Copper prices on the London Metal Exchange declined during Friday’s trading after approaching a new record level near $12,000 per ton, amid concerns that elevated prices could start to weigh on demand.

Three-month copper futures on the LME fell 0.35% to $11,829 per ton by 13:30 GMT.

The pullback came after prices touched an all-time high of $11,952, while the metal remains on track to post weekly gains for the third consecutive week.

In contrast, the most actively traded copper contract on the Shanghai Futures Exchange closed Friday’s session up 1.95% at 94.08 thousand yuan ($13,335.03) per ton, recording weekly gains of around 1.4% after hitting a new record high of 94.57 thousand yuan.

The Shanghai Futures Exchange also reported that copper inventories in its registered warehouses rose by 0.5% over the past week to 89.389 thousand tons.

During US trading hours, March copper futures were up 0.2% at $5.51 per pound at 14:32 GMT.

Bitcoin rose on Friday, remaining on track to post weekly gains as investors assessed the Federal Reserve’s latest interest rate cut and its updated economic outlook.

By 08:10 ET (13:05 GMT), the world’s largest cryptocurrency was trading 2.5% higher at $92,399.0.

Bitcoin is heading for a weekly gain of more than 3%, recovering part of its losses after a decline in the previous week and a sharp drop in November.

Federal Reserve

The world’s most popular digital currency has struggled to build sustained momentum throughout December, despite the Federal Reserve moving ahead with another round of monetary easing.

Bitcoin has continued to trade within a range between $88,000 and $93,000, a band that has dominated its performance throughout December.

The Federal Reserve cut interest rates by 25 basis points on Wednesday, marking its third cut this year, and signaled a cautious approach toward further easing in 2026.

Analysts said the central bank’s tone, while supportive of risk assets, did not reach the dovish level some traders had been hoping for, limiting its impact on cryptocurrency markets.

Despite the more accommodative monetary environment, Bitcoin has yet to record a clear bullish breakout.

Analysts also pointed to ongoing macroeconomic uncertainty, as the Fed expects slower growth and acknowledged internal divisions within the monetary policy committee.

The muted price reaction following the Fed’s decision contrasts with previous periods in which easing cycles fueled strong rallies in digital assets.

Cryptocurrency prices today: Most altcoins rise amid broader improvement

Most altcoins traded higher on Friday but remained within narrow ranges amid a generally cautious market tone.

Ethereum, the world’s second-largest cryptocurrency, rose 1.7% to $3,244.49.

XRP, the third-largest cryptocurrency, also climbed 1.7% to $2.0437.

Oil prices edged lower on Friday and were on track for a weekly decline, as investors focused on supply glut concerns and the prospects of a peace agreement between Russia and Ukraine, amid fears of potential disruptions to Venezuelan oil supplies.

Brent crude futures fell 19 cents, or 0.31%, to $61.09 a barrel by 11:25 GMT. US West Texas Intermediate crude slipped 15 cents, or 0.26%, to $57.45 a barrel. Both benchmarks had dropped about 1.5% on Thursday.

Rystad Energy analyst Janiv Shah said that some supportive factors for prices remain in place, including rising tensions between the United States and Venezuela, as well as Ukrainian drone attacks on a Russian oil platform in the Caspian Sea.

According to six sources familiar with the matter, the United States is preparing to intercept more vessels carrying Venezuelan oil after detaining a tanker earlier this week.

Meanwhile, data from industry sources and Reuters calculations showed that Russia’s seaborne exports of oil products fell by just 0.8% in November compared with October, as the completion of refinery maintenance helped offset lower fuel exports from southern routes such as the Black Sea and the Sea of Azov.

Brent and WTI have lost more than 4% since the start of the week, reflecting broader uncertainty across markets.

Tamas Varga, analyst at PVM Oil Associates, said that while some supply-side pressures may provide limited, intermittent support for prices, overall market sentiment points to supply exceeding demand, with any price rallies expected to be short-lived.

Data from the Organization of the Petroleum Exporting Countries showed that global oil supply could align with demand in 2026, a view that contrasts with estimates from the International Energy Agency but is more pessimistic than OPEC’s outlook earlier this year, when it had expected demand to outstrip supply.

The US dollar was steady on Friday, but remained on track to post a third consecutive weekly decline, weighed down by expectations of interest rate cuts next year, while the British pound was little changed after data showed the UK economy contracted unexpectedly in the three months through October.

The dollar index—which measures the US currency against six major peers—held at 98.34 points, heading for a weekly decline of 0.64%. The index has now fallen more than 9% year-to-date, on course for its largest annual drop since 2017.

Amid dollar weakness, the euro rose to trade at $1.1737 after gaining 0.37% on Thursday, when it climbed to its highest level in more than two months. Sterling also edged up to $1.3383, hovering near a seven-week high hit on Thursday, supported by economic data that reinforced expectations of a Bank of England rate cut.

Both European currencies are on track to post a third straight weekly gain against the dollar.

Uncertainty over Fed policy next year

The Federal Reserve cut interest rates this week as expected, but comments from Chair Jerome Powell and the accompanying statement were less hawkish than investors had anticipated, reinforcing dollar selling pressure.

“The US dollar is stabilizing after the post-Fed selloff, but it remains under pressure from rate cut expectations and seasonal factors,” said Frantisek Taborsky, currency strategist at ING.

Investors are facing significant uncertainty over the path of US monetary policy next year, as inflation trends and labor market strength remain unclear. Markets are currently pricing in two rate cuts in 2026, compared with policymakers’ projections of one cut next year and another in 2027.

The policy outlook will depend on upcoming economic data, which has been delayed by the impact of the 43-day federal government shutdown in October and November. This comes as the United States heads toward midterm elections, expected to focus heavily on economic performance, amid calls from President Donald Trump for deeper interest rate cuts.

Markets are also closely watching who will succeed Powell as Fed chair and how that transition could affect growing concerns over central bank independence under the Trump administration.

UK economic setback

Sterling dipped slightly after data showed UK gross domestic product contracted by 0.1% in the three months from August to October, compared with expectations for a flat reading in a Reuters poll of economists.

“It is not entirely clear at this stage whether the recent weakness points to an underlying slowdown, or reflects reduced spending ahead of the budget announcement, and to what extent these moves are temporary,” said Philip Shaw, chief economist at Investec.

Finance Minister Rachel Reeves delivered a tax-raising budget on November 26.

The data strengthened bets that the Bank of England will cut interest rates next week, although such a move had already been largely priced in by markets for several weeks.

Yen and franc ahead of central bank meetings

The Japanese yen weakened by 0.2% to 155.87 per dollar ahead of the Bank of Japan’s meeting next week, where expectations broadly point to a rate hike. Markets are focused on policymakers’ guidance regarding the interest rate path in 2026.

Reuters reported that the Bank of Japan is likely to maintain its commitment to further rate increases, while stressing that the pace of future hikes will depend on how the economy responds to each move.

Meanwhile, the Swiss franc was steady at 0.7951 per dollar, after rising on Thursday to its strongest level in about a month. The Swiss National Bank has kept interest rates at 0%, saying a recent agreement to reduce US tariffs on Swiss goods had improved the economic outlook, even as inflation has come in below expectations.