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UN report: Islamic State-linked militants killed 22 in eastern Congo
According to a U.N. internal report and civil society leaders in the area, Islamic State-linked militants have killed at least 22 civilians in a village located in eastern Congo’s Ituri province early on Sunday. This is the latest of a series deadly attacks in this region. According to the U.N. report, assailants attacked Apakolu in Ituri Province's Irumu Territory, around 25 km (15miles) northwest of Eringeti, on Sunday at 0400 GMT, and abducted unknown numbers of people. Christophe Munyanderu is the head of a local 'rights group' known as CRDH in French, based at Irumu. He said that 25 civilians were killed. The attackers have been identified as'members of Allied Democratic Forces (ADF), a Ugandan armed force active in eastern -Congo, which is recognized by 'Islamic State. According to the U.N. report, the attack on Sunday in Apakolu occurred two days after ADF-fighters attacked the village of Kazaraho where they clashed against the army and local militias. Islamic State claimed responsibility and abducted and murdered three Christians in Kazaraho. TWO SOLDIERS KILLED BY AN ATTACK Local officials reported that in a separate incident on Saturday night ADF fighters burned houses, shops, and a Catholic Church, in the village of Musengo, Lubero Territory, North Kivu Province. Colonel Alain Kiwewa of the?Lubero Territory, said that two Congolese troops were killed in the response by the army. He stated that 14 houses, the local health center and part of a church were all destroyed. The ADF's attacks continue despite the efforts of the Congolese army and Ugandan forces. According to a U.N. report published last week, the ADF was responsible for 138 deaths in eastern Congo during November. This makes them one of the most deadly armed groups in the region. Reporting by Ange Aidhe Kasongo, Congo Newsroom and Clement Bonnerot. Editing by Robbie Corey Boulet and Ros Russell.
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ArcelorMittal closes Ukraine unit amid Russian and green laws
ArcelorMittal Kryvyi Rih is Ukraine's biggest steelmaker. It announced on Monday that it will close one production unit?in the 2nd quarter. The company cited EU environmental policies and high local power prices due to Russian attacks on energy infrastructure. The plant in Ukraine's south-east, approximately 70 km from the frontline, will close its blooming mill. This mill produces?billets to be used by the small-gauge mills and wire mills of the enterprise. The company stated that the introduction of the Carbon Border adjustment Mechanism by the European Union on?January 1, effectively closed the market for a significant part of Ukrainian metallurgical goods. CBAM is the EU's tool for putting a "fair price" on carbon emissions during the production and importation of goods that are high in carbon. ArcelorMittal Kryvyi Rih stated that the high cost of energy in Ukraine is a significant factor which has impacted the economic viability of the?unit. Russia has intensified and expanded its attacks against Ukraine's energy sector, causing widespread blackouts and constant restrictions to?electricity supply for industry. The government encouraged companies to import electricity that is more expensive from the EU, which increased production costs and made exports less competitive. Ferrexpo, an important European supplier of iron ore pellets for steel production said earlier this month that it had stopped mining operations in Ukraine, and also furloughed a part of its staff, all because of electricity supply disruptions.
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China opens up its commodity futures market to foreigners
China's securities regulator announced that foreign investors can now trade an additional 14 options and futures products, giving them access to two major Chinese commodity exchanges. The Shanghai Futures Exchange opened its doors to foreign investors. Prior to this, both exchanges were closed to foreign investors. The regulator announced in a statement on Friday that other contracts included petrochemicals listed on the Zhengzhou Commodity Exchange?and three energy options and metals listed on the Shanghai international Energy Exchange?. China is the largest consumer of commodities in the world. It has been eager to use the yuan more and increase the financial power of its country. Many of the world's largest exchanges, however, are located overseas where benchmark prices are set. Shanghai Futures Exchange, in particular, has been wanting to offer more international contracts to boost their global presence and to?challenge foreign benchmarks' dominance. Sources also claim that China will offer yuan denominated LNG futures contracts on its domestically listed exchanges as early as next month. John Browning of the Hong -Kong based broker BANDS Financial wrote in a client note that "metals traders can rest assured" that further RMB internationalisation will lead to a greater opening. Browning predicted a gradual opening of access to copper, aluminium?zinc, tin and lead contracts on the Shanghai Futures Exchange. (Reporting from Lewis Jackson and Dylan Duan, in Shanghai; Additional reporting from Shi Bu, Ethan Wang, and Ryan Woo in Beijing. Editing by Edwinn Gibbs).
