Copper prices rose by 1% on Monday, driven by supply concerns following a deadly collapse at a mine in Chile, the world's largest copper producer. However, the gains remained limited due to ongoing worries about the global economy.

The three-month copper futures contract on the London Metal Exchange reached $9,722.50 per metric ton by 09:30 GMT, continuing the modest gains recorded on Friday.

Copper in London has rebounded by 20% since hitting a more than 16-month low in April but has retreated since surpassing the $10,000 mark in early July.

Chilean state-owned giant Codelco suspended operations at its El Teniente mine last week following a seismic event and collapse that killed six workers.

The mining minister stated on Sunday that officials will determine when it is safe to resume operations at the mine, which produced 356,000 tons of copper last year.

Additional supply concerns emerged in Japan, where Mitsubishi Materials announced on Monday that it is considering reducing copper concentrate processing at its Onahama smelter and refinery.

"This is supporting prices and helping to offset some of the growth-related worries after Friday’s jobs report," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

Friday’s US jobs data came in weaker than expected, pointing to a sharp deterioration in labor market conditions.

Hansen added, "It’s becoming clear that tariffs are starting to take effect, and what we’ve seen so far may just be the beginning. This will keep the market defensive in the short term."

In China, the most-traded copper contract on the Shanghai Futures Exchange rose 0.1% to 78,330 yuan (approximately $10,915.70) per ton.

Aluminum on the LME added 0.5% to $2,579.50 per ton, zinc rose 0.9% to $2,750.50, nickel gained 0.3% to $15,025, lead climbed 0.2% to $1,975.50, and tin advanced 0.3% to $33,465.

The US Dollar Index fell 0.4% to 98.7 points by 16:01 GMT, after hitting a high of 98.9 and a low of 98.5.

Meanwhile, US copper futures for September delivery held steady at $4.43 per pound by 15:59 GMT.

Bitcoin held steady in Monday trading after suffering sharp losses last week, as concerns over slowing US economic growth and looming trade tariffs weighed on investor appetite for risk assets.

Broader cryptocurrency prices saw modest gains but remained under pressure from last week’s wave of risk aversion, with some investors still taking profits.

Bitcoin rose 0.6% to $114,268.8 as of 01:25 ET (05:25 GMT). Despite recent institutional buying, Bitcoin ended last week down nearly 3%.

Bitcoin Wobbles on Weak Jobs Data and Tariff Uncertainty

Bitcoin fell in tandem with Wall Street on Friday after July’s US nonfarm payrolls came in far below expectations. The sharp downward revision in the prior two months’ job figures added to fears of a deteriorating labor market.

In a surprise move shortly after the data release, US President Donald Trump fired Bureau of Labor Statistics chief Erica MacEntarfer, stoking concerns over the integrity of future US economic data.

While the weak jobs report boosted bets on a Federal Reserve rate cut in September, it also highlighted the depth of the slowdown in the world’s largest economy.

Adding to the uncertainty was the fast-approaching implementation of Trump’s new tariffs on key US trading partners, which could further disrupt global economic stability.

Although Bitcoin is not directly impacted by tariffs or labor data, shifts in investor sentiment tend to influence speculative asset prices. On the other hand, lower interest rates tend to support Bitcoin in the long run.

Bitcoin Jumps After Metaplanet Buys 463 More Coins, Raising Holdings to 17,595 BTC Worth Over $2 Billion

Tokyo-listed Metaplanet Inc. announced the purchase of an additional 463 BTC as part of its ongoing strategy to expand its Bitcoin reserves. The $53.7 million acquisition brought the company’s total holdings to 17,595 BTC, worth over $2 billion at current market prices.

The move reflects Metaplanet’s continued aggressive stance on treating Bitcoin as a core treasury asset, echoing a growing trend among companies seeking long-term strategic exposure to crypto.

Strategic Expansion and Market Confidence

The average purchase price of the new Bitcoin tranche was $115,895 per coin. The company’s average acquisition cost stands at approximately ¥14.85 million per Bitcoin.

Metaplanet began accumulating Bitcoin in mid-2024 and accelerated purchases following the official launch of its BTC reserve operations in December 2024.

To fund the acquisitions, Metaplanet has utilized a mix of operating income, bond issuances, and equity raises through structured financing. It now plans to raise $3.7 billion via perpetual preferred shares with a target of holding 210,000 BTC by 2027—equal to roughly 1% of global Bitcoin supply.

With 17,595 BTC currently on its books, the company has achieved about 8.4% of its target. If successful, it would rank among the largest corporate Bitcoin holders globally.

Performance Metrics and Rising Institutional Adoption

Metaplanet tracks its Bitcoin investment via custom metrics like BTC Yield, which measures Bitcoin holdings per fully diluted share.

In Q2, BTC Yield hit 129.4%, up from 95.6% in Q1 and 24.6% so far in Q3. According to CEO Simon Gerovich, year-to-date BTC Yield has reached an annualized rate of 459.2%.

The strategy mirrors that of US-based firm Strategy, led by Michael Saylor, which recently raised $2.5 billion via preferred equity to buy Bitcoin. Both firms are pioneering financing structures that enable large-scale Bitcoin purchases without shareholder dilution or traditional debt.

Metaplanet currently ranks as the seventh-largest corporate Bitcoin holder, trailing Strategy, Mara Holdings, Riot Platforms, and others.

Market Reaction and Broader Implications

The announcement pushed Bitcoin above $114,000, reflecting growing institutional confidence. It is currently trading at $114,635, up 0.9% on the day.

This wave of corporate Bitcoin accumulation signals a new phase of institutional adoption, where Bitcoin is increasingly seen not just as a speculative asset but as a strategic financial reserve.

Silver prices climbed in European trading on Monday, extending their rebound for a second consecutive day from a three-week low, supported by buying from lower levels and a weaker US dollar in the foreign exchange market.

Weaker-than-expected US jobs data has raised the likelihood that the Federal Reserve will cut interest rates in September. Investors now await more economic indicators and commentary from Fed policymakers to reassess those expectations.

Price Overview

• Today’s silver prices: Silver rose by 1.0% to $37.40, up from the opening level of $37.04. The session’s low stood at $36.68.

• On Friday, silver gained around 0.9%—its first rise in three days—as part of a recovery from the three-week low of $36.22 per ounce.

• Last week, silver lost 3.0%, marking its second weekly loss in the past three weeks due to profit-taking from the 14-year high of $39.53 per ounce.

US Dollar

The US Dollar Index hit a one-week low of 98.60 on Monday, reