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The Foreign Ministry reports that IAEA inspectors have visited Iranian nuclear sites in the last week.
Iran's Foreign Ministry spokesperson told state media on Monday that inspectors from the U.N. nuclear monitor IAEA had visited Iranian nuclear sites in the past week. This comes a week after IAEA officials urged Iran to “seriously enhance” its cooperation. The IAEA conducted about 12 inspections in Iran after hostilities began with Israel in late June. However, last week, it was revealed that the agency had not been granted access to certain nuclear facilities, such as Fordow Natanz, and Isfahan which were bombed in part by the United States. Esmaeil baghaei, without naming the other facilities, said: "As we remain members of the NPT, we will adhere to our commitments. Just last week, IAEA inspections visited several nuclear sites, including the Tehran Research Reactor." Rafael Grossi, the head of the International Atomic Energy Agency (IAEA), said that Iran should "seriously" improve its cooperation with United Nations inspectors in order to avoid escalating tensions with Western countries. Iranian officials blamed the IAEA, saying that it provided a justification to Israel for its bombing of a 12-day conflict in June. The war began a day after the IAEA's board voted against declaring Iran in breach of the Nuclear Non-Proliferation Treaty. Baghaei made his comments Monday in response to Grossi, who said last week that Iran could not say "I remain within non-proliferation treaty" and then fail to comply with its obligations. Reporting by Elwely Elwelly, Editing by Alison Williams and Alexandra Hudson
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China gives conditional approval to Codelco-SQM joint venture
China's market regulator announced on Monday it had granted conditional approval to a joint venture between Chilean state-run copper company Codelco and local producer SQM in the lithium sector. China's State Administration for Market Regulation stated that the decision was taken after the regulator sought input from government agencies, industry associations and downstream consumers. The regulator said that both sides must make their best efforts in the event of major supply changes to ensure the continued supply of lithium products to Chinese clients. Codelco planned to create a joint-venture for lithium production on the Atacama Salt Flats as part of President Gabriel Boric’s plan to expand lithium production and increase state control. The Chilean competition regulator approved the deal. This decision joins those made in other countries such as the European Union (EU), Brazil, Japan and South Korea. China's regulator is still deciding on the market. Alvaro Garcia, the newly appointed Economy minister of Chile, said in August that he expects Codelco to sign a significant lithium partnership agreement with SQM before 2026 when the current administration leaves office. Joint ventures are often met with opposition from lawmakers and lawsuits by Tianqi of China, which is a major shareholder in SQM. Reporting by Amy Lv and Ethan Wang; Editing and production by Jacqueline Wong, Kate Mayberry, and Joe Cash
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Gold reaches two-week highs as US data weakens and rate cuts are expected
Gold prices rose by 2% Monday, reaching their highest level for two weeks. Weak U.S. data increased expectations of a Federal Reserve rate reduction next month. A weaker dollar also helped to support gold. Gold spot rose 2% by 839 GMT to $4,079.49 an ounce, its highest level since October 27. U.S. Gold Futures for December Delivery rose 1.9% to $ 4,087.80 an ounce. Gold is now more affordable to overseas buyers due to the drop in the dollar index. The dollar index is the focus of attention due to the lackluster data. Jigar Trivedi said, "Safe-haven purchases have also increased because of geopolitical tensions and the ongoing trade war." Last week, data showed that the U.S. economy lost jobs in October. These losses were in the retail and government sectors. Businesses cutting costs and adopting AI also contributed to the surge of announced layoffs. A survey released on Friday revealed that the U.S. consumer's sentiment dropped to its lowest level for nearly three-and-a half years early in November due to concerns over the economic impact of the longest government shutdown ever. The U.S. Senate passed a bill on Sunday that would reopen federal government offices and end the shutdown of 40 days. In an interview broadcast on Sunday, White House economist Kevin Hassett warned that the U.S. economy could experience a negative fourth-quarter growth if the government shutdown continues. The market participants see a 66% chance that the Fed will cut rates in December. Gold tends to do well when interest rates are low and there is economic uncertainty. Trivedi stated that "it's an overall win for gold, and the undertone of bullishness is strong... we could see levels near $4,120-4,130 in the future." The price of spot silver increased 3.3%, to $49.91 an ounce. This is the highest level since October 21. Platinum rose 2%, to $1.576.25, and palladium rose 1.7%, to $1.403.63. (Reporting and editing by Emelia Sithole Matarise in Bengaluru)
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Iron ore reaches multi-month lows amid China demand concerns
Iron ore fell to multi-month lows Monday, amid concerns about demand in China's top consumer and increasing portside ore inventory. However, falling shipments helped reduce some losses in afternoon trading. The January contract for iron ore on China's Dalian Commodity Exchange ended the dayday trade at 765 Yuan ($107.40). Earlier in the session, the contract had fallen to its lowest level since 10 July at 756 Yuan. As of 0725 GMT the benchmark December iron ore traded on the Singapore Exchange had risen by 0.72% to $102 per ton after having fallen as low as $100.85 an earlier time. Mysteel data showed that lower global shipments - the lowest in two months - supported prices. Risk appetite was also boosted by further signs of an easing in trade tensions between China & the United States. China announced on Monday it would suspend the port fees charged to vessels with ties to the United States for one year. Data showing that China's producer prices deflation eased during October, and that consumer prices have returned to positive territory as a result of efforts to reduce overcapacity, and fierce competition between firms, has also helped to boost sentiment. Despite the price increases, however, they were tempered by lower demand and wider production cuts caused by losses. Some regions of northern China, such as the key steel hub Tangshan in particular, have lifted production restrictions based on environmental protection since Sunday. Analysts say that the steel industry's margins have been squeezed by the low raw material costs and the softening demand for downstream products. Iron ore stocks at major Chinese ports SteelHome data shows that the number of tons produced by the steel industry in the week ending November 7 was up 2.1% from the previous one. This is the highest level since March 21, according to the consultancy. Coke and other steelmaking materials, such as coking coal, fell by 1.02% and 1.19 %, respectively. The majority of steel benchmarks traded on the Shanghai Futures Exchange broke the downward trend. Rebar gained 0.26%; hot-rolled steel grew 0.06%; stainless steel grew 0.28%, while wire rod fell 0.12%.
