Latest News
-
Oil prices hold steady after a one-month low due to high supply expectations
Investors assessed the prospects of an oversupply, and the talks about a peace agreement between Russia and Ukraine. Brent crude futures fell 5 cents, to $62.43 per barrel at 0904 GMT. U.S. West Texas Intermediate Crude Futures rose 1 cent to $57.96. Priyanka Sahdeva, an analyst at Phillip Nova, said: "The market is fundamentally skewed downwards. Investors are increasingly pricing in a 2026 oversupply and there's no compelling demand catalyst to offset that." Brent crude and WTI both settled down 89 cents on Tuesday, after Ukrainian President Volodymyr Zelenskiy informed European leaders that the U.S. was willing to support a framework for ending Russia's war. The deal, if finalised by the end of this year, could quickly dismantle Western energy sanctions against Russia. This could drive WTI prices up to $55, according to Tony Sycamore, IG's market analyst. The market is waiting for clarity. However, if the talks fail, it appears that prices will fall. Donald Trump, the U.S. president, said that he had instructed his representatives to hold separate meetings with Russian President Vladimir Putin as well as Ukrainian officials. Zelenskiy, according to a Ukrainian official, could travel to the U.S. within the next few days in order for a deal finalisation. Britain, Europe and America have recently tightened sanctions against Russia and Indian oil purchases are expected to reach their lowest level in three years by December. Market sources reported on Tuesday that American Petroleum Institute data showed that U.S. crude stock levels fell while fuel stocks rose. A poll had predicted that U.S. crude stock levels would rise by 1,86 million barrels during the week ending November 21. The Energy Information Administration will release official stockpile information on Wednesday, at 10:30 am. ET (1530 GMT). Reporting by Colleen Goodman in Singapore and Siyi Liu from Beijing
-
Gold nears two-week high as Fed cuts bets on tepid US Data
Gold prices reached a two-week-high on Wednesday after positive U.S. data reinforced expectations for a Federal Reserve rate cut in the coming month. This supported non-yielding gold. At 0843 GMT the spot gold price was up 0.7% at $4,159.23 an ounce, its highest level since November 14. U.S. Gold Futures for December Delivery were up 0.4% to $4,155.90 an ounce. Market participants are beginning to price again in a U.S. interest rate cut for December. "Lower interest rates are generally positive for yellow metal," said UBS Analyst Giovanni Staunovo. We continue to see further gains in the near-term, with an end-of-year forecast of $4.200/oz, and $4.500/oz by mid-next year. The data released on Tuesday revealed that U.S. retailers sales rose less than anticipated in September, while producer prices were also in line with expectations. U.S. consumer sentiment also declined in November, as consumers became more worried about their finances and jobs. The Fed's policymakers made a series dovish remarks in recent weeks, which prompted the release of these data. The CME FedWatch tool shows that traders now expect an 83% probability of a Fed rate reduction next month. This is up from 30% just a week earlier. Bullion is a non-yielding investment that tends to do well in environments with low interest rates. A report that White House economist Kevin Hassett is the frontrunner for the position of the next Fed Chair has also added to the support for the metal. This confirms expectations about a dovish approach in policy, as favored by Donald Trump. Investors are now awaiting the U.S. Weekly Jobless Claims Report due later on Wednesday. This report is a crucial gauge of labor market health as well as Fed policy prospects. (Reporting by Noel John in Bengaluru Editing by Mark Potter) Reporting by Noel John, Bengaluru Editing Mark Potter
-
ASIA COPPER WOMEN'S WEEK - The copper bull of Mercuria predicts new price records in the future
By Dylan Duan Amy Lv, and Lewis Jackson SHANGHAI (Nov 26) - The global copper market will be squeezed again next year. This will push prices of refined metal and concentrate to new heights, said the head of Mercuria's metals research on Wednesday. Nicholas Snowdon, the high-profile copper bear at Mercuria in Geneva, predicted that next year's global copper market, where copper concentrate is melted down to metal, would be in deficit by 500,000 tons, similar to 2025. He said that the improved estimate from his forecast in May of a 700,000-ton deficit was due to a limited growth of supply and increased demand from new smelters located outside China. Snowdon said at the World Copper Conference Asia2025 in Shanghai, China's commercial center. "It is a market which has experienced a significant shock to supply this year. It's a shock that's... likely to continue into next year." He said that the rush to import copper to the United States before tariffs was causing a large stockpile of cathode, which could reach 90% in the first quarter next year. Snowdon stated that the London Metal Exchange prices for refined copper will have to increase to bring metals back onto global markets which are susceptible to low inventories. Snowdon stated that the cathode markets are now surplus between 350,000 and 400,000 tonnes, which is a significant revision to his forecast in May of a shortfall of 300,000 tons. Mercuria, along with other energy traders like BGN and Gunvor are expanding into the metals market, betting on structural changes to global energy systems. Snowdon reported that Mercuria had invested almost $2 billion in the last 12 months and traded 1 million tons metal and 1.5 millions tons of concentrate. (Reporting and editing by Clarence Fernandez, Amy Lv, and Dylan Duan from Shanghai)