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Four people killed and one missing in fire at Greek biscuit factory
Fire brigade reported that a fire broke out following an explosion at a biscuit plant near Trikala, a city in central Greece. Four people were killed and one was missing. The blaze that consumed factory facilities was tackled by 53 firefighters, 16 trucks and ten more vehicles. According to a statement by the Athens News Agency, Violanta S.A. said that the cause of the accident was not clear. Fire officials reported that eight of the thirteen?people in the factory managed to escape. The fire brigade reported that four bodies had been recovered. They also said that disaster response units and investigators were on the scene. The largest Greek labour union GSEE stated that the 'four victims' were women, and demanded a thorough investigation into the incident. Initial evidence collected by experts suggests that the strong blast heard in the early hours of the morning was probably caused by a gas leak. The investigation, which is being overseen by a prosecutor and will be concluded in the 'coming days,' is expected. Adonis Georgidis, Health Minister, told ERTnews Radio earlier that six people, including a firefighter, were treated in a local hospital for respiratory issues. However, their lives were not in danger. "We are deeply saddened and shocked by the tragic incident that took place at our factory in Trikala. Violanta stated in a second press release cited by Athens News Agency that their only concern was to show respect and support to the families of those we lost. (Reporting and writing by Angeliki Koutantou, Renee Maltezou and Yannis Souliotis. Additional reporting and writing by Antonis Pothitos. Editing and editing by Alexandra Hudson and Andrew Cawthorne.
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Iron ore prices fall amid volatile geopolitical environment
Iron ore futures fell on Monday, as traders were cautious in the face of a tepid global geopolitical environment. However, rising inventories and recovering hot metal production suggest that prices have more room to rise. The 'May' iron ore contract most traded on China’s Dalian Commodity Exchange was 0.95% lower, at 784.5 Yuan ($112.77) per metric ton. As of 0708 GMT, the benchmark February iron ore traded on Singapore Exchange was $103.35 per ton lower. A trader with knowledge of the situation said that traders are generally cautious in a geopolitical environment where prices for Singapore iron ore remain?below $100 per ton. A report by Mysteel, released on January 26, said that prices would'remain tepid due to recovering hot metal production and Chinese Lunar New Year stocking. The report stated that iron ore inventories at steel mills were?still lower? than in the same period of previous years. It is expected that the current rate for inventory growth will continue. BHP Group, world's No. BHP Group, the world's No. Two traders reported that the stocks of BHP's Jimblebar Fines in major Chinese ports had risen 360% since late September, to 8.1 millions tons on January 13. Sources claim that Chinese steelmakers cannot take delivery of JMBF cargoes at ports. Steelhome's data from January 23 shows that iron ore inventories at major Chinese ports increased by 1.2% in a week. Coking coal and coke both increased by 1.35% and 0.444% respectively. The Shanghai Futures Exchange steel benchmarks mainly firmed. Rebar gained 0.29%; hot-rolled coils gained 0.12%; and wire rod hardened by 0.81%. While stainless steel fell 0.14%.
