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Silver reaches new highs on demand for safe havens; gold reaches record levels
Investors flocked to gold as a safe haven amid U.S. - Venezuela tensions. Silver also reached a new high. As of 0637 GMT spot gold was up 0.7% at $4,476.15 an ounce after reaching a session record of $4,497.55 in the earlier part. U.S. Gold Futures for February Delivery rose by 0.9% to $4,509.80. Tim Waterer is the chief market analyst for KCM Trade. He said that U.S.-Venezuelan tense relations are keeping gold in investors' minds as an 'uncertainty hedge.' Gold has surged this past week, he added, as a?particular positioning shift, with U.S. rates expected to ease further. Waterer stated that buyers continue to view precious metals as a way to diversify their portfolios and preserve values, adding "I do not think we have reached the high watermark for gold or silver yet." Last week, U.S. president Donald Trump announced that all oil tankers entering or leaving Venezuela would be "blocked" by?sanctions. Markets priced in two rate reductions for next year, amid expectations of a more moderate policy stance. Bullion has risen more than 70% this year. This is due to a powerful mix of geopolitical risk, central bank purchases, de-dollarisation and renewed exchange traded fund inflows. As the year ends, lower liquidity levels could increase price swings, said Frank Walbaum. A market analyst for trading and investment platform Naga. He noted that gold may remain particularly sensitive to geopolitical headlines, and changes in rate expectations. Spot'silver' rose 0.6% per ounce to $69.44 after reaching a record high at $69.98. Its year-to date gains have exceeded 141%, outpacing the gold market on account of supply deficits and?industrial demand. Michael Brown, senior strategist at Pepperstone, stated that some consolidation could be possible during the holiday period as liquidity thinned. He said, however, that the rally would resume once the volumes return. The $5,000 level is a natural goal for gold in the coming year, and $75 for silver on a long-term basis. The spot platinum price rose by 2.2%, to $2,167.25. This is the highest level in over 17 years. Palladium also rose by 2.5%, to $1,803.91, a new three-year record, tracking gold and silver. (Reporting from Sherin Elizabeth Varighese in Bengaluru and Arunima Kumar; editing by Rashmi Aich, Subhranshu Shu.)
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China's association of tin producers says the price hike is "unreasonable".
An industry association backed by the Chinese government said that on Tuesday, the tin sector had been hit by the "unreasonable",?price rise and urged investors to avoid excessive?speculative trade. Tin prices are at their highest "levels" in 44 months, following a wave supply disruptions. The material is used to solder circuit boards for mobile phones and electric cars. The China Nonferrous Metals Association's tin branch posted a statement to its WeChat page saying that the rapid price rise was driven by money, which has distorted industry fundamentals and increased market risks. The report called for all participants in the market to "avoid following trends blindly" and "resist speculative activity that violates objective laws of the markets". On December 22, the?most active tin contract at the Shanghai Futures Exchange reached 347,500?yuan ($49.438.75 per metric ton), its highest price since April 7, 2020. On December 19, the benchmark price for three-month tin on the London Metal Exchange reached its highest level since April 19th, 2022. It was $43,935 per ton. Shanghai and London prices are up 12% and 10% respectively so far this month. It said that the supply from major producers such as Myanmar and the Democratic Republic of Congo has improved. Tin ores from Myanmar's Wa state have increased to almost 1,000 tons. It said that China's refined-tin production in the first 11 months of the year rose by 6.2% compared to the previous period. Global tin demand is expected grow by 3%. This leaves a surplus of 10,000 tons. The association stated that "the sharp price increase has increased cost pressure for downstream consumers and eroded their profits, making it difficult to meet long-term agreements." Reporting by Amy Lv, Ryan Woo and Neil Fullick. Editing by Neil Fullick.
