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Sources: MOL Hungary is interested in Lukoil assets
Three sources with knowledge of the matter have confirmed that MOL, a Hungarian oil company, has informed U.S. officials of its interest in purchasing international assets from sanctioned Russian oil giant Lukoil. This adds to a growing number of potential buyers. In October, the United States imposed sanctions against Russia's largest private oil producer as part of its efforts to press Moscow to end their war in Ukraine. This forced Lukoil into announcing the sale of foreign assets. Sources have confirmed that Lukoil has been in talks with oil majors Exxon Mobil, Chevron, and Middle Eastern investors before the December 13 deadline set by the United States. Washington had rejected Gunvor, a Swiss commodity trader, as a potential buyer. Lukoil, based in Vienna, has an international division that owns refineries and oilfields throughout Europe, as well as shares in Kazakhstan, Uzbekistan Iraq, Mexico, and hundreds of retail fuel station around the globe. One of three sources stated that MOL, the oil and gas company, would like to purchase Lukoil’s refineries and fuel station in Europe and its stakes in producing assets located in Kazakhstan and Azerbaijan. Due to the sensitive nature of the issue, the sources refused to identify themselves by name. The U.S. Treasury Department refused to comment. MOL and White House didn't immediately respond to comments. One source said that Viktor Orban (the Hungarian prime minister) and Donald Trump (the U.S. president), who have been long-time allies, had discussed MOL plans when they met in November. Hungary was granted a waiver of U.S. sanctions for a year to allow it to continue using Russian gas and oil. Budapest is heavily dependent on Russian energy, and Orban has been in power for 15 years and has tried to maintain good relationships with Moscow and Washington. MOL is trying to purchase the Serbian refinery NIS owned by Russia, which has also been sanctioned by the United States. Dmitry Zhdannikov reported from London, Marek Stzelecki from Warsaw; Timothy Gardner, Krisztina than, and Kirstina Donovan contributed additional reporting. Alex Lawler edited the piece.
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Investors look forward to the next Fed meeting as they lower gold on the back of stronger stocks
Gold prices fell on Thursday, as the gains made in Asian and European equities markets weighed down on demand for safe-haven assets. Investors turned their attention towards next week's U.S. Federal Reserve Meeting and to upcoming U.S. economic data that may influence interest rate outlooks. As of 1141 GMT, spot gold was down 0.2% at $4,199.06 an ounce. U.S. Gold Futures for February Delivery were down by 0.1% to $4,229 an ounce. Gold bulls are on the sidelines awaiting tomorrow's PCE figures. "This, along with an increase in risk appetite on equity markets, limits the upside of gold prices," ActivTrades Analyst Ricardo Evangelista stated. Global shares rose on Thursday as investors hoped that the U.S. will cut rates next week to support its largest economy, after a series of data revealed a slowdown in employment. The ADP report on Wednesday showed that private payrolls in the U.S. fell by 32,000, the largest drop in over two and half years. However, the low number of layoffs may have led to an overestimation of the labor market's weakness. Investors now focus on U.S. Weekly Jobless Claims due later today, and Friday's delayed Personal Consumption Expenditures Index (PCE), the last important data points before FOMC's meeting next week. According to CME's FedWatch, the markets expect an 89% probability of a rate reduction next week. Major brokerages are also expecting a rate cut at the December 9-10 gathering. Gold is a non-yielding asset that tends to be favoured by lower interest rates. Silver fell by 1.7%, to $57.5, after reaching a record-high of $58.98. Silver prices have risen by 101% this year, mainly due to the concerns over market liquidity following outflows from U.S. stocks and its inclusion on the U.S. Critical Minerals list. MarketPulse analyst Zain Vawda said, "Market participants are likely to be ahead of the game given the massive capex that is expected in regards to AI and Data Centers, which will both lead to an increase in demand for silver, and increase the supply/demand imbalance heading into 2026." Palladium fell 1.8%, to $1,434, while platinum dropped 1.8%, to $1641.95. (Reporting from Bengaluru by Pablo Sinha. Jane Merriman, Louise Heavens and Jane Merriman edited the article.