-
India's informal workers are losing business in Delhi's eWaste hub
India formalizes recycling to secure minerals E-waste is now being disposed of in licensed factories, not neighbourhoods Informal recyclers fear being left out Bhasker Tripathi She makes a few hundred rupees (about $2) a day from the recycling of electronics that small scrap dealers bring in. The supply of eWaste is shrinking, and Shahjahan’s income is decreasing as more scrap is moved to licensed plants at the edge of the city. What will we do if the work stops? Shahjahan, a 32-year-old woman who gave only her first name, said: India has stepped up its efforts to curb informal recycling, in an effort to recover more minerals, such as copper, which is used in solar panels and batteries, and in electric vehicles. The transition from informal recycling to formal recycling will result in the loss of jobs and income for people living in Delhi's Seelampur District. This neighbourhood has been sustained by work and income for decades. According to a report published by Delhi-based Toxic Links in 2019, more than half of Delhi’s 5,000 informal recycling sites for e-waste are located in Seelampur. This provides work for tens and thousands of people. SEARCH FOR MINERALS According to the U.N. Global E-Waste Monitor, 2024, India was the third-largest producer of electronic waste in the world after China and the United States. Government data shows that it reached 1,75 million tonnes in 2013. The government is now trying to recover critical minerals such as copper, lithium, and rare earth elements, from scrap metals, in order to fulfill its $4 billion National Critical Minerals Mission launched in January, and to also secure supplies from domestic and overseas mines. The government also provides financial support for the establishment and operation of recycling plants. It aims to increase capacity by 270,000 tonnes and produce 40,000 tonnes per year of essential minerals, all while targeting almost 70,000 jobs. India recycled over 40% of its electronic waste last year, according to official data. This rate is close to that in Europe and the United States. Sustainability experts warn, however, that much of this early work is still done in informal workshops and homes, such as those in Seelampur. Workers peel, break, and sort waste without wearing protective gear, before it is moved to authorized plants. Swati Singh Sambyal is a circular economy specialist at GRID-Arendal in Norway. She said that the transition must take into account this reality. She said that informal workers remain India's first and most significant tier in the e-waste industry. She said that formalisation must protect workers' rights and provide pathways to better employment, or else the shift will further marginalise them. Loss of Income Seelampur has relied on an easy supply chain for years. Workers purchased discarded wires, electronics, and scrap from local scrap dealers. They then took the materials home to extract chips, copper, and aluminium. The metal was sold to nearby buyers who supplied factories. The chain has weakened as recycling companies expand, and local authorities limit home-based demolition by disabling electricity and fining smaller units. The industrial zones are now home to large traders and middlemen who supply dismantled material to recycling factories. Mohammad Saleem's hands are a testament to the danger of his work. He has darkened his hands and made cuts from peeling wires for eight years. He said that his income has dropped from 700 rupees to just 300 rupees per day. The work is moving quickly out of these alleyways. Workers said that many people, especially women, are unable to follow the work in distant factories. Mohammed Shadab (28 years old) feels that he has lost the ground he worked so hard to achieve. He quit his factory job of 10,000 rupees ($111.79 per month) three years ago to start a business at home that could bring in up to 25, 000 rupees. He said, "The jobs are moving to factories." "I do not have the information or money to open a licensed factory." I feel like I am being forced to become a worker. The formal recyclers say they still depend on informal workers but lack the infrastructure or capacity to absorb all. Rajesh Gupta, of Recyclekaro in Mumbai, said that companies work with informal workers by supplying basic training and authorised buyers, but they need more investment to expand. Yashraj Bhardwaj, a newly formed e-waste recycler, explained that the growth of this sector depends on a predictable supply. India's rules require producers to recycle e-waste at government-registered facilities at a minimum price of 22 rupees ($0.25) per kilogram, meant to support compliant facilities and reduce dependence on unsafe workshops. Bhardwaj stated that "a constant 22 rupees per kilo gives confidence to grow." The Indian government has been sued by global electronic brands such as Samsung, LG and Daikin. They claim that fixed-price systems distort the marketplace.
