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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)
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Gold's dollar strength is stable but it will gain weekly
Gold prices were not much changed on Friday due to a stronger U.S. Dollar and higher?Treasury?yields. However, bullion is still expected to gain weekly. As of 10:05 am, spot gold was up 0.1% at $4,338.37 per ounce. ET (1505 GMT) but was on track to record a weekly increase of 0.9%. U.S. Gold Futures gained?0.1% at $4,370.10. Dollar-priced gold is now more expensive for overseas buyers. Benchmark 10-year U.S. Treasury rates also increased. "We are seeing some reactions to a stronger U.S. Dollar, higher yields on the curve and a slightly firmer appetite for risk since yesterday," Bart Melek said, global head of commodities strategy at TD Securities. "Markets have been consolidating under recent highs following the Fed's 25-basis point cut in December." In November, U.S. consumer price index rose by 2.7% compared to the previous year, which was below the economists' expectations of a 3.1% rise. Fed funds rate futures suggest 58 basis point rate cuts in 2026. Spot silver rose 1.5% to $66.38 per ounce. It is expected to finish the week 7.2% higher than it began after hitting a record-high of $66.88 an ounce on Wednesday. Silver's price has risen 128% in the past year, surpassing gold by 65%. This is due to strong demand for silver and supply constraints. Melek said that "Silver's price is driven by the interest of investors in ETFs... There is a lot of?interest in calling options, which prompts market makers to hedge underlying, causing a gamma-squeeze, as we like to call it." Gold discounts in India reached a record high of more than a month as wedding season demand was curtailed by record prices. In China, markdowns were at their steepest since August 2020. Platinum rose 2.3% to $1960.41, after reaching a record high of more than 17 years on Thursday. Palladium dropped 0.1% to $1693 after reaching a session high of nearly three years earlier. Both metals were on track for gains this week.
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ARKO Petroleum reports a nine-month drop in revenue in US IPO documents
In its latest?U.S. filing, fuel distributor ARKO Petroleum revealed a decline in revenue for the nine-month period. Companies are preparing to list in the first quarter of next year. The company posted a profit of $24.7 million on revenue of $4.27 billion for the nine months ended September 30. This compares to a profit last year, which was $32.7 million on revenue $4.92 billion. The offering is made as issuers prepare to list in the early part of next year, after the holiday season. They are hoping to take advantage a receptive marketplace. The year-end debut of tax firm Andersen and medical supply giant Medline was well received on Wednesday. After a period when the U.S. IPO market was hampered by President Donald Trump’s trade policies, which dampened new offerings, it has regained its momentum. Investor confidence and the appetite for new listings has also been boosted by Federal Reserve rate cuts. ARKO Petroleum, a U.S. wholesale distributor of fuels, supplies motor fuel in more than 30 states. The company was founded by convenience store chain ARKO Corp. and focuses on long-term, fee-based contracts for fuel distribution. It also sells fuel through its fleet fueling stations. The Nasdaq will list the company under "APC". UBS Investment Bank Raymond James, and Stifel were among the underwriters of the offering. Reporting and editing by Shilpa Majumdar, Krishna Chandra Eluri, and Maju Samuel in Bengaluru.
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Chilean regulator launches 'unprecedented audit' of Codelco and SQM lithium deal
The Chilean Comptroller's Office announced on Friday it would launch an "unprecedented audit" of the lithium agreement between the state copper giant Codelco, and local producer SQM. The Comptroller's Office announced in a statement that it will "launch an unprecedented audit" as a response to complaints made by members of parliament about the Codelco-SQM Agreement. The regulator stated that previous court decisions prevented it from ruling on the majority of claims. Legislators questioned the decision to reach an agreement through direct negotiations rather than by a competitive process. They also questioned Codelco's choice of SQM - a company that has, among other things, pending tax lawsuits. SQM refused to comment on the audit. Codelco stated that it would "approach this process with transparency and professionalism", and that the audit would help to "reaffirm integrity" of its agreement with SQM. The statement stated that "the audit will confirm the integrity, rigor and soundness of process, including hiring and the work done by Morgan Stanley the financial advisor, who has played an important role in structuring this partnership." After several national and international regulators had approved the?agreement, the companies requested the Comptroller’s approval to finalize it. Codelco wants to form a joint-venture with SQM to 'produce lithium on the Atacama Salt Flats as part of President Gabriel Boric’s plan to increase production and expand state control. Codelco stated that it is still waiting for approval from the Comptroller's Office of the lease agreements between Corfo, the state agency for development and its subsidiary for properties in the Salt Flats. This process began back in September. China's Tianqi is a major shareholder in SQM and has attempted to block the deal, but so far without success, in Chilean courtrooms, arguing that shareholders approval should have been required.
