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Sources: India's Reliance receives a one-month US concession for Rosneft Oil to be purchased by Reliance.
Two sources familiar with this matter claim that Reliance Industries Limited in India continues to receive oil shipments from Rosneft, after Washington granted a one-month concession. Washington had imposed sanctions against the Russian producer. Reliance's special permission has never been announced before. The U.S. announced sanctions against Rosneft in October and Lukoil on November 21, giving companies until then to "wind down" transactions with these two energy firms. Reliance signed a long-term agreement with Rosneft to buy 500,000 barrels of Russian oil per day for its world's biggest refining facility, which processes 1.4 million barrels a day. Separately the EU announced that it would not accept fuel produced in?refineries? that had received or processed Russian crude oil 60 days before the date of the bill-of-lading. RELIANCE: CARGOES FROM "PRE-EXISTING TRANSACTIONS"? According to Kpler's trade flow data, Reliance received 15 cargoes worth of Russian oil since November 22. Reliance responded via email that "These are existing transactions, which are being wound up in a sanction-compliant way." The U.S. Treasury refused to comment on this?concession. Reliance said that it had loaded the last cargo of its Rosneft contract on November 12 and would be processing Russian oil arriving after?November 20 in its India-focused plant. This will enable it to continue fuel sale?to the EU through its 704,000-bpd refinery focused on export. According to Kpler data, Reliance will receive one cargo of?Russian crude oil each in December and January. After the invasion of Ukraine by Russia, India became the largest buyer of Russian crude oil on sea. However, Washington has pressed India to reduce these imports. Trade sources and LSEG show that Russian oil imports are expected to be between 1.2-1.5m bpd on average in December, down from the 1.77m bpd of November. Reporting by Nidhi verma, Editing by Bernadette baum
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What drives the gold market and how investors buy it?
Gold prices broke through the $4,500 mark on Wednesday. This was boosted by the expectation of a looser U.S.monetary policy, and the lingering geopolitical conflicts that have pushed the price of gold to record highs. Bullion, the classic safe haven in times of economic and political unrest, reached a new record price earlier this session. The price of gold has risen by more than 70% so far this season, the biggest rise in a single year since 1979. This is due to a combination of "safe-haven" demand, bets on U.S. interest rate cuts, central bank buying, dedollarisation trends, and ETF purchases. Here are some tips on how to invest in gold. SPOT MARKET Big banks are usually the gold buyers for large investors and buyers. The spot market is determined by the real-time dynamics of supply and demand. London has the largest influence on the spot gold markets, thanks to the London Bullion Market Association. The association provides standards for gold trading, a framework for over-the counter trades, and facilitates transactions between banks, dealers, and institutions. China, India, Middle East, and the United States, are also major gold trading centers. Futures Market Futures exchanges are another way for investors to get exposed to gold. COMEX, part of the New York Mercantile Exchange (NYSE), is the world's largest gold futures exchange in terms of volume traded. Shanghai Futures Exchange (China's largest commodities exchange) also offers gold contracts. Tokyo Commodity Exchange (TOCOM) is another major player in the Asian gold market. EXCHANGE TRADED PRODUCTS Exchange-traded product or exchange-traded fund issue securities that are backed by actual metal, allowing people to get exposure to gold prices without having to take delivery of the metal itself. According to World Gold Council, the total inflows into gold-backed exchange-traded fund funds have reached $64 billion for the year so far, and a record amount of $17.3 billion was added just in September. BARRES AND COINS Metals traders can sell bars and coins to retail consumers in shops or online. Both gold bars and coins can be used to invest in physical gold. What drives the market? : Investor Interest and Market Sentiment The price of bullion has been affected by the rising interest in investment funds over recent years. Sentiment driven buys and sells of gold can be fueled by news, market trends and global events. FOREIGN EXCHANGE RATE Gold is an effective hedge against the volatility of currency markets. Gold has historically moved the opposite way to the U.S. Dollar, as a weaker dollar makes gold priced in dollars cheaper for holders of other currencies. MONETARY POLICY & POLITICAL TENSION Precious metals are widely regarded as a safe haven in times of uncertainty. The trade tariffs imposed by U.S. president Donald Trump have caused a global war of trade, which has rattled currency markets. Gold's direction is also affected by the policy decisions made by global central banks. Gold's opportunity cost is reduced by lower interest rates, since it pays no interest. CENTRAL BANK GLOBAL GOLD RESERVES Reserves of gold are held by central banks. Recent years, central-bank demand was high due to macroeconomic and political uncertainties. In its annual survey?in June, the World Gold Council revealed that more central banks planned to increase their gold reserves in the next year despite high prices. The World Gold Council reported in late October that global gold demand increased 3% annually to 1,313 tons in the third-quarter of 2025. This is the highest quarterly total ever recorded, due to a surge in investment demand. China continued to add gold to its reserves. Its holdings reached 74.12 millions fine troy pounds at the end November, up from 74.09 at the end October. This was the 13th consecutive month that China has been on a buying spree. (Compiled by Bangalore Commodities and Energy Team Editing By Peter Graff).
