2025-12-24 06:14

Gold hits all-time high at $4,525.18/oz Platinum up about 145% YTD Palladium down over 9% after scaling 3-year high Dec 24 (Reuters) - Gold prices edged lower on Wednesday, taking a breather after surging past the key $4,500-an-ounce mark earlier in the session, while silver and platinum trimmed some gains following their record-breaking rally. Spot gold was down 0.2% at $4,479.38 per ounce at 01:57 p.m. ET (18:57 GMT), after marking a record high of $4,525.18 earlier in the session. Sign up here. U.S. gold futures for February delivery settled 0.1% lower at $4,502.8. The gold market is seeing some chart consolidation and mild profit-taking after record highs, said senior analyst at Kitco Metals Jim Wyckoff. Gold tends to do well in a low-interest-rate environment and thrives during periods of uncertainty. U.S. President Donald Trump said on Tuesday he wants the next Federal Reserve chair to lower interest rates if markets are doing well. The U.S. central bank has cut rates three times this year and currently traders are pricing two rate cuts next year. On the geopolitical front, the U.S. Coast Guard is waiting for additional forces to arrive before potentially attempting to board and seize a Venezuela-linked oil tanker it has been pursuing since Sunday, a U.S. official told Reuters. Silver hit an all-time high of $72.70 and was last up 0.7% at $71.94 an ounce. "The next upside target for gold market is $4,600/oz and for silver is $75/oz by the end of the year. The technicals remain bullish," Wyckoff added. Silver prices have surged 149% year-to-date on strong fundamentals, outpacing bullion's gain of over 70% during the same period. Platinum peaked at $2,377.50 before paring gains to stand 2.4% lower at $2,220.44. Palladium was down more than 9% at $1,683.58 an ounce, retreating after touching its highest in three years earlier. Platinum and palladium, primarily used in automotive catalytic converters to reduce emissions, are up about 145% and more than 85%, respectively, year-to-date, on tight mine supply, tariff uncertainty, and a rotation from gold investment demand. https://www.reuters.com/world/india/gold-tops-4500-silver-platinum-hit-records-metal-markets-frenzy-2025-12-24/

2025-12-24 06:07

Court ruling to allow Korea Zinc's $7.4 billion US smelter project to proceed MBK Partners and YoungPoong express concerns over shareholder dilution Korea Zinc says US project aligns with Washington's mineral supply chain goals US government and investors to control 10% of Korea Zinc SEOUL , Dec 24 (Reuters) - A South Korean court on Wednesday rejected a request by two major shareholders of Korea Zinc (010130.KS) , opens new tab - MBK Partners and YoungPoong (000670.KS) , opens new tab - to block the zinc refiner's plan to issue new shares to help fund a $7.4 billion U.S. smelter. The ruling, which clears the way for the project, sent Korea Zinc shares up as much as 5%, while YoungPoong shares fell as much as 10.5%. Sign up here. Last week, Korea Zinc, the world's biggest refined zinc producer, said it would build a $7.4 billion critical minerals refinery in the state of Tennessee that will be largely funded by the U.S. government and aimed at reducing U.S. reliance on China for materials used in chips, electronics and weapons. Under the plan, Korea Zinc will sell shares worth $1.9 billion to a joint venture controlled by the U.S. government and unnamed U.S.-based strategic investors, which would then control around 10% of the South Korean firm. In a statement, Korea Zinc thanked the court for its decision, adding that it would proceed with its U.S. smelter project and work to enhance corporate and shareholder value. "We will also seek to contribute to the national economy and South Korea’s economic security as a key player in the critical minerals supply chain," it said. SHARE DILUTION CONCERNS Private equity firm MBK Partners and conglomerate YoungPoong, which together hold about 46% of Korea Zinc, said that they were disappointed by the court's decision, reiterating concerns over potential shareholder dilution and the fairness of investment terms. "Despite this outcome, YoungPoong and MBK Partners intend to support the U.S. smelter project so that it may deliver genuine 'win-win' results for the United States, Korea Zinc, and the broader Korean economy," the pair said in a statement. In a regulatory filing, Korea Zinc said the Seoul Central Court determined that the transaction was intended to support a U.S.-led restructuring of the global critical minerals supply chain, deepen cooperation between South Korea and the U.S. and secure stable global demand. The filing noted that the U.S. government sought to take an equity stake through the joint venture to ensure the project’s success, concluding that direct investment or subsidies alone would not be sufficient. Governance experts say a major beneficiary of the U.S. smelter deal would be Korea Zinc Chairman Yun B. Choi, who since October last year has been locked in a battle for control with MBK and YoungPoong. Issuing shares to a potential ally could tip the balance of power in Choi's favour. Korea Zinc has said the U.S. smelter project aligns Washington’s push to diversify mineral supply chains with the company’s goal of building a growth base by gaining an early foothold in the United States, the world’s largest critical minerals market. Shares of Korea Zinc and YoungPoong were trading down 2.7% and 10.4%, respectively, compared with a 0.2% drop in the benchmark KOSPI (.KS11) , opens new tab as of 0529 GMT. https://www.reuters.com/world/asia-pacific/south-korean-court-rejects-injunction-request-block-korea-zincs-share-sale-2025-12-24/

