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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surged above $4,500 per ounce for the first time, while silver, platinum, and other precious metals also reached record highs.?Investors were rushing into precious metals as a hedge against geopolitical risks and trade uncertainties, and to prepare themselves for further U.S. interest rate cuts expected in 2026. Gold spot was unchanged at $4,481.90 an ounce as of 0803 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery rose by 0.1%, to $4,509.20 per ounce. Platinum jumped 2.1% from $2,377.50 to $2,323.95 despite hitting a record high of $2,377.50 earlier. Silver rose 0.7%. Palladium rose?3%, reaching $1,919.17 - its highest level for three years. Ilya Spirak, global macro head at Tastylive, said that precious metals are more of a speculative story around the idea that with de-globalisation you need an asset which can act as a go-between without any sovereign risk, especially as tensions persist between the U.S. Spivak said that thin liquidity at the end of the year exaggerated recent price moves, but the overall theme was likely to continue. Gold is expected to reach $5,000 in the next six months to a year, and silver could push towards $80, as markets react to key psychological levels. The gold price has risen by more than 70% in the past year. This is its largest annual gain since 1979. Its rise was driven by safe haven demand, central bank buying, dedollarisation trends, and ETF flows. Traders are pricing two rate cuts for next year. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on U.S. Critical Minerals?list. Tim Waterer is the chief market analyst at KCM Trade. He said that gold and silver "have been hitting the accelerator this week", with new record highs. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have surged on tight mine supplies, tariff uncertainty and a shift away from gold investment. Platinum has risen by 160% and palladium is up more than 100% for the year. Spivak explained that platinum and palladium are catching up, but they will still lag gold once liquidity returns.
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Copper reaches record highs as robust US GDP data boosts prospects
Prices of copper rose to new highs as the U.S. economy grew, boosting?demand for the metal. Supply constraints also boosted prices. As of 0723 GMT the?most active copper contract at Shanghai Futures Exchange had closed daytime trading?up 2.3% to 95,080 Yuan ($13.551.88) per kilogram, after reaching a record high earlier in session of 96.510 yuan. The benchmark three-month Copper on the London Futures Exchange increased 1.3% to $12,220.0 per ton. The price of copper reached a record-high earlier in the day, when it hit $12,282.0 per ton. The contract's annual increase has been 39% due to the U.S. Dollar weakness,?bets on further Fed rate reductions, the growing demand for AI, and the renewable energy transformation, as well as mine supply disruptions which have fuelled speculative investments in the metal. The U.S. economic growth accelerated in the third quarter. This was mainly due to a strong rebound in exports and robust consumer spending. According to Chinese market information providers last month, China's leading copper smelters are planning to reduce production by more than 10% in 2026, to combat overcapacity, which has led to an increase in copper concentrate processing costs. Investors bet that the Fed could cut rates even further next year, despite the fact that some of its peers were expected to increase. Nickel, one of the SHFE's base metals,?extended its gains for a six-session period, climbing 4.8% to reach 126,650 Yuan per ton, and reaching a nearly nine-month high earlier. The London benchmark nickel rose 0.7% to $15,845/t after hitting a seven-month peak of $15,980/t. Aluminium, zinc, and lead all increased in Shanghai. Tin remained the same. Aluminium was up 0.9%, zinc was 1% higher, lead was 0.8% higher and tin was also 1.2% higher.
