Copper prices rose on the London Metal Exchange (LME) during Friday’s session but later turned flat to slightly negative in US trading hours, as investors weighed demand prospects following data showing a decline in China’s copper imports.

The most actively traded copper contract on the LME gained 0.3% to $10,712 per ton as of 3:01 p.m. Mecca time.

Despite this uptick, prices remain down about 4% since hitting an all-time high above $11,200 per ton on October 29.

According to government data released Friday, China’s copper imports fell 9.7% month-over-month to 438,000 tons in October, as buyers pulled back amid surging prices for the red industrial metal.

On the supply side, US-based Freeport-McMoRan announced in a regulatory filing that its Indonesian subsidiary has resumed operations at two mines within the Grasberg complex following a temporary suspension.

Meanwhile, the US Dollar Index slipped 0.2% to 99.5 by 14:33 GMT, after touching a session high of 99.8 and a low of 99.5.

In US trading, December copper futures edged down less than 0.1% to $4.96 per pound as of 14:20 GMT.

Bitcoin fell on Friday, heading for a steep weekly loss as a global selloff in technology stocks dampened risk appetite and drove investors away from cryptocurrencies.

The world’s largest digital asset is on track for its second consecutive weekly decline and has fallen in four of the past five weeks, with crypto markets struggling to recover from a lackluster October performance.

Bitcoin slipped 0.8% to $102,294.3 by 00:23 Eastern Time (05:23 GMT). The token officially entered a bear market this week after dropping more than 20% from its record high reached in early October.

Bitcoin heads for weekly losses amid broader risk-off sentiment

Bitcoin has fallen roughly 8% this week, marking its second straight weekly decline.

The pullback came as the wave of selling that began in high-risk assets — particularly tech stocks — spread to cryptocurrencies. Mounting concerns over inflated tech valuations triggered a broad market selloff that later extended to other sectors.

Lingering economic uncertainty has also weighed on sentiment, as the ongoing US government shutdown continues to disrupt large parts of the economy and delay key data releases.

Private-sector employment data on Thursday showed a sharp rise in layoffs during October, boosting market expectations that the Federal Reserve may cut interest rates again at its next meeting in December.

Trump: “We want America to be a Bitcoin superpower”

US President Donald Trump said earlier this week that he wants the United States to embrace Bitcoin and its related technologies more broadly, calling for American leadership in the crypto space.

Trump stated that his administration had introduced several pro-crypto measures, claiming that the US has “ended its regulatory war” against digital assets.

“We’re turning the United States into the great Bitcoin power — the global capital of cryptocurrency,” Trump said, adding that his goal is to ensure America maintains its edge over China in this field.

His administration has announced a number of supportive initiatives this year, including the creation of a national cryptocurrency reserve and a regulatory framework for stablecoins, though it has avoided any direct purchases of digital assets.

Other cryptocurrencies post muted performance and weekly losses

Altcoins traded in a narrow, downward range on Friday, also recording weekly losses in line with the broader risk-off tone.

Ether (ETH) — the world’s second-largest cryptocurrency — slipped 0.9% to $3,357, extending its weekly drop to more than 13% after hitting its lowest level since mid-July earlier in the week.

XRP declined 4.1% and about 11% for the week, while Binance Coin (BNB) rose 1.9% on Friday but remained down roughly 12% over the week.

Oil prices rose on Friday but remained on track for a second straight weekly loss after three consecutive sessions of declines, as concerns over excess supply and weakening US demand continued to weigh on the market.

Brent crude futures gained 60 cents, or 1%, to $63.98 a barrel by 09:04 GMT, while US West Texas Intermediate (WTI) crude rose 61 cents, or 1%, to $60.04 a barrel.

Despite the uptick, both benchmarks were heading for weekly losses of more than 1.5%, pressured by rising output from major global producers.

Ole Hvalbye, an analyst at SEB Bank, said, “The market is still balancing between growing oversupply and mixed economic indicators.”

Tony Sycamore, an analyst at IG Markets, added that the unexpected 5.2 million-barrel increase in US crude inventories this week reignited fears of a supply glut.

He noted that risk-off flows have strengthened the dollar, while the ongoing US government shutdown continues to weigh on economic activity.

The US Energy Information Administration (EIA) reported on Wednesday that crude inventories rose more than expected due to higher imports and lower refinery runs, while gasoline and diesel stockpiles declined.

Concerns over the effects of the longest government shutdown in US history also pressured oil prices. The Trump administration ordered a reduction in flights at major airports due to a shortage of air traffic controllers, while private data pointed to weakness in the US labor market in October.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies — collectively known as OPEC+ — agreed on Sunday to a modest production increase in December but froze any further hikes through the first quarter of next year to prevent an oversupply buildup.

Amid a saturated market, Saudi Arabia — the world’s largest oil exporter — announced steep price cuts for its December crude sales to Asian buyers.

Meanwhile, Western sanctions on Russia and Iran continue to disrupt supply flows to major importers such as China and India, offering limited support to global markets.

Chinese customs data showed that crude imports in October rose 2.3% from September and 8.2% year-on-year to 48.36 million metric tons, reflecting higher refinery utilization in the world’s largest oil importer.

In related news, Swiss commodity trader Gunvor announced Thursday that it had withdrawn its bid to purchase the overseas assets of Russian energy company Lukoil, after the US Treasury labeled the firm a “Russian front” and signaled opposition to the deal.

Vandana Hari of Vanda Insights said, “Gunvor’s withdrawal from the Lukoil asset deal underscores Washington’s continued maximum-pressure policy on Russia, and may indicate stricter enforcement of sanctions against Rosneft and Lukoil going forward.”

The US dollar is on track for a modest weekly gain as investors balance the Federal Reserve’s hawkish tone with persistent concerns about the US economy.

The dollar began a five-day winning streak last week after Fed Chair Jerome Powell acknowledged the “risks” of further monetary easing, but it reversed sharply on Thursday following weak labor market data.

US Treasury yields also declined amid growing uncertainty caused by the ongoing government shutdown in Washington and the legal debate surrounding President Donald Trump’s proposed tariffs.

Mohit Kumar, economist at Jefferies, said: “The December Fed meeting is essentially a coin toss—it will depend heavily on the labor market. The market tends to overreact to any job-related signals.”

He added: “Powell’s comments at the latest FOMC meeting suggest that the likelihood of a rate cut in December remains low.”

Due to the prolonged US government shutdown and the delay in publishing the monthly nonfarm payrolls report, traders have turned to private-sector data showing that the economy lost jobs in October across government and retail sectors. Cost-cutting initiatives and increased use of artificial intelligence have also fueled a surge in layoffs.

Barclays Bank forecast earlier this week a 60% chance that the record-long government shutdown will end between November 11 and 21, compared with a 15% chance of it lasting until December.

The US Dollar Index, which measures the greenback’s performance against six major currencies, rose 0.14% to 99.81, heading for a weekly increase of about 0.08%. The index regained some momentum but continues to trade within the same range it has maintained since August.

Analysts noted that the earlier flight to safe-haven assets helped the dollar recover part of its appeal as a defensive hedge, although the Japanese yen remains the market’s preferred safe-haven currency.

Meanwhile, technology-heavy equity markets are poised for their largest weekly losses in seven months.

Traders increased their bets on a rate cut despite comments from Chicago Fed President Austan Goolsbee, who said Thursday that the absence of official inflation data due to the government shutdown “adds to his caution” about further easing. In an interview with CNBC, he added: “When visibility is poor, we must be more careful and move slowly.”

Futures markets currently imply a 65% probability of a rate cut at the next Federal Reserve meeting on December 10, according to the CME FedWatch tool.

The euro slipped 0.1% against the dollar to $1.1535 but outperformed other European currencies, including the British pound and the Swiss franc.

In China, exports fell unexpectedly in October, marking their largest decline since February, after months of accelerated US orders to avoid tariff deadlines. The data suggests Beijing is struggling to diversify its export markets away from the US, potentially increasing pressure on European markets.

The euro continues to find support from expectations that the European Central Bank will hold interest rates steady, while both the US and UK are projected to resume rate cuts in 2026.

The dollar rose 0.23% against the Japanese yen to ¥153.41, after touching ¥152.82 earlier—its lowest level since October 30.

The Australian dollar held steady at $0.6480, while the New Zealand dollar (the kiwi) fell 0.4% to $0.5609.