Ghassan Salameh to Asharq Al-Awsat: Elements for Resolving Palestinian-Israeli Conflict Unavailable Yet

Ghassan Salameh speaks to Asharq Al-Awsat in Paris.
Ghassan Salameh speaks to Asharq Al-Awsat in Paris.
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Ghassan Salameh to Asharq Al-Awsat: Elements for Resolving Palestinian-Israeli Conflict Unavailable Yet

Ghassan Salameh speaks to Asharq Al-Awsat in Paris.
Ghassan Salameh speaks to Asharq Al-Awsat in Paris.

At the end of every year, we always pause to assess the developments that took place over the past months and what impact they will have on the coming year. Asharq Al-Awsat sat down with Lebanese former minister Ghassan Salameh in Paris to review 2023 and discuss what 2024 has in store. 

Sitting down with Salameh, who had worked with the United Nations in Iraq, Libya and Myanmar, is an enriching experience in itself given his extensive experience and long career. Asharq Al-Awsat sat with him for an in-depth assessment of the situation in the region and the world. 

Quick glance at 2023 

What are the key moments that stood out for you in 2023? 

The year 2023 was a lot more positive on the economic level than was predicted in 2022, which was very negative. We witnessed China’s return to the global market and weak growth in western countries as the world combated rising inflation. 

The war on Ukraine continued unabated in 2023. Ukraine launched its counteroffensive against Russia in Donbas, and it ended in failure. Ukraine has only really reclaimed few of its territories. This has weakened the position of the Ukrainian president, who is staring down the barrel of a gun, so to speak. 

Moreover, Russian President Vladimir Putin succeeded in crushing the revolt by the Wagner chief, who had taken everyone by surprise. Two months later, he was killed in a plane accident. Putin continues to bank on time, which he believes is in his favor. Russia has the capabilities to secure the needs of its army, while Ukraine can only rely on foreign assistance in providing it with gear and weapons. 

Turning to Africa, 2023 witnessed the return of military coups that took place in eight of its countries. So, democracy in Africa is on the decline. Another development is the expulsion of French forces from Burkina Faso, Mali, Niger and others. So, France’s influence there is also on the decline. 

The world is meanwhile bracing for elections in over 60 countries, including the United States, India, South Africa and others. The European Union will be voting for a new European parliament. All of this will impact foreign policies as they become intertwined with electoral interests. 

Diseases of Arab countries 

Varied and numerous crises are sweeping the region, from Lebanon to Syria, Iraq, Libya, Yemen, Tunisia and Sudan. Is there a common factor that is leading to this turmoil and is there a solution to it? 

There are several common factors to these crises, but each country also has its own unique elements. One of the common elements is the massive population growth that took place in these countries in the 20th century. The rise dipped slightly in the 21st century. The generation produced by the population explosion is now in its 20s and 30s and they are struggling to find jobs. 

We are primarily paying the price for this population explosion. The unemployed youth, who have earned their education at universities, have grown frustrated with the lack of opportunities. 

This is the general sentiment across the Arab world, from Morocco to Iraq. Another factor that has fueled the crises are the so-called Arab Spring revolts that had an impact on nearly half of the Arab world, including Egypt, Syria, Tunisia, Algeria, Yemen and others, and had brought with them hopes for change. The hopes were dashed, and the revolts were a failure. Perhaps those hopes were never real in the first place. 

The youths in particular had high hopes that change was possible. Regimes that they sought to change replaced the hope they clung onto. These regimes are even more controlling than the ones toppled by the Arab Spring. Civil wars were also another product of these failed revolts, and they continue to rage to this day in Yemen and Syria. 

Fate of ‘Lebanese formula’ 

Let’s turn to Lebanon, which is racking up one crisis after another, from financial, constitutional, institutional, social, political and the list goes on. I have a radical question: Are the successive crises a sign that the so-called “Lebanese formula” is no longer viable? Can there be a replacement? 