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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surged above $4,500 per ounce for the first time, while silver, platinum, and other precious metals also reached record highs.?Investors were rushing into precious metals as a hedge against geopolitical risks and trade uncertainties, and to prepare themselves for further U.S. interest rate cuts expected in 2026. Gold spot was unchanged at $4,481.90 an ounce as of 0803 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery rose by 0.1%, to $4,509.20 per ounce. Platinum jumped 2.1% from $2,377.50 to $2,323.95 despite hitting a record high of $2,377.50 earlier. Silver rose 0.7%. Palladium rose?3%, reaching $1,919.17 - its highest level for three years. Ilya Spirak, global macro head at Tastylive, said that precious metals are more of a speculative story around the idea that with de-globalisation you need an asset which can act as a go-between without any sovereign risk, especially as tensions persist between the U.S. Spivak said that thin liquidity at the end of the year exaggerated recent price moves, but the overall theme was likely to continue. Gold is expected to reach $5,000 in the next six months to a year, and silver could push towards $80, as markets react to key psychological levels. The gold price has risen by more than 70% in the past year. This is its largest annual gain since 1979. Its rise was driven by safe haven demand, central bank buying, dedollarisation trends, and ETF flows. Traders are pricing two rate cuts for next year. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on U.S. Critical Minerals?list. Tim Waterer is the chief market analyst at KCM Trade. He said that gold and silver "have been hitting the accelerator this week", with new record highs. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have surged on tight mine supplies, tariff uncertainty and a shift away from gold investment. Platinum has risen by 160% and palladium is up more than 100% for the year. Spivak explained that platinum and palladium are catching up, but they will still lag gold once liquidity returns.
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Copper reaches record highs as robust US GDP data boosts prospects
Prices of copper rose to new highs as the U.S. economy grew, boosting?demand for the metal. Supply constraints also boosted prices. As of 0723 GMT the?most active copper contract at Shanghai Futures Exchange had closed daytime trading?up 2.3% to 95,080 Yuan ($13.551.88) per kilogram, after reaching a record high earlier in session of 96.510 yuan. The benchmark three-month Copper on the London Futures Exchange increased 1.3% to $12,220.0 per ton. The price of copper reached a record-high earlier in the day, when it hit $12,282.0 per ton. The contract's annual increase has been 39% due to the U.S. Dollar weakness,?bets on further Fed rate reductions, the growing demand for AI, and the renewable energy transformation, as well as mine supply disruptions which have fuelled speculative investments in the metal. The U.S. economic growth accelerated in the third quarter. This was mainly due to a strong rebound in exports and robust consumer spending. According to Chinese market information providers last month, China's leading copper smelters are planning to reduce production by more than 10% in 2026, to combat overcapacity, which has led to an increase in copper concentrate processing costs. Investors bet that the Fed could cut rates even further next year, despite the fact that some of its peers were expected to increase. Nickel, one of the SHFE's base metals,?extended its gains for a six-session period, climbing 4.8% to reach 126,650 Yuan per ton, and reaching a nearly nine-month high earlier. The London benchmark nickel rose 0.7% to $15,845/t after hitting a seven-month peak of $15,980/t. Aluminium, zinc, and lead all increased in Shanghai. Tin remained the same. Aluminium was up 0.9%, zinc was 1% higher, lead was 0.8% higher and tin was also 1.2% higher.