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Burberry and the UK's FTSE100 are rising as investors evaluate corporate updates
The UK's FTSE 100 rose on Thursday as investors assessed corporate updates and data that suggested potential weakness. Burberry also gained following an HSBC increase in price target on the luxury goods manufacturer. The blue-chip FTSE 100 rose 0.1% at 11:15 GMT Thursday, and the midcap FTSE 250 gained 0.3%. The S&P Global monthly purchasing managers' Index showed that British construction activity has contracted at the fastest rate since May 2020. The employment index fell to its lowest level since August 2020, as the pace of job losses accelerated. The survey's measure of optimism fell to a three-year low. Cost pressures also increased slightly. Personal goods stocks led the sectoral gains with an increase of 2.8%. Burberry rose 3.5%. Aerospace and defense shares are on track to rise for a third session in a row after the Russia-Ukraine talks broke down. Rolls-Royce, BAE Systems and other aerospace companies were all up over 1%. The precious metal mining sector fell 1.4% in line with the bullion price, with Fresnillo Mining and Endeavour Mining each falling more than 1.4%. Ofgem, the British energy regulator, announced on Thursday that it had approved an investment of 28 billion pounds to upgrade grid capacity in the country. Utilities fell led by SSE's 2.1% drop, but also United Utilities and National Grid, as well as Severn Trent. AJ Bell, a stock that is traded by individuals, fell 6.7% in value after the investment platform warned about increased costs and stated the budget will complicate the landscape of individual savings accounts. Diageo's share price fell by 0.8% after UBS reduced the company's price target from 2,250 to 1,850 pounds. AstraZeneca, the world's largest pharmaceutical company, fell by 0.7% while Barclays, a lender rose by 1.2%. Calastone data shows that British investors sold shares worth 3 billion pounds during November. This is the sixth month in a row where net sales have occurred. (Reporting by Utkarsh Tushar Hathi in Bengaluru; Editing by Vijay Kishore)
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Energy Minister: Britain is looking for new locations to build large nuclear power plants
The energy minister announced on Thursday that Britain will identify sites suitable for a large-scale nuclear power plant across the country, including Scotland. The Labour Party in Britain has stated that nuclear plants are important to help the country achieve its climate goals, decarbonise their electricity sector and create new jobs. Ed Miliband, Energy Secretary at a Thursday industry event, said: "I have commissioned Great British Energy-Nuclear to identify suitable locations across the UK which could potentially host another nuclear large-scale project. This includes Scotland." The Scottish National Party is opposed to any new nuclear projects, and can block them using its devolved powers. "At the end of the day, this is going to be a decision for a Scottish government." Miliband stated that he wanted to maximize the opportunities available for the entire United Kingdom. Currently, eight sites have been approved in Britain for the development of nuclear power. The government chose the Wylfa nuclear site in North Wales last month as the first small power plant. The United States was angered by the decision. They wanted to build a large plant in the UK, led by the United States as part of their increased involvement in the UK energy sector. Miliband stated that any plans for large nuclear projects will be subject to the financial decisions made in future government expenditure reviews. The UK has committed almost 18 billion pound ($24.02billion) towards the construction of the massive Sizewell C nuclear power plant in eastern England. This project is estimated to cost 38 billion pound. Great British Energy-Nuclear, a UK-owned organization focused on coordination and advancement of the nuclear energy industry. Miliband stated that the organization would be reporting back on possible new sites in the autumn of next year.
