Energy:
1. The Trump administration plans to open California's coast to oil drilling for the first time in decades.
2. IEA: Under current policy scenarios, it believes oil demand will not peak before 2050.
3. Germany's Ministry of Economic Affairs has asked SEFE (Secure Energy Europe) to terminate its long-term gas import agreement with Russia.
4. According to sources and data, despite the latest sanctions, Russian oil exports have remained stable so far in November.
5. Commerzbank: It expects Brent crude to trade at $60 per barrel and WTI crude at $57 per barrel in 2026.
6. Sources: Saudi Arabia and Iraq have allocated their entire December crude oil supply to Indian refiners and are also supplying them with more oil under optional contracts.
Precious Metals and Mining:
1. UBS: It expects global gold demand to reach its highest level since 2011 this year and next.
2. Stablecoin giant Tether poached a core team from HSBC Precious Metals, increasing its gold reserves to challenge existing players in the gold and silver markets.
3. AngloGold: Group gold production in the third quarter increased by 17% year-on-year to 768,000 ounces, with an average selling price of $3,490 per ounce.
4. Commerzbank: Expects gold prices to reach $4,200 per ounce over the next year. It raised its aluminum price forecast to $2,900 per ton (previously $2,600) and its zinc price forecast to $3,000 per ton (previously $2,800).
5. Citigroup: Expects copper prices to fluctuate around $11,000 per ton for the remainder of the year. It continues to expect copper prices to climb to an average of $12,000 per ton by the second quarter of 2026 (or $14,000 per ton in a bullish scenario).
Other:
1. US President Trump: We will reduce some coffee tariffs.
2. Vietnamese Deputy Prime Minister: A trade agreement with the US is expected to be signed soon.
3. Brazil’s National Association of Grain Exporters (ANEC): Brazil’s soybean exports are expected to reach 4.26 million tons in November.