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Russia plans to build a nuclear plant on the Moon within 10 years
In the next decade, Russia will build a nuclear plant on the moon to power its 'lunar space program' and a joint Russian/Chinese research facility as the world's major powers race to explore Earth’s only natural satellite. Since 1961 when Soviet cosmonaut Yuri Gagarin was the first person to enter space, Russia has been a leader in space exploration. However, in recent years it has fallen further behind the United States - and increasingly China. Elon Musk revolutionised launch vehicles, which were once a Russian specialty. Roscosmos, the Russian state space corporation, announced in a press release that it had signed a contract to build a moon power plant with Lavochkin Association. Roscosmos stated that the plant would be used to power the Russian lunar programme. This included rovers and an observatory, as well as the infrastructure for the joint Russian-Chinese International Lunar Research Station. Roscosmos stated that "the?project represents an important step in the creation of a permanently functional scientific lunar station, and the transition from?one-time missions to?a long-term program for lunar exploration." Roscosmos didn't say that the plant would be nuclear, but said that participants included Russian nuclear state corporation Rosatom as well as the Kurchatov Institute - Russia's foremost?nuclear?research institute. Dmitry Bakanov is the head of Roscosmos. He said in June that the corporation has as one of its goals to build a nuclear plant on the Moon and to explore Venus. Venus is known as the "sister planet" of Earth. The moon, located 384,400 kilometers (238,855 mi) away from our planet, helps to stabilize the climate by reducing its wobble. The moon also affects the tides of oceans around the world. (Reporting by Guy Faulconbridge;Editing by Elaine Hardcastle)
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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surpassed $4,500 an ounce for the first time, while silver, platinum, and other precious metals also reached record highs. Investors were rushing into precious metals as a hedge against geopolitical risks and trade concerns, and to prepare themselves for further U.S. interest rate cuts expected in 2026. Gold spot rose by 0.2% at $4,495.39 an ounce as of 0552 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to a new record high of $4,522.10. Platinum jumped 2.5% from $2,377.50 to $2,333.80, up from a peak of $2,377.50. Silver rose?1.1%, to $72.16 per ounce. Palladium? climbed nearly 3% to reach $1,916.69 - its highest level in the last three years. Ilya Spirak, global macro head at Tastylive, said that precious metals are becoming more of a speculative story. With de-globalisation comes the need for an asset which can act as neutral intermediary, without any sovereign risk, especially as tensions persist between the U.S. and China. Spivak said that thin year-end liquidity exacerbated recent price movements. However, the theme will likely continue. Gold is expected to reach $5,000 in the next six months to a year, and silver could push to $80, as the markets react to psychologically important levels. Gold prices have risen by more than 70% in the past year. This is their biggest annual gain since 1980. The gains are due to safe-haven demands, central bank buying, dedollarisation trends, and ETF flows. Traders also expect two rate reductions next year. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on U.S. critical minerals list. Tim Waterer is the chief analyst at KCM Trade. He said that gold and silver are "hitting the accelerator pedal" this week, with new record highs. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have soared this year due to tight mine supplies, tariff uncertainty and a shift away from gold as an investment. Platinum is up around?160%, while palladium has gained more than 100% for the year. Spivak explained that platinum and palladium are catching up, but they will still lag gold once liquidity returns.
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The coup leader is expected to remain in power during the Guinean presidential election
Mamady doumbouya, the leader of the coup in Guinea, is expected to win Sunday's presidential election. This will be aided by a launch of an iron ore mine that has been long-awaited and a weak field of competitors. Doumbouya was a commander of the special forces when he ousted Alpha Conde four years ago. This was one of 'nine coups' that have rocked West and Central Africa in recent years. He had initially promised not to run, but the new constitution that was approved in September removed any language that would have prohibited him from running and increased the term of office for presidents from five to seven. Conde, the long-time leader of the opposition Cellou Dalein Diallo is in exile. Other potential challengers have been disqualified because they failed to provide required documentation. Eight challengers are left, who will not cause Doumbouya any trouble. Bella Bah, a Guinean political analyst, said: "Let's be honest with ourselves. There can't be anyone else who can challenge him." But that's not what matters most. After the election, the president needs to step back and realize that he must now exercise his power," Bah said. He urged Doumbouya engage in dialogue beyond the military. Doumbouya's government has limited political debate. Civil society groups have accused him of banning demonstrations, limiting press freedom, and preventing opposition activity. Mining MILESTONE Simandou is the richest iron ore deposit in the world and has the largest reserves of bauxite. It was launched officially last month. Simandou's production, originally planned for 1997, has been "long delayed." The junta of Doumbouya has ordered that development be paused until 2022. They said they wanted to examine how national interests will be protected once the project is operational. Simandou, the national development strategy of Guinea, is at the heart of Doumbouya’s vision. Doumbouya supporters claim that the project, which is 75% owned