-
The price of iron ore is capped by rising global supplies and China demand.
The price of iron ore futures edged up on Wednesday. Support from a modest improvement in China's demand was greater than the pressure from a rising global supply as well as a decline in steel production. The January contract for iron ore on China's Dalian Commodity Exchange was trading at 797 Yuan ($112.57) per metric ton, up 0.19%. As of 0718 GMT, the benchmark December iron ore traded on Singapore Exchange was $0.71 per ton higher. The global iron ore production is projected to reach a new record in 2026 of 2,68 billion tons, thanks to the continued expansions in mines in Australia and Brazil. Also, the recently commissioned Simandou Project in West Africa will be a major contributor to this increase, according to a report by consultancy Mysteel. The World Steel Association has reported a lower global steel production for October. It was down 5.9% on an annual basis to 143.3 millions tons. Meanwhile, crude steel production from China, the top producer, fell 12.1%. China's steel production will fall below 1 billion tonnes this year, for the first six-year period. This is in line with government promises to reduce production and balance supply and demand in an industry that has been struggling with overcapacity. Mysteel reported that the prices of locally produced iron ore concentrats in China remained unchanged across most production areas last week despite a decline in demand from domestic steelmakers. Mysteel stated that the strong performance of iron-ore derivatives, and the resilience of the imported ore price supported the market. Galaxy Futures, a Chinese broker, says that the domestic end-use demand for steel has improved in the fourth quarter. Infrastructure demand is driving up apparent steel demand. Coking coal and coke, which are used to make steel, also lost ground. They fell by 1.14% each and 1.34% respectively. The Shanghai Futures Exchange steel benchmarks were mixed. The Shanghai Futures Exchange saw a mixed performance in steel benchmarks. Hot-rolled coil and rebar fell 0.03% and 0.21% respectively, while stainless steel gained 0.65%. ($1 = 7.0801 Chinese yuan) (Reporting by Lucas Liew; Editing by Subhranshu Sahu)
-
Copper prices rise as Fed cuts are fueled by soft US data
Copper prices rose on Wednesday, as weak U.S. economic data raised expectations for a Federal Reserve rate cut in December. Meanwhile, a Chinese senior industry official warned of the halting of smelting and cautioned against ultra-low fees. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading session up 0.20%, at 86 590 yuan per metric ton ($12 230.05). As of 0703 GMT, the benchmark three-month copper price on London Metal Exchange had increased by 0.46% to $10,868 per tonne. The market received a boost as the September economic data, which was released on Tuesday but delayed because of a government shut down, showed a cooling in retail sales and inflation. This supported a rate cut for December by the Fed. Commerce Department data shows that U.S. retail sale rose by 0.2% in September, but missed the forecast of 0.4%. In a speech delivered on Wednesday at the World Copper Conference Asia 2025 by Vice President Chen Xuesen, the China Nonferrous Metals Industry warned against the negative treatment of copper concentrate. The association was against the negative processing. He noted that China had also halted construction of new smelting capacities of 2 million tons. Nickel, tin, and lead were all unchanged. Aluminium, too, was not much changed. The other London metals were up 0.41 percent, zinc 0.25%, lead 0.39% and nickel 0.11%. ($1 = 7.0801 Chinese Yuan Renminbi). (Reporting and editing by Dylan Duan, Lewis Jackson)
-
Gold reaches two-week highs on increased US rate cuts bets
