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Silver drops from record high as investors make profits
As profit-taking set in, silver prices dropped nearly 3% after reaching a 'all-time high' earlier in the day. Gold, however, rose to its highest level in seven weeks. Silver spot fell about 3%, to $61.7 an ounce at 01:46 pm. ET (1846 GMT), following a record high at $64.64 earlier. Gold spot rose 0.3%, to $4,293.43 an ounce after reaching its highest level since earlier October 21. U.S. Gold Futures?Settled 0.4% Higher at $4,328.3. The U.S. Dollar remained stable after recent falls. The greenback price of metals is less affordable to foreign buyers with a firmer dollar. Bart Melek is the global head of commodity strategy at TD Securities. He said that there's a little blowing of steam, a slight?uptick of the U.S. Dollar and... if you want to call it that,?profit-taking has put pressure on prices. Silver prices have risen nearly 5% in the last week and 112% this year. This is due to tightening inventory, increased industrial demand, and the inclusion of silver on the U.S. Critical Minerals list. In a recent note, CMZ stated that "the price increase is excessive and calls for caution." Silver's fundamental outlook is positive in the long term due to the forecasted increase in industrial demand. The U.S. Federal Reserve announced this week its third and last quarter-point cut in interest rates this year. However, it warned against further rate cuts until more data is available. Investors have priced in two rate reductions next year and are awaiting the non-farm payrolls data due next week. Gold that does not yield tends to perform well in an environment with low interest rates. Melek stated that "our average annual forecast for gold in the year 2026 is $4.213 per ounce." Sources say that the U.S., after seizing an oil tanker in Venezuela this week, is now preparing to intercept other ships transporting Venezuelan crude, as Washington increases pressure on President Nicolas Maduro. Platinum rose 2.6% to $1,740.05. This is the highest price since September 2011. Palladium rose 0.9% to $1 497.21. Both metals were heading for a weekly increase.
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Sources say that output has been suspended at the Yaroslavl refinery. Ukraine claims to have hit it.
Ukraine's military announced on Friday that it had attacked a major Russian oil refinery located in Yaroslavl to the north-east from Moscow. Industry sources confirmed this and said production at the facility was suspended. Ukraine and Russia are attacking each other's power plants as peace talks fail to bring an end to the nearly four-year war. The Ukrainian General Staff posted on Facebook that "Units from the Ukrainian Defence Forces have attacked the capacity of Slavneft - YANOS oil refining plant?in Russia’s Yaroslavl Region." "Explosions were heard and a large fire was recorded in the vicinity of? ?the target. The 'extent of damage is being assessed." According to industry sources, Ukrainian drones caused damage to a primary processing unit at the fourth-largest refinery in Russia. They said that production had been suspended. Slavneft - Yanos, situated about 250 km (155miles) north-east from Moscow, has a?oil processing?capacity? of 300,000 barrels / day or 15,000,000 metric tons / year. Around a third of the production capacity is accounted for by the damaged CDU-4 unit. The press service of the?company did not respond to a comment request. According to industry sources, the country produced 2.6 millions tons of gasoline last year, 4,000,000 tons of diesel, and 4.7,000,000 tons of fuel oil. Bill Berkrot is responsible for the editing and reporting.
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Dollar up but on course for third consecutive weekly drop
The major stock indexes fell sharply on Friday. Investors were cautious about artificial intelligence bets and the dollar, as well as U.S. Treasury Yields, edged up after recent losses. Oracle, a cloud computing company, warned earlier this week of massive spending and poor forecasts. Broadcom, a chipmaker, warned late on Thursday about margins. Technology fell the most of all major S&P sectors, 2.5%. Broadcom shares fell 10.9% while Oracle dropped 4.6%, and AI leader Nvidia declined 2.1%. Investors are optimistic about future U.S. rate cuts after the U.S. Federal Reserve reduced interest rates by 25 basis point on Wednesday. The decision was made 9-3, but policymakers have indicated that they will put any further reductions on hold for now. The Federal Reserve has expressed concern about the cooling of the labor market and inflation that remains high. Tony Welch is the chief investment officer of SignatureFD, a financial firm in Atlanta. The U.S. data on unemployment claims showed that the number of Americans who filed new applications for unemployment benefit increased last week by the highest amount in almost 4-1/2 years. On Thursday next week, the Bank of England is expected cut rates. Although traders now speculate that the European Central Bank could raise rates in 2026, it is expected to maintain its current rate. After strong signals by Governor Kazuo ueda, the Bank of Japan will likely increase rates. The Dow Jones Industrial Average dropped 227.77, or 0.47 percent, to 48.476.68. The S&P 500 fell 74.28, or 1.08 percent, to 6,826.72, and the Nasdaq Composite fell by 385.86, or 1.53%, to 23207.99. The MSCI index of global stocks fell 6.69 points or 0.66% to 1,008.55. The pan-European STOXX 600 fell by 0.53%. Investors weighed the comments of a number of Fed speakers, and an optimistic outlook for the economy. Fed officials who voted to oppose the U.S. Central Bank's rate cut last week expressed concern on Friday that inflation is still too high for lower borrowing costs. The yield of the benchmark 10-year Treasury bill The rate rose by 4.5 basis point to 4.186%, and nearly 5 basis point on the week. It is on track for its second consecutive weekly increase. German government bond rates rose this week after reaching their highest level in March. This highlights how investors are pricing in rate hikes in the euro zone, in stark contrast to those in the United States where rates seem to be falling. Germany's 30-year bond yield, which is more sensitive to fiscal concerns over the long term, has risen to a new?14-year-high of 3.498%. This represents a 3.5-basis-point increase. DOLLAR GAINS AND POUND FALLS Slightly On UK Data After falling against major currencies in recent sessions, the U.S. Dollar has risen again, but is still on track for its third consecutive weekly drop amid the prospect that the Fed will cut interest rates next year. Sterling eased as data revealed that the UK economy unexpectedly contracted in the three-month period ending October. The sterling fell 0.28%, to $1.3348. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) rose by 0.15% at 98.48. COAL PLUNGES TO RECORD LOW Copper fell more than 3% after reaching a new record earlier in the day, as fears about the AI bubble burst prompted a selloff of all riskier assets. As of 1700 GMT, the benchmark three-month copper price on London Metal Exchange was down as much as 3.5% at $11,451.50. It was also trading lower by 2.8% to $11,537.50. U.S. crude climbed 0.16%, to $57.69 per barrel. Brent increased to $61.32 a barrel, up by 0.07% for the day. Caroline Valetkevitch reported; Elizabeth Howcroft and Chuck Mikolajczak contributed additional reporting from Paris and New York, respectively; Andrew Heavens and Matthew Lewis edited the story.
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US accuses Rwanda of leading the region to war at UN
The United States accused Rwanda on Friday of fueling war and instability as the Rwanda-backed M23 rebel group's advance in eastern Democratic Republic of Congo threatens U.S. president Donald Trump's attempts to broker peace. U.S. Ambassador Mike Waltz told the U.N. Security Council that "Rwanda leads the region into increased instability and war". Mike Waltz, the U.N. Ambassador, told the U.N. Security Council. "We will use all the tools available to us to bring peace-saboteurs to justice." Burundi has been stationing troops in eastern Congo since years. The gains of the rebels have brought the conflict closer to Burundi. This has heightened fears about a regional spillover. Fighting has already claimed thousands of lives and forced hundreds of thousands to flee their homes. BURUNDI: 'RESTRAINT IS LIMITED' Restraint is not without its limits. If these irresponsible acts continue, it will be "extremely difficult" to avoid an escalation in violence between Burundi and the U.N. Ambassador Zephyrin MANIRATANGA told the Security Council. Rwanda's U.N. Martin Ngoga, Rwanda's ambassador to the U.N., accused Burundi of an attack on Rwandan soil and stated: "Rwanda does not wage war against Burundi or have any intention of doing so." He accused the DRC of violating ceasefire, and said: "Rwanda is fully committed to implementing the Washington peace agreement." Therese Kayikwamba, the Congolese Foreign Minister, called on Rwanda to be held accountable. "We are at a moment of truth. Either the international order will accept being openly defied by Rwanda or this council will take responsibility. "Impunity has been going on far too long," she said to the council. ADVANCE AFTER LEADERS MEETING TRUMP M23 claims it is fighting for ethnic Tutsi in eastern Congo. M23's latest advance in the mineral-rich east of Congo comes just a week after Congolese president Felix Tshisekedi met with President Trump in Washington, where they reaffirmed their commitment towards a?peace agreement? mediated by the United States. "We urge Rwanda to honor its commitments, and to recognize that the government of Democratic Republic of Congo has the right to defend their territory, and the sovereign right to invite Burundian troops onto its land," Waltz said to the 15 members of the council. "We are working with all parties to encourage restraint, and to avoid further escalation. This includes refraining from hostile anti Tutsi rhetoric." Waltz stated that "the United States is deeply concerned and extremely disappointed by the renewed outbreaks of violence in eastern DRC." He said that Rwanda had been in strategic control over M23, and what he called the political wing of the rebel group - the Congo River Alliance or AFC since 2021. Waltz stated that "Kigali is intimately involved in the planning and execution of the war in eastern DRC. It has provided military and political guidance to M23 and AFC forces for years." The?Rwandan Defense Forces have provided material, logistic and training support to M23. They also fought alongside M23 with approximately 5,000-7,000 troops in DRC as of early December. Rwanda has denied backing M23, and blamed Congolese forces and Burundian forces. M23 does not participate in the Washington-mediated talks. M23 has participated in a parallel, separate round of talks hosted by Qatar with the Congolese Government.
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Admiral of US forces in Latin America resigns
Admiral George J. McDonnell, who was in charge of U.S. forces in Latin America for two years, retired on Friday. This comes amid increasing tensions between the U.S. and Venezuela. Three U.S. government officials and two sources familiar with the situation said that Defense Secretary Pete Hegseth had pushed?Admiral?Alvin Holsey out. Hegseth was said to have grown frustrated by Southern Command's efforts to expand U.S. military planning and operations in the region. A senior official confirmed that Hegseth's dismissal of Holsey was discussed roughly two weeks prior to the unexpected announcement of Holsey's departure. Holsey's resignation was announced by Holsey on October 16. He hasn't publicly explained why he retired early. He was positive in his remarks during his retirement ceremony, which took place on Friday morning. He called for the United States to stand by other democracies who share U.S. value. Holsey stated that "we must always be available for likeminded partners, nations who share the same values as us: democracy, rule by law, and human rights." Some officials have privately speculated that Holsey opposed the recent U.S. strike on suspected drug ships in the Caribbean. According to Politico, Holsey said that in a meeting held behind closed doors with senior lawmakers, his decision was not related to the operations under his command. Holsey handed over his command to Air Force Lieutenant-General Evan Pettus during a ceremony which praised his achievements in uniform. "You are an extraordinary person who has led with your heart and your head, and given it your all every day of service," General Dan Caine said, after his predecessor was fired. Pettus is the acting head of U.S. Southern Command. According to a source with knowledge of the situation, President Donald Trump will nominate Lieutenant-General Frank Donovan as Holsey’s successor. This nomination is subject to confirmation by the Senate. The source warned that the nomination was not finalized yet and could be changed. Holsey’s premature retirement is not uncommon, but it's rare. In 2008, Central Command Commander Admiral William Fallon retired after a year of overseeing U.S. Forces in the Middle East. He had made comments about Iran and other topics that annoyed the Bush administration. Holsey's departure is the latest of a string of senior officers who have left their posts since Hegseth assumed control over the Pentagon. C.Q., the chairman of the Joint Chiefs of Staff and others have left abruptly. Brown and Lisa Franchetti who was the top naval officer at the time. MONROE DOCUMENT REVIVAL? In the past few months, Trump's administration has made a significant shift in its foreign policy. This week, a strategy document called for the revival of the Monroe Doctrine from the 19th century that declared the Western Hemisphere as Washington's influence zone. The major U.S. buildup of military warships in Caribbean, including the deployment an aircraft carrier strikegroup, has highlighted that policy?shift. New U.S. deployments of training to a revived Jungle School in Panama have also underscored this policy?shift. Trump has intensified his pressure on Venezuelan president Nicolas Maduro. Washington accuses him of drug trafficking. He is a close ally to Russia and China. Maduro has denied the accusations and said that 'the U.S. buildup is aimed at toppling him and stealing Venezuela's oil. The U.S. Coast Guard seized an oil tanker from Venezuela on Wednesday, marking the first time that sanctions have been in place since 2019. Trump's military actions against suspected drug smugglers are under scrutiny after a decision on September 2 to launch a second attack on a suspected boat of drugs in the Caribbean. The Defense Department Law of War Manual prohibits attacking combatants who are incapacitated or unconscious, or those who have been shipwrecked as long as these individuals abstain from hostile acts and do not try to escape. The manual lists firing on shipwreck survivors among the "clearly unlawful" orders that should be rejected. The Trump administration has described the attacks as an attack on drug cartels. They have called them armed groups, and said that the drugs brought to the United States killed Americans. (Reporting from Phil Stewart in Miami, Additional reporting from Idrees Al in Washington, Editing by Ros Russel and Matthew Lewis.)
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Silver drops from record high as investors make profits
As profit-taking took hold, silver prices dropped more than 3% after reaching an all-time peak earlier in the session. Gold also dipped from its seven-week high. Spot silver dropped about 3%, to $61.7 an ounce at 12:00 pm. After hitting a record-high of $64.64 an ounce earlier, ET (17:00 GMT) saw silver fall about 3% to $61.7 per ounce. After reaching its highest level since October 21, spot gold dropped 0.1% to $4280.69 an ounce. U.S. Gold Futures are flat at $4.312.90. The U.S. Dollar edged higher against other fiat currencies making metals priced in greenbacks less affordable to foreign buyers. Bart Melek is the global head of commodity strategy at TD Securities. He said that there's a lot of turbulence, an 'uptick' in the U.S. Dollar and a profit-taking element that puts pressure on prices. Silver prices have risen nearly 5% this week, and 112% for the year. This is due to tightening inventory, increased industrial demand, and inclusion on U.S. Critical Minerals List. In a recent note, CMZ stated that the price hike has become excessive and called for caution. The fundamental outlook for the silver market is positive in the long term due to the forecasted increase in industrial demand, CMZ said. The U.S. Federal Reserve announced this week its third and last quarter-point cut in this year. However, it signaled caution about further rate cuts until more data is available. Investors have priced in two rate reductions next year and are waiting for the non-farm payrolls data to be released next week. Gold that does not yield tends to perform well in an environment with low interest rates. Melek stated that "our?average annual gold forecast in 2026 is $4.213 per ounce." Sources say that the U.S., after seizing an oil tanker in this week, is now preparing to intercept other ships transporting Venezuelan crude, as Washington puts more pressure on President Nicolas Maduro. Platinum rose 1.9% to $1,728.15, its highest price since September 2011. Palladium dropped 0.2% to $1 481.93. Both metals were heading for a weekly increase.