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Indigenous leaders attend the opening of COP30 Climate Summit with an uncertain outcome
It was not clear what the 190+ countries attending the COP30 would be discussing during the two week U.N. Summit in Brazil's Amazonian city of Belem. It's also unclear how they will handle controversial issues such as the 2023 pledge to stop using polluting sources of energy and their demand for funding to achieve this. The biggest question was whether or not countries would want to reach a final deal, which is difficult to do in an era of global politics that has been fractious and the U.S.'s efforts to block a move away from fossil-fuels. After years of COP summits where lofty promises were made but many were not fulfilled, some countries including Brazil suggested that smaller efforts be undertaken that do not require consensus. In an interview with other media, COP30 president Andre Correa do Lago stated that he preferred not to require a COP resolution. "If there is a strong desire from countries to have a COP resolution, we'll certainly consider it and take action." Do Lago noted that China has become more important in the discussions, given the fact that the United States is threatening to withdraw from the Paris Agreement by January and Europe struggles to maintain their ambitions amid concerns over energy security. "Emerging nations are playing a different part in this COP." China has solutions for everyone," said do Lago, noting that China's green technologies were now driving the global energy transition. He said, "You complain that China is spreading the GDP around the globe." "But that is great for the climate." Indigenous leaders will join the countries, after arriving Sunday evening on a boat, having traveled 3,000 km (1.864 miles) between the Andes and the Brazilian coast. They want more control over how their territory is managed, as climate change increases and industries like mining, logging, and oil drilling continue to push further into forests. "We don't want them to keep making promises, we want them to start protecting because it is us, the Indigenous people, who are suffering from the impacts of climate changes," said Pablo Inuma Flores. He also lamented the oil spills along the river and the illegal mining that he claims are taking place. Scientists from dozens of science institutions and universities, from Japan to South Africa, Britain and elsewhere, raised the alarm hours before the summit began about the thawing of glaciers and ice sheets around the world. In a letter sent to COP30 on Monday, the groups stated that "the cryosphere destabilizes at an alarming rate." "Geopolitical conflicts or short-term interests of national governments must not be allowed to overshadow the COP30. Climate change is our greatest security and stability threat. AGENDA REFERENDA The first order of business for COP30 is to vote on the agenda. Do Lago stated that countries have been debating what to include for months, which he described as an exchange of priorities. Brazilian President Luis Inacio Lula da Silva is hoping that countries will set up a plan to quit fossil fuels. How are we going about it? Will there be a consensus on how to proceed? "This is one of the greatest mysteries of COP30", do Lago said. The agenda could also include how to reduce emissions even further as current plans fall short of the necessary level for limiting extreme warming. On Monday morning, 106 countries had submitted their new climate plans. Sources familiarized with the discussions said that more plans would be offered this week, including South Korea. This year's delegates have a unique focus on agriculture emissions. The topic is often pushed to the back of the agenda due to the difficulties in addressing farming and livestock practices that are central to food security and livelihoods for many countries. Do Lago stated that "there is a move" among developing countries to promote solutions and technologies which can make farming more effective and less polluting. The countries also hope to set financial and action goals for adapting the world to a warmer climate. They are hoping that the development banks will undergo reforms to make sure more money, including private sector money, is allocated to these goals.
