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Bank of England: Given limited demand, we will not make any changes to the evening CHAPS (Automatic Payment Clearing System) contingency window.Bank of England: Work on other extended phases, including bank holiday settlements and a broader roadmap toward closer 24x7 settlements, will continue.The Bank of England announced that it will extend the hours of the CHAPS (Automatic Payment Clearing System) settlement service, changing the start time from 06:00 to 01:30.On February 24th, DJI officially filed an appeal with the U.S. Ninth Circuit Court of Appeals, challenging the Federal Communications Commissions (FCC) improper decision on December 23, 2025, to place DJI and its products on the "Controlled List." DJI stated today (February 24th) that this move aims to protect DJIs legitimate rights and interests, as well as the interests of American consumers and agricultural users who rely on DJI products but are affected by the ban. In its complaint, DJI stated that the FCCs decision has serious procedural and substantive flaws. The FCC placed DJI on the "Controlled List" without providing any substantial evidence that DJI products pose a threat to U.S. national security, which not only violates due process principles but also potentially violates the U.S. Constitution and relevant federal laws.On February 24th, the British Foreign Office issued a statement imposing sanctions on 175 entities within the "2Rivers" network on the fourth anniversary of the outbreak of the Russia-Ukraine conflict. The action also targets Transneft, one of the worlds largest oil pipeline companies, which the UK claims handles over 80% of Russias oil exports. The British Foreign Secretary stated that the UKs decisive action today cuts off key funding, military equipment, and revenue sources supporting Russias aggression, representing the largest sanctions measure since the early stages of the Russia-Ukraine conflict. The "2Rivers" network, linked to Azerbaijani traders Aitibar Eyub and Tahir Garayev, continued to transport hundreds of millions of barrels of Russian crude oil despite international sanctions imposed due to the conflict. This offshore network, formerly known as "Coral," expanded rapidly before EU and UK sanctions weakened its operations in 2024. At the time, Garayevs lawyer denied any connection to Transneft or Eyub, stating that he had not been involved in any oil-related business since the end of 2022.

Copper Declines on COVID Fears in China; Gold to Decline Weekly

Haiden Holmes

Nov 04, 2022 14:36

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China, the largest copper importer in the world, denied speculations that it might loosen COVID requirements, leaving copper prices constant on Friday.


As the dollar rises due to the Federal Reserve's hawkish moves, metal markets are likely to conclude the week in the red.


Thursday, China's Ministry of Health reaffirmed its commitment to the zero-COVID policy, dispelling recent speculations that the country may quit the program by March 2023. The statements also coincide with an increase in contagious diseases across the nation, which has led to new traffic restrictions in a number of major cities.


Copper futures were flat at $3.4220 per pound at 20:17 ET (00:17 GMT), following a fall of 1.4% in the prior session. They were also expected to lose 0.3% this week.


Due to anticipation that a downturn in China's economic activity may limit the country's metal demand, prices for the red metal dropped this year. Fears of a global recession weighed on the metal, which is typically supported by an improving economy.


In the following months, however, a decline in available supply may cause the price of the red metal to rise. Significant Peruvian copper mine Las Bambas suspended operations this week as a result of frequent blockades by locals.


This, together with a strike at the world's largest copper mine and sanctions on Russian manufacturers, is expected to reduce copper supplies in the coming months.


Rising interest rates and the strength of the U.S. dollar are expected to moderate metal prices in the coming months. After the Federal Reserve boosted interest rates and foreshadowed additional monetary tightening, gold, which is more sensitive to interest rates than other commodities, was anticipated to decline by over 1 percent this week.


Gold spot prices rose 0.1% to $1,631.88 per ounce on Friday, while gold futures rose 0.2% to $1,633.75 per ounce. Following this week's Fed move, both instruments were recovering marginally from a string of sharp falls.


The Fed's interest rate hikes resulted in huge losses for gold this year, as the opportunity cost of holding the yellow metal soared.


The focus now switches to the U.S. nonfarm payrolls report expected later in the day, which is expected to reflect resilience in the labor market. This will certainly provide the Fed with enough economic wriggle room to continue rising interest rates, as foreshadowed by the central bank this week.

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