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China pledges to stabilize grain and edible oil production at key meeting
China must stabilize grain and edible oils production, improve 'grain varieties' and enhance quality. This was the message of state-run news agency Xinhua on Tuesday following a meeting of the annual Central Rural Work Conference held from December 29-30. The group that sets China's agricultural priority has pledged to "enhance capacity for diversified supply" and promote high-quality development through?zoned- and categorised-planning". China relies heavily on imports to feed the population. Tensions with U.S.A., its'major trading partner in agriculture, have led it to invest more in seed technology and machinery. A Xinhua report on the meeting stated that "we must not relax our effort?in grain cultivation, promote?the?integration of high quality land, high quality seeds, high quality machinery, and high-quality farming techniques to enhance the agricultural production capacity and the overall production and the quality." In the readout, China said it would "make every possible effort" to promote stable employment and increase farmer's income as Beijing seeks food security despite economic challenges and urbanization pressures. The readout said that China will also launch province-wide programs to extend rural land use?contracts another 30 years, after the current?contracts expire in 2027. China's total output of grain has reached a record in this year, with a 1.2% increase from 2024, reaching 714.9 millions tons. This is according to data released by the statistics bureau earlier this month.
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Cavaliers beat Spurs with a 4th quarter outburst
Jarrett Allen scored 27 points, grabbed 10 rebounds, and led a decisive run in the fourth quarter as the Cleveland Cavaliers defeated the San Antonio Spurs 113-101 on Monday. San Antonio was ahead by a bucket going into the final quarter, but fell apart during a stretch where the Cavaliers turned an initial three-point deficit to a 101-89 advantage with 5:05 remaining. Jaylon Tyson hit back-to-back three-pointers to start the crucial run, while Darius Garland scored five points and Donovan Mitchell added another five. Spurs lost their second consecutive game after eight straight wins. Evan Mobley scored?16 for Cavaliers to end a losing streak of two games. Garland had 15 points and 11 assists, Tyson, De'Andre Hunter and Mitchell each scored 11 points, while Dean Wade and Dean Wade both hit 10 points. Victor Wembanyama, who led the Spurs with 26 and 14 rebounds. Stephon Castle scored 15 points. De'Aaron Fox had 14 points. Dylan Harper had 11 points. Keldon Johnson scored 10. San Antonio scored a 14-3 run, capped off by a Wembanyama three-pointer, to erase a 10 point deficit and gain a 26-25 lead after 12 minutes. Early in the second quarter, the teams were alternating. Two Johnson free throws at 4:16 left in the quarter put the Spurs ahead 43-42. A 12-0 run punctuated with two Luke Kornet free throws at?2:03 gave San Antonio a 10-point advantage. The Spurs were ahead by 11 points when?Cleveland ended the first half with a Sam Merrill 3-pointer and two Mitchell free throws to reduce its deficit to 55-49 at the break. Wembanyama scored 11 points before halftime, while Castle added another 11. Allen led Cleveland with 12 points. After a series of free throws by Fox and Wembanyama in the final two minutes, Mobley's two free throws with 0.7 seconds left in the quarter brought Cleveland within 78-76. Two Mobley free-throws, with 0.7 seconds remaining in the third quarter, brought Cleveland to within 78 76. Fox and Wembanyama had made a series free throws over the last two minutes. Field Level Media
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Shanghai copper prices fall due to weaker Chinese demand and profit-booking
Shanghai copper fell on Tuesday as profit-taking, a weaker Chinese economy and a general risk-off trend weighed on the markets. As of?0330 GMT the most traded contract on the Shanghai Futures Exchange fell 1.96% to $14,064.78, per metric ton. It briefly touched 96,010, its lowest level since December 25. Losses in the first minutes of trading have narrowed, after gains in the benchmark 3-month copper at the London Metal Exchange which rose 2.19% to $12,489.50 per ton. Traders said that lower copper prices encouraged dip-buying and helped reduce losses. Shanghai copper prices fell as profit-taking and a weaker Chinese demand due to high prices led to the decline. Yangshan Copper Premium A measure of Chinese appetite for imported copper fell to $53 per ton on Sunday, down from $55 the previous day, but still an improvement over below $40 since mid October. Copper was also impacted by the broader move to a risk off stance among investors. Gold and silver both saw a decline from Monday's record highs. Investors continue to watch the U.S. Federal Reserve, after President Donald Trump threatened