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Spot drops sharply as German wind output surges
European power prices dropped sharply on the day of Wednesday due to expectations that wind generation in Germany would increase and the warmer weather would reduce demand. LSEG data shows that the French baseload for day-ahead was 39.5 euros (46.28 dollars) per megawatt 'hour at?1050 GMT. This is 54% lower than its close. The German equivalent price dropped 28% to 77.5 Euros/MWh. LSEG data shows that the German wind output will more than double on Thursday to 31.4 Gigawatts from the 12.1 GW forecasted?on?Wednesday. French nuclear capacity remains at 84%. German?power consumption will drop by 400 MW, to 61.7 GW - in the same time period. In France, it is expected to fall by 2 GW, to 58.5 GW. The temperature is expected to increase by 2-2.3 degrees Celsius across both countries. The German baseload?years ahead gained 0.9% to 85.4 euros/MWh. The French position for the same year-ahead period was 0.9% higher, at 50.3 Euros/MWh. The oil, gas and Carbon industries have seen a stronger momentum. The benchmark contract for the European carbon market 2026 increased by 0.8% to 88.07 Euros per metric ton. German transmission system operators released a revised plan for the development of electricity networks up to 2045. This plan could reduce infrastructure costs by 80 billion euro compared to a plan from 2023. The'reporters' cited lower demand estimates, an optimization of measures, including the grouping or deletion of certain 'line projects, as well as assigning a larger role to "grid batteries". European Energy Exchange (EEX), launched on December 12, saw its first trades for the newly launched Wind-Hydro-Solar 'Guarantees Of Origin Futures. The BDEW group of Germany published preliminary data for the year showing that gas consumption increased by 3.6% and power production rose by 0.8%. ($1 = 0.8535 euro) (Reporting and editing by Vera Eckert)
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Silver reaches $65 for the first time, gold increases as US unemployment rates rise
Silver has risen to new record highs of $65 per ounce on Wednesday. Gold also advanced as softer than expected U.S. job data indicated a 'cooling labour market. This led to bets that interest rates will continue to fall next year. Spot silver rose 3.3% to $65.91 per ounce, after reaching an all-time record of $66.52 in the previous session. The rally was driven by tight supplies, strong industrial demand, and increasing speculative interests. Independent analyst Ross Norman said, "Silver is a popular topic of discussion on the options markets. I believe it's because there are some very clear views that demand remains a positive outlook." It's an important mineral. It is a vital part of the green power program. It's tight, in the sense that supply dynamics is tight. Speculators are therefore swimming with the current. Spot gold prices rose 0.4% by 1015 GMT to $4,318.99 per ounce, while U.S. Gold Futures also gained 0.4%, reaching $4,348.10. The price of silver has increased by 128% and the price of gold is up 65% for the year. Ricardo Evangelista, ActivTrades analyst, says that gold continues to be supported due to dovish Federal Reserve expectation, economic uncertainty, and geopolitical tensions. The U.S. unemployment rates rose in November to 4.6%, their highest level since September 20,21, despite the 64,000 new jobs created by nonfarm payrolls. The markets are awaiting important U.S. inflation data this week. Consumer Price Index (CPI) data is due on Thursday, and Personal Consumption Spending data is due on Friday. Last week, the Federal Reserve announced its 'third and final quarter point rate cut for the year. Chair Jerome Powell was viewed as being 'less hawkish than anticipated. Traders have priced in two 25 basis-point rate cuts for 2026. Gold and other non-yielding investments do well when interest rates are low. Geopolitically, U.S. president Donald Trump ordered Tuesday a "blockade",?of all sanctioned tankers entering or leaving Venezuela. Platinum was up 4.2%, at $1,927.35, the highest level in over 17 years, and palladium gained 2.2%, to $1,638.96. This is a new two-month high. "The whole white metals sector is surging at the same time, and the EU's decision to lift the ban on combustion engines in 2035 is giving this sector a boost," Norman said.
