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South African rand begins week stronger as gold rebound
The South African rand started the week on Monday?stronger, thanks mainly to the?renewed rise in its core export gold. At 1508 GMT the rand was trading at 15.9150 per dollar, up roughly 0.8% from Friday's closing price. ETM Analytics stated in a research note that "gold and platinum prices are recovering from their lows. This gives some comfort that the ZAR will enjoy renewed commodity price benefits through the coming week." The U.S. Dollar last traded 0.7% lower against a basket?of currencies. Investors awaited the upcoming?jobs data and inflation data to gauge the direction of U.S. rates. In Cape Town, the annual mining conference, which runs until Thursday, brings together government officials, mining executives, and investors from around the world. South Africa's Statistics Agency will also release December manufacturing and mining figures on Thursday. "For the moment, South Africa's trade terms remain favorable, and the outlook for the ZAR remains similarly positive, especially if foreign investors are continuing to position themselves with a lower risk profile," ETM Analytics stated. The yield on South Africa's 2035 benchmark government bond fell by 3 basis points, to 8.025%. Reporting by Sfundo parakozov, Editing by Harikrishnan Nair & Andrew Heavens
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Sibanye anticipates short-term volatility in the platinum price, but a return to previous lows is unlikely
Richard Stewart, CEO of Sibanye Stillwater mining group, stated on Monday that platinum group metal prices would remain volatile for the foreseeable future, but they are unlikely to return to the "unsustainable lows" seen last year. The price of palladium and platinum, both used in autocatalysts that reduce exhaust emissions from cars, has risen since the second half 2025. This is due to a shortage of supply which helped to offset the long-term effects of the growth of electric vehicles. Spot platinum has fallen 1.6% in 2026, after soaring 127% from?2025 to a record $2.918.80 an ounce in January. Stewart told?on the fringes of the Africa Mining Indaba that he believes a higher price floor for the industry has been established. Stewart stated, "I believe the prices will continue to fluctuate." "But I do not think that they will return to the low base we had last year. It was unsustainable. "It was not sustainable." Sibanye was also evaluating when to restart its Stillwater West Mine in the United States. This mine had been placed on care-and-maintenance in 2024. He said that the decision would be based on a longer-term perspective of the palladium markets, rather than on short-term price movements. Stewart said, "I'm not sure we will make a decision until we see how the world develops over the next 12-24 months." Stewart stated that preliminary findings are expected to be released this month or in early March on the petition of?Sibanye to the U.S. for a tariff to be imposed on Russian imports of palladium to ensure the viability and long-term viability U.S. supply. FINLAND'S LITHIUM MANUFACTURE TO BEGIN IN THE FOURTH QUARTER The diversified miner will be completing the?commissioning phase of its Keliber Lithium project in Finland in this year. Production of technical-grade liquid lithium is expected to begin in the fourth quarter. Stewart stated that the final step in production of battery-grade Lithium?at Keliber would be dependent on metal prices and offtake arrangements. He said that long-term agreements for offtake would be as important as the price to protect miners from potential oversupply, especially from China. Stewart explained: "If we are producing a product of battery grade, we ultimately want to supply it into European supply chains, and have partners and offtakes which make commercial sense." He added, "So these are the things we're looking at right now." (Reporting and editing by Nqobile Dudla, Olivia Kumwenda Mtambo)
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Israeli forces kill four militants and a farmer in Gaza
Israel's military reported that four militants were killed by Israeli forces in Rafah, in the southern Gaza Strip, on Monday. They had emerged from a?underground trough and fired on troops. It said that the attack on Israeli troops was a violation of the ceasefire brokered by the U.S. with the Palestinian Islamist Hamas, which went into effect in Gaza last year. Israel responded to similar incidents by airstriking the entire enclave where dozens of people were killed. Hamas did not immediately comment, but sources close to the group said that Anas Annashar was one of those who died. He is the son of an ex-?senior Hamas political figure. Since the ceasefire, dozens of Hamas fighters were trapped in tunnels beneath Rafah. Some have since been killed by Israeli forces in clashes. According to local authorities, in a separate incident?Israeli forces shot a Palestinian farmer and killed him in Deir Al-Balah, in the central Gaza Strip. Israel has not commented on the incident immediately. The ceasefire has been repeatedly disrupted by violence, and both sides have blamed each other for truce violations. Washington is pressing them to move on to the next phases of the deal to end the war. Next, President Donald Trump’s Gaza plan will require a solution to complex issues, such as Hamas' disarmament which it has rejected for years, and a further Israeli withdrawal from Gaza, along with the deployment of a peacekeeping international force. Gaza's health ministry reported that at least 580 Palestinians have been killed in Israeli fire since the October ceasefire agreement. Israel claims that militants have killed four soldiers in Gaza during the same time period. Hamas' attacks against southern Israel on October 7, 2023, which killed over 1,200 people, began the Gaza war. According to data from the Palestinian Health Ministry, Gaza's death toll now exceeds 71,000.