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Copper's peak declines as the tightness panic fades
The price of copper fell slightly on Thursday, as traders reported that the panic caused by tight supplies this week has begun to subside. As of 1030 GMT, the benchmark three-month copper price on London Metal Exchange had fallen 0.7% to $11,402.50 a metric tonne. It reached $11,529 in the early part of the session. This was just a few cents away from the high of $11,540 that it achieved on Wednesday. LME data showed that on Thursday, 7,775 new warrants were cancelled in South Korea (0#MCUSTXLOC>), following a previous day's cancellation of more than 50 725 tons in Asia. The spread between the LME Cash Copper Contract and the Three-Month Forward contract was reduced due to the cancellations or orders to remove metal from the warehouses On Wednesday, metal prices blew out to around $88 a ton, the highest level since mid-October. This indicates a strong demand for metals. One trader said that the spread between March and now shouldn't be so tight, attributing Wednesdays rally to panic-buying. Sucden Financial stated that the copper market balance for 2025 was still in a small surplus. However, even minor disruptions can now turn this into a deficit. The brokerage believes that the $10,830 mark will be the important floor for copper prices through the end of this year. "Liquidity will continue to deteriorate into the holiday season." This, combined with increased speculative activity across the complex, increases the risk of large or disorderly movements, especially in thin markets, where spreads are tight, Sucden said. Goldman Sachs has raised its forecast of the average LME copper prices for the first half 2026 from $10,415 to $10,710. Other metals include tin, which fell 1.5%, to $40,105 per ton after reaching its highest level since April 2022 in earlier sessions. Aluminium dropped 0.4%, to $2,884.50, and zinc lost 0.6%, to $3,047.50. Nickel increased by 0.3%, to $14,910. Lead rose 0.1%, to $2000.50. (Reporting and editing by Subhranshu Sahu, Harikrin Nair and Harikrin Nair; Additional reporting by Dylan Duan; Lewis Jackson and additional reporting by Dylan Duan)
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Trump hosts Congo and Rwanda leaders in latest peace push
Donald Trump, the U.S. president, will meet with leaders of the Democratic Republic of Congo (DRC) and Rwanda in Washington to sign new agreements aimed at stabilizing war-torn region and attracting Western investment. The Rwandan president Paul Kagame, and the Democratic Republic of Congo president Felix Tshisekedi will be expected to declare their commitment to a economic integration compact that has already been agreed. Last month, As well as an U.S.-brokered peace deal Reached in June, but not yet implemented Analysts claim that U.S. diplomatic efforts have halted the escalation in fighting in eastern Congo, but failed to resolve fundamental issues. M23 rebels, supported by Rwandan troops, took control of the two biggest cities in eastern Congo in an explosive advance earlier this year, raising fears of a wider conflict. Trump is eager to polish his diplomatic credentials. Since January 2017, his administration has intervened across conflicts, from the Middle East and Ukraine to beyond. These efforts have produced mixed results. They include a deal with Gaza, and criticisms that the president should concentrate on increasing discontent in the United States over his handling of cost of living issues. Before the meeting, the name of the president was added to an outside sign of the United States Institute of Peace. This is a nonprofit founded by the government that his administration attempted to take control of earlier in the year. The deal will be signed at the Institute. However, the agreement may not immediately resolve the humanitarian crisis. In dueling speeches on Tuesday, Congo’s army and the M23 rebels both accused each other in separate statements of violating ceasefire agreements which were renewed last week. Patrick Muyaya, a Congolese official who spoke at a Washington news conference on Wednesday, blamed M23's recent violence and said that it was "proof Rwanda doesn’t want peace." M23 will not be attending the Washington meeting. The M23 is not bound to any Congo-Rwanda agreements. Jason Stearns is a professor and regional expert at Canada's Simon Fraser University. He said that the U.S. has succeeded in putting a pin on the conflict, so that it does not escalate. "They've only done a little bit, which is to put a pin into it. The core issues are still not resolved." It doesn't seem like the issues are getting any closer to resolution. Rwanda denies backing M23. Kigali claims that its forces acted in defense of themselves against ethnic Hutu militiamen connected to the Rwandan genocide. In a report published in July, a group of United Nations specialists said that Rwanda exerts command and control over rebels. M23 claims it is fighting to protect the ethnic Tutsi in eastern Congo. The advances of the rebel group mark the latest episode of an ethnic rivalry that has been raging in the eastern borderlands between Congo and Rwanda for over 30 years. Between 1996 and 2003, two devastating wars in Africa's Great Lakes region cost millions of people their lives. The latest round of fighting has resulted in thousands of deaths and hundreds of thousands of displaced people. A MINERAL-RICH REGION The Trump administration discussed the possibility of facilitating Western investments worth billions of dollars in a region that is rich in minerals such as tantalum and tungsten. It also has copper, gold, cobalt and lithium. Washington is scrambling to gain access to vital minerals controlled by China, its main rival. According to the agreement backed by Trump, Congo would have to crackdown on an armed opposition group to M23 - the Democratic Forces for the Liberation of Rwanda(FDLR). Rwanda would have to withdraw its troops from Congo. Since the signing of the agreement in June, there has been little progress made towards either commitment. In an interview on Wednesday, Rwandan Foreign Ministry Olivier Nduhungirehe said: "We hope to see improvements on the ground after the signing."