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EU prohibits UK exemption from border carbon levy until market linkages
The climate chief of the EU said that Britain will not be exempted from paying its CO2 emissions tax on imported goods unless both sides connect their carbon markets. British industries had hoped for a temporary exemption to the EU's Carbon Border Adjustment Mechanism (CBAM), while carbon market linkage talks are underway. The UK government said that the EU levies will cost their?industry? 800 million pounds per year. Wopke H. Hoekstra, EU Climate Commissioner said that Britain would not be exempt from the border carbon levy until it's carbon market is linked with?the EU - a.process officials estimate could take longer than a year. He said: "We are not exempting anybody, but when we fully link those two, there is a good chance that an exemption will occur at that time." The UK Cabinet Office didn't immediately respond to our request for comment. Hoekstra stated that Brussels knew the UK government would have "... liked a different set of events". Hoekstra added that the EU and the UK would work together to connect the carbon markets. From January, the EU CBAM is going to start charging importers of steel and cement. But companies will have to wait until September 2027 to purchase CBAM certificates for their 2026 emissions, and then submit them to EU. (Reporting and editing by Louise Breusch Rasmussen, Louise Heavens, and Susanna Twidale)
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Poll by aid agencies names Sudan as the most neglected crisis in 2025
The world is blind to the horrors of Sudan DRC is hellscape for women Twelve crises that are often overlooked by the public Emma Batha Experts warn that aid operations are in danger of collapsing and two cities are on the brink of famine. Abdurahman Sharif, director of Save the Children's humanitarian department, said that the Sudan crisis should dominate the front pages of the newspaper every day. "Children live a nightmare in plain view, but the world continues to look away shamefully." The Democratic Republic of Congo, widely regarded as the deadliest war since World War Two is ranked second. Sharif stated that although Sudan has been covered by the media, the true magnitude of the disaster is "largely out-of-sight and out-of mind". Sudan is the world's largest humanitarian crisis according to the United Nations, but an appeal for $4.16 billion has only been funded by a third. Respondents to the poll highlighted several emergencies that were overlooked, such as Myanmar, Afghanistan and Somalia in Africa, or Mozambique. Many agencies claimed they were hesitant to focus on just one crisis during a time when the United States, and other Western donors, cut aid in spite of the soaring needs for humanitarian assistance. Oxfam's human rights director Marta Valdes Garcia said: "It seems as though the world has turned its back on humanity." 'INDICTMENT of Humanity' Conflict between the Sudanese Army and the paramilitary Rapid Support Forces erupted in April 2023 as a result of a power battle. This conflict has caused the largest displacement crisis on earth, with 12 million people forced to flee their homes. Aid groups have cited horrifying human rights violations including child abuse, rape, and conscription. Moussa Snagara, World Vision's director of humanitarian operations, said: "What's being done to Sudanese children is unconscionable. It's happening on a large scale and appears to be with impunity." 21 million people are suffering from acute hunger, as hospitals and schools have been destroyed or taken over. The U.N. World Food Programme has warned that it will be forced to reduce rations if additional funding is not provided. Aid agencies say that violence, blockades and bureaucratic barriers make it difficult to reach civilians living in conflict zones. Mamadou Dian Balde, regional director of the U.N. Refugee Agency said: "What we see in Sudan is an indictment against humanity." "If the world doesn't urgently step in - diplomatically and financially, as well as morally – an already disastrous situation will worsen, with millions of Sudanese paying the price." 'BREAKING POINT' The survey also highlighted South Sudan and Chad as two countries that host large numbers of Sudanese refugee. Charlotte Slente is the head of the Danish Refugee Council. She said that the climate crisis was pushing Chad, a country with deep poverty, hunger, and other problems, "to the breaking point." "Chad's generosity towards refugees is a good lesson for the wealthiest nations in the world." Slente stated that the global moral failure is a response to this generosity. Oxfam reported that donors are pulling out of South Sudan, forcing aid agencies, including Oxfam, to reduce crucial assistance for millions. 'HELLSCAPE for WOMEN' Alarm was raised by several organizations over the escalating conflict within DRC. Around 7 million people have been displaced, and 27 millions are hungry in this vast country rich in natural resources. Rape has been a weapon of warfare for decades. Patrick Watt, Christian Aid's Chief Executive Officer, said: "This is the greatest humanitarian crisis that the world hasn't talked about." He said that during a recent trip, the villagers had told him about how armed groups stole livestock, burned down homes, recruited young boys to fight, and subjected girls and women to horrific sexual violence. M23 rebels, backed by Rwanda, seized eastern Congo in an attempt to overthrow the Kinshasa government. Fighting continues despite the U.S. led peace agreement signed by DRC and Rwanda this month. The conflict in the DRC has intensified due to a soaring demand for minerals for smartphones, clean energy technologies and other products. Watt stated that the people are now facing an economic disaster as a result of Kinshasa’s blockade against M23-controlled zones and aid cuts which have hollowed out humanitarian response. ActionAid called the violence "a hellscape for women" while the Norwegian Refugee Council said Congo was "a case of global neglect". Jan Egeland, Secretary General of the NRC, said: "This is not an accident. It is a decision." Tom Fletcher, the U.N. chief of aid, has named Myanmar as one of the most neglected crises. He described it as "a billion dollar emergency running on fumes." A $1.1 billion fund for the Southeast Asian country has only been funded 17% despite the mass displacements, increasing hunger and rampant violent. Fletcher claimed that the world has turned its back on the "grinding crises" beneath the massive March earthquake in Myanmar.