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TechMet CEO targets new funding of up to $200 Million
TechMet, a U.S. investment vehicle backed by the United States, is seeking to raise an additional $200 million to finance vital minerals projects. CEO Brian Menell said on Monday. TechMet, a privately-held company that owns stakes of ten companies, including Brazilian Nickel, South Africa's Rainbow Rare Earths and Qatar Investment Authority, raised $300 million last year, including $180 from the Qatar Investment Authority. TechMet has reopened its fundraising. The company, valued at over $1 billion, focuses on developing businesses along the entire critical minerals value chain. Menell said on the sidelines an African mining conference in Cape Town: "We kept it open to find another one or 200 million dollars (dollars). We're currently busy concluding this." "There is a great deal of interest in further investment, beyond the initial?target we set." Race to secure critical mineral supplies TechMet's largest investor is the?U.S. The International Development Finance Corp of the U.S. The U.S. and China are engaged in a race to secure copper, cobalt, and other essential minerals on the African continent. Washington is focusing its efforts primarily on Zambia,?Guinea, and the Democratic Republic of Congo. Menell stated that TechMet was open to exploring new investment opportunities in countries like Congo and Zambia but its focus at the moment is on advancing current projects. "We are certainly open to the DRC. We want to be a major player in DRC at some point. "We'll see" what that point is. "We're not looking for anything immediate but are always open to new opportunities." Congo is the second largest copper producer in the world and accounts for more than 70% of all cobalt. Menell said that Zambia offers other compelling prospects. He cited its appeal for copper, and to a lesser degree, cobalt, and other minerals. (Reporting and editing by David Holmes; Olivia Kumwenda Mtambo)
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Copper bulls are challenged by weak demand and higher inventories
The dollar fell on Monday, and copper prices rose. However, weak demand prospects in China, the top industrial metal consumer, along with rising inventories, are expected to challenge the bullish sentiment. The benchmark copper price on the London Metal Exchange was 0.4% higher, at $13,043 per metric ton. Prices have fallen 10% since January 29, when they reached a record high of $14527.50. Funds use numerical models that generate buy and sale signals to determine the effect of a softer U.S. dollar on metals priced in dollars. The market is still dominated, according to traders, by funds and other speculators as in the recent weeks. The traders expect volume to decline as the economic activity in China stalls due to its Lunar New Year holiday. In a recent note, Britannia Global Markets analysts said that "recent price increases appear increasingly disconnected from industrial fundamentals. This is particularly true as evidence of a slowing real world demand becomes more evident." "In China copper buyers have extended Lunar New Year shut downs while fabricators reduced spot purchases due to margin pressure and high inventories." Copper stocks at LME-approved warehouses are 184,300 The Shanghai Futures Exchange monitors warehouses that are monitored by the Shanghai Futures Exchange. At 248,911, the number of people has increased by more than 60% since December 19. Yangshan copper premium highlights the expectation of a weak Chinese demand It is a measure of China's appetite to import copper. The price has gone up from $20 per ton in January to $37 per ton. However, it is still far too low to indicate a strong demand. This week, the spotlight will be on the employment and consumer prices data coming from the United States. These could have an impact on the direction that the U.S. dollar and interest rates take. Other metals saw aluminium gain 0.7%, to $3,107.5 per ton. Zinc was flat at $3.346, while lead fell 0.4%, to $1.953. Tin rose 4%, to $48,600, and nickel gained 0.9%, to $17.250.