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Dalian iron ore is higher than expected in China's property sector
Dalian iron ore finished higher on Wednesday, after a?session of directionless trading. China's plans for stabilising its?property?sector outweighed the pressure from a drop in global crude steel production. The May contract for iron ore on China's Dalian Commodity Exchange closed the day trading 0.26% higher, at 779.5 Yuan ($111.07). The benchmark January Iron Ore at the Singapore Exchange finished 0.11% lower, at $104.25 per ton. China announced on Tuesday that it would 'intensify urban renewal efforts and stabilize its property market by 2026, at the start of its latest 5-year plan (2026-2030), in order to increase the supply of affordable homes. China's property sector is still under pressure, despite government efforts to boost it. Data from the World Steel Association revealed on Tuesday that crude steel production worldwide in November decreased 4.6% on an annual basis to 140.1 millions tons. Meanwhile, crude steel output by China, the world's largest producer and consumer, fell 10.9% to 60.9 million tons. The demand for construction and manufacturing is expected to be weak, causing the crude steel production of Japan's largest producer to drop by?1,7% in the first quarter of 2026. The?country’s annual production for the fiscal period ending March 31 would decrease by 3.2%. This would be the lowest output since fiscal 1968. Chinese blast furnace steelmakers have slowed their purchases of feed material last week. They only purchased the quantities?needed to satisfy immediate production needs in order to avoid losses?, according to a report by consultancy Mysteel. Coking coal and coke, which are both steelmaking ingredients, closed at higher levels, rising by 0.62% each. The Shanghai Futures Exchange saw a majority of steel benchmarks rise. Hot-rolled coils gained 0.09%. Wire rod gained 0.78%. Stainless steel increased 1.4%. Rebar also grew 0.06%. ($1 = 7.0183 Chinese yuan). (Reporting and editing by Rashmi Liew, Subhranshu sahu, and Lucas Liew)
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Russia plans to build a nuclear plant on the Moon within 10 years
In the next decade, Russia will build a nuclear plant on the moon to power its 'lunar space program' and a joint Russian/Chinese research facility as the world's major powers race to explore Earth’s only natural satellite. Since 1961 when Soviet cosmonaut Yuri Gagarin was the first person to enter space, Russia has been a leader in space exploration. However, in recent years it has fallen further behind the United States - and increasingly China. Elon Musk revolutionised launch vehicles, which were once a Russian specialty. Roscosmos, the Russian state space corporation, announced in a press release that it had signed a contract to build a moon power plant with Lavochkin Association. Roscosmos stated that the plant would be used to power the Russian lunar programme. This included rovers and an observatory, as well as the infrastructure for the joint Russian-Chinese International Lunar Research Station. Roscosmos stated that "the?project represents an important step in the creation of a permanently functional scientific lunar station, and the transition from?one-time missions to?a long-term program for lunar exploration." Roscosmos didn't say that the plant would be nuclear, but said that participants included Russian nuclear state corporation Rosatom as well as the Kurchatov Institute - Russia's foremost?nuclear?research institute. Dmitry Bakanov is the head of Roscosmos. He said in June that the corporation has as one of its goals to build a nuclear plant on the Moon and to explore Venus. Venus is known as the "sister planet" of Earth. The moon, located 384,400 kilometers (238,855 mi) away from our planet, helps to stabilize the climate by reducing its wobble. The moon also affects the tides of oceans around the world. (Reporting by Guy Faulconbridge;Editing by Elaine Hardcastle)
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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surpassed $4,500 an ounce for the first time, while silver, platinum, and other precious metals also reached record highs. Investors were rushing into precious metals as a hedge against geopolitical risks and trade concerns, and to prepare themselves for further U.S. interest rate cuts expected in 2026. Gold spot rose by 0.2% at $4,495.39 an ounce as of 0552 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to a new record high of $4,522.10. Platinum jumped 2.5% from $2,377.50 to $2,333.80, up from a peak of $2,377.50. Silver rose?1.1%, to $72.16 per ounce. Palladium? climbed nearly 3% to reach $1,916.69 - its highest level in the last three years. Ilya Spirak, global macro head at Tastylive, said that precious metals are becoming more of a speculative story. With de-globalisation comes the need for an asset which can act as neutral intermediary, without any sovereign risk, especially as tensions persist between the U.S. and China. Spivak said that thin year-end liquidity exacerbated recent price movements. However, the theme will likely continue. Gold is expected to reach $5,000 in the next six months to a year, and silver could push to $80, as the markets react to psychologically important levels. Gold prices have risen by more than 70% in the past year. This is their biggest annual gain since 1980. The gains are due to safe-haven demands, central bank buying, dedollarisation trends, and ETF flows. Traders also expect two rate reductions next year. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on U.S. critical minerals list. Tim Waterer is the chief analyst at KCM Trade. He said that gold and silver are "hitting the accelerator pedal" this week, with new record highs. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have soared this year due to tight mine supplies, tariff uncertainty and a shift away from gold as an investment. Platinum is up around?160%, while palladium has gained more than 100% for the year. Spivak explained that platinum and palladium are catching up, but they will still lag gold once liquidity returns.
