North Korea, Russia Agree to Expand Economic Cooperation

FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
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North Korea, Russia Agree to Expand Economic Cooperation

FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)

North Korea and Russia reached a new agreement for expanding economic cooperation following high-level talks in Pyongyang this week, the North’s state media said Thursday, as they continue to align in the face of their confrontations with Washington.

North Korea’s official Korean Central News Agency didn’t elaborate on the details of the agreement signed Wednesday between its senior trade officials and a Russian delegation led by Alexandr Kozlov, the country’s minister of natural resources and ecology, The Associated Press reported. The Russian news agency Tass on Tuesday said officials following an earlier round of talks agreed to increase the number of charter flights between the countries to promote tourism.

Kozlov, who arrived in North Korea on Sunday, met with North Korean leader Kim Jong Un and his top economic official, Premier Kim Tok Hun, before returning home on Wednesday, KCNA said. During Kozlov’s visit, Russian President Vladimir Putin gifted Pyongyang’s Central Zoo with more than 70 animals, including lions, bears and several species of birds, according to Tass, in another display of the countries’ growing ties.

Kim Jong Un in recent months has prioritized relations with Moscow as he attempts to break out of international isolation and strengthen his footing, actively supporting Putin’s war on Ukraine while portraying the North as a player in a united front against Washington.

Kim has yet to directly acknowledge that he has been providing military equipment and troops to Russia to support its fighting against Ukraine. South Korea’s National Intelligence Service told lawmakers in a closed-door briefing on Wednesday that an estimated 11,000 North Korean soldiers in late October were moved to Russia’s Kursk region, where Ukrainian troops seized parts of its territory this year, following their training in Russia’s northeast.

The spy agency believes the North Korean soldiers were assigned to Russia’s marine and airborne forces units and some of them have already begun fighting alongside the Russians on the frontlines, said Lee Seong Kweun, a lawmaker who attended the meeting. US, South Korean and Ukrainian officials have claimed that the North has also been supplying Russia with artillery systems, missiles and other equipment.

North Korea would be possibly getting anywhere between $320 million to $1.3 billion annually from Russia for sending its troops to Ukraine, considering the scale of the dispatch and the level of payments Russia has been providing to foreign mercenaries, according to a recent study by Lim Soo-ho, a South Korean analyst at an NIS-run think tank.

While that would be meaningful income for North Korea’s crippled and heavily sanctioned economy, it could be lower than the money the North earns from illicit coal exports or supplying military equipment to Russia, Lim said. This suggests that North Korea’s troop dispatch is less about money than acquiring key Russian technologies to further advance its nuclear weapons and missile program, which is a major concern in Seoul, Lim said.

Amid the stalemate in larger nuclear negotiations with Washington, Kim has been dialing up pressure on South Korea, abandoning his country’s long-standing goal of inter-Korean reconciliation and verbally threatening to attack the South with nukes if provoked. He has used Russia’s war on Ukraine as a distraction to accelerate the development of his nuclear-armed military, which now has various nuclear-capable systems targeting South Korea and intercontinental ballistic missiles that can potentially reach the US mainland.



World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.


Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
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Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets.

Benchmark three-month copper on the London Metal Exchange was down 1.3% at $13,663 a metric ton by 0700 GMT. That placed it on track to fall 3.44% in the week, Reuters said.

The most-traded copper contract on the Shanghai Futures Exchange fell 1.08% to 106,830 yuan ($16,018.17) a ton.

The weakness reflects worries over AI investment, ‌with copper increasingly ‌influenced by "sentiment towards data center expansion," said ‌Craig ⁠Lang, principal analyst ⁠at CRU.

Technology shares were battered after Democratic wins in the US midterms fueled concerns that new regulatory oversight could cap the AI buildout.

On the other hand, supply constraints cushioned copper's decline.

"I would be cautious about calling this a sustained correction, given ongoing mine supply challenges and exceptionally tight ⁠metal availability outside the US," Lang said.

Copper stocks ‌in SHFE-monitored warehouses <CU-STX-SGH> fell by ‌over 24% this week to just 33,848 tons — the lowest ‌in almost three years. The closely watched Yangshan copper ‌premium <SMM-CUYP-CN>, a gauge of appetite for imports into key consumer China, increased to $210 a ton on Thursday, matching its record high.

Smelters in the country are facing a double squeeze of negative treatment ‌charges and lower sulfuric acid prices.

Meanwhile, warehouse inventories outside the US have been drawn ⁠down as ⁠material was pulled into the country ahead of a potential tariff on imports of refined copper.

"These physical constraints should provide some support against weaker investor sentiment," Lang said.

Among LME metals, aluminium lost 0.54%, zinc lost 1.42%, lead lost 0.45%, nickel dipped 0.23% and tin gained 0.83%.

On the SHFE, aluminium nudged down only 0.04%, zinc lost 1.35%, lead was little changed, down only 0.03%, nickel rose 2.14% and tin dropped 3.45%.

SHFE inventories were down across the board this week, led by sharp drops in aluminium <AL-STX-SGH> and lead <PB-STX-SGH>.


Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
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Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over the next five years, driven by the current energy crisis, the International Energy Agency said on Friday.

Gas and oil prices have soared this year as the US-Iran war disrupts traffic through the Strait of Hormuz, a key route for global oil and gas trade.

Global renewable energy ‌capacity is forecast ‌to increase by almost 4,800 gigawatts ‌between ⁠2026 and 2031, ⁠the IEA said in its annual outlook.

Emerging and developing economies are expected to add about 1,100 GW, roughly the same as advanced economies, with China adding around 2,550 GW, the agency said.

Capacity growth in Southeast Asia, Africa and the Middle East is ⁠expected to triple over the period, ‌led mainly by solar installations, ‌the IEA said.

China will remain the biggest contributor to ‌global renewable energy growth, although its share is ‌forecast to fall to 53% by 2031 from 60% in 2025.

India is emerging as the world's second-fastest deployer of renewables and is expected to more than double its contribution ‌to global growth by 2031 to nearly 8.5%.

Grid connection delays remain ⁠a major ⁠challenge, with projects awaiting connections worldwide rising 60% over the past year, equivalent to four times the wind and solar capacity connected to grids during the same period.

Grid constraints are expected to slow growth in advanced economies, with annual additions in Europe through 2031 forecast to remain broadly in line with 2025 levels.

Renewable energy is expected to meet 6% of global transport energy demand by 2031, while higher fuel-blending mandates prompted the IEA to raise its biofuels forecast by 40% from last year's report.