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Protect nature or risk extinction for companies
A landmark report urged companies to take action now, or risk being wiped out. The Intergovernmental Platform on Biodiversity and Ecosystem Services assessment, which took three years to complete and was signed by more than 150 countries, will guide policymaking in multiple sectors. The report, written by 79 experts from around the world, identifies "inadequate" or "perverse" incentives, weak institutions and enforcement, as well as "significant" data gaps, among other obstacles to progress. The plan builds on the 2024 pledge made by countries to protect 30 percent of land and ocean by 2030. Last year, they announced a plan to invest $200 billion in the effort. This is still far below the amount of money that goes into damaging activities. 'BLIND SPOT' The authors, citing data from 2023, said that despite the need for a "transformative" change, $7.3 trillion of public and private funds were going to activities that harm the environment. The report, which is based on thousands of sources and years of research, brings together the findings of many different studies and practices into one integrated framework. It shows the business risks associated with nature loss, as well as the business opportunities to reverse the trend, said Matt Jones, UK, who was one of the three co-chairs. "Businesses and other key players can either lead the path towards a sustainable global economy, or risk extinction... not only of species but also their own." The report stated that companies can take action now by setting ambitious goals and embedding them into corporate strategy, strengthening auditing and monitoring, and performance assessment, and innovating products, processes, and services. It added that less than 1% of public companies disclosed biodiversity impacts. Research firm Zero Carbon Analytics says that construction, food, pharmaceuticals, and infrastructure are among the most vulnerable sectors to biodiversity loss. However, most companies are exposed through their supply chains. Paul Polman said that business strategy is about managing risks and building resilience. However, nature has "barely featured" in this equation. The IPBES report shows that the blind spot has now become one of the most significant economic risks in our time. Mark Potter edited the article.
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Russell: India's sponge iron blitz to save South African coal
It has become increasingly difficult to find thermal coal exporters who are willing to take on the risk of a lower price, a reduced demand from China and India and, for Indonesian miners, uncertainty about government policy. There is one group that seems to be quite optimistic about coal exports. South Africa's coal miners look forward to an increase in demand from India, their largest buyer. They also anticipate improvements to the rail infrastructure which will allow for higher volumes. The coal South African producers are seeing a strong demand for, however, is not the traditional electricity generation. Instead, it's for industrial processes like making sponge iron or cement. Last week, the South African Coal Conference was held in Cape Town by McCloskey and OPIS. The main message was that South Africa is restoring its rail network, and 6 million metric tonnes of coal will be transported in 2026. According to commodity analysts Kpler's data, South Africa will export 60.96 millions tons of coal in 2025. Half of that amount is expected to go to India. It was up from the 58.13 millions tons recorded in 2024. However, it is still short of the 77.2 millions in 2018. South Africa's miner are confident of a growing market if they can increase exports by around 65 million tonnes in 2026. India is the largest producer of sponge steel, an intermediate between iron ore and crude st. According to the Sponge Iron Manufacturers Association it produced approximately 55.7 million tonnes in the fiscal year 2024-25. Analysts estimate this could rise to 75 million tons by 2030, given India's high demand for steel. South African coal meets the requirements for producing a ton of sponge iron. The most efficient way to produce sponge iron is by using coal that has an energy content of?between 5,000 and 5,500 kilocalories/kg (kcal/kg). South Africa has an advantage on the basis of delivered costs over Australia, Russia and U.S. mines, despite producing similar quality coal. Indonesia is the largest coal exporter in the world. It produces lower energy coal that is very popular among Indian electric utilities, as it is less expensive than other grades. South Africa, which has little competition from Indonesia as a supplier, is preferred by India's producers of sponge iron, who are unable to obtain enough domestic coal because policy dictates power companies take priority. The additional coal consumption if sponge iron production increases by 20 million tonnes per year by 2030 is 24 million tons. South Africa is unable to meet the demand alone, but it's logical that its exporters can sell any volume they are able to ship due to the high demand. CEMENT HELPS India's cement manufacturers also depend on imported coal and expect to increase production from 453 millions tons in 2024-25 fiscal to around 480 in the current 12-month period. Although cement production is less energy-intensive than the production of sponge iron, up to 250kg of coal are required to produce a ton. The increase in cement production will result in a rise of several million tons per year for coal consumption. However, the domestic market will not be able meet the entire demand, so imports will again become a major factor. This demand is likely to spark a rise in coal prices. Prices dropped to a four-year low at the end of last year and have only modestly recovered since. The demand for coal produced in South Africa will be crucial, especially from China and developed economies in North Asia like Japan and South Korea. As Japan and South Korea reduce coal-fired electricity generation, and China continues its rapid rollout of renewables, it's likely the demand for high quality thermal coal will remain flat or even trend weaker. Even if the seaborne price is relatively stable, South Africa’s exporters will still be able sell as much as they can given their relative advantage. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, who is also an author. (Editing by Christian Schmollinger).