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Stocks and precious metals are rising; the yen is on watch
Asia shares and precious metals rose on Tuesday, as investors continued to buy ahead of the "festive holidays", with a reading on the U.S. Gross Domestic Product (GDP) expected later that day. The fragile yen recovered as traders watched for any signs that Japanese authorities would intervene to stop the currency's decline. Investors can catch up with a number of U.S. Economic releases that were delayed due to a record-breaking government shutdown in January. The key data for Tuesday will be the third-quarter figures of growth, which are expected to show that the U.S. has continued to grow strongly. The expected annualised growth is 3.3%. This is a slight drop from the previous quarter, due to a sharp decline in imports following a surge earlier in the year before the introduction of tariffs. David Doyle, Macquarie Group's head of economics, said that the underlying growth is likely to slow in Q4 due to the prolonged government shutdown. He also noted the possibility of a new headwind coming from auto sales. The market sentiment remained positive ahead of the result. MSCI's broadest Asia-Pacific index outside Japan rose by 0.39%. Tokyo's Nikkei fell 0.1% due to a stronger yen. European futures are mixed, but Nasdaq and S&P 500 futures are little changed. Shares of Nvidia soared overnight after a report that the company had told Chinese clients they planned to begin shipping their second-most powerful AI chip to China in mid-February, before the Lunar New Year holidays. Novo Nordisk shares listed in the United States jumped 6% during extended trading on Monday after the U.S. Food and Drug Administration (FDA) approved its weight loss pill. Jose Torres is a senior economist with Interactive Brokers. He said, "Risk-on sentiment?is dominating Wall Street as we begin the week before Christmas, and investors are increasing equity and commodity exposures in preparation for year-end." For now, traders will take their cues from the general feeling among participants that little is standing in the path of a Santa Claus rally manifesting. Spot gold and silver reached all-time-highs in precious metals. This was driven by the demand for safe-haven assets as geopolitical tensions escalated, with the U.S. attempting to seize more tankers transporting Venezuelan oil. After rising on Monday due to concerns about disruptions in supply, oil prices have eased slightly. Brent crude futures dipped 0.26% to $61.91 per barrel, while U.S. oil fell 0.33% at $57.82 a barrel. INTERVENTION RISK KEEPS YEN IN CHECK Hong Kong's Hang Seng Index remained flat, while China's CSI300 blue chip index rose 0.4%. According to the summary of Tuesday's housing policy conference, China will intensify urban renewal in 2026 and make greater efforts to stabilize its property market as it prepares for its next Five-Year Plan (2016-2030). The yen was the main focus on the foreign exchange markets as investors assessed the likelihood of an impending intervention by the Japanese authorities to support the currency. Satsuki Katayama, the Finance Minister of Japan, said that Tokyo has the right to intervene on the currency market if the yen's value continues to fall. This is the strongest warning yet about Tokyo's willingness to do so. The yen rose 0.7% to 155.99 against the dollar. It also made large gains against peers such as the euro and Swiss franc. Vishnu Varathan is the head of Asia ex-Japan macro research at Mizuho. He says that intervention "may be more opportunistic than imminent." He said, "And be sure there won't be any fixed 'line' in the sand." The BOJ increased rates on Friday at the end of its policy meeting for December. This was widely anticipated and Governor Kazuo ueda gave few hints about the future extent of rate increases. "Their message was so unimpressive... You hike, but it needs to be with conviction. "They didn't walk with conviction", said Alicia Garcia Herrero chief economist of Asia Pacific for Natixis. The dollar has been on the back foot in other currencies. The euro rose by 0.15% to $1.1776 while the pound sterling increased by 0.24% at $1.3493.
