The Great Orange Juice collapse continues as price fall to the lowest level since 2021 📉
Bottomless Mimosas on tap for Thanksgiving 🥳🥂
Gold loves rising Japanese rates.
This remains a massive driver of the shiny metal, despite few talking about it on a daily basis. Source: The Market Ear
Crude oil trading near 4.5 year lows as U.S. hails progress in Russia-Ukraine peace talks 👀📉
Low oil prices could be another stimulus for US consumers in 2026(in addition to rate cuts, tax cuts, cheques, more lending by banks dur to financial deregulation, etc.) Source: Barchart
Only 5% of Fund Managers expect gold to trade above $5,000 by the end of 2026, none over $6,000
Source: BofA
Gold stocks broke out of a major consolidation.
Copper miners followed with almost the same pattern. Are energy equities next? Source: Tavi Costa
What a chart... aluminum...
While most of the critical minerals talk in the US is about rare earths, something far more important is happening: US aluminum all-in costs have surged to a record as traders/smelters demand huge physical premia on top of LME prices due to Trump’s tariffs. Source: Javier Blas on X , Bloomberg
🌍 The IEA just dropped a bombshell:
If the world stays on its current path, oil and gas demand will keep rising for the next 25 years. That’s right — no peak this decade, no major drop in CO₂ emissions, and likely no chance of keeping global warming below 1.5°C. 🔥 2024 was the hottest year on record. Yet the International Energy Agency says “climate change is rapidly declining on the global energy agenda.” Why? Governments are prioritizing energy security and affordability over climate goals. Growth of electric vehicles is slowing. Demand for energy from AI, air conditioners, and manufacturing is exploding. 📈 Under the IEA’s new “Current Policies” scenario: Oil demand grows from 100M → 113M barrels/day by 2050 EV adoption plateaus around 40% by 2035 Gas demand continues to climb Coal finally peaks — but still lingers 💡 Even so, renewables will shoulder most of the new electricity demand — especially in India, SE Asia, Latin America, and Africa. ⚠️ Translation: The clean energy revolution is real… …but fossil fuels aren’t going anywhere unless policies change fast. Source: FT
And the winner of the power demand is .... Coal !
Source: Bloomberg, @AzizSapphire