My reply won’t be any less radical. Circumstances would have it that I played a modest role in drafting the Taif Accord. I worked alongside the Arab committee that was seeking to resolve the Lebanese civil war in 1989. I want to stress that it never occurred to us at the time that we were working on reaching the best constitutional model suitable for Lebanon. We were only seeking an end to war, an end to the severe shelling, destruction and death. In short, we were seeking a transitional formula that would end the war. 

So, I see this unshakable attachment to the Taif as misguided. We had hoped that post-war Lebanon would embark on a period of peace, stability and prosperity that would allow its people to come up with the system that they were hoping for. It is necessary to address this issue because some officials have turned the Taif Accord into some sort of holy book. It is not holy. It is beneficial and it was beneficial back then. I was proud to have been part of drafting it. 

A second point: A country that needs a year, or two or three to elect a president every time the post is vacant; or needs months and months to form a government; and then needs months and months to reach an agreement on extending the term of the army commander and naming an employee as head of the Central Bank are all signs that this country is suffering from a system that does not work for it. 

The current system doesn’t favor the Lebanese people. This is my radical answer to your radical question. 

So, what’s the substitute? The challenge is finding the right time and circumstances to broach this issue. Lebanon needs a degree of internal stability and foreign support to change hearts and minds that would pave the way for a new system. These conditions are not available. But in the meantime, I am not opposed to temporary solutions, such as electing a president from among the candidates who are running, or forming a government with whatever is at hand. 

The new president and government’s priority must be restoring normal work at state institutions and then tackling the constitutional issue: Do they want a more decentralized system or more centralized one? The Taif Accord does speak of decentralization, but some parties fear that it would lead to the fragmentation of the state. 

Gaza war and two-state solution 

Turning to the war on Gaza. I have three questions: How can this conflict be resolved? Are powers being serious about again floating the two-state solution or are they deluding the Palestinians? Can we count on the Americans being serious about reaching a political solution? 

I will ask my own questions here: Are the Palestinians ready to play this historic role of forming a viable Palestinian state? My answer is no. Hamas is not accepted and the Palestinian Authority is incapable. So, we are now confronted with Palestinian vacuum. There is a need to turn to a new, credible and acceptable Palestinian party. 

On the other side of the divide, we need an Israeli party. At the moment, that party is unavailable. We have a very extremist government that is very openly against the two-state solution. This position is not voiced by extremist ministers, like Bezalel Smotrich, alone, but even by its prime minister. The war cabinet is also very extremist. 

A solution needs a mediator between the Israelis and Palestinians. The only mediator who can pressure Israel is the United States. It deployed aircraft carriers to deter Israel’s enemies and decided to add 14 billion dollars to the 4 billion it already pays Israel every year. It is also preventing the UN Security Council from voting on a resolution that enjoys the support of the remaining 14 members. So, Washington has the real means to pressure Israel that any other party, including Europe and China, do not. 

The problem, however, is that the mediator – the US – is missing. Why? Because US President Joe Biden, back from when he was a senator and throughout 40 years of his life, has completely sided with Israel’s interests. This did not change when he became president. Biden is a greater Israel supporter than any one of his aides. I am not saying this from mere observation, but from actual knowledge. 

Biden’s hands are tied because he is entering the final year of his first term in office and is engaged in an electoral battle. Some voices from among the youth are urging him to be less extreme in this conflict. On the other hand, he needs funding that may or will be provided from sources that urge him to continue this unyielding support for Israel. 

Given the above, the solution is out of reach. I fear that the war will spill over into the West Bank, where tensions are high and over 300 Palestinians have been killed. The war may also spread to southern Lebanon. Some officials in Israel are claiming that conditions are ripe to wage a war on Lebanon. 

More and more voices in Israel are calling for war on Lebanon, including defense minister Yoav Gallant. But in spite of their support for Israel’s war on Gaza, the Americans are opposed to opening a new front with Lebanon. Biden informed them of this during the first week of the conflict and again some two weeks ago when more threats were made against Lebanon. The danger here is that Israel doesn’t always abide by America’s wishes.  



