2025-12-31 17:55
KINSHASA, Dec 31 (Reuters) - The Democratic Republic of Congo will allow cobalt shipments under quotas set for the last three months of 2025 to take place until the end of March, the country's mining regulator said, as preparations to implement its new quota system are protracted. Congo accounts for more than 70% of global mined cobalt production that was estimated by analysts at around 280,000 metric tons this year. But a months-long export ban drove cobalt prices sharply higher and squeezed availability of the metal needed for electric vehicles. Sign up here. A system, launched on October 16, has allocated a quota of 18,125 metric tons for the fourth quarter and will cap annual exports at 96,600 tons from 2026. Quotas covering October 16 until December 31 "remain executable" until March 31, the regulator, ARECOMS, said in a statement dated Sunday and seen by Reuters on Wednesday. CMOC (603993.SS) , opens new tab and Glencore (GLEN.L) , opens new tab, the world's two largest cobalt-producing companies, received the largest allocations. CMOC's quota for the fourth quarter is 6,650 tons and Glencore's 3,925 tons. Reuters reported this month that Glencore would be the first miner to test the system and that Congolese authorities had also begun collecting samples in preparation for CMOC's first cobalt shipment. Other steps in the process before shipments can go out include loading, customs payments and granting of final authorisation. In its statement this week, ARECOMS also said it would examine any requests to modify allocated quotas, without specifying if any had been received. It has never made public any date for when preparations for implementing its quota system would be complete. https://www.reuters.com/world/africa/congo-allow-cobalt-quotas-2025-be-executed-until-march-31-2025-12-31/
2025-12-31 16:41
HOUSTON, Dec 31 (Reuters) - U.S. imported the least amount of crude oil last week in nearly five years, data from the Energy Information Administration showed, as companies looked to dodge a hefty year-end tax on oil held in storage. U.S. crude oil imports last week fell to 4.95 million barrels per day, the lowest since February 2021, according to EIA data. Sign up here. The ad valorem tax weighed on crude oil imports, said John Kilduff, a partner with Again Capital. "When you get to this point of the month of December especially, they (companies) will push off taking inventory of crude and refined products,” Kilduff said. U.S. crude inventories fell on lower imports and robust refining activity, EIA data showed. Oil imports from Mexico fell to 71,000 bpd in the week to Dec 26, the lowest on record, according to EIA data. That was lower than the prior all-time low for U.S. crude oil imports from Mexico of 131,000 bpd in the week ended Nov 28, 2025. Mexican state oil company Pemex has struggled to maintain its production of 1.6 million bpd of crude oil and condensate, a steep fall from the 3.4 million bpd it produced two decades ago. https://www.reuters.com/business/energy/us-crude-oil-imports-fell-last-week-lowest-since-february-2021-eia-says-2025-12-31/
2025-12-31 16:37
Dec 31 (Reuters) - India has imposed provisional anti-dumping duty of $60.87–$130.66 per tonne on low ash met coke imports, according to an order published on Wednesday. The duty will be imposed for six months on imports from Australia, China, Colombia, Indonesia, Japan and Russia, the order said. Sign up here. https://www.reuters.com/world/china/india-imposes-provisional-anti-dumping-duty-low-ash-met-coke-imports-2025-12-31/
2025-12-31 16:29
Dec 31 (Reuters) - U.S. crude stocks fell while gasoline and distillate inventories rose last week on robust refining activity, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.9 million barrels to 422.9 million barrels in the week ended December 26, the EIA said, compared with analysts' expectations in a Reuters poll for a 867,000-barrel draw. Analysts pointed to ad valorem taxes applied to crude inventories - which typically prompt a reduction in stocks - as a reason for the drawdown. Sign up here. "Year end numbers tend to be distorted, the implication of this EIA report would be bullish oil and bearish refining, but inventory shifting due to year-end tax burdens make this one less meaningful," said Josh Young, chief investment officer for Bisons Interests. