Canadian Prime Minister Carney: He has not retracted his remarks made in Davos.

Energy: 1. OPEC+ representative: Production cuts may be maintained in March. 2. Canada and India pledge to expand oil and gas trade as energy relations restart. 3. The EU will completely ban imports of Russian liquefied natural gas (LNG) in January 2027, and completely ban imports of Russian pipeline gas by the end of September of the same year. 4. Egyptian Ministry of Petroleum: Will export a new batch of LNG cargoes to Turkey, chartered by Shell. 5. Kazakhstan Ministry of Energy: The Tengiz oil field is preparing to resume oil production in the near future; the Korolevskoye oil field has already restarted. 6. Sources: Due to sanctions, the discount of Russian Urals crude oil relative to Brent crude oil has risen to near its highest level since 2022. 7. Sources: The Russian Ministry of Energy has proposed lifting the gasoline export ban ahead of schedule. 8. According to sources and related documents, trading companies will begin exporting Venezuelan liquefied petroleum gas (LPG). 9. A massive winter storm swept across many parts of the United States, with 24 states declaring a state of emergency. US natural gas prices broke through the $7 mark, with some spot prices exceeding $200. 10. The US Department of Energy issued an emergency order to mitigate the risk of power outages in North and South Carolina following Winter Storm Fern. 11. Indian oil executives: Purchases of Russian oil have slowed. Precious Metals and Mining: 1. The Shanghai Futures Exchange adjusted the daily price limits and margin requirements for copper and other futures contracts. 2. Baiyin Nonferrous Metals: The company's revenue from silver products accounts for a relatively low proportion of total operating revenue. 3. Tongling Nonferrous Metals: The official commissioning date of the Mirador copper mine Phase II project is still uncertain, which is expected to have a certain impact on performance. 4. It is reported that Canadian Prime Minister Carney is likely to visit India in early March and may sign a uranium supply agreement. 5. Zijin Mining plans to acquire 100% of Allied Gold, a Canadian company, for C$5.5 billion. 6. A US rare earth company signed a letter of intent with the US government to obtain $1.6 billion in funding. 7. Guotou Silver LOF: Subscription (including regular fixed-amount investment) will be suspended from January 28th. 8. Societe Generale raises gold price forecast: Conservatively estimated, it may reach $6,000 by the end of the year. 9. Morgan Stanley predicts gold prices could rise to $5,700 per ounce in the second half of the year. 10. OCBC Bank: Raises its 2026 year-end gold price target to $5,600 per ounce. 11. A Tanzanian minister stated that the Tanzanian president has instructed the central bank to sell some of its gold reserves to raise cash. 12. The $550 billion investment plan between Japan and the US revealed: a synthetic diamond factory is a core project, to be announced before the prime minister's visit to the US. 13. The metals boom drives up the value of miners; BHP Billiton replaces Commonwealth Bank as Australia's new market capitalization champion. 14. Thai gold traders with annual trading volumes exceeding 10 billion baht must report to the central bank.

Deutsche Bank: We believe that a price target of $6,000 per ounce for gold is achievable given the weakening dollar this year.