What Lies Ahead for Ukraine’s Contested Zaporizhzhia Nuclear Power Plant?

A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
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What Lies Ahead for Ukraine’s Contested Zaporizhzhia Nuclear Power Plant?

A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)

The Zaporizhzhia nuclear power plant, Europe's largest, is one of the main sticking points in US President Donald Trump's peace plan to end the nearly four-year war between Russia and Ukraine. The issue is one of 20 points laid out by Ukrainian President Volodymyr Zelenskiy in a framework peace proposal.

Here are some of the issues regarding the facility:

WHAT ROLE MAY THE US PLAY?

Russia took control of the plant in March 2022 and announced plans to connect it to its power grid. Almost all countries consider that it belongs to Ukraine but Russia says it is owned by Russia and a unit of Russia's state-owned Rosatom nuclear corporation runs the plant.

Zelenskiy stated at the end of December that the US side had proposed joint trilateral operation of the nuclear power plant with an American chief manager.

Zelenskiy said the Ukrainian proposal envisages Ukrainian-American use of the plant, with the US itself determining how to use 50% of the energy produced.

Russia has considered joint Russian-US use of the plant, according to the Kommersant newspaper.

WHAT IS ITS CURRENT STATUS?

The plant is located in Enerhodar on the banks ‌of the Dnipro River and ‌the Kakhovka Reservoir, 550 km (342 miles) southeast of the capital Kyiv.

The Zaporizhzhia nuclear power plant has ‌six ⁠Soviet-designed reactors. They were ‌all built in the 1980s, although the sixth only came online in the mid-1990s after the collapse of the Soviet Union. It has a total capacity of 5.7 gigawatts, according to an International Atomic Energy Agency (IAEA) database.

Four of the six reactors no longer use Russian nuclear fuel, having switched to fuel produced by then-US nuclear equipment supplier Westinghouse.

After Russia took control of the station, it shut down five of its six reactors and the last reactor ceased to produce electricity in September 2022. Rosatom said in 2025 that it was ready to return the US fuel to the United States.

According to the Russian management of the plant, all six reactors are in "cold shutdown."

Both Russia and Ukraine have accused each other of striking the nuclear plant and of severing power lines to the plant.

The plant's equipment is powered by ⁠electricity supplied from Ukraine. Over the past four years these supplies have been interrupted at least eleven times due to breaks in power lines, forcing the plant to switch to emergency diesel generators.

Emergency generators ‌on site can supply electricity to keep the reactors cool if external power lines are cut.

IAEA ‍Director General Rafael Grossi says that fighting a war around a nuclear ‍plant has put nuclear safety and security in constant jeopardy.

WHY DOES RUSSIA WANT ZAPORIZHZHIA PLANT?

Russia has been preparing to restart the station but ‍says that doing so will depend on the situation in the area. Rosatom chief Alexei Likhachev has not ruled out the supply of electricity produced there to parts of Ukraine.

Oleksandr Kharchenko, director of the Energy Research Center in Kyiv, said Moscow intended to use the plant to cover a significant energy deficit in Russia's south.

"That's why they are fighting so hard for this station," he said.

In December 2025, Russia's Federal Service for Environmental, Technological and Nuclear Supervision issued a license for the operation of reactor No. 1, a key step towards restarting the reactor.

Ukraine's energy ministry called the move illegal and irresponsible, risking a nuclear accident.

WHY DOES UKRAINE NEED THE PLANT?

Russia has been pummeling Ukraine's energy infrastructure for months and some areas have had blackouts during winter.

In recent ⁠months, Russia has sharply increased both the scale and intensity of its attacks on Ukraine's energy sector, plunging entire regions into darkness.

Analysts say Ukraine's generation capacity deficit is about 4 gigawatts, or the equivalent of four Zaporizhzhia reactors.

Kharchenko says it would take Ukraine five to seven years to build the generating capacity to compensate for the loss of the Zaporizhzhia plant.

