Morgan Stanley: Investment demand for silver is likely to remain dominant, and with low inventories, there is a possibility of a physical short squeeze.

German government officials say a decision must be made on Thursday regarding the freezing of Russian state assets, or the IMF's aid program to Ukraine will be at risk.

Energy: 1. EU foreign ministers approved sanctions against Russia's "shadow fleet." 2. Middle East benchmark crude oil prices showed signs of oversupply, with the spread between January and February contracts briefly turning negative in early trading on Tuesday. 3. Hungarian Foreign Minister: If the proposal to embargo Russian energy is approved, Hungary will file a lawsuit in the European Court of Justice. 4. Indian officials: Oil imports from Russia are expected to drop to 800,000 barrels per day this month. 5. US documents show that the US is demanding a commitment from the EU that it will not impose penalties if the US oil and gas industry violates methane regulations. 6. Cold weather has triggered an energy emergency in the northeastern US. 7. Petrobras union: Workers' strikes have affected six refineries and 16 oil platforms. 8. Ship monitoring data shows that at least four supertankers originally scheduled to load oil cargo in Venezuela have turned back after the US seized the cargo. Precious Metals and Mining: 1. Indian Trade Secretary: Gold imports fell by about 60% in November. 2. The LME plans to implement position limits on key contracts and related contracts starting July 6th next year. 3. The Bank of Thailand: Tightening gold-related trading and seeking to regulate online gold trading. 4. Norilsk Nickel: The global palladium market deficit is expected to reach 100,000 ounces in 2026 (excluding investment demand). 5. Norilsk Nickel: The global nickel supply surplus is expected to exceed 200,000 tons annually in 2025 and 2026. 6. Bank of America: Aluminum supply shortage is expected next year, with prices projected to exceed $3,000 per ton. 7. ANZ Gold Bull Market Scenario: Given the deteriorating global economic growth outlook, renewed trade tensions, eroded Federal Reserve independence, and stock market sell-offs, gold prices could potentially exceed $5,000 per ounce in 2026. 8. ANZ Gold Price Bear Market Scenario: Improved US economic growth prospects, an unexpectedly strong US dollar, and a hawkish stance from the Federal Reserve could cause gold prices to fall back to $3,500/oz by 2026. Agriculture: 1. Ukrainian Railways (Ukrzaliznytsia) plans to raise freight rates by 27% from January 1st, a move strongly opposed by the industrial and agricultural sectors. 2. A panel of Indian market regulators will recommend relaxing rules on commodity derivatives. The panel will recommend lifting the ban on agricultural derivatives trading and lowering margin requirements.