Andy Home: The ROI-EV Revolution continues, but the battery metals are losing their charge.
The third year has been tough for battery metals like lithium, nickel and copper as the three markets struggled to absorb the supply wave that followed the price boom of 2022.
The electric vehicle revolution continues. The demand for metals and batteries that power them is growing at an accelerated rate.
It is only a matter time before the current glut of supply is absorbed by demand.
This was at least the hope.
Chinese companies are, however, embarking on a "simultaneous" technological revolution, as they seek to develop batteries that are ever more powerful at a lower cost.
Battery chemistry evolves quickly and it is already apparent that not every battery metal will be successful in the fierce competition between materials.
CHINA POWERS UP
The road to electrification is currently bumpy. The U.S. president Donald Trump has reversed the Biden administration’s EV subsidies, and the European Union deferred the phase-out of combustion engine vehicles beyond 2035.
The underlying momentum remains unabated. According to Rho Motion, global EV sales grew by 21% on an annual basis to reach 18.5 million cars in the first eleven months of 2025.
China continues to be the driving force behind the global technological shift. This year, the world's biggest EV market grew by 19% and accounted for 62% global sales.
No one should be surprised that Chinese companies are at the forefront of battery chemistry.
The Chinese EV market is now dominated by batteries using lithium-iron-phosphate (LFP) chemistry. These batteries are cheaper and safer than those that use a combination nickel, cobalt, and manganese. The performance gap between them and those using NCM is also steadily narrowing.
LFP was responsible for 48% global EV batteries in 2017. Macquarie Bank has revised its forecast to expect that this share will rise to 65% in 2029. This is a significant increase from the previous 49%.
Nickel and Cobalt in the Slow Lane
It is not good news for either Indonesia or the Democratic Republic of the Congo - the two largest nickel and cobalt producers in the world.
Indonesia has not tempered its production growth in order to reflect the reality of new batteries, creating a tsunami surplus metal.
The country's nickel is increasingly being shipped to a warehouse at the London Metal Exchange (LME), rather than to a battery-precursor plant.
LME warehouse stock - registered or off-warrantee - has exploded to 338.900 tons.
This is only the second time in 2021 that the LME nickel price fell below its long-term support of $15,000 per ton. The pressure on Indonesian policymakers?to curb their nickel boom has increased.
Cobalt prices are also in a similar situation of chronic oversupply. Congo stopped exports in February, and then introduced a quota-based system in October.
The slow implementation of new rules led to the complete stoppage of shipments of cobalt-based intermediates to Chinese refineries.
Congo's supply discipline could become a supply shock. This could be costly for a nickel-based metal that already struggles to maintain its share in battery chemistry.
The price volatility of cobalt and ethical issues associated with the artisanal mining industry in Congo are a concern for automakers.
The events of this year will only exacerbate these concerns and could lead to a greater push for cobalt to be removed from the equation.
LITHIUM DOMINANT ... FOR NOW
China's shift to LFP chemistry reinforces the importance of lithium.
Adamas Intelligence, a consultancy, estimates that 60,900 tonnes of lithium was deployed on roads worldwide in September. This is a 25% increase year-over-year, which matches the growth of total battery deployment. Nickel and cobalt lagged behind with deployment growth rates of 10% and 15% respectively.
But lithium is also facing a new challenge.
The Chinese battery giant CATL is a pioneer in the development of'sodium-ion Batteries. Naxtra is the latest version of this battery that will match or even surpass LFP batteries, which are replacing NCM chemistry. It also does so at lower costs.
Robin Zeng, the billionaire founder of CATL, believes that sodium-ion battery could replace up to half of the market for LFP Batteries.
The metal is a popular choice for storage batteries for power grids, which are a growing market.
According to Benchmark Mineral Intelligence, global installations of battery-based energy storage systems increased by 38% in the first ten months of 2025.
Ford Motors has announced a charge of $19.5 billion on EV investments. At the same time, it is committing to invest $2 billion in batteries for energy storage system.
HARD WIRED
The EV battery materials landscape has changed dramatically since 2022 when the prices of lithium, cobalt, and nickel were all surging, on the assumption that these three metals would be at core for electric mobility.
This is no longer true. The battery chemistry continues to evolve at a breakneck pace, thanks to unprecedented research and development.
In 10 years, it is impossible to know what will power electric vehicles.
It is certain that copper will remain essential for wiring vehicles and charging infrastructure. Aluminium will likely remain the preferred material for body frames due to its lightweight.
The ultimate winners of the EV revolution may not be the metals that directly power a vehicle, but those who enable it.
Andy Home is an author and columnist. Andy Home is a columnist. You like this column? Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance is available. Follow ROI on LinkedIn, X and X.
(source: Reuters)