Nickel Hits 35-week Low

The Baltic Exchange’s dry bulk index, which tracks rates for vessels transporting dry commodities, eased for an eighth straight session on Monday, falling 0.5% to a new low since November 17 at 2,193 points.

The panamax index, which usually carries 60,000-70,000 tons of coal or grain, was down for the 13th straight session, dropping 2.6% to a four-month low of 1,644 points, likely tracking falling prices of iron ore.

At teh same time, the supramax index shed 11 points at 1,360 points.

Meanwhile, the capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, snapped a seven-day losing streak, rising about 0.4% to 3,179 points.

Oil futures are lower as the market heads into the final weeks of the year with eyes on Russia-Ukraine peace efforts and concerns about oversupply. Saudi Arabia's five-year low official selling price and the OPEC+ decision to pause output increases in the first quarter "are rather convincing indicators that core OPEC players understand the size of the potential balance problem that has emerged and should continue next year," Neil Crosby of Sparta Commodities says in a note. "Evidently we are waiting for this glut to get more real in the data, and that might take some weeks." WTI is off 0.6% at $57.11 a barrel and Brent is down 0.4% at $60.88. (anthony.harrup@wsj.com)

Coal fell below $110 per ton, reaching monthly lows amid a softening in demand across China, while supply conditions and inventories have eased sufficiently to remove near-term scarcity.

On the demand side, thermal power generation fell sharply in November, with coal- and gas-fired output down 4.2% on the month and slightly negative year to date, reflecting weaker industrial activity and reduced construction-related coal use as the property downturn drags on.

At the same time, wind and solar output rose more than 20% year on year, absorbing incremental electricity demand and displacing coal burn during what would normally be a seasonally supportive period.

On the supply side, coal inventories at Chinese power plants stand near 230 million tonnes, equivalent to roughly 35 days of consumption, while steady domestic output and ample port stocks have reduced the need for aggressive spot buying.

Source: CME Group 
DECEMBER 2025 PALLADIUM FUTURES NYMEX 
INTENT DATE:   12/12/2025          DELIVERY DATE: 12/16/2025 
 
FIRM    ORG   FIRM NAME                   ISSUED     STOPPED 
118      C    MACQUARIE FUTURES US                         1 
661      C    JP MORGAN SECURITIES                         4 
690      C    ABN AMRO CLR USA LLC                         3 
905      C    ADM                             10           2 
                            TOTAL:            10          10 
                    MONTH TO DATE:                       590 
 
 
 
 
Write to Linda Rice at csstat@dowjones.com 
 

Source: CME Group 
DECEMBER 2025 COMEX 5000 SILVER FUTURES 
INTENT DATE:   12/12/2025          DELIVERY DATE: 12/16/2025 
 
FIRM    ORG   FIRM NAME                   ISSUED     STOPPED 
099      H    DEUTSCHE BANK AG                             1 
118      H    MACQUARIE FUTURES US                        46 
167      H    MAREX                                        1 
323      H    HSBC                                       209 
624      H    BOFA SECURITIES                             11 
661      C    JP MORGAN SECURITIES           448         173 
730      C    PTG DIVISION OF SGAS                         1 
905      C    ADM                                          6 
                            TOTAL:           448         448 
                    MONTH TO DATE:                    11,578 
 
 
 
Write to Linda Rice at csstat@dowjones.com 
 

Source: CME Group 
DECEMBER 2025 COMEX 100 GOLD FUTURES 
INTENT DATE:   12/12/2025          DELIVERY DATE: 12/16/2025 
 
FIRM    ORG   FIRM NAME                   ISSUED     STOPPED 
332      H    STANDARD CHARTERED B                         2 
363      H    WELLS FARGO SECURITI                         2 
661      C    JP MORGAN SECURITIES             1 
690      C    ABN AMRO CLR USA LLC             5 
709      C    BARCLAYS                                     2 
                            TOTAL:             6           6 
                    MONTH TO DATE:                    28,437 
 
 
 
Write to Linda Rice at csstat@dowjones.com