Federal Reserve Chairman Jerome Powell: The base case is that additional tariffs will lead to inflation.

The New Zealand dollar fell more than 0.50% against the US dollar during the day, and is currently trading at 0.5734.

Energy: 1. India's HMEL: Has suspended further purchases of Russian crude oil. 2. Operators say Poland's natural gas demand is expected to rise to 29 billion cubic meters by 2031. 3. US Deputy Secretary of Energy: The US is working to encourage allies to participate in an energy abundance policy to keep prices low. 4. Ukrainian Security Service official: Ukraine has attacked two oil storage facilities in Russian-occupied Crimea. 5. According to Kyodo News: Japanese Prime Minister Sanae Takaichi told the US that Japan will continue to import Russian liquefied natural gas. 6. Sources: Russian crude oil exports are in line with the October plan and have not yet been affected by new sanctions; LSEG data also shows the same trend. 7. Statoil CFO: Production growth at Brazil's Bakalu oil field is progressing well and will continue until 2026; it is still difficult to predict when peak production will be reached. 8. Statoil CFO: The long-term natural gas price forecast for 2030 has been revised from $9 per million British thermal units (MMBtu) to $8. Increased domestic natural gas demand in the US may limit LNG exports. 9. US Commerce Secretary Rutnick: South Korea's $200 billion investment in the US will be used for Alaska natural gas projects and artificial intelligence. 10. South Korean Presidential Office: Hopes to cooperate with Canadian Prime Minister Carney on energy matters. 11. ANZ: Given the increased risks to Russian supply, OPEC+ expects to approve a further increase in supply by 137,000 barrels per day in December. US sanctions against Russian oil companies have significantly increased the risks to oil supply. The 0-3 month crude oil price target has been raised to $70 per barrel. Precious Metals and Mining: 1. "New Bond King" Gundlach: Reduced the proportion of gold in his portfolio to about 10%. 2. Indian silver demand cooled after the holidays, and the premium level fell from its high. 3. Research shows that Russian citizens have stockpiled gold on a scale comparable to Spain's gold reserves. 4. World Gold Council: Global gold demand in the third quarter reached a record high for a single quarter. 5. Market news: Indonesia's Ministry of Energy will issue approximately 400,000 tons of copper concentrate export quotas to copper miner Oman Minerals. 6. Glencore: Zinc production in the first nine months was 709,400 tons, and copper production was 583,500 tons. Copper production for the current fiscal year is projected to be 850,000-875,000 tons; cobalt production for the current fiscal year is projected to be 41,000-43,000 tons. 7. Goldman Sachs: Even considering the significant decline in global refined production, we maintain our view that the copper market will experience a slight surplus in 2026, consistent with our 2026 copper price forecast of $10,500/ton. Current fundamentals suggest that copper prices have reason to consolidate towards the upper end of the $10,000-$11,000/ton forecast range. Other: 1. Vietnam's Ministry of Trade: Signed a Memorandum of Understanding on rice trade with Singapore.