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New Delhi and Moscow want to increase Indian exports to Russia
India and Russia announced on Thursday they wished to expand their trade, and the items that they deal in. This was just hours before Russian President Vladimir Putin arrived in New Delhi for a state visit. On Thursday, Putin begins a two-day trip to India, his first visit in four years. He hopes to increase sales of Russian oil and missile systems, as well as fighter jets, and to expand business relations between India and Russia beyond energy and defence. India and Russia are aiming to increase their two-way trade from $13 billion to $69 billion by 2030. This is after the trade increased more than five times, from around $13 billion to nearly $69 billion between 2024-25. The growth was almost exclusively driven by India's imports of energy. The bilateral trade fell to $28,25 billion from April to August 2025. This was due to a decrease in crude oil imports as a result of punitive tariffs imposed on Indian products and Washington's sanctions. Maxim Oreshkin, deputy chief of staff at the Kremlin, told a New Delhi business conference that Russia wanted to import more Indian products to balance its bilateral trade which is heavily skewed toward energy. "The Russian business delegation has arrived with a specific objective... We are here to buy Indian goods and services." Oreshkin stated that they wanted to increase the Indian purchases by a significant amount. He said that the strategic decision to develop relations between India and Russia was not a mere momentary event. India's share of Russian imports is less than 2%. Oreshkin cited consumer goods, agricultural and food products, medicines and telecommunications equipment as sectors that could see an increase in imports. He also mentioned IT services and spare parts for machinery. Piyush Goyal, the Indian minister of trade, said that New Delhi aims to diversify its exports into Russia by increasing sales of automobiles and electronics, heavy machinery and industrial components as well as textiles and food products. Goyal said at the conference that "Russian businesses have a lot of untapped potential in terms of the demand for industrial products and consumer goods." We need to diversify our exports. We must balance the trade between Russia and India. He said that we need to have more variety. A large delegation of Russian businessmen and senior Russian ministers are in New Delhi to welcome Putin. Putin will meet Indian Prime Minister Narendra modi at dinner on Thursday, and they'll hold summit discussions on Friday. Reporting by Manoj Kumar, Gleb Bryanski and Shilpa jamkhandikar. Writing by YPrajesh and Shilpa.
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Investors look forward to the next Fed meeting as they lower gold on stronger stocks
Gold prices fell on Thursday, as the gains made in the equity markets of Asia and Europe dampened demand for safe-haven assets. Investors turned their attention towards next week's U.S. Federal Reserve Meeting and to upcoming U.S. economic data that may influence interest rate forecasts. As of 0959 GMT, spot gold was down 0.2% to $4,199.30 an ounce. U.S. futures gold for February delivery fell 0.1% to $4,229.50 an ounce. Gold bulls are on the sidelines awaiting tomorrow's PCE figures. "This, along with an increase in risk appetite on equity markets, limits the upside of gold prices", ActivTrades Analyst Ricardo Evangelista stated. Japanese stocks led gains on Asian markets Thursday, as investors bid heavily for government bonds at an auction. The ADP report on Wednesday showed that private payrolls in the U.S. fell by 32,000, the largest drop in over two and half years. However, the low number of layoffs may have led to an overestimation of the labor market's weakness. Investors now focus on U.S. Weekly Jobless Claims due later today, and Friday's delayed Personal Consumption Expenditures Index (PCE), the last important data points before FOMC's meeting next week. According to CME's FedWatch, the markets expect an 89% probability of a rate reduction next week. Major brokerages are also expecting easing during the December 9-10 meetings. Gold is a non-yielding asset that tends to be favoured by lower interest rates. Silver fell by 1.9%, to $57.34, after reaching a record-high of $58.98 on Thursday. Silver prices have risen by 101% this year, mainly due to the concerns over market liquidity following outflows from U.S. stocks and its inclusion on the U.S. Critical Minerals list. MarketPulse analyst Zain Vawda said, "Market participants are likely to be ahead of the game given the massive capex that is expected in regards to AI and Data Centers, which will both lead to an increase in demand for silver, and increase the supply/demand imbalance heading into 2026." Palladium fell 1.1%, to $1443.75, while platinum dropped 1.6%, to $1645.30. (Reporting from Bengaluru by Pablo Sinha. Jane Merriman edited the article.
