Copper prices rose on Monday, supported by a weaker US dollar, which helped the market temporarily look past weak data and ongoing concerns surrounding China’s property sector, the world’s largest consumer of metals.

The benchmark three-month copper contract on the London Metal Exchange (LME) climbed 1.4% to $11,678 per metric ton by 17:03 GMT.

Copper had hit a record high of $11,952 per ton on Friday, driven by fears of tight supply, before coming under selling pressure as concerns resurfaced over a potential artificial intelligence bubble.

Alastair Munro, head of metals strategy at Marex, said prices are likely to remain volatile and range-bound through the end of the year and into the first quarter.

One trader noted that short positions on the LME are being reduced or rolled ahead of Wednesday’s settlement. The trader added that around 39% of the 165,875 tons of copper held in LME-registered warehouses has been classified as available for delivery.

At the same time, daily inflows into copper inventories on the Comex exchange, which have already reached record levels, continued to rise, driven by higher Comex prices. The United States excluded refined copper from the 50% import tariffs that took effect in August, although the metal remains under review.

Samuel Bazi, founder of risk management and trading firm Perfectly Hedged, said that as long as a large arbitrage gap exists between the LME and Comex, metal is likely to keep flowing into the US as traders seek to capture those profits.

In China, the world’s largest metals consumer, data showed industrial output growth slowed to a 15-month low in November, while new home prices continued to decline.

Concerns over China’s property sector intensified after property developer Vanke made renewed efforts to secure bondholder support to meet upcoming domestic debt repayments.

Other metals on the London Metal Exchange

Aluminum edged up 0.1% to $2,870 per ton.

Zinc fell 1.0% to $3,092.50 per ton.

Tin slipped 0.8% to $40,860 per ton.

Nickel dropped 1.9% to $14,310 per ton.

Lead declined 1.2% to $1,942.50 per ton, after touching $1,939, its lowest level since May.

Bitcoin edged slightly lower on Monday, trading below the $90,000 level as risk appetite remained weak and a wait-and-see approach dominated markets ahead of a data-heavy week and multiple central bank decisions.

The world’s largest cryptocurrency slipped 0.4% to trade at $89,768.6 by 01:54 a.m. US Eastern Time (06:54 GMT).

Bitcoin trades in a narrow range ahead of key US data

Bitcoin has struggled to find a clear direction in recent sessions, as investors refrained from opening new positions ahead of a series of major US economic releases expected to play an important role in shaping interest rate expectations.

Markets are awaiting US labor market data, weekly jobless claims, November inflation figures, as well as preliminary December PMI readings, in search of signals on the strength of the US economy.

Comments from Federal Reserve Board members Steven Miran and Christopher J. Waller are also in focus, as investors look for clues on policymakers’ views regarding the future path of interest rates.

Upcoming central bank meetings this week have further pressured sentiment toward risk assets, with policy decisions due from the Bank of Japan, the Bank of England, and the European Central Bank.

These decisions are expected to influence global liquidity conditions, which remain a key driver of cryptocurrency price movements.

Bitcoin’s recent price action, marked by tight trading ranges and weak momentum, reflects the broader sense of caution prevailing across global financial markets.

HashKey raises $206 million in Hong Kong IPO – Bloomberg

Bloomberg reported on Monday that HashKey Holdings Ltd, operator of Hong Kong’s largest licensed cryptocurrency exchange, raised HK$1.6 billion (about $206 million) after pricing its initial public offering near the top of the indicated range.

The company sold 240.6 million shares at HK$6.68 per share, close to the upper end of the HK$5.95–HK$6.95 pricing range, according to people familiar with the matter cited by Bloomberg.

The report added that investor demand exceeded the number of shares on offer by several times.

Cryptocurrency prices today: Altcoins muted amid risk-off mood

Most major altcoins showed muted performance on Monday, trading within narrow ranges amid a broader risk-off environment.

Ethereum, the world’s second-largest cryptocurrency, rose 1% to $3,141.92.

Meanwhile, XRP, the third-largest cryptocurrency by market capitalization, fell 0.6% to $2.00.

Oil prices were little changed on Monday as investors weighed supply disruptions linked to rising tensions between the United States and Venezuela against concerns over excess supply and the potential impact of a peace deal between Russia and Ukraine.

Brent crude futures fell $0.20, or 0.33%, to $60.92 a barrel by 13:01 GMT, while US West Texas Intermediate crude slipped $0.21, or 0.37%, to $57.23 a barrel.

Both benchmark contracts dropped more than 4% last week, pressured by expectations of a global oil supply surplus in 2026.