to sue Fed chair Jerome Powell on Monday. They are also waiting for the minutes of the December meeting of the central banks to be published on Tuesday. Tin was the most affected among other SHFE metals. The Shanghai contract fell 4.84%, to 325 780?yuan per ton. Stock levels continue to increase, despite the high tin price. Tin stocks that are available for delivery According to Friday's SHFE weekly stock report, the number of sheds in SHFE rose to 8,477 tonnes last week. The benchmark three-month?tin rose, however, by 1.59%, to $41,390 per ton. Nickel surged. The Shanghai contract for the most active nickel rose 3.71%, to 132200 yuan per ton after reaching a nine-month high. The benchmark nickel for three months also rose, rising 4.15% and reaching $16,470 per ton. After breaching the $16,500 mark to hit a high of $16,540 in nine months. The reported plan by the Indonesian government of reducing nickel production in 2026 is what has caused the recent strength of nickel. Other SHFE metals include zinc, which gained 0.56% and lead, which added 0.40%. ($1 = 7.0026 Chinese yuan renminbi) (Reporting by China C&E Team; Editing by Rashmi Aich) ($1 = 7.0026 Chinese Yuan Renminbi)
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Asian stocks fall by tech and gold and silver cool
Asian shares fell on Tuesday, following Wall Street's tech slump, while gold and silver steadied, after a sharp drop from record highs tempered the incredible rise of precious metals. The oil prices were mostly unchanged overnight as Russia claimed that Ukraine had attacked?President?Vladimir Putin?s residence. Although Moscow did not provide any evidence to support its claims, the move represents a major setback in U.S. efforts at brokering a peace agreement. China also added to the global geopolitical tensions by launching 10 hours of live firing exercises around Taiwan on February 2. In a week with fewer holidays, there is little liquidity across the majority of markets. This leads to volatile and sharp price swings. Silver was the big mover over night, with a drop of 8.7%, the largest one-day decline since August 2020. This cleared some froth from a parabolic rally that looked increasingly detached from reality. Metal prices rose 1.7% to $73.46 an ounce on Tuesday, after reaching as high as $83.00 the day before. It is still up an incredible 150% for the entire year. Gold and other precious metals were also affected by the sharp turn around. The yellow metal fell 4.4% overnight, but last was up 0.6% to $4,356 an ounce. Tony Sycamore of IG Sydney said that the increase in the price of silver at the opening on Monday was probably due to stop losses, price movement and 'panic buying, as well as Chicago Mercantile Exchange increasing margin requirements. Sycamore said, "This is a bubble that will last for generations." "I'm not saying that the bubble burst over night, but...?if you're seeing a sell-off, it will temper some of the excitement in these markets during the next session. For me, this is a much-needed cooling-off." The MSCI broadest Asia-Pacific share index outside Japan, which includes Japan, fell 0.1% on Tuesday but is set to achieve a gain of 26.7% annually, its best performance in 2017. Nikkei 225, the Japanese stock market index, fell 0.2% in value but rose 26% on a year-to-date basis. China's blue-chip shares fell 0.3% and Taiwanese stocks lost 0.7% after Beijing's live firing exercises around Taiwan. Overnight, Wall Street ended lower as heavyweight technology shares retreated after last week's gains. U.S. stock prices are still on track to finish 2025 at record highs after a turbulent year marked by tariff wars and central bank policy, as well as simmering geopolitical conflicts. U.S. stock futures in Asia were not much different. Euro STOXX futures and FTSE Futures were both flat. AUSTRALIAN DOLLAR FALLS, YEN FIRMS The U.S. Dollar was stable on the currency market ahead of the Federal Reserve minutes from the December meeting, which are expected to show a central bank divided and unsure about its policy direction for next year. The dollar is on track to have its biggest annual drop in eight years, a decline of almost 10%. The dollar held steady at 156?yen after losing 0.3% over night, marking the fifth drop in six sessions. The yen has moved away from the range of 158-160 that could prompt intervention by Japanese authorities. The Australian dollar was significantly weaker due to the fall in commodity prices. The Australian?dollar was stable at $0.6698 last, after regressing from its 2025 high of $0.6727 reached just on Monday. Treasury yields fell a bit on Tuesday. The yield on two-year bonds fell by 1 basis point, to 3.4524%. This is the fourth consecutive session that yields have fallen. Meanwhile, yields on 10-year bonds also decreased by 1 bp, to 4.1082%. The oil prices fell a bit on Tuesday, after rising by over 2% the night before. Brent crude futures fell 0.5% to $61.63 per barrel after a 2.1% increase on Monday.
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Investors wary about tensions between Russia and Ukraine as oil prices drop a little
The oil prices fell a bit early Tuesday morning after they had risen more than 2% the previous day. This was partly due to spillovers from a drop in precious metals, while escalating tensions between Russia and Ukraine left markets dealing with supply disruption concerns. Brent crude futures expiring?on? Tuesday were down 21 cents or 0.3% at $61.73 per barrel by 0150 GMT. The March contract, which is more active, was down 19 cents (0.3%) at $61.30. U.S. West Texas Intermediate Crude fell 20 cents or 0.3% to $57.88. Both contracts closed more than 2% above the previous session, after Moscow accused Kyiv that it was targeting the residence of President Vladimir Putin. This stoked fears of supply disruptions. Ed Meir, Marex analyst, said: "The selling that you see 'now is likely some spillover weakness caused by the significant correction in precious metals which is bound to impact pretty well every other commodity." Investors booked profits following recent rallies and precious metals fell sharply. Silver?and platinum were down from records highs. Meir stated that "the markets sense a difficult deal." Kyiv dismissed as baseless Russia’s accusation that they were targeting Putin, and said this was intended to undermine peace talks. Geopolitical tensions are likely to escalate, causing oil prices to rise. The Middle East was also a concern for traders after President Donald Trump stated that the United States would support another major attack on Iran if it resumed its nuclear or ballistic missile programs. Trump warned Hamas that it would suffer severe consequences if they did not disarm. He also said he wanted the second phase to begin of the ceasefire agreement between Israel and Hamas, which was reached in October following?two years' fighting in Gaza. Saudi Arabia is the largest oil exporter in the world and it's expected to cut the price of its flagship Arab Light?crude to Asian buyers by a third consecutive month. This will mirror the declines on the spot market because of ample supplies. Meir said that the price direction will likely be lower in Q1 2026 due to a growing glut of oil on the market. (Reporting from Anushree MUkerjee in Bengaluru Editing done by Shri Navaratnam
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Octopus Energy, a British company, spins out Kraken for $8.65 billion.
Octopus energy, a British company, announced on Monday that it would spin off its technology arm Kraken as an independent 'company' valued at $8.65 Billion. This follows a funding round led by U.S.-based investment firm D1 Capital Partners. Kraken provides energy software to major utilities, such as EDF, National Grid U.S., and Tokyo Gas. Kraken will sell equity worth about $1 billion to new and existing investors. Investors led by Octopus will inject $320 million more into Octopus Energy. In a press release, the largest household electricity and gas supplier in Britain, Durable Capital Partners, and Ontario Teachers' Pension Plan are among those who invested in this round. The investment paves the way for Kraken to officially demerge from Octopus Energy. Octopus Energy will retain a 13,7% stake in the company. Kraken's AI-powered operating system is licensed to utilities around the world and has contracts to service more than 70,000,000 accounts. In September, the company reported a contracted revenue of over $500 million. Origin Energy, a company based in Australia, said that it would invest around $140 million into Kraken's fund-raising and retain a 22.7% stake after the transaction. Origin has also agreed to waive the?exclusivity of Kraken's service in Australia for an extra 1.5% equity stake.