2025-12-24 05:56

TOKYO, Dec 24 (Reuters) - Tokyo Electric Power Co (9501.T) , opens new tab plans to restart the first unit of its Kashiwazaki-Kariwa nuclear power plant, the world's biggest, on January 20, TEPCO President Tomoaki Kobayakawa told reporters on Wednesday. This week, the prefecture assembly in Niigata, the region where the plant is located, gave a green light for the partial restart of the plant. It will be the first for TEPCO since its Fukushima Daiichi nuclear reactor's meltdown in 2011. Sign up here. Kashiwazaki-Kariwa, located about 220 km (136 miles) northwest of Tokyo, was among 54 reactors shut after the 2011 earthquake and tsunami crippled the Fukushima Daiichi plant in the world's worst nuclear disaster since Chernobyl. "As the company responsible for the Fukushima Daiichi accident, we will apply the reflections and lessons learned ... We will proceed with the restart, the first in 14 years, sticking to safety as the top priority," Kobayakawa said. The restart of commercial operations of reactor No. 6 is planned for February 26, TEPCO said in a separate statement. Japan has restarted 14 of the 33 that remain operable, as it tries to wean itself off imported fossil fuels, and in November outlined a public loan system proposal as it wants to double the share of nuclear power in the energy mix. Kashiwazaki-Kariwa's total capacity is 8.2 gigawatts, enough to power a few million homes. The pending restart would bring the 1.36 GW unit No. 6 online next year and restart another one with the same capacity around 2030. TEPCO may decommission some of the remaining five units, it has said. (This story has been corrected to fix TEPCO president's first name to Tomoaki, not Tomiaki, in paragraph 4) https://www.reuters.com/sustainability/boards-policy-regulation/japans-tepco-restart-first-unit-kashiwazaki-kariwa-january-20-2025-12-24/

2025-12-24 05:00

MUMBAI, Dec 24 (Reuters) - The Indian rupee closed modestly weaker on Wednesday as dollar demand from local corporates and on account of maturing positions in the non-deliverable forward (NDF) market blunted positive cues from gains in most regional peers. The rupee ended at 89.7850 per U.S. dollar, down about 0.1% on the day. Sign up here. Most Asian currencies edged higher but traders said local flow dynamics continued to dominate price action for the rupee, even though it has bounced back from the record-low levels hit last week. The maturity of positions in the NDF market also spurred dollar-buy bids at the daily reference rate, a trader at a Mumbai-based bank said. While price-action in the spot market was largely contained, dollar-rupee forward premiums declined sharply after the Reserve Bank of India announced it will conduct a 3-year $10 billion FX swap next month. The 1-month dollar rupee forward premium fell nearly 15 paisa and the 3-year forward premium was down over 50 paisa. The swap is part of the central bank's steps to inject $32 billion of liquidity into the banking system over the next month, which traders reckon will ensure a sustained decline in government bond yields. India's 10-year bond yield declined 8 basis points to 6.55% on Wednesday. "Open market bond purchases provide direct support to the banking system, while the forex swap helps manage rupee liquidity without creating unintended cues on currency policy," Sachin Sawrikar, managing partner at Artha Bharat Investment Managers, said in a note. "Together, these measures stabilise money markets, moderate volatility, and ensure smooth transmission of monetary policy." Elsewhere, the U.S. dollar was headed for its worst annual performance in more than two decades on Wednesday as investors wagered the Federal Reserve would have room to cut rates further next year even as rate outlooks for its peers diverge. Many global markets, including India's, will be shut on Thursday for the Christmas holiday. https://www.reuters.com/world/india/indian-rupee-forwards-retreat-after-central-bank-unveils-fx-swap-2025-12-24/