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Gold reaches record-high of $5,000 on the safe-haven rush
Investors piled into gold, the safe-haven investment amid increasing geopolitical uncertainty. Gold spot rose 1.5% by 0544 GMT to $5,058.09 an ounce, after hitting a record high of $5.092.71 earlier. U.S. Gold Futures for February Delivery gained 1.6%, to $5.056.60 an ounce. The metal's price soared by 64%, its largest annual gain since 1979. This was driven by the demand for safe havens, a loosening of U.S. monetary policies, central bank purchases, including China's 14th consecutive month of purchasing in December, as well as record inflows to exchange-traded fund. The prices have increased by more than 17% in the last year. Kyle Rodda is a senior analyst at Capital.com. He said that the latest catalyst was "effectively this crisis of trust?in U.S. government and U.S. asset, which was set off last week by some erratic decisions from the Trump administration". On Wednesday, U.S. president Donald Trump abruptly backtracked from his threats to impose tariffs against European allies as leverage to seize Greenland. He said over the weekend that he would impose 100% tariffs on Canada if they followed through with a deal with China. He has also threatened to impose 200% tariffs on French champagnes and wines in an apparent attempt to get French President Emmanuel Macron to join his Board of Peace initiative. Some observers worry that the board will undermine the United Nations as the primary global platform for conflict settlement, even though Trump says it will work alongside the U.N. Rodda continued, "This Trump administration is causing a permanent rupture to the way that things are done. So now everyone is running towards gold as their only alternative." A rising yen has pushed the dollar down on Monday morning, as markets are on high alert for any possible intervention by the Federal Reserve in regards to?the yen, and investors have been reducing their dollar positions before this week's Federal Reserve Meeting. Gold priced in greenbacks is more affordable to holders of currencies other than the dollar. Analysts predict that gold prices will continue to rise this year, reaching $6,000 on the back of rising global tensions and strong demand from central banks and retailers. "We expect more upside (for gold)." According to Philip Newman, director of Metals Focus, our current forecast indicates that prices will peak around $5,500 by the end of this year. Newman said that periodic pullbacks will occur as investors take their profits. However, we expect these corrections to be short-lived with a strong buying interest. Technical analyst Wang Tao stated that spot gold could break through resistance at $5.088 an ounce and rise towards the $5.168 to $5.188 range. Spot silver rose 3.8% to $106.8, having hit a record high of $109.44. Spot platinum increased 1.3% to $2.802.30 an ounce after reaching a session high of $2.891.6. Meanwhile, spot palladium rose 1.2% at $2.034.75 an ounce. Silver broke through the $100 barrier for the first-time on Friday. This follows a 147% increase in the previous year, as retail investor flows and momentum-driven purchases compounded an extended period of tightness on the physical metal markets.
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Andy Home: The nickel market in Indonesia plays the numbers game.
The nickel price has been on a rapid rise as investors bet that Indonesia, which is the world's biggest producer of battery metals, will slow down its explosive output growth. The London Metal Exchange (LME) 3-month metal has risen from a low of $14.235 per metric tonne in mid-December to a peak of $18,905 on January 14, a level last traded in 2022. Indonesia's Energy and Mineral Resources minister Bahlil lahadalia, in mid-December, triggered a nickel resurgence with his?promise? to cut production. An official from the Energy Ministry confirmed that this year, the annual mining permits for ore will be reduced to 250-260 millions wet tons from 379million tons in 2025. This is a big deal, given that Indonesia supplies 65% of the global nickel and has been the cause of the glut in the past two years. This is why the market reacted. There's much more to the headline figures than meets the eye. NUMBER-CRUNCHING First, Indonesian mining quotas refer to wet tons. Macquarie Bank analysts point out that the headline numbers are "difficult" to convert into actual nickel units because of the wide range of moisture content in ores. The moisture content of ores can reach up to 40%. The bank says that neither the operators nor the government report formally quotas and production levels. This makes it difficult to understand what's going on with Indonesia's huge nickel sector. The quota for last year was much higher than the actual production. According to FINI, the nickel smelter's association in Indonesia, last year's total ore demand was just 300 million wet tonnes. According to the World Bureau for Metal Statistics, imports from the Philippines reached 14 million tonnes in the first eleven months of 2025. The quota that has been proposed for this year will in fact?mean that production is cut, but not to the extent implied by "slashing". FINI predicts that the demand for ore by smelters will rise to 340 to 350 million tons in this year. This gap is significant and can only be partially filled by imports. Come back in June The FINI ore demand forecast shows you the amount of processing capacity that is still ramping-up in Indonesia. The government is faced with a difficult problem: How to limit ore production without harming existing smelters or those that are in the process or construction? Indonesian resource policies is aimed at creating greater value by