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The coup leader is expected to remain in power during the Guinean presidential election
Mamady doumbouya, the leader of the coup in Guinea, is expected to win Sunday's presidential election. This will be aided by a launch of an iron ore mine that has been long-awaited and a weak field of competitors. Doumbouya was a commander of the special forces when he ousted Alpha Conde four years ago. This was one of 'nine coups' that have rocked West and Central Africa in recent years. He had initially promised not to run, but the new constitution that was approved in September removed any language that would have prohibited him from running and increased the term of office for presidents from five to seven. Conde, the long-time leader of the opposition Cellou Dalein Diallo is in exile. Other potential challengers have been disqualified because they failed to provide required documentation. Eight challengers are left, who will not cause Doumbouya any trouble. Bella Bah, a Guinean political analyst, said: "Let's be honest with ourselves. There can't be anyone else who can challenge him." But that's not what matters most. After the election, the president needs to step back and realize that he must now exercise his power," Bah said. He urged Doumbouya engage in dialogue beyond the military. Doumbouya's government has limited political debate. Civil society groups have accused him of banning demonstrations, limiting press freedom, and preventing opposition activity. Mining MILESTONE Simandou is the richest iron ore deposit in the world and has the largest reserves of bauxite. It was launched officially last month. Simandou's production, originally planned for 1997, has been "long delayed." The junta of Doumbouya has ordered that development be paused until 2022. They said they wanted to examine how national interests will be protected once the project is operational. Simandou, the national development strategy of Guinea, is at the heart of Doumbouya’s vision. Doumbouya supporters claim that the project, which is 75% owned by China, will see annual production reach 120 million tons. They also say the project will ensure Guinea receives its fair share of proceeds. At a recent campaign event, government spokesperson Ousmane Diallo said: "Dear Guineans. Guinea is not for sale." "Guinea no longer is up for grabs. Guinea is standing strong." After a dispute over a refinery, Doumbouya’s transitional government revoked the license of EGA subsidiary Guinea Alumina Corporation and transferred its assets to a State-owned company. Doumbouya has gained popularity because of the rise in resource nationalism, which is also evident in other countries with military leaders in the region, such as Mali, Burkina Faso, and Niger. "The way politics used to be done before and how it is now has changed." "We no longer have violent campaigns but there is excitement," said Conakry resident Mohamed Keita 65. Everyone is free to express their views without violence. WARMING REGIONAL TIERS Gilles Yabi of the West African think tank WATHI said that while the campaign unfolded in a peaceful manner, it was not on an equal playing field due to Doumbouya’s tight grip. "This is a context which does not allow any hope for a fair and free presidential election," Yabi stated. "The mere act of holding an election for president will not change the reality of power. It will remain in the hands of military." ECOWAS, the West African regional group, is still sending observers despite these concerns. This shows a "growing rapprochement", even though Guinea's formal suspension has been in place since the coup of 2021, Signal Risk, a consultancy, said in a report. Around 6.7 million voters are registered, and provisional results should be available within 48 hours after the polls close. Reporting by Guinea Newsroom; Additional reporting and writing by Portia Corey-Boulet, Editing by Ros Russel
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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surged above $4,500 an ounce for the first time, while silver, platinum, and other precious metals also reached record highs. Investors piled into precious materials to hedge against geopolitical risks and trade risks and were anticipating further U.S. interest rate cuts in 2026. Gold spot rose by 0.2% at $4,495.39 an ounce as of 0552 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to a new record high of $4,522.10. Platinum jumped 2.5% from $2,377.50 to $2,333.80, up from a peak of $2,377.50. Silver rose?1.1%, to $72.16 per ounce. Palladium? climbed nearly 3% to reach $1,916.69 - its highest level for three years. "Precious Metals are more of a speculative story around the idea that with de-globalisation you need an asset which can act as a go-between without sovereign risk, especially as tensions persist between the U.S. Ilya Spirak, the head of global macro for Tastylive, said that tensions between the U.S. Spivak said that thin liquidity at the end of the year 'exaggerated the recent price movements, but the theme would likely continue. Gold is expected to reach $5,000 in the next 6-12 months, and silver could push towards $80, as markets react to key psychological levels. Gold prices have risen by more than 70% in the past year. This is their biggest gain since 1979. The gains are due to safe-haven demands, central bank buying, dedollarisation trends, and ETFs. Traders also expect two rate reductions next year. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on U.S.?critical minerals list. Tim Waterer is the chief analyst at KCM Trade. He said that gold and silver are "hitting the accelerator pedal" this week, with new?records. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have seen a surge this year due to tight mine supplies, tariff uncertainty and a shift away from gold as an investment. Platinum is up around?160%, while palladium has gained more than 100% for the year. Spivak explained that platinum and palladium are catching up to gold. Once liquidity returns, they will closely track each other. Reporting by Sherin Varghese, Bengaluru. Editing by Subhranshu Sahu and Ronojoy Mazumdar. Harikrishnan Nair.