2025-12-24 04:08

Brent, WTI gain about 6% since last week's lows Oil set for biggest annual decline since 2020 US economy grew faster than expected in the third quarter Weekly US crude, fuel stocks rose last week, API says HOUSTON, Dec 24 (Reuters) - Oil settled marginally lower on Wednesday, and prices were on course for their steepest annual decline since 2020 as investors weighed U.S. economic growth and assessed the risk of supply disruptions from Venezuela and Russia. Brent crude futures closed down 14 cents, or 0.2%, at $62.24 a barrel, while U.S. West Texas Intermediate crude eased 3 cents, or 0.05%, to $58.29. Sign up here. Both contracts have gained about 6% since December 16, when they plunged to near five-year lows. "What we've seen over the past week is a combination of position-squaring in thin markets after last week's breakdown failed to gain traction, coupled with heightened geopolitical tensions including the U.S. blockade on Venezuela, and supported by last night's robust GDP data," IG analyst Tony Sycamore said. U.S. data showed the world's largest economy grew at its fastest pace in two years in the third quarter, fueled by robust consumer spending and a sharp rebound in exports. Still, Brent and WTI prices are on track to drop about 16% and 18%, respectively, this year, their steepest declines since 2020 when the COVID pandemic hit oil demand, as supply is expected to outpace demand next year. On the supply side, disruptions to Venezuelan exports have been the most significant factor pushing up oil prices, while Russian and Ukrainian attacks on each other's energy infrastructure have also supported the market, Haitong Futures said in a report. More than a dozen loaded vessels are in Venezuela waiting for new directions from their owners after the U.S. seized the supertanker Skipper earlier this month and targeted two additional vessels over the weekend. "A choppy holiday trade looks to be the norm here with the Venezuela blockade being the focal point into the holiday weekend," said Dennis Kissler, senior vice president of trading at BOK Financial. Additionally, oil shipments from Kazakhstan via the Caspian Pipeline Consortium are set to drop by a third in December to the lowest since October 2024 after a Ukrainian drone attack damaged facilities at the main CPC export terminal, two market sources said on Wednesday. U.S. crude inventories rose by 2.39 million barrels last week, while gasoline stocks increased by 1.09 million barrels and distillate inventories rose by 685,000 barrels, market sources said, citing American Petroleum Institute figures on Tuesday. The U.S. Energy Information Administration is due to release official inventory data on Monday, later than usual due to the Christmas holiday. https://www.reuters.com/business/energy/oil-edges-up-strong-us-economic-growth-supply-risks-2025-12-24/

2025-12-24 03:07

MUMBAI, Dec 24 (Reuters) - The Indian rupee is set to draw support from the dollar's slide to a more than two-month low at Wednesday's open, while attention will turn to forward premiums after the Reserve Bank of India unveiled a $10 billion dollar–rupee swap. The 1-month non-deliverable forward indicated the rupee will open in the 89.50-89.60 range versus the U.S. dollar, having settled at 89.65 on Tuesday. Sign up here. The rupee has moved in a holding pattern over the past two sessions after a notable recovery triggered by central bank intervention. The currency now has some distance from its all-time low of 91.0750 per dollar, while the dollar's ongoing struggles and positive risk sentiment are expected to provide additional support. The dollar being on the back foot provides the rupee with additional breathing space, a currency trader at a bank said. It needs that help to hold on to current levels, which the market knows "won't be straightforward", he added. The dollar index fell to 97.75 in Asian trade, its lowest level in more than two months. The decline came despite data showing the U.S. economy expanded faster than expected in the third quarter. Analysts attributed the dollar's weakness to turn-of-the-year position adjustments and data that showed US consumer confidence fell to its lowest level since April. FORWARD PREMIUMS Beyond spot dollar/rupee, attention will turn to forward premiums after the RBI late on Tuesday unveiled a buy/sell dollar–rupee swap. The move is part of the central bank’s broader plan to infuse rupee liquidity into the banking system over the next month, alongside open market bond purchases. The buy/sell swap comes against the backdrop of soaring forward premiums, which bankers said had become increasingly distorted, prompting calls for the RBI to step in. Forward premiums are expected to cool off following the swap, with the impact felt most in far tenors, bankers said. KEY INDICATORS: ** One-month non-deliverable rupee forward at 90.02; onshore one-month forward premium at 48 paise ** Dollar index down at 97.78 ** Brent crude futures up 0.1% at $62.4 per barrel ** Ten-year U.S. note yield at 4.16% ** As per NSDL data, foreign investors bought a net $21mln worth of Indian shares on Dec. 22 ** NSDL data shows foreign investors bought a net $20mln worth of Indian bonds on Dec. 22 https://www.reuters.com/world/india/rupees-recovery-aided-by-dollars-stumble-spotlight-forwards-after-rbis-fx-swap-2025-12-24/