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) , opens new tab rose by 543,000 barrels in the week, the EIA said. Oil futures pared earlier gains following the report. Global Brent crude futures were trading at $61.38 a barrel, up 5 cents at 10:43 a.m. ET (1543 GMT), while U.S. West Texas Intermediate futures were at $58 a barrel, also up 5 cents. Refinery crude runs (USOICR=ECI) , opens new tab rose by 71,000 barrels per day, the EIA said, while utilization rates (USOIRU=ECI) , opens new tab rose by 0.1 percentage points in the week to 94.7%. Gulf Coast refinery utilization rose to its highest level since June 2023. U.S. gasoline stocks (USOILG=ECI) , opens new tab rose by 5.8 million barrels in the week to 234.3 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel build. Distillate stockpiles (USOILD=ECI) , opens new tab, which include diesel and heating oil, rose by 5 million barrels in the week to 123.7 million barrels, versus expectations for a 2.2 million-barrel rise, the EIA data showed. Total product supplied, a proxy for demand, fell by 934,000 bpd to 19.38 million bpd. Net U.S. crude imports (USOICI=ECI) , opens new tab fell last week by 957,000 bpd, EIA said. U.S. commercial crude oil imports, excluding those from the Strategic Petroleum Reserve, fell to their lowest level since February 2021 last week. Imports from Mexico were their lowest on record. https://www.reuters.com/business/energy/us-crude-stockpiles-fall-fuel-inventories-rise-strong-refining-eia-says-2025-12-31/
2025-12-31 16:21
ZURICH, Dec 31 (Reuters) - The Swiss National Bank (SNBN.S) , opens new tab bought 75 million Swiss francs' ($95 million) worth of foreign currencies in the third quarter of 2025, a sharp reduction from the previous three-month period, data from the central bank showed on Wednesday. During the second quarter, the SNB bought 5.06 billion francs' worth of foreign currencies as economic uncertainty stirred by U.S. trade policy piled appreciation pressure on the safe-haven Swiss franc. Sign up here. U.S. President Donald Trump unveiled a raft of tariffs against trade partners in the second quarter, and the value of foreign currencies purchased by the SNB in that period was the highest quarterly total in more than three years. In August, Trump imposed 39% tariffs on Switzerland. A deal to reduce those levies was not reached until November. The franc has appreciated by almost 15% against the dollar this year, according to LSEG data. Against the euro, however, it has only gained slightly. The bulk of Switzerland's foreign trade is with euro zone countries. Buying foreign currencies can help the SNB contain the appreciation of the franc. A rapid strengthening of the franc can put downward pressure on import costs. The SNB targets annual inflation of 0-2% and the rate is currently right at the bottom end of that range. ($1 = 0.7929 Swiss francs) https://www.reuters.com/business/switzerlands-snb-sharply-reduces-foreign-currency-purchases-third-quarter-2025-12-31/
2025-12-31 16:02
Dec 31 (Reuters) - Trump Media and Technology Group (DJT.O) , opens new tab said on Wednesday it will distribute a new digital token to its shareholders, deepening its push into digital assets as policy support for cryptocurrencies builds in Washington. Shares of the company linked to U.S. President Donald Trump, which operates his social media platform Truth Social, were last up 5% in early trading. Sign up here. Cryptocurrencies have become a recurring feature of the family’s business empire, with critics pointing to potential conflicts of interest given Trump’s pledge to make the U.S. the "crypto capital of the planet." Since his return to the White House in January, the climate for crypto businesses has turned more favorable, with legislation passed in the summer to cover parts of the sector. Several enforcement cases were abandoned. Trump courted industry cash on the campaign trail by pledging to be a "crypto president," while his family’s own crypto ventures, including World Liberty Financial, have helped push the sector further into the mainstream. Days before his inauguration, Trump launched a meme coin called $TRUMP, which reached more than $14.5 billion in market value before crashing. The White House has rejected allegations of conflicts of interest, saying Trump’s multibillion-dollar real estate, golf, media and other business interests are held in a trust managed by his children. DJT shareholders will receive one new digital token for each share they hold, the company said, with more details on the launch expected in 2026. The new token is expected to operate on the Cronos blockchain. The launch comes amid a downturn in crypto prices, with bitcoin down 6% this year and heading for its first annual loss since 2022. The pullback reflects a broader shift away from risk as investors cut exposure to more volatile assets. https://www.reuters.com/business/trump-media-distribute-new-digital-token-shareholders-2025-12-31/
