Energy:
1. US officials say they are transferring a detained oil tanker to Venezuela.
2. US Treasury Secretary Bessenter: Increased Venezuelan crude oil supply means lower gasoline prices.
3. Vitol Group Asia head: Estimated CPC crude oil exports lost due to infrastructure damage are around 40 million barrels.
4. Trafigura India CEO: By 2050, India's oil demand will approach 9 million barrels per day.
5. US Secretary of State Rubio: Of the $500 million in oil sold, $200 million remains in accounts, and $300 million went to the Venezuelan government.
6. US EIA gasoline inventories for the week ending January 23 saw the largest drop since the week ending November 7, 2025, marking the 11th consecutive week of increases; domestic crude oil production for the week was the lowest since the week ending October 31, 2025.
Precious Metals:
1. Stablecoin issuer Tether is secretly purchasing 1-2 tons of gold weekly. 2. Governor of the Central Bank of Ghana: The Central Bank of Ghana has sold some of its gold reserves to obtain foreign exchange.
3. Shanghai Gold Exchange (SGE) raises margin requirements for silver deferred delivery (T+D) to 20%, and expands daily price limits to 19%.
4. Shanghai Futures Exchange (SHFE) raises margin requirements for gold and silver futures to 18%, and expands daily price limits to 16%.
5. Spot silver breaks through the $120 mark for the first time. Spot gold consolidated at high levels in Asian trading on Thursday, again testing the $5,600 mark.
6. World Gold Council: Global gold demand is expected to reach a record high in 2025, with global central banks making net purchases of 230 tons of gold in the fourth quarter. Strong demand is expected to continue in 2026.
7. Several domestic brands announced that the price of pure gold jewelry in China has increased by 88 yuan/gram compared to yesterday, breaking through 1,700 yuan/gram, and is currently generally between 1,701 and 1,713 yuan/gram. Non-ferrous Metals:
1. LME copper futures hit a new high, surpassing the $14,000 per ton mark.
2. The U.S. Department of Energy announced a "realignment" of critical mineral projects.
3. Sources: The U.S. has abandoned setting a price floor for critical mineral products.
4. Vale: Iron ore and copper production in 2025 is projected to reach new highs since 2018.
5. A draft joint statement indicates that the EU and Vietnam intend to reach an agreement on deepening cooperation in critical minerals and semiconductors.
6. Guinea's bauxite exports are projected to reach 182.8 million tons in 2025, compared to 145.8 million tons in the same period last year.
7. The Shanghai Futures Exchange raised the margin ratio for nickel futures to 13% and expanded the daily price fluctuation limit to 11%; alumina, zinc, and lead were adjusted to 11%/9%; rebar and hot-rolled coil were adjusted to 9%/7%. 8. Norilsk Nickel (Russia): Nickel production in 2025 is projected at 199,000 tons, a 3% decrease year-on-year; palladium production is projected at 2.725 million ounces, a 1% decrease year-on-year. Nickel production in 2026 is projected at 193,000 to 203,000 tons, and palladium production at 2.415 million to 2.465 million ounces.
Other:
1. Maersk: Its western Mediterranean terminal has ceased operations, and there are currently no clear indications when operations will resume.
2. Sources: Trump is considering a major strike against Iran due to the lack of progress in nuclear negotiations.
3. Schroders: Downgraded its commodity rating from positive to neutral.
4. Iranian Deputy Foreign Minister: Prepared for 200% self-defense.