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The UK will join the Erasmus+ Student Exchange Scheme
The UK and EU agreed to allow UK students join the popular Erasmus+ student exchange programme on Wednesday, a symbolic but small sign of improved relations after Brexit. The UK contribution to the academic year '2027/28' will be 570 millions pounds ($760million), according to the British government. They also said that this deal includes a 30% discount on the default terms of the current trade agreement with the EU. The statement stated that the two sides had also agreed to "start negotiations" on integration of electricity markets, and set a deadline for finalising a food and drink trade agreement and linking carbon markets next year. Since he was first elected, Prime Minister Keir Starmer sought to strengthen ties with the EU. In May, the two sides agreed on the most significant reset of defence and trading ties since 2020 when the UK will leave the EU. Starmer has tried to differentiate his approach from previous Conservative governments' often tense relationships with the EU during Brexit negotiations. Nick Thomas-Symonds, Minister for EU Relations, said that the Erasmus+ agreement was "a big win" for our youth. He said: "We have focused on public priorities and secured an agreement that puts 'opportunity first. The government has said that more than 100,000 people could benefit in the UK in the first year. It has been a long-standing EU demand that the UK return to the Erasmus+ programme, which allows EU students to study abroad for up to one year in another EU country. The UK had previously withdrawn from the programme after Brexit. Reporting by Catarina demony and Muvija M. Editing by Paul Sandle.
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Namibian tax revenues boosted by gold and uranium after diamond prices plunge
The?mining?chamber of Namibia said that for the first time in history, Namibia's diamond revenues were exceeded by other minerals. Record gold prices and increased uranium production helped to offset the effect?of low gem?prices. Namibia has always relied on diamond income to boost its state coffers. It accounts for around 30% of Namibia's export earnings. The natural diamond industry has seen a decline in prices since mid-2022. This is mainly due to the growing popularity of laboratory-grown gems. According to the tax collector, the revenue generated by diamonds fell 79% from the previous year in the six-month period ending September. In its October report, which was published late Tuesday, the Chamber of Mines in Namibia stated that non-diamond mining revenues had surpassed diamond revenue for the first. This reflects a "structural shift" towards a more resilient and diversified mining revenue base. In the last financial year, tax revenue from other mineral deposits, mostly uranium, gold and copper, increased to 2,87 billion Namibian Dollars ($171.09 millions), almost twice the initial budget estimate. The current financial year is expected to see a further increase to N$3.54billion. The non-diamond royalties also exceeded expectations. They increased from N$747.8 million to N$1.03billion in the previous financial year, and are continuing this trend?in the current fiscal year. Namibia's gold mines Navachab and B2Gold Otjikoto Mine benefited from the bullion?rally which sent spot prices up to $4,380 an ounce in October. This is about 60% higher than a year ago. In the first 10 months 2025, production of uranium (which is used in nuclear technology) was up by 22% on an annual basis. Namibia is the third largest uranium producer in the world, behind Kazakhstan and Canada.