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Silver reaches new highs on demand for safe haven gold
Investors flocked to gold as a safe haven amid U.S.-Venezuela tense relations, and silver reached a new high. As of 0527 GMT spot gold was up by 0.8% to $4,479.18 an ounce after reaching a record high earlier in the day. U.S. Gold Futures for February Delivery jumped 1%, to $4,511.50. Tim Waterer is the chief market analyst of KCM Trade. He said that U.S.-Venezuelan tense relations are keeping gold in investors' minds as a hedge against uncertainty. Gold?has surged this past week as part a broader position shift as U.S. rates are expected to ease even further. Waterer stated that buyers continue to view precious metals as a way to diversify their portfolios and maintain value. He added, "I do not think we have reached the high watermark for gold or Silver yet." Last week, Donald Trump announced that all oil tankers subject to sanctions entering and leaving Venezuela would be "blocked". Markets priced in two rate reductions for next year, amid expectations of a more moderate policy stance. Bullion has increased by more than 70% in the past year. This is due to a powerful?mixture of geopolitical risk, central bank purchases, rate-cut betting, de-dollarisation, and renewed exchange traded fund inflows. As the year ends, a thinner liquidity condition could increase price swings, said Frank Walbaum. A?market analyst with Naga, Walbaum noted that gold may remain particularly sensitive to geopolitical headlines as well as changes in rate expectations. Spot'silver' was up 0.5% to $69.39, after reaching a record $69.98. Its year-to date gains have exceeded 141%, and it has outpaced gold due to supply deficits and industrial demand, as well as investment inflows. Michael Brown, senior strategist at Pepperstone said that some consolidation could be possible over the holiday period, as liquidity is thinned. He said, however, that the rally would resume once the volumes return. The $5,000 level is a natural target next year for gold and $75 for silver. The spot platinum price rose by 1.9%, to $2,165.67. This is the highest level in over 17 years. Palladium also rose by 1.9%, to $1,792.51, a new three-year record, tracking gold and silver. (Reporting from Sherin Elizabeth Varighese in Bengaluru and Arunima Kumar; editing by Rashmi Aich, Subhranshu Shu.)
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Oil prices steady as the market weighs Venezuela and Russia supply risks
The oil prices remained stable on Tuesday, after rising by more than 2% the previous session. The U.S. announced that it may sell the Venezuelan crude they seized. Meanwhile, Ukraine's attacks against Russian vessels and piers increased fears of supply disruption. Brent crude futures fell by 6 cents or 0.1% to $62.01 a barrel at 0440 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of West Texas and Texas Intermediate crudes, fell 9 cents or 0.16% to $57.92. Brent's daily performance was the best in two months, and WTI rose to its highest level since November 14. In a recent note, Priyanka?Sachdeva, a senior market analyst at brokerage Phillip Nova said that crude oil markets were grinding through the last weeks of 2025 - with prices largely subdued. This reflects a tug-of war between persistently bearish fundamentals, and intermittently bullish headlines. She said that while prices showed modest rebounds in geopolitical headlines through 2025, a broader narrative points to an imbalance of sluggish supply and sluggish demands. Overall, the trend is weaker as structural supply concerns overshadow short-term risk-off rallies. The markets are cautious, as traders balance geopolitical risk against the forecasts for ample supply by early 2026. This leaves prices vulnerable to any prolonged disruptions. Donald Trump, the U.S. president, said on Monday that the U.S. could keep or sell oil it has seized in recent weeks off the coasts of Venezuela. This is part of his campaign of pressure against Venezuela, including a "blockade", of oil tankers subject to sanctions, entering and exiting the country. Barclays stated in a Monday note that oil markets would likely be well-supplied in H1 26 even if Venezuelan exports fell to zero in the near future. Barclays, however, estimates that the global oil surplus in 2026 will be reduced to just 700,000 barrels a day. A prolonged disruption would also tighten up the market, reducing recent stock builds. Russia and Ukraine have been attacking each other's Black Sea facilities, which is a crucial export route for both countries. In the second attack in less than 24 hour, Russian forces attacked Ukraine's Black Sea Port of Odesa on Monday night and damaged port facilities and an entire ship. Authorities in the region of Krasnodar, Russia, said that a Ukrainian drone attack caused damage to?two vessels and two piers, as well as a fire, in a village. Ukraine has also targeted Russia’s maritime logistics. It is focusing on the shadow fleet of oil tankers, which are attempting to bypass sanctions against Russia during the almost four-year-old war. (Reporting from Anjana Anil, Bengaluru; Emily Chow, Singapore; Editing done by Sonali and Neil Fullick.)
