Copper Prices Are Having a Banner Year — Commodities Roundup

MARKET MOVEMENTS:

-- Brent crude oil rises 2.3% to $61.62 a barrel.

-- European benchmark gas is up 1.4% to 28.48 euros a megawatt-hour.

-- Gold futures are down 1.55% to $4,482.30 a troy ounce.

-- LME three-month copper futures are up 1.8% to $12,379.50 a metric ton.

TOP STORY:

Copper Prices Are Having a Banner Year

Copper futures on the London Metals Exchange advanced around 2% early Monday, on pace to settle at another record high.

Analysts attributed the rise in copper prices to supply disruptions at major mines, looming U.S. tariffs on refined metal imports, which pushed traders to ramp up shipments, and several interest-rate cuts. Looser monetary policy tends to boost prices for industrial metals.

OTHER STORIES:

Be Prepared to Keep Paying More for Electricity

The cost of electricity generally has moved higher with inflation, but it began outstripping other cost increases in 2022, when natural-gas prices soared after Russia launched its full-scale invasion of Ukraine.

Outsize price shocks haven't been universal. Customers in most U.S. states saw electricity-price increases that were lower than inflation from 2019 to 2024, according to a study led by Lawrence Berkeley National Laboratory.

In some states, the arrival of new customers, such as data centers, helped keep prices lower than they would have been otherwise.

The recent price trend, though, is generally up.

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Winter Heating Costs Could Jump as Much as 12%. These Households Will Feel It Most.

A cold start to winter in parts of the U.S. is raising concerns about households facing higher heating costs in the frigid months ahead.

While the National Weather Service isn't predicting a particularly cold winter overall, retail prices are expected to rise for those relying on electricity or natural gas.

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Arizona Sonoran Copper, Nuton to Begin Talks to End Arizona Project Partnership

Arizona Sonoran Copper said it plans to begin talks with Rio Tinto-backed Nuton to end a partnership agreement early and fully take on the project in Arizona.

Arizona Sonoran said Monday that it plans discuss with Nuton, a copper‑technology company created by Rio Tinto, the early termination of their partnership and take over the Cactus Project on its own.

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Silver Surges and Then Slumps as Precious Metals Brace for Weeks of Volatility

Silver prices hit a fresh all-time high in overnight trading before retreating sharply amid renewed volatility in precious metals markets following an historic year of gains.

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As Memories of Fukushima Fade, Japan Seeks Bigger Role for Nuclear Power

On a sandy coastline 180 miles from Tokyo, a giant nuclear reactor will soon come back to life after more than a decade offline.

The reboot of reactor No. 6 at Kashiwazaki-Kariwa on the Sea of Japan coast will mark a milestone for a nation that in 2011 suffered one of the world's worst nuclear disasters, when an earthquake and tsunami triggered a meltdown at the Fukushima-Daiichi atomic power station.

MARKET TALKS:

Orsted's U.S. Wind Farm Leasing Pause Opens Door for Negotiation

1130 GMT - The U.S. Interior Department's decision to suspend--rather than revoke--lease contracts for Orsted wind farms increases the likelihood the company's projects will be finalized, analysts at Equita write. Though the move may entail further costs for the Danish energy company, the temporary pause gives room for a negotiation over the lease, they say. Orsted said last week it was "evaluating all options to resolve the matter expeditiously," including pursuing legal proceedings. Orsted's stock falls 0.2%, having dropped around 12% since the administration announced its decision last Monday. (jospehmichael.stonor@wsj.com)

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Commodity Currencies Fall Along With Precious Metals

1033 GMT - The Australian dollar, New Zealand dollar, Canadian dollar and South African rand fall as gold prices decline along with other precious metals. Investors are taking profits following a strong run in gold prices. Optimism over talks aimed at ending the Ukraine-Russia war have also reduced demand for gold. Silver and platinum prices are also lower. The Australian dollar falls 0.2% to $0.6699. The New Zealand dollar falls 0.4% to $0.5808. The U.S dollar rises 0.1% to 1.3683 Canadian dollars. The dollar rises 0.1% to 16.6609 rand, having reached a one-week high of 16.7266 earlier, LSEG data show.(renae.dyer@wsj.com)

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Palm Oil Ends Lower, Tracking Soybean Oil's Weakness