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Indium prices reach their highest levels in a decade due to Chinese speculators and supply concerns
Sources say that indium prices, which is used in touch screens, advanced semiconductors, and new solar technologies have reached their highest levels in over a decade on Western markets. This was due to speculative activities at a Chinese exchange, and tightening supplies, according to market sources. The jump has brought new attention to an important niche market that is dominated by Asian manufacturers. Indium prices in Rotterdam are around $500-$600 a kilogram, according to traders and experts. This is the highest price since early 2015. Prices have increased by more than 55% since September. Three market sources stated that the Zhonglianjin Exchange has seen a huge increase in interest in futures of indium due to the large speculation by Chinese investors about tighter supplies and higher demand. The supply of key products from China and South Korea has been declining. According to the United States Geological Survey (USGS), unwrought indium exports in China fell by more than 23% over a period of a month, from 22.72 to 22.73 metric tons. South Korea accounted for approximately 17% of the global production of 1,080 tonnes last year. CHINA CONTROLS MOST INDIUM OUTPUT Cristina Belda is a senior analyst with Argus. She said: "The shortage of crude 'indium has been a structural problem for a long time, and it has only been exacerbated by China's stricter environmental protection policies." Indium is primarily recovered as a byproduct from zinc processing and is extracted from smelter wastes, rather than through primary mining. "China controls the majority of its processing, considering that it is responsible for zinc extraction." The supply of (indium), which is not elastic, is likely to increase steadily in the future, said Julia Khandoshko. CEO of the European broker Mind Money. It is a raw material that is in high demand, but the supply cannot keep up. Two market sources reported that South Korea was also unable to supply material on the spot markets in recent times. In an email, Korea Zinc, a major indium producer, stated that it sold between 90 and 100 metric tons per year. The report said that exports were not affected by any unusual or specific factors and that volumes in 2026 are likely to?remain broadly in line with historic levels. Market sources stated that the demand for indium is supported by new?clean energy technologies. These include high-efficiency solar panels and advanced chips based on indium tinoxide. Argus's Belda noted the prices remained lower than their 2010 peaks. This prompted intense research into alternative products. She said that prices would need to remain high for a while before substitutes could be found. LSEG data puts these peaks between $750-$800. The U.S. Defense Logistics Agency issued a request for proposals on January 15, seeking indium ingots of up to $125,000,000 worth.
Macron left Washington without much hope for U.S. tariffs
On Friday, French President Emmanuel Macron acknowledged that he had left the country.
Washington
After talks with President Donald Trump this week, there is little hope that the European Union will avoid U.S. tariffs.
Macron said that the Trump administration’s trade strategy, and in particular its understanding of value added taxes, was flawed.
The U.S. President announced that his administration will announce a 25% duty on all imports of goods from China two days after Macron's meeting at the White House with Trump.
European Union. Trump claimed that the bloc was created in order to "screw up" the United States.
Macron, who was in Porto, Portugal at the time, told reporters that he had left with "very little hope".
Macron said: "I believe there are misunderstandings and design problems with the commercial approach proposed this administration." The central argument is that they believe our consumption taxes, and in particular, the value-added tax, is a tariff. This is not true.
Luis Montenegro, Portuguese Premier, spoke alongside Macron and reiterated his call to dialogue with Washington. He added: "Europe must respond in the same way to a rise in tariffs."
Montenegro said that he regretted the fact that the United States and European Union will benefit more from trade tensions than other economies or blocs that are not subject to inflationary tariffs.
The European Commission
On Wednesday, the government announced that it would "react firmly and immediately" to unjustified obstacles to fair and free trade. Reporting by Makini Pineau and Elizabeth Pineau, editing by GV de Clercq and Richard Lough
(source: Reuters)