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Latrobe Magnesium receives potential funding from an export agency for the second stage of its magnesium plant
Export Finance Australia has sent a non-binding support letter to Latrobe Magnesium, Australia. The letter could be used to fund the construction of a magnesium plant in Victoria. The U.S. will provide support for the development of stage 2 of the commercial magnesia extraction facility as part of a deal with Australia that aims to counter China's dominance of the minerals industry. Magnesium, which is used to produce steel and titanium in China, is the world’s largest producer. Construction of the 'plant, which will process up to 10,000 tons of magnesium each year, is estimated to cost approximately A$250,000,000 ($166.70 millions). Latrobe didn't specify any potential EFA support. As of 0349 GMT the shares of the 'Victoria based magnesium plant operator increased by up to 15% to A$0.023, their highest level since December 12. The benchmark index rose 1.1%. The company stated that the letter of support is not a financial commitment, and it must meet the due diligence criteria and eligibility criteria set by the export agency. The company?said that Australia's Export?Credit Agency, EFA, expressed an interest in partnering with the U.S. Export-Import Bank to finance the stage 2 project. The U.S. Export-Import Bank sent a 'Letter of interest' to Latrobe in October to explore financing for up to A$200,000,000 ($133.26,000,000) for the Stage?2 Plant. The U.S. will receive all magnesium produced by the stage 2 plant under an offtake contract. David Paterson, CEO of Latrobe, said: "The United States currently does not have a primary magnesium producer in its locality. LMG is well positioned to fill this gap within the next few years."
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Due to supply constraints, copper prices are nearing record highs.
The copper price ticked upwards on Tuesday. It hovered near the record levels reached in the previous session. This was after Antofagasta, a Chilean miner, and a Chinese smelter, agreed to a zero-processing fee for 2026 copper concentrate. This underscored supply constraints. As of 0332 GMT, the most active "copper" contract on Shanghai Futures Exchange rose 0.1% to 93,810 Yuan ($13325.28) per metric tonne. The benchmark copper price for the three-month period on the London Futures Exchange remained unchanged at $11,926.0 per ton. According to a Chinese market data provider, China's leading copper smelters plan to reduce production by more than 10% in 2026 to combat overcapacity, which has led to an increase in distorted processing fees for copper concentrates. After protracted negotiations, Chilean smelter Antofagasta has agreed to zero treatment charges and refining fees (TC/RCs). Miners pay TC/RCs traditionally to smelters in order to cover the costs of?converting copper concentrate into refined metal. Charges fall when the mine supply is tightened and smelters agree to accept less favorable terms in order to secure concentrate. Nickel, one of the SHFE's base metals, extended its gains for a 5th straight session. It reached a new high in more than 2 months, rising 3.6% to 122,750 Yuan per ton. The London benchmark nickel also rose, rising 0.5% to $16,350 per ton. This is its highest level since October 30. Nickel's rally has continued to gain support after the miner association of Indonesia, the largest nickel-producing country, announced last week that it will reduce mine production in 2026. Aluminium fell by 0.4% in Shanghai, while zinc and lead were up?0.20%. Tin was also up 0.1%. Aluminium, among other LME metals?nudged up 0.1%. Zinc was down by 0.1%. Lead added 0.1%. Tin gained 0.8%. Tuesday, December 23, DATA/EVENTS (GMT) Japan Chain Store Sales YY November 1330 US Durable Goods Oct 1330 US Gross Domestic Product Advance Q3 1415 US Industrial Production MM Nov The US Consumer Confidence Declined by 1500 Points The US Home Sales Units Oct. 2015: 1500
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Silver reaches new highs on demand for safe haven gold