Andy Home: Myanmar mine still a major player in the tin market
As the market waits for the Man Maw Mine to return in Myanmar, tin continues to outperform other base metals on the London Metal Exchange.
Two years have passed since the mine was shut down for a resource assessment. Six months have passed since the authorities of the semi-autonomous Wa State invited new applications for mining permits.
There is still no sign of a significant increase in activity. The flow of tin concentrats from Myanmar into neighbouring China is almost completely dry.
The uncertainty surrounding Man Maw led to a resurgence of fund interest in tin, which pushed the LME 3-month tin prices from less than $30,000 per metric tonne in April to over $35,000 by the end August.
The tin supply is still a mystery to many speculators.
WAITING FOR MAN MAW
China's decreased imports of tin from Myanmar is a clear indication of the continued absence of Man Maw supplies.
The flow of raw materials to Chinese smelters fell to 933 tons in the month of July. This suggests that activity has not yet resumed at Man Maw, and that other smaller mines in the country are also experiencing disruptions, perhaps due to the March earthquake that shook the country.
Imports from Myanmar in the first half of this year have dropped by 77% compared to last year, and now total just 14,200 tonnes. Comparatively, the monthly average imports in 2022 and 2023 were 15,000 tons, when Man Maw still produced tin.
The International Tin Association announced in July that the first permits for the mining of Man Maw had been issued.
The Association warned it would be some time before actual tin production resumed and exports recovered.
It has been proven.
No Scratch
China's tin-smelters have been able to compensate for the loss Man Maw, which was their primary source of supply until August 2023 when it was suspended.
This year, the Democratic Republic of Congo emerged as a major supplier of tin concentrats. Imports from Australia and Nigeria also increased sharply.
The total imports through July of 73,000 tonnes are down 32% on an annual basis.
According to Shanghai Metal Market, the margins of Chinese smelters have been squeezed. Capacity utilisation in many areas of China was less than 70% last month.
Many operators carry less than 30 day's worth of concentrates and take maintenance time in the hopes that raw material availability will improve when they return.
Yunnan Tin is the largest producer of refined Tin in the world. It has shut down its Gejiu Smelter for 45 Days for its annual maintenance.
The loss of Man Maw, however, has not yet caused any visible tightening in the refined metals segment of the supply chains.
The global exchange inventory is stable at over 11,000 tons for the past three months. This is a far cry compared to the days of true scarcity, in 2021, when stocks were down to 1,000 tons.
Exports from Indonesia are recovering from the disruption caused by last year's permits. Exports of 30,000 tonnes to July 2024 were 64% higher than the same period in 2014.
The escalation of trade tensions between China and the United States has also likely helped. Tin is used in the electronics industry to solder circuit boards.
BULLS RETURN
Tin bulls remain unabated. Funds increased their bets for higher prices up to 4,515 LME (22,575 tonnes), while short positions were reduced to only 610 contracts.
The net positioning has remained the same since March when the price spiked up to a three year high of $38,395 a ton following news that the M23 insurgents had briefly taken control of the Bisie Tin Mine in the Congo.
Bisie quickly returned to normal operations following the M23 withdrawal as part of the U.S.-brokered Peace Deal between Congo and Rwanda.
Man Maw remains conspicuous in its absence. Funds appear to be betting on the fact that production will not return to levels seen before closure.
It's impossible to know if that assumption is correct, due to the near complete lack of information coming out of Wa State.
When the raw material flow over the border into China begins to return to historic norms, the answer will be apparent.
These are the opinions of the columnist, an author for.
(source: Reuters)