moving the processing down the chain, from ore to intermediates to finished nickel. It won't help to deny new projects feed. Jakarta may have stopped approving new projects, but the smelter market is still growing rapidly. A mid-year review of how things are progressing can be used as a safety valve if tensions grow between ore production quotas and smelter demands. In other words, the headline annual mining permits number may change as the year progresses. Take back control Jakarta has no doubt about its intention to take more control over a sector that's grown too large too fast. The government has cracked down on illegal mining, and operators who violate environmental rules. In November, it stopped the approval of new smelters that produce intermediate products like nickel pig iron or matte. These are primarily used by the stainless steel sector and not the electric vehicle batteries. Reduced annual quota is another part of strategy, but don't expect Indonesian Nickel Juggernaut to shudder to a halt. It could take a while for this to happen and it is likely that the numbers will change again. Andy Home is an author and columnist. Andy Home is a columnist. You like this article? Check it out Open Interest (ROI) Your essential source for global financial news. Follow ROI on LinkedIn, Listen to the song Morning Bid daily podcast Spotify Or the . Subscribe to the podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Salamanca, Mexico: Armed attackers kill eleven at soccer field
On Sunday, the mayor of Salamanca in Mexico, Cesar Precio, posted on Facebook that armed attackers had?killed and injured 11 people at a soccer field following a match. However, the motive for this attack was not immediately known. Prieto said that a woman and a 'child' were injured in the "regrettable" and "cowardly" -attack on a social gathering in Loma de flores. He described the incident as a serious social breakdown. He added, "This incident adds to the wave of violence we are experiencing in Salamanca and throughout the state." "Unfortunately criminal groups are trying subjugate authorities which they won't achieve." The office of the Attorney General in the state Guanajuato (where Salamanca lies) has launched an investigation into the attack. In a press release, the office said it was working with local, state, and federal authorities to bolster security, protect the people, and identify the likely perpetrators. "Those who are responsible will be?found," Prieto said in his Facebook comments. Guanajuato, one of Mexico's most dangerous states. Reporting by Shivani Tana in Bengaluru, Editing by Tom Hogue & Clarence Fernandez
Gold reaches record-high of $5,100 on the safe-haven rush
On Monday, gold surged above $5,100 per ounce, continuing a historic rally, as investors piled in to the safe-haven investment amid 'rising geopolitical uncertainty.
Gold spot was up 2.2% to $5,089.78 an ounce at 0656 GMT after having earlier reached a record high of $5110.50. U.S. Gold Futures for February Delivery also gained the same amount, to $5.086.30 an ounce.
The metal's price soared by 64% between 2025 and 2026, the biggest gain in a single year since 1979. This was due to safe-haven demands, a loosening of U.S. monetary policies, central bank purchases, including China's 14th consecutive month of purchasing in December, as well as record inflows in exchange-traded fund.
The prices have risen by a record 18% in the last year.
According to Kyle Rodda of Capital.com, the latest catalyst is "effectively this crisis of trust in the U.S. government and U.S. asset, which was set off by some of the erratic decisions made last week by the Trump administration".
On Wednesday, U.S. president Donald Trump abruptly backtracked from his threats to impose tariffs against European allies to gain leverage over Greenland.
He said over the weekend that he would impose 100% tariffs on Canada if they followed through with a trade agreement with China.
He also threatens to impose a 200% tax on French champagne and wines in an apparent effort to get French President Emmanuel Macron to join his Board of Peace initiative. Observers fear that the Board of Peace could undermine the United Nations as the primary global platform for conflict settlement, even though Trump says it will work alongside the U.N.
Rodda continued, "This Trump administration is causing a permanent rupture to the way that things are done. So now everyone is running towards gold as their only alternative."
A rising yen has dragged down the dollar on Monday. Markets are on high alert for a possible intervention by the Federal Reserve and investors have been reducing their dollar positions in anticipation of the meeting this week.
Gold priced in greenbacks is more affordable to holders of other currencies.
Analysts predict that gold prices will continue to rise this year, reaching $6,000 on the back of rising global tensions and strong demand from central banks and retailers.
"We expect more upside (for gold)." "Our current forecast indicates that prices will peak around $5,500 by the end of this year," stated Philip Newman at Metals Focus.
Newman said that periodic pullbacks will occur as investors take their profits. However, we expect these corrections to be short-lived with a strong buying interest.
Spot silver rose 4.8% to $107.903, having hit a record high of $109.44. Spot platinum rose 3.4% to $2.861.91 an ounce after reaching a session high of $2.891.6. Meanwhile, spot palladium climbed 2.5% at $2.060.70.
Silver broke through the $100 barrier for the first-time on Friday. This follows a 147% increase in the previous year, as retail investor flows and momentum-driven purchases compounded an extended period of tightness on the physical metal markets.
(source: Reuters)