out Kraken for $8.65 billion.
Octopus energy, a British company, announced on Monday that it would spin off its technology arm Kraken as an independent 'company' valued at $8.65 Billion. This follows a funding round led by U.S.-based investment firm D1 Capital Partners. Kraken provides energy software to major utilities, such as EDF, National Grid U.S., and Tokyo Gas. Kraken will sell equity worth about $1 billion to new and existing investors. Investors led by Octopus will inject $320 million more into Octopus Energy. In a press release, the largest household electricity and gas supplier in Britain, Durable Capital Partners, and Ontario Teachers' Pension Plan are among those who invested in this round. The investment paves the way for Kraken to officially demerge from Octopus Energy. Octopus Energy will retain a 13,7% stake in the company. Kraken's AI-powered operating system is licensed to utilities around the world and has contracts to service more than 70,000,000 accounts. In September, the company reported a contracted revenue of over $500 million. Origin Energy, a company based in Australia, said that it would invest around $140 million into Kraken's fund-raising and retain a 22.7% stake after the transaction. Origin has also agreed to waive the?exclusivity of Kraken's service in Australia for an extra 1.5% equity stake.
China export restrictions push European bismuth price to highest level since 2008.
Prices of bismuth in Europe are at their highest level in 17 years, after China's plans to restrict exports sparked fears that the metal would be scarce. Bismuth is used in medicine, cosmetics and nuclear research.
In response to the new tariffs levied by U.S. president Donald Trump, China announced earlier this month that it would implement export restrictions on five metals critical -- tungsten tellurium molybdenum bismuth and indium.
The European spot market for bismuth has risen to between $12 and 18 per lb this week. This is the highest price since May 2008.
Bismuth prices are expected to rise, traders say.
According to the U.S. Geological Survey, China produced approximately 13,000 tons of bismuth in the past year. This is over 80% the global supply.
Rest of the rest is from Japan, South Korea, and Laos. The traders claim that the other countries are not as available as China.
A trader in Europe stated that "we have received many inquiries both from our EU and U.S. clients." He added that U.S. consumer would be more vulnerable to the trade war between China and the United States if it escalates.
According to the USGS, since 1997 when it stopped producing primary refined bismuth, the U.S. is heavily dependent on imports.
Jost Wubeke, Managing Director at Sinolytics, stated that if the U.S. were to be completely cut off from Chinese supplies of bismuth, production outside China would need to increase by 22% in order to meet demand.
It is difficult to find stable and cheap alternatives, especially if everyone is trying to find them at the same time.
China will likely use its dominant position in minerals that are critical to the economy to respond to trade tensions.
(source: Reuters)