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TEPCO, Japan's nuclear power company, will partially restart the world's largest nuclear power plant on 20 January
TEPCO president Tomiaki Kobayakawa said to reporters that the company plans to restart its Kashiwazaki - Kariwa nuclear plant on January 20. The prefecture assembly of Niigata in the region that the plant is located gave the green light to the partial restart. This will be TEPCO's first partial restart since the Fukushima Daiichi reactor meltdown in 2011. Kashiwazaki - Kariwa is located 220 km northwest of Tokyo. It was one of 54 reactors that were shut down after the Fukushima Daiichi nuclear plant was crippled by the earthquake and tsunami in 2011. Kobayakawa stated that "as the company responsible for the Fukushima Daiichi disaster, we will apply reflections and lessons learnt... We will proceed to restart the plant, the first one in 14 years. Safety will be our top priority." Japan restarted?14 of the 33 remaining operable reactors as it attempts to wean itself from imported fossil fuels. In November, it proposed a public-loan system as it?wants?to double the share nuclear power in its energy mix. Kashiwazaki's total power is 8.2 gigawatts. This would be enough to run a few million homes. The restart will bring a 1.36 GW power unit online by January and restart another with the same capacity in 2030. TEPCO has stated that it may decommission a few of the five remaining units. (Reporting and writing by Yuka Obayashi, Katya Glubkova, Editing by Jamie Freed & Muralikumar Aantharaman).
Copper nears record levels as US GDP grows, boosting demand.
Prices of copper remained close to their previous highs as the U.S. economic growth?boosted prospects for demand, while ongoing supply constraints?also?boosted prices.
As of 0302 GMT the most active contract for copper on Shanghai Futures Exchange was up 1.5% to 95,100 Yuan ($13.532.0) per metric tonne, after reaching a session high of 95.550 yuan.
The benchmark copper three-month contract on the London Futures Exchange increased 0.1% to $12,076.5 per ton.
The metal reached a record-high of $12,159.50 on Tuesday. It is expected to rise 38% annually due to the U.S. Dollar's weakness, the growing demand for AI, the renewable energy shift, and mine supply disruptions.
The U.S. economic growth accelerated in the third quarter to its highest rate in two years, thanks to robust consumer spending as well as a sharp recovery in exports.
According to Chinese market information providers last month, China's leading copper smelters are planning to reduce production by more than 10% in 2026, to combat overcapacity, which has led to an increase in copper concentrate processing costs.
Investors bet that the Fed could cut rates even further next year, despite the fact that some of its peers were expected to increase.
Nickel, another SHFE base metal, extended its gains for the sixth consecutive session. It rose 4% to reach 126,680 Yuan per ton, and reached a nearly nine-month high.
The London benchmark nickel rose 1% to $15,970 per ton. This is a new seven-month record.
Aluminium, zinc, and lead all increased in Shanghai. Tin, however, fell 1.2%.
Aluminium, zinc, and lead all saw increases of 0.8%. Tin, however, fell 0.2%.
DATA/EVENTS (GMT)
Japan Leading Indicator Revised October
1330 US Initial Clm of Jobless 20 Dec.
(source: Reuters)