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Copper falls after reaching record levels as fears of a tech bubble resurface
Copper fell more than 3% Friday after reaching a record-high earlier in the session. Fears of the AI bubble burst prompted a sell-off across a wide range of riskier assets. Benchmark three-month Copper?on the London Metal Exchange? fell by as much as 3.5%, to $11,451.50. It was trading at $11,537.50, down 2.8% as of 1700 GMT. Metal used in construction, manufacturing and power generation earlier hit a record of $11,952, just a few cents away from the psychologically important $12,000 mark. After two weeks of gains, copper is expected to end the week at a 0.7% loss after fading optimism about Wednesday's U.S. Federal Reserve rate cut. Copper fell up to 4% on the U.S. Comex Exchange, falling from $5.21 per lb. The sudden drop on Friday was attributed by traders to the fear that the fall in tech stocks would spread to?metals. Long positions in copper were liquidated as a result of a volatile market. Ewa Mnthey, ING analyst, said: "We believe that in the near-term supply disruptions will keep prices at around $11,000/t." For the rally to continue, however, stronger demand, particularly from China, as the largest consumer, will be critical. Copper inventories The Shanghai Futures Exchange reported on Friday that the number of tons in the warehouses it monitors rose by 0.5% during the last?week, to 89 389 tonnes. Manthey also added that "the risk of demand destruction should not be overlooked." Chinese buyers are showing signs of price sensitivities. The entire LME Complex turned red. Aluminium fell 1.1% to $2,866.50 per ton, and zinc lost 2.3% to $3129.50, after hitting a 13-month peak on Thursday. LME data for?Friday revealed 1,800 tonnes of zinc inflows The 61,925 tonnage is the highest level since August. Nickel fell 0.2% to $14,585, lead dropped 1.1% to 1,966.50 and reached its lowest level since October 16. Tin dropped 0.6% to $40,505 after hitting its highest point since April 20,22 due to supply concerns. (Reporting and editing by Subhranshu, Mrigank, Mrigank, Lewis Jackson, and Jane Merriman; Additional reporting by Amy Lv and Lewis Jackson; Pratima Desai and Amy Lv; and Tom Daly)
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India markets regulator drops case against Pranav Adani
India's market regulator said on Friday that it had dropped an alleged case of insider trading against Pranav Adani. He is the director of several Adani Group companies and the nephew of Gautam Adani. The Securities and Exchange Board of India has said that it is investigating whether Pranav Adani and his brother-in law shared information regarding Adani 'Green's acquisition of SoftBank-backed SB Energy Holdings in May 2021 with each other before the deal was announced. In May, SEBI claimed in a regulatory notice the sharing of sensitive price information violated regulations designed to prevent insider trading. Pranav Adani told an email response that he "has not violated any securities laws". Adani Group has not yet commented. SEBI's order on Friday dismissed the allegations, stating that the investigation could not prove that Pranav had shared unpublished price-sensitive information (UPSI), with his brother in-law Kunal Shah back in May 2021. SEBI stated that Kunal Shah's and his brother Nrupal Shah's trades in Adani Green in May 2021 were "consistent" with their normal trading patterns. SEBI's orders also referred to "multiple news articles" referring to an upcoming deal before a share purchase contract on May 19, concluding the information was not UPSI or?generally accessible. SEBI dismissed an alleged case of insider trading against Vinod Bahety who was CEO of Adani Cements and headed mergers & acquisitions at Adani Group in May 2021. Reporting by Jayshree Upadhyay and Hritam Mukerjee from Mumbai and Bengaluru, and editing by Shailesh Kuber, Kirsten D. Donovan and Alexander Smith
ERG increases Kazakhstan expenditure, sharpens its focus on core operations
Eurasian Resources Group's (ERG's) investment in Kazakhstan operations increased by?40% this year to almost $1 billion, as part of the strategic?focus? on core operations. Chief Executive Shukhrat?Ibragimov? explained.
The Kazakh mining company based in Luxembourg produces large quantities of iron ore and aluminium, as well as ferrochrome, which Kazakhstan needs to support its efforts to modernise infrastructure and industry.
The government of President Kassym Jomart Tokayev has committed billions of dollars in public and private investments on upgrading transport networks, digital service and industrial capacity. This is to reduce dependence on hydrocarbons, and attract foreign investment.
ERG's production of high-carbon ferrochrome in Kazakhstan makes the company one of the largest producers in the world of stainless steel, which is widely used in industries like food and beverage processing.
Ibragimov stated that ERG sold exploration undertakings to Saudi Arabia as part its realignment.
He said this week that ERG had taken the strategic decision to concentrate in the first instance its core operations in Kazakhstan as well as Africa, where it has a long-standing presence.
Ibragimov said that the company had decided to not distribute dividends in 2024. Instead, it would reinvest into its production facilities.
Ibragimov, when asked about a purchase offer made by a U.S. Investor earlier this year, said: "We have no plans to sell our company, neither our assets in Kazakhstan or in Africa."
The group is owned by the Ibragimov Family, the heirs to Alexander Machkevich and Patokh Chodiev, with the Kazakh Government holding a 40% stake.
ERG operates in Africa, including in the Democratic Republic of Congo. (Reporting and editing by Tomaszjanowski; Pratima Dasai)
(source: Reuters)