Kharchenko said that if Kyiv regained control of the plant, it would take at least two to three years to understand what condition it was in and another three years to restore the equipment and return it to full operations.

Both Ukrainian state nuclear operator Energoatom and Kharchenko said that Ukraine did not know the real condition of the nuclear power plant today.

WHAT ABOUT COOLING FUEL AT THE PLANT?

In the long term, there is the unresolved problem of the lack of water resources to cool the reactors after the vast Kakhovka hydro-electric dam was blown up in 2023, destroying the reservoir that supplied water to the plant.

Besides the reactors, there are also spent fuel pools at each reactor site used to cool down used nuclear fuel. Without water supply to the pools, the water evaporates and the temperatures increase, risking fire.

An emission of hydrogen from a spent fuel pool caused an explosion in Japan's Fukushima nuclear disaster in ‌2011.

Energoatom said the level of the Zaporizhzhia power plant cooling pond had dropped by more than 15%, or 3 meters, since the destruction of the dam, and continued to fall.

Ukrainian officials previously said the available water reserves may be sufficient to operate one or, at most, two nuclear reactors.


Egypt, Trump Reaffirm Strategic Alliance in 2025 amid Regional Turmoil

Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
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Egypt, Trump Reaffirm Strategic Alliance in 2025 amid Regional Turmoil

Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)

After months of speculation over the trajectory of Egyptian-US relations, fueled by persistent talk of strain and an impending rift, a high-level meeting between President Donald Trump and President Abdel Fattah al-Sisi in Sharm el-Sheikh reaffirmed the resilience of the strategic alliance between Cairo and Washington, even as the region remains in turmoil.

The meeting followed a turbulent period marked by Trump’s adoption of a proposal to relocate Gaza’s population, an idea firmly rejected by Sisi and one that prompted warnings of a diplomatic crisis between the two longtime allies.

The subsequent signing of a Gaza peace agreement in Sharm el-Sheikh sent a clear signal that, despite sharp disagreements over policy, the foundations of the bilateral relationship remain intact.

Early in Trump’s second term, media reports said Sisi had scrapped plans to visit Washington. As the year draws to a close, speculation has said that the visit may happen. Trump has acknowledged Sisi as a friend and said he would be happy to meet him as well.

Trump’s election victory late last year raised Egyptian hopes of strengthening the strategic partnership. Sisi voiced that expectation in a congratulatory post on X, stating that he looked forward to working together with Trump to achieve peace, preserve regional peace and stability, and strengthen the strategic partnership.

Those hopes were tested when Trump floated a plan to “clean out Gaza” and relocate its residents to Egypt and Jordan. Cairo rejected the idea outright, mobilized international opposition, unveiled an alternative plan for Gaza’s reconstruction and hosted an emergency summit on the issue in March.

Limited public engagement

David Butter, a research fellow in the Middle East and North Africa program at Chatham House, noted that the striking feature of Egypt-US ties over the past year has been their low public profile.

Aside from Trump’s appearance in Sharm el-Sheikh, there was not much happening in the open, he told Asharq Al-Awsat.

Amr Hamzawy, an Egyptian political scientist and director of the Middle East program at the Carnegie Endowment for International Peace, described the first year of Trump’s second term as difficult for bilateral relations.

He said it began with talk of displacement and a “Middle East Riviera” in Gaza, but Egyptian diplomacy succeeded in shifting the trajectory.

Trump’s peace plan, he said, ultimately signaled rejection of displacement and spoke of security and political tracks for Gaza and a broader political process for the Palestinian issue, though details remain unclear.

Hamzawy added that the year opened from a tough starting point that followed what he called President Joe Biden’s hesitant stance on Gaza, when displacement was first discussed.

After nearly a year of Egyptian political and diplomatic effort, he said, displacement dropped from Washington’s agenda, even if it remains a risk that cannot be ignored.

Historically, Egypt has been a pivotal state for US national security, given its geography, demographic weight and diplomatic role, according to a recent report by the Congressional Research Service.