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Iron ore at a one-week high, supported by improved spot market liquidity
The price of iron ore futures rose to a new high on Wednesday. This was due to the accelerated buying in the spot market, as steelmakers from the top consumer -China began stocking up feedstocks for consumption over the Lunar New Year holidays in February. The daytime trading price of the most traded iron ore contract at China's Dalian Commodity Exchange was 768 yuan (109.02 dollars) per metric ton. This is its highest level since December 11. As of 0751 GMT the benchmark January iron ore was up by 0.98%?at $103.55 per ton. This is the highest price since December 5. Analysts said that improved liquidity in the spot market has lifted sentiment. Mysteel, a consultancy, reported that iron ore transactions in portside and seaborne markets rose by respectively 18.2% and 76.28% on Tuesday. There is less pressure to cut further in December in order to meet a national goal set earlier this year, as the?crude-steel output for the first 11-months of the year was down by 4% on an annual basis. Beijing announced in March that it would restructure its massive steel industry by cutting output. After Chinese property developer Vanke sweetened its bond extension proposal to avoid debt default, the price of the key steelmaking ingredient also rose. Prices of seaborne iron ore Goldman Sachs predicted $95 for the fourth quarter. Coking - The price of coal and coke (other steelmaking ingredients) rose by 0.33% and 1.93 percent, respectively. The Shanghai Futures Exchange saw a majority of steel benchmarks rise. Rebar was up by 0.1%. Hot-rolled coil increased by 0.03%. Stainless steel gained 0.2%. Wire rod dropped 1.94%. ($1 = 7,0449 Chinese Yuan) (Reporting and editing by Subhranshu Dhaniwala and Mrigank Dahniwala; Reporting by Amy Lv, Lewis Jackson)
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Minister: South Korea will benefit from the plan of Korea Zinc to build a US smelter
South Korea's Industry Minister said on Wednesday that Korea Zinc’s plan to build a U.S. Smelter will help develop supply chains for essential minerals. Seoul may also discuss the possibility of receiving support from an U.S. Investment Fund. Korea Zinc announced on Monday a plan for a critical minerals refinery worth $7,4 billion in Tennessee. The project will be financed primarily by Washington. Kim Jung-kwan, Industry Minister, said at a 'press conference that he viewed the decision as a positive one for Korea Zinc despite its financial burden. Kim stated that "we concluded that those plans from Korea Zinc?will help us build stable supply chains for rare Earths." He said that he would need to talk to the U.S. about whether the $350 billion investment package Seoul made in U.S. strategic sectors under the recent trade agreement could be used to fund the Korea Zinc Project. Two major shareholders in Korea Zinc A?South Korean Court this week blocked the company's plans to issue new shares. Young Poong, MBK Partners and other private equity firms said that they weren't 'opposed to a U.S. smelter in general but opposed the proposed issuance new shares valued at $1.9 bn to a joint-venture backed by U.S. strategic investors and the U.S. Government. The investors would receive 10% of Korea Zinc. Reporting by Heejin Jin, Hyunjoo Ji Editing by Ed Davies
China's palladium and platinum prices are rising on a surge in buying interest
The price of platinum futures at China's Guangzhou Futures Exchange increased for the fourth consecutive session, reaching a price ceiling on Wednesday. This was fueled by a growing demand for the precious metal after the record-breaking performance?of silver and gold.
Platinum contracts for delivery in August, June, October, and December all reached the maximum.
The June contract, the most active contract since its inception, soared 7% to $527.55 ($74.88), the highest price per gram.
Palladium futures also surged, with the June contract, the most active, hitting the price ceiling with a 7% increase to 455,15 yuan a gram. This is the highest level since the establishment of the contract.
Guangzhou's bourse started trading platinum and palladium futures contracts on November 27 as part of Beijing’s efforts to?increase its international pricing influence.
Morgan Stanley analysts forecasted a structural deficit for platinum. They also predicted that lease rates would remain high, and they expected industrial demand to recover into 2026. The analysts predicted a small palladium market deficit in 2026 and warned that the longer-term "fundamentals" of the metal are weak.
The rise in gold and silver prices is a result of a combination of factors, including growing geopolitical unrest, central bank purchases and increased bets on U.S. Federal Reserve rate cuts.
Analysts have reported that some investors are now interested in buying the two metals of the platinum group.
The Guangzhou Exchange's open interest in the palladium and platinum futures that were most traded on Wednesday jumped by 26% and 33%, respectively.
Open interest is the number of option contracts that are yet to be settled by buyers and sellers. It's a measure of investor participation in a particular market. $1 = 7.0457 Chinese Yuan Renminbi (Reporting and editing by Amy Lv, Lewis Jackson)
(source: Reuters)