Gold reached a two-week high Wednesday after U.S. data reinforced expectations of a Federal Reserve interest rate reduction in December, and weighed down on the dollar. As of 0615 GMT spot gold was up 0.7% at $4,156.89 an ounce. This is its highest level since November 14. U.S. Gold Futures for December Delivery were up 0.4% to $4,154.10 an ounce. Tim Waterer, Chief Market Analyst at KCM Trade, said that expectations are shifting towards a rate cut in December. "A chorus of dovish comments from Fed officials has strengthened the case," he added. Data released Tuesday showed that U.S. Retail Sales increased less than anticipated in September. In the 12-month period ending in September, the Producer Price Index rose 2.7%, after increasing by the same margin last August. Recent dovish remarks by Fed policymakers preceded the release of these data. Dollar hits one-week-low as investors bet that Kevin Hassett may lead policy in a more dovish way, making greenback priced bullion cheaper for other currency holders. The benchmark 10-year Treasury rates held close to the one-month lows reached in the previous session. Scott Bessent, U.S. Treasury secretary, said that the Fed's interest rate management system is in trouble and must be simplified. According to CME FedWatch data, the markets are pricing an 85% probability of a Fed rate reduction in December compared to only 50% last week. In low-interest rate environments, gold, which is a non-yielding investment, performs well. The U.S. Weekly Jobless Claims Report is due to be released later on Wednesday. In October, net gold imports from Hong Kong to China, the top consumer, fell by 64% compared to September. (Reporting by Ishaan Arora in Bengaluru; Editing by Rashmi Aich and Mrigank Dhaniwala) (Reporting and editing by Rashmi Dhaniwala and Mrigank Aich in Bengaluru)
-
Asia stocks surge as Fed rate-cut betting boosts weak US data
The Asian stock market rose on Wednesday as it followed Wall Street's gains, with weaker than expected economic data fueling expectations that the Federal Reserve would cut interest rates during its next policy meeting. MSCI's broadest Asia-Pacific share index outside Japan rose by 1.1% after U.S. shares ended the previous session mildly up. Japan's Nikkei index gained 1.9% while U.S. futures rose 0.3%. U.S. stock prices recovered lost ground following a recent sell-off. The S&P 500, Nasdaq Composite and Dow Jones all rose for the third day in a row on Tuesday as data revealed that retail sales were lower than expected and consumer sentiment was weaker. These prints boosted expectations that the Fed would ease its policy in the near future and led to speculation that other emerging market Asian central bankers could follow. Sat Duhra is a portfolio manager with Janus Henderson Investors. He said that once we see more cuts in the U.S. this will be positive for our area. "These markets are waiting for that to happen before we get more aggressive with rate cuts." FedWatch, a tool of the CME Group, shows that Fed funds futures have an implied probability of 80.7% for a 25 basis-point cut during the next U.S. central banks meeting on December 10. This is compared to odds even a week earlier. The yield on the benchmark 10-year Treasury note rose to 4.0113%, compared with the U.S. closing of 4.002%. This is after briefly falling below the 4% barrier on Tuesday. The last time the sterling was traded, it was 0.2% higher at $1.3188. This extended its advance to a fifth consecutive day before the UK budget is due on Wednesday. In an effort to maintain confidence in the financial markets, Finance Minister Rachel Reeves is likely to announce new tax hikes. This will be done against an expected decline in Britain's economic outlook. Early European trades saw pan-regional futures up 0.7%. German DAX Futures also rose 0.7%. FTSE Futures increased 0.3%. Brent crude futures rose 0.4% to $62.72 after U.S. president Donald Trump Back away From a deadline of Thursday for Ukraine to accept a U.S. backed peace plan. Trump also dismissed a Bloomberg News article that claimed U.S. negotiator Steve Witkoff had instructed the Russians how to approach him about the subject. The price of crude oil had fallen earlier after President Volodymyr Zelenskiy declared that Ukraine was in danger. Ready to Advance The U.S.