Gaza, the main test

The Gaza war shaped Egyptian-US relations during Trump’s first year back in office. Washington backed Egyptian-Qatari mediation to halt the war. US Secretary of State Marco Rubio thanked Cairo after a truce was reached between Israel and Hamas in January.

When hostilities resumed, however, Egypt faced complex diplomatic choices with both Washington and Israel. It rejected Trump’s call to resettle Gaza’s population, while its reconstruction plan failed to gain US or Israeli acceptance.

Cairo also drew criticism from Trump for declining to join US strikes against Yemen’s Houthis, the Congressional Research Service (CRS) revealed.

Butter noted that ties with the Trump administration were strained over Gaza after Sisi canceled a Washington visit early in the year, following Trump’s “Middle East Riviera” remarks, which left contacts at a minimum.

He said Trump’s Sharm el-Sheikh visit, the signing of the Gaza agreement and the celebration of his plan’s success offered a chance to reset relations. Egypt, he added, has become indispensable to Trump’s administration in Gaza.

Hamzawy said Gaza dominated the first year of Trump’s term, giving Egypt a chance to restore its standing with US and European decision-makers as a key mediator. Cairo put its vision on the table, he said, shifting US thinking toward parallel security and political tracks and from talk of disarmament to limiting weapons.

Throughout the year, Egypt publicly counted on Trump to end the Gaza war. In July, Sisi urged him in a televised address to press for a halt, saying Trump was capable of doing so.

Analysts Daniel Byman and Jon Alterman wrote in Foreign Policy that Egypt is indispensable to international responses to the Gaza war, even if it remains a difficult partner for Washington and Israel. The conflict, they said, restored diplomatic focus on Egypt and strengthened its leverage.

Sara Kira, director of the European North African Center for Research, said relations in Trump’s second term differ from his first. The earlier term saw broad alignment and personal warmth from Trump, particularly on counterterrorism, she said. The second term has been marked by divergence.

That surfaced in April when Trump called for free passage for US commercial and military vessels through the Suez Canal in exchange for US efforts to protect the waterway.

Positive signals despite differences

Despite disagreements over Gaza, there were positive signs elsewhere. Early in the year, the US State Department froze new funding for most aid programs worldwide, exempting humanitarian food programs and military aid to Israel and Egypt.

Washington did not include Egypt on a travel ban list issued in June. Trump said Egypt was a country with which the United States dealt closely and that things there were under control. Egypt was also spared higher US tariffs. Cairo has repeatedly stressed the depth and resilience of the strategic relationship.

Kira said Egypt exerted maximum pressure to achieve peace and stop the Gaza war, eventually convincing Washington of its approach and reaching a peace agreement in Sharm el-Sheikh. She said Egypt acted pragmatically and astutely, reading Trump’s personality and US interests.

As talks on the second phase of the Gaza agreement stall, Egypt continues to rely on the Trump administration to advance its plan. Cairo remains in contact with Washington and is working with it to prepare a donor conference for Gaza’s reconstruction, which has yet to receive sufficient momentum from the Trump administration.

The dialogue extends beyond Gaza to Libya, Sudan, Lebanon and Iran, as well as water security, led by Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), which Egypt fears could affect its Nile water share.

GERD

In mid-June, Trump stirred controversy in Egypt when he wrote on Truth Social that the United States had “stupidly” funded the dam Ethiopia built on the Blue Nile, triggering a severe diplomatic crisis with Egypt.

In August, the White House released a list of Trump’s foreign policy achievements, which included a purported agreement between Egypt and Ethiopia over the dam.

Trump has repeatedly spoken of his administration’s efforts to resolve the dispute, but those claims have yet to translate into concrete action.

Hamzawy said there is an opportunity for Washington to mediate and revive an agreement reached near the end of Trump’s first term.

Charles Dunne of the Arab Center Washington DC wrote recently that Trump’s stance may please Cairo but could also produce adverse outcomes if Washington does not assume a mediation role.

The United States hosted talks with the World Bank in 2020 during Trump’s first term, but they failed after Ethiopia refused to sign the draft agreement.

Military ties endure

Military cooperation continued largely as usual. Since 1946, the United States has provided Egypt with about $90 billion in aid, with a sharp increase after 1979, which successive administrations have framed as an investment in regional stability, according to the CRS.

For more than a decade, Congress has imposed human rights conditions on part of Egypt’s aid.

Between fiscal years 2020 and 2023, the Biden administration and Congress withheld approximately $750 million in military funding. Trump’s technical annex to the proposed fiscal 2026 budget seeks $1.3 billion in military assistance for Egypt without conditions, the CRS said.

Hamzawy said the administration is far from imposing conditionality, noting that relations rest on mutual interests between a major power and a positively influential middle power.

Since the Gaza war, the Biden and Trump administrations have accelerated US arms sales to Egypt. The State Department notified Congress of military sales totaling $7.3 billion. In July, the Pentagon announced that the State Department had approved the sale of an advanced air defense missile system to Egypt, valued at approximately $4.67 billion. Egypt also hosted the Bright Star military exercises in September.

Kira said ties with Washington are driven by interests and that Cairo has positioned itself as a core regional player.

Hamzawy said Egypt occupies a central place in US Middle East thinking, as Washington needs a spectrum of allies, with Egypt at the heart of that network.


Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
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Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP

Precious and industrial metals are surging to record highs as the year ends, driven by economic and geopolitical uncertainty, robust industrial demand and, in some cases, tight supply.

Below AFP examines the reasons for the surge in demand.

- Safe havens -

Gold and silver are traditionally seen as safe-haven assets, and demand has soared amid mounting geopolitical tensions, from US President Donald Trump's tariffs onslaught to wars in Ukraine and Gaza, as well as recent pressure by Washington on Caracas.

Investors are also uneasy about rising public debt in major economies and the risk of a bubble in the artificial intelligence sector.

These uncertainties are driving up gold and silver, with other metals now starting to see the impact as investors seek to diversify their portfolios, explained John Plassard, an analyst at Cite Gestion Private Bank.

"Metal is once again becoming insurance rather than just a speculative asset," he told AFP.

- A weak dollar -

Traditional safe havens like the dollar and US Treasuries have become less attractive this year.

Uncertainty around Trump's presidency and the prospect of further Federal Reserve interest rate cuts, have weakened the dollar, reducing its appeal to investors.

As a result, many investors are turning to gold and silver.

Gold has climbed more than 70 percent this year and passed $4,500 an ounce for the first time on Wednesday, while silver reached a record high of $72 an ounce, with prices up about 2.5 times since January.

A weak dollar is also boosting industrial metals, since commodities priced in dollars become cheaper for buyers when the currency falls.

- Fresh demand -

Industrial demand has surged in recent months, driven by the rise of artificial intelligence and the energy transition.

Copper, used for solar panels, wind turbines, electric vehicle batteries and data centers, has seen strong gains as a result.

Prices hit a record on Wednesday, topping $12,000 a ton, helped further by China, the world's largest copper consumer, announcing new measures to boost demand.

Aluminium, a cheaper alternative to copper, and silver are also benefiting from the AI boom and the shift to renewable energy.

Platinum and palladium, used in car catalytic converters, have also risen, reaching a record high and a three-year high respectively, after the European Union decided to allow sales of new internal combustion vehicles beyond 2035.

- Tight supply -

Copper prices have been lifted this year by fears of US tariffs, prompting companies to stockpile ahead of their introduction, with duties imposed on semi-finished products and potentially extending to refined copper.

Supply risks from disruptions at mines in the Democratic Republic of Congo, Chile and Indonesia have added to the price surge.

Physical markets for silver, platinum, and aluminium are also tight.

According to Ole Hansen, an analyst at Saxo Bank, thin holiday trading, which increases volatility, and investor fear of missing out have further amplified the rise at the end of the year.