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TSX falls as metal prices fall hurt mining shares
Canada's main index of stocks closed lower on Monday, as the precious metals rally?paused. This weighed heavily on the mining stocks and started the final?week?of the year with a somber tone. The S&P/TSX 'index?closed 0.32% down at 31,896.59 point. The benchmark was expected to gain about 2% this December, which would be its eighth consecutive month of gains, a streak that has not been seen since 2014. Materials shares fell by 2.88%, while gold shares dropped 4.02%. Silver prices fell 8.3% and gold prices dropped 4.3%. Both were down on the back of investors booking profits due to perceptions that geopolitical tensions are easing, which led them to reduce safe-haven purchases. The TSX index has seen a strong performance this year. It is up 29%, its highest level since 2009. This year has been phenomenal. This was really due to two factors. Mining stocks had a fantastic year. Gold had a great year, and silver was even better. The Canadian bank stocks also contributed to the TSX, said Alfred Lee. Lee stated that he wouldn't be shocked if there was a short-term pullback next year. Kinross Gold shares fell 3.6%. Agnico Eagle shares fell?5.3%, and Barrick Mining shares fell 2.8%. Endeavour Silver closed down 1.9%, while Silvercorp Metals dropped 3.4%. Energy shares, which are a major component of the energy sector, gained 1.01% as oil prices rose over 2%, and investors began to weigh the potential disruptions in oil supplies due to the Ukrainian peace talks with the possible rise in oil prices. During a quiet week of data, market participants are waiting for the release on Tuesday of minutes from the U.S. Federal Reserve.
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Management reports that the external power line at Zaporizhzhia Nuclear Plant has been restored.
The Zaporizhzhia Nuclear Power Station in Ukraine, which is owned by Russia, has a restored external power connection after repairs were completed. This was announced on Monday by the Russian management of the plant. The statement stated that the line had been taken out of service by "fire from Ukrainian armed forces". The International Atomic Energy Agency, the U.N.'s nuclear watchdog was present to monitor the repairs. The International Atomic Energy Agency said that the situation was under control at the plant, and radiation levels were normal. Two lines connect the station to the grid. The second line was still in operation during the repairs. The plant relied on diesel generators for 30 days in September and October. This was until a damaged line could be reconnected during a local ceasefire that was arranged with IAEA help. In the first weeks after Moscow invaded Ukraine, Russian forces took control of Europe's biggest nuclear power plant. Both sides accuse the other of actions that endanger safety in Ukraine. The plant does not produce electricity, but it relies on outside power to maintain nuclear fuel at a cool temperature and prevent a meltdown. In the talks to end the four-year conflict between Moscow and Kyiv, the future of the plant operations has been a sticking point. The plant is run by a unit owned by Russia's Rosatom nuclear corporation. Volodymyr Zelenskiy, the Ukrainian president, said that the U.S. proposed a joint trilateral operation with an American manager in December. Reporting by Chizu nomiyama; editing by Chizu Nomiyama
Aluminum prices rise on supply concerns after Trump tariff threat
Aluminum prices increased on Monday as a result of supply concerns after U.S. president Donald Trump announced he would impose new tariffs of 25% on all steel imports and aluminium.
The price of three-month aluminum on the London Metal Exchange rose by 0.3%, to $2,635 per metric ton at 0318 GMT.
Aluminium contract at the Shanghai Futures Exchange was 0.2% higher, at 20,530 Yuan ($2,809.71).
Trump announced on Sunday that he would impose new tariffs of 25% on all imports of steel and aluminum into the U.S. This will be in addition to existing metals duties. It is another major step up of Trump's trade policy overhaul.
Kyle Rodda is a senior financial market analyst at Capital.com. He said, "At this moment we're seeing signs that it could possibly put upward pressure on prices in the short-term just because of supply."
The global economy is affected by these tariffs.
Trump said that he would announce reciprocal tariffs Tuesday or Wednesday. They will take effect almost instantly, and apply to all countries, matching the tariffs levied by every country.
Federal Reserve officials said on Friday that the U.S. economy is doing well and emphasized the uncertainty over Trump's policies and how they will impact economic growth. They also noted the still-high inflation and the need to be cautious about cutting interest rates.
LME copper dropped 0.2%, to $9,393.5. Zinc was up 0.2%, at $2,844.5. Tin eased by 0.2%, to $31,040. Lead fell 0.2%, to $1,989.5. Nickel fell 0.1%, to $15,740.
SHFE copper rose 0.6% to 77.190 yuan. Nickel fell 0.2% at 126.870 yuan. Zinc was unchanged at 23,805 Yuan. Lead gained 0.4% and reached 17,165 Yuan. Tin gained 0.4%.
(source: Reuters)