Investors flew to gold as a safe haven amid tensions between the U.S. and Venezuela. Silver also reached a new high. As of 0329 GMT the spot gold price was up by 0.9% to $4,486.41 an ounce. It had earlier reached a record high of $4,497.55 per ounce. U.S. Gold Futures for February Delivery jumped 1.1% at $4,519.70. Tim Waterer is the chief market analyst for KCM Trade. He said that U.S.-Venezuelan tense relations are keeping gold in investors' minds as a hedge against uncertainty. Gold has risen this week, as part of a broader shift as U.S. rates are expected to ease. Waterer stated that buyers continue to view precious metals as a way to diversify their portfolios and maintain value. He added, "I do not think we have reached the high watermark for gold or Silver yet." Last week, U.S. president Donald Trump announced a "blockade", which would prevent?all oil tanks under sanctions? from entering and leaving Venezuela. Markets priced in two rate reductions for next year, amid expectations of a more moderate policy stance. Bullion has surged by more than 70% in the past year. This is due to a powerful?mixture of geopolitical risk, central bank purchases, rate-cut betting, de-dollarisation, and renewed exchange traded fund inflows. Frank Walbaum is a Naga analyst. He noted that the price of gold could be affected by geopolitical headlines as well as changes in expectations about rates. Spot silver rose 1% to $69.70, after reaching a record $69.98. The year-to date gains have exceeded 141%, and it has outpaced gold due to supply deficits, increased industrial demand, and investment inflows. Michael Brown, senior strategist at Pepperstone said that some consolidation could be possible over the holiday period, as liquidity thinned. He said, however, that the rally would resume once the volumes return. The $5,000 level is a natural target next year for gold and $75 for silver. The spot platinum price rose 1.2%, to $2,145.10 - its highest level in over 17 years - while the palladium price rose 3.4%, to $1,819.00 - a three year high, following gold and silver's strength. (Reporting from Sherin Elizabeth Varighese in Bengaluru and Arunima Kumar; editing by Rashmi Aich, Subhranshu Shu.)
China commits to accelerating urban renewal and stabilizing the housing market by 2026
According to a report released Tuesday on the housing policy conference, China will intensify its efforts in 2026 to stabilize its property market and urban renewal at the beginning of its new Five-Year Plan.
According to a readout by the official housing ministry outlet, the?conference?held on December 22-23 in Beijing mapped out the key housing development tasks during the Five-Year Plan and called the next year as a crucial starting point for implementation.
The "vigorous implementation" of urban renewal will be a major focus, along with?efforts for stabilisation of the real estate market and to prevent and defuse risk and improve supply of affordable housing.
China's once-key engine of growth has been on a steady decline since mid-2021 despite repeated government promises to boost the sector. Weak sales of homes and falling prices have affected consumer confidence, and the homeowners. Around 70% of household wealth is tied to real estate.
The developers have also been impacted by a?lack of liquidity. China Vanke (000002.SZ), said in a filing on Monday that it had received approval to extend the grace for a 2 bn yuan bond repayment due on Dec 15.
Officials said that policies on market stabilisation would be tailored according to local conditions in order to manage supply and reduce inventory. Renovation of urban villages is one measure, as well as supporting local governments to purchase existing homes for use in affordable housing.
Officials said China will also push for a shift to selling new homes that are already finished so "buyers know what they're getting".
The conference agreed to enhance the "project-whitelist" program, which is a government-backed initiative that allows local officials to nominate residential projects in limbo for bank financing. It also urged city governments not to limit their discretion when it comes to adjusting and optimizing property policies.
Officials said that they would adhere to the market-oriented approach and the rule of law in order to control risk, including developers' debt, tightening oversight of pre-sale funds, and protecting homebuyers' rights.
Officials said that they would provide housing assistance for low-income urban families facing difficulty, and adopt targeted measures to meet basic housing needs, such as young people. Reporting by Liangping Gao and Yukun Zhang; editing by Shri Navaratnam, Michael Perry and Michael Perry.
(source: Reuters)