1009 GMT - Palm oil ended lower, tracking soybean oil's weakness on Friday. Meanwhile, the tropical oil's price was likely weighed by profit-taking activities after the recent rally, Kenanga Futures said in a note. A firmer Malaysian ringgit has continued to dampen export competitiveness, while stronger demand ahead of the Lunar New Year and Ramadan in February could lift exports and palm oil prices, it adds. The Bursa Malaysia Derivatives contract for March delivery ended 40 ringgit lower at 4,049 ringgit a ton.(sherry.qin@wsj.com)

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Copper Prices Continue to Climb

0936 GMT - Copper prices continue to climb, with benchmark three-month copper futures on the London Metals Exchange advancing nearly 2% to about $12,400 a metric ton. The metal is trading at highs as supply disruptions continue and traders bet on longer-term demand driven by electrification and artificial-intelligence infrastructure. Looming U.S. tariffs on refined metal imports are also boosting the industrial metal. Traders have been increasing shipments to the country ahead of any potential tariffs. (adam.whittaker@wsj.com)

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Gold Falls as Investors Lock In Profits

0903 GMT - Gold falls as investors lock in profits after a very strong run, Interactive Investor's Victoria Scholar writes. In New York, futures are down 1.3% to $4,492 a troy ounce. The precious metal has rallied this year, having traded around $2,670 in early January. Meanwhile, potential progress between President Trump and Ukrainian President Volodymyr Zelensky on ending the conflict with Russia has dampened demand for precious metals, Scholar adds. (adam.whittaker@wsj.com)

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Oil Prices Supported by Geopolitical Tensions

0845 GMT - Oil rises as geopolitical tensions continue. Brent crude is up 1% to $60.89 a barrel, while WTI rises 1.15% to $57.39 a barrel. U.S. talks with Ukraine on ending the war with Russia haven't delivered an agreement. President Trump offered few specifics on Sunday as to how a deal could be reached after a phone call with Russia's Putin and a meeting with Ukraine's Zelensky. Meanwhile, oil is being supported by heightening tensions between the U.S. and Venezuela. (adam.whittaker@wsj.com)

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Silver Futures Fall from Record Highs

0827 GMT - Silver futures fall from record highs and trade down 1.9% at $75.74 an ounce. The metal soared to a new record high of $82.67 earlier in the day, having traded around $30 in early January. It has been supported by demand from jewelers, data-center developers and solar-panel factories. Shares in miners Fresnillo and Hochschild Mining rise on the continued metal rally and are up 4.2% and nearly 2%, respectively. (adam.whittaker@wsj.com)

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Gold Remains Elevated Despite Slight Fall

0804 GMT - Gold futures fall slightly below $4,500 a troy ounce in early morning trade in Europe. The precious metal has continued to rally over December, having started the month at $4,274.80 an ounce. In New York, futures are down 1.2% to $4,497 a ounce. Gold has been supported by safe-haven demand and expectations of U.S. interest-rate cuts. A cut in rates supports nonyielding assets like gold. (adam.whittaker@wsj.com)

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Iron Ore Rises on Expectations for Stronger Demand

0258 GMT - Iron ore prices are higher in early Asian trading on expectations for stronger demand. Improved profitability at Chinese steel mills is driving hopes for a recovery in iron ore production, Hanhua Futures says in a research note. Although iron ore stocks continue to build up at ports, inventories at steel mills are still at low levels, leaving room for further restocking, it adds. Nanhua expects iron ore prices to continue to be rangebound as its valuation recovers. The most-traded iron-ore contract on the Dalian Commodity Exchange is up 1.9% at CNY791.0 a ton. (sherry.qin@wsj.com)

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Petronas Gas Outlook Likely Better on Higher Transportation Tariff

0111 GMT - Petronas Gas could see a modest rise in earnings after the peninsular gas utilization transportation base tariff was raised by 12.5% for the latest regulatory period, effective 2026-2028, CIMB Securities analyst Choong Chen Foong says in a note. All else equal, this could lift Petronas Gas' 2026-2028 core EPS by 3%-4% and fair value by about 3% to MYR20.00, he says. However, Petronas Gas hasn't disclosed the regulated capital expenditure or allowed returns under the latest regulatory period. This has raised uncertainty over whether the higher tariffs will merely offset capex, he adds. Pending clearer guidance, CIMB maintains a hold rating on Petronas Gas and keeps the target price at MYR19.40. Shares are unchanged at MYR18.36. (yingxian.wong@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

December 29, 2025 08:49 ET (13:49 GMT)

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