by China, will see annual production reach 120 million tons. They also say the project will ensure Guinea receives its fair share of proceeds. At a recent campaign event, government spokesperson Ousmane Diallo said: "Dear Guineans. Guinea is not for sale." "Guinea no longer is up for grabs. Guinea is standing strong." After a dispute over a refinery, Doumbouya’s transitional government revoked the license of EGA subsidiary Guinea Alumina Corporation and transferred its assets to a State-owned company. Doumbouya has gained popularity because of the rise in resource nationalism, which is also evident in other countries with military leaders in the region, such as Mali, Burkina Faso, and Niger. "The way politics used to be done before and how it is now has changed." "We no longer have violent campaigns but there is excitement," said Conakry resident Mohamed Keita 65. Everyone is free to express their views without violence. WARMING REGIONAL TIERS Gilles Yabi of the West African think tank WATHI said that while the campaign unfolded in a peaceful manner, it was not on an equal playing field due to Doumbouya’s tight grip. "This is a context which does not allow any hope for a fair and free presidential election," Yabi stated. "The mere act of holding an election for president will not change the reality of power. It will remain in the hands of military." ECOWAS, the West African regional group, is still sending observers despite these concerns. This shows a "growing rapprochement", even though Guinea's formal suspension has been in place since the coup of 2021, Signal Risk, a consultancy, said in a report. Around 6.7 million voters are registered, and provisional results should be available within 48 hours after the polls close. Reporting by Guinea Newsroom; Additional reporting and writing by Portia Corey-Boulet, Editing by Ros Russel
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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surged above $4,500 an ounce for the first time, while silver, platinum, and other precious metals also reached record highs. Investors piled into precious materials to hedge against geopolitical risks and trade risks and were anticipating further U.S. interest rate cuts in 2026. Gold spot rose by 0.2% at $4,495.39 an ounce as of 0552 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to a new record high of $4,522.10. Platinum jumped 2.5% from $2,377.50 to $2,333.80, up from a peak of $2,377.50. Silver rose?1.1%, to $72.16 per ounce. Palladium? climbed nearly 3% to reach $1,916.69 - its highest level for three years. "Precious Metals are more of a speculative story around the idea that with de-globalisation you need an asset which can act as a go-between without sovereign risk, especially as tensions persist between the U.S. Ilya Spirak, the head of global macro for Tastylive, said that tensions between the U.S. Spivak said that thin liquidity at the end of the year 'exaggerated the recent price movements, but the theme would likely continue. Gold is expected to reach $5,000 in the next 6-12 months, and silver could push towards $80, as markets react to key psychological levels. Gold prices have risen by more than 70% in the past year. This is their biggest gain since 1979. The gains are due to safe-haven demands, central bank buying, dedollarisation trends, and ETFs. Traders also expect two rate reductions next year. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on U.S.?critical minerals list. Tim Waterer is the chief analyst at KCM Trade. He said that gold and silver are "hitting the accelerator pedal" this week, with new?records. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have seen a surge this year due to tight mine supplies, tariff uncertainty and a shift away from gold as an investment. Platinum is up around?160%, while palladium has gained more than 100% for the year. Spivak explained that platinum and palladium are catching up to gold. Once liquidity returns, they will closely track each other. Reporting by Sherin Varghese, Bengaluru. Editing by Subhranshu Sahu and Ronojoy Mazumdar. Harikrishnan Nair.
Dalian iron ore is higher than expected in China's property sector
Dalian iron ore finished higher on Wednesday, after a?session of directionless trading. China's plans for stabilising its?property?sector outweighed the pressure from a drop in global crude steel production.
The May contract for iron ore on China's Dalian Commodity Exchange closed the day trading 0.26% higher, at 779.5 Yuan ($111.07).
The benchmark January Iron Ore at the Singapore Exchange finished 0.11% lower, at $104.25 per ton.
China announced on Tuesday that it would 'intensify urban renewal efforts and stabilize its property market by 2026, at the start of its latest 5-year plan (2026-2030), in order to increase the supply of affordable homes.
China's property sector is still under pressure, despite government efforts to boost it.
Data from the World Steel Association revealed on Tuesday that crude steel production worldwide in November decreased 4.6% on an annual basis to 140.1 millions tons. Meanwhile, crude steel output by China, the world's largest producer and consumer, fell 10.9% to 60.9 million tons.
The demand for construction and manufacturing is expected to be weak, causing the crude steel production of Japan's largest producer to drop by?1,7% in the first quarter of 2026.
The?country’s annual production for the fiscal period ending March 31 would decrease by 3.2%. This would be the lowest output since fiscal 1968.
Chinese blast furnace steelmakers have slowed their purchases of feed material last week. They only purchased the quantities?needed to satisfy immediate production needs in order to avoid losses?, according to a report by consultancy Mysteel.
Coking coal and coke, which are both steelmaking ingredients, closed at higher levels, rising by 0.62% each.
The Shanghai Futures Exchange saw a majority of steel benchmarks rise. Hot-rolled coils gained 0.09%. Wire rod gained 0.78%. Stainless steel increased 1.4%. Rebar also grew 0.06%. ($1 = 7.0183 Chinese yuan). (Reporting and editing by Rashmi Liew, Subhranshu sahu, and Lucas Liew)
(source: Reuters)