-backed proposal could pave the way for a relaxation of Western sanctions against Moscow's energy industry and an increase in supply on the market. The push had been a bit too much Oil Futures The price of European energy fell to its lowest level in over a year and a half on Tuesday. Three OPEC+ source said that OPEC+ will meet on Sunday, and it is likely to keep output levels the same. The euro rose 0.1% on the day to $1.1586. The dollar was stable against the yen, at 156.045. However, the Japanese currency fluctuated between gains and losses. Sources said that the Bank of Japan has been preparing the markets for an interest rate hike, possibly as early as next month. This is after the Bank of Japan met with new Prime Minister Sanae Takaichi, and BOJ Governor KazuoUeda last week. The Japanese opposition parties are ramping up their campaign against Takaichi because of its high approval ratings The Yomiuri reported Wednesday that preparations were being made for snap elections. Japanese government bonds continued to lose value, with the short-term yields hitting their highest level since June 2008 during the height of the global financial crises. The dollar index (which tracks the greenback versus a basket currency of other major trading partners) fell 0.2% to 99.686. New Zealand's dollar soared by 1.3%, to $0.5691, after the Reserve Bank of New Zealand reduced benchmark interest rates to 2.25% from 25 basis points and retracted its previous dovish guidance. Australian shares rose 0.8%, and the Australian Dollar strengthened by 0.6% as consumer prices increased faster than expected in October. This reinforced bets on the end of the central bank’s easing cycle. Bitcoin rose 0.4%, to $87340.98, and spot gold traded up 0.8%, at $4163.58 an ounce. (Reporting and editing by Jacqueline Wong, Lincoln Feast and Gregor Stuart Hunter.
Gold nears two-week high as Fed cuts bets on tepid US Data
Gold prices reached a two-week-high on Wednesday after positive U.S. data reinforced expectations for a Federal Reserve rate cut in the coming month. This supported non-yielding gold.
At 1019 GMT the spot gold price was up by 0.8% at $4,161.57 an ounce, its highest level since November 14. U.S. Gold Futures for December Delivery were up 0.4% to $4,157.40 an ounce.
Market participants are beginning to price again a U.S. interest rate cut for December," stated UBS analyst Giovanni Staunovo.
Bullion is a non-yielding investment that tends to do well in environments with low interest rates.
Staunovo stated that "we continue to see a further upside in near-term, with an end of year forecast of $4.200/oz, and $4.500/oz by mid-next year."
The data released on Tuesday revealed that U.S. retailers sales rose less than anticipated in September, while producer prices were also in line with expectations.
U.S. consumer sentiment also declined in November, as consumers became more worried about their finances and jobs.
The Fed's policymakers made a series dovish remarks in recent weeks, which prompted the release of these data.
The CME FedWatch tool shows that traders now expect an 83% probability of a Fed rate reduction next month, as opposed to 30% one week ago.
A report stated that White House Economic Advisor Kevin Hassett was the leading candidate to become the next Fed Chair, confirming expectations for a dovish approach to policy preferred by President Donald Trump.
Investors are now awaiting the U.S. Weekly Jobless Claims Report due later on Wednesday. This report is a crucial gauge of labor market health as well as Fed policy prospects.
Deutsche Bank has raised its gold forecast for 2026 to $4450 per ounce, up from $4,000 an ounce, citing stable investor flows and persistent demand by central banks.
Silver spot rose 1.7%, to $52.28 an ounce. Platinum was up by 0.4%, at $1,559.03; palladium dropped 0.2%, to $1,395. Mark Potter edited the report by Noel John, who reported from Bengaluru.
(source: Reuters)