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Copper prices rise as China's economic data boosts growth optimism
The price of copper rose on Monday, after data released by China's top consumer in October showed a easing of deflation. This boosted confidence that the economy is recovering. Consumer prices also turned positive while factory gate prices declined. The Shanghai Futures Exchange's most traded copper contract closed the day trading at 86480 yuan (12,140.95 USD) per ton, up by 0.62%. As of 0720 GMT, the benchmark three-month price for copper increased by 0.78%, to $10,800 per ton. According to the National Bureau of Statistics' (NBS) data published on Sunday the producer price index fell by 2.1% in October compared with the previous year. This is a slight improvement from the 2.3% drop in September. The consumer price index rose 0.2% and reversed a two-month downward trend. Both readings exceeded estimates and showed a reduction in deflationary stress in the second largest economy in the world. Analysts warned that risks were not over, but called for additional policy to stimulate demand. The United States Senate is close to passing a bill that will fund the government until January 2026. This would end the shutdown which was a record. It also helped copper prices by relieving the market of the negative impact. Analysts said that copper stocks in sheds registered with the SHFE decreased 1% compared to a week earlier, according to Friday's stock report. This shows a recovery in demand after a decline in weekly prices, which wiped out over-extended gains. Copper demand has been resilient. Although buyers were cautious during high prices, they have increased their purchasing orders as prices decreased," said analysts at Chinese broker GF Futures in a recent note. Aluminium, lead, and tin were all up, but zinc, nickel, and zinc alloys remained unchanged. ($1 = 7.1230 Chinese yuan renminbi) (Reporting by Dylan Duan and Lewis Jackson; Editing by Sherry Jacob-Phillips) $1 = 7.1230 Chinese Yuan Renminbi (Reporting and editing by Sherry Jacobi-Phillips; Sherry Duan, Lewis Jackson)
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Sources: HPCL and MRPL of India will buy 5 million barrels from the US and Middle East, say sources.
Sources in the trade said that two Indian state refiners purchased 5,000,000 barrels of crude from spot markets through tenders, as they continue their search for alternatives to Russian supplies. Hindustan Petroleum Corp. has purchased 2 million barrels of each U.S. West Texas Intermediate and Abu Dhabi Murban crudes for arrival in January, according to reports. Mangalore Refinery and Petrochemicals Ltd purchased one million barrels Basra Medium Crude for delivery between January 1-7, according to the company. It was not immediately clear who the sellers were or what their prices were. Indian refiners have been looking for alternatives since U.S. president Donald Trump imposed sanctions against Rosneft, and Lukoil - Russia's largest oil companies - in an effort to pressure Vladimir Putin into ending the war in Ukraine. MRPL has halted the purchase of Russian oil because of the risks involved. A company source told us last month that MRPL had paused its purchases due to these risks. HPCL has also stopped importing oil from Russia, despite having cut its intake in recent months. (Reporting from Siyi Liu in Singapore and Florence Tan in New Delhi, Nidhi in New Delhi. Editing by Tom Hogue & Eileen Soreng).
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Salzgitter reduces forecast as the steel market remains weak
Salzgitter, a German steel manufacturer, lowered its 2025 outlook on Monday for the second consecutive time, citing sales and earnings that were at the lower end of their earlier ranges. It also noted the market had not improved since the start of the year. It added that recent signs of modest price increases will not be reflected until next year. Salzgitter now expects sales to be just over 9 billion euros ($10,5 billion), down from the previous range of 9.0 billion to 9.5 billion. The company also reduced its top-end profit guidance range by 50 million euro, to between 300 and 350 million. The company stated that its loss would range between 50 and 100 millions euros. It used to guide for the metric between a 100 million loss and breakeven. Birgit Potrafki, the Finance Chief of Finland, praised the potential for the new measures presented by the European Commission to improve the competitiveness in the European steel industry. Last month, the Commission proposed reducing tariff-free import quotas for steel by nearly half and imposing a 50% tax on excess shipments in an effort to maintain viable steelmaking within the European Union. The European Steelmakers warned that a flood of steel could enter the continent if exporters diverted shipments because of U.S. Tariffs. Salzgitter was among those who asked the EU to take protection measures. Potrafki stated that if the economic recovery expected next year materializes, they expect an increase in earnings. According to a poll conducted by the company, Salzgitter's results for the first nine-months of 2025 were largely better than market expectations. The loss before taxes in this period was 72.7 millions euros, while analysts expected a loss 90 million euros. Earnings were 224 million Euros, compared to the consensus estimate of 219 millions.
PetroChina Yunnan Petrochemical Unit to Close Plant for Two Months
PetroChina, a major oil company in China, announced on Monday that it will close its Yunnan Petrochemical Plant from November 15th, 2025 to January 15th, 2026 for maintenance.
It said that the overhaul covered about 23,000 tasks, with a broad scope and considerable depth. During the maintenance period, operational and supply adjustments will take place.
According to a July report by the company, this refinery in Southwestern China produces mainly China VI standard gasoline, diesel and jet fuel for Southwestern China as well as Southeast Asia.
The report stated that since its launch in 2017, the company has processed 83,000,000 tons of crude oil. In 2024, alone, they processed 11,56,000,000 tons of crude, producing 11.15,000,000 tons of products including gasoline, diesel fuel, jet fuel and LPG.
The company added that the timing of the maintenance was based on the unit's operating conditions in order to ensure reliable and efficient operation after the overhaul. Reporting by Sam Li and Aizhu in Beijing; Editing and production by Tom Hogue, Harikrishnan Nair.
(source: Reuters)