BRENT TECHS: (H6) Resumes Its Uptrend

TYH6 paper paid 112-21+ on ~1.66K, helping underpin core global FI markets in recent trade. Liquidity remains hampered by the Christmas-NY holiday period, with no fresh headline flow noted as Europe comes back online after the long weekend.

Volatility noted in the precious metals complex, with spot silver now down 5% at ~$75/oz after registering a fresh all-time high at ~$84/oz in Asia hours.

• Gold is ~1.7% lower at $4,455/oz after topping out just ahead of $4,550/oz on Friday.
• The most pronounced move comes in palladium, which is more than 12% lower at ~$1,700/oz after bulls failed to force the first move above $2,000/oz since ’22.
• Bullish technical setups remain in place across the space.
• U.S. President Trump’s positive rhetoric surrounding the Russia-Ukraine conflict was flagged as a potential trigger, despite familiar sticking points remaining in place.
• Thinner trading conditions over the Christmas-New Year period will be contributing to price swings as well.

Industrial profits are expected to stabilise and rebound in 2026, potentially achieving circa 10% growth by end-2026, mainly driven by a moderate price recovery, Yicai.com reported citing Zhang Jingjing, chief macro analyst at China Merchants Securities. The figure grew by only 0.1% for the first eleven months, facing pressure to maintain a positive reading for 2025, partly due to structural adjustment as the government’s “anti-involution” campaign has temporarily suppressed production and sales expansion by some industries, said Zhang Di, chief macro analyst at China Galaxy Securities.