John Evans, an analyst at PVM, said the gradual decline in oil prices and the move to the lowest levels since the start of the month across major futures complexes last week could have been sharper were it not for the United States stepping up pressure related to Venezuela.

Shipping data, documents, and maritime sources showed that Venezuelan oil exports fell sharply after the United States seized an oil tanker last week and imposed new sanctions on shipping companies and vessels dealing with the Latin American producer.

Markets are closely monitoring developments and their potential impact on oil supplies after Reuters reported that the United States intends to intercept more vessels carrying Venezuelan oil following the tanker seizure, increasing pressure on President Nicolas Maduro.

In a related development, Ukrainian President Volodymyr Zelenskiy offered to abandon his country’s bid to join NATO during five hours of talks with US envoys in Berlin on Sunday, with negotiations set to continue on Monday.

US envoy Steve Witkoff said that “a lot of progress has been made,” without providing further details.

Any potential peace agreement could eventually lead to higher Russian oil supplies, which are currently under sanctions imposed by Western countries.

Tsuyoshi Ueno, chief economist at NLI Research Institute, said peace talks between Russia and Ukraine are swinging between optimism and caution, while tensions between Venezuela and the United States are rising, raising concerns about potential supply disruptions.

At the same time, expectations of a supply surplus continued to weigh on prices.

JPMorgan’s commodities research unit said in a note on Saturday that oil surpluses expected in 2025 are likely to widen further in 2026 and 2027, with global oil supply growth forecast to outpace demand growth by a factor of three through 2026.

The Japanese yen rose on Monday ahead of what is widely expected to be an interest rate hike in Japan later this week, as markets navigate a packed calendar of central bank decisions and key US economic data that could help shape the Federal Reserve’s near-term policy outlook.

The yen was last up about 0.6%, trading just below ¥155 per dollar, extending early gains after the Bank of Japan said most Japanese companies surveyed expect wage growth in fiscal year 2026 to be broadly in line with increases seen in the current fiscal year.

A separate, closely watched survey showed business sentiment among Japan’s major manufacturers rose to its highest level in four years in the three months through December.

A rate hike on Friday is seen as nearly certain, giving the yen an edge against the dollar, which could face pressure from expectations that US interest rates may be cut early next year. Currency traders who had borrowed yen to invest in higher-yielding dollar-denominated assets, such as US technology stocks, may now find those carry trade positions less attractive.

Lee Hardman, a currency strategist at MUFG, said continued yen strength into year-end would likely depend on updated guidance from the Bank of Japan alongside the rate hike decision, as well as external conditions. He added that a deeper sell-off in US technology and AI stocks could support the yen by disrupting favorable conditions for yen-funded carry trades.

Elsewhere, both the Bank of England and the European Central Bank are also set to decide monetary policy this week.

Markets are almost fully pricing in an interest rate cut by the Bank of England, as UK inflation has begun to show signs of easing, while expectations point to the ECB keeping rates unchanged. Traders have also started to speculate about the possibility of an ECB rate hike in 2026.

Sterling was steady at $1.33865, while the euro was little changed at $1.1737.

Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia, said the Bank of England decision would be particularly interesting. He noted the call would likely be finely balanced, adding that upcoming inflation data this week could trim some of the pricing for further rate cuts.

UK wage growth data is due on Tuesday, followed by consumer inflation figures on Wednesday.

Key US data ahead

A batch of delayed US economic data, postponed due to the government shutdown, is also due for release, offering investors a long-awaited snapshot of the world’s largest economy. The November jobs report is scheduled for Tuesday, with inflation data following on Thursday.

Sim Moh Siong, a currency strategist at Bank of Singapore, said the upcoming data is relatively dated and distorted by the shutdown, creating significant noise. He added that policymakers are likely to interpret the figures with greater caution than usual, focusing instead on the broader trend in the US labor market.

The Federal Reserve, which remains deeply divided, cut interest rates last week, though Chair Jerome Powell signaled that borrowing costs are unlikely to fall further in the near term until there is more clarity on economic conditions.

US President Donald Trump said on Friday he is leaning toward appointing either former Fed governor Kevin Warsh or National Economic Council Director Kevin Hassett to lead the central bank next year.

In Asia, data released on Monday showed China’s industrial output and retail sales grew at their slowest pace in more than a year in November, adding to the challenges facing policymakers as they seek new ways to sustain momentum in the $19 trillion economy.

The Australian dollar, often used as a liquid proxy for the yuan, slipped 0.1% to $0.665, while the onshore yuan strengthened to its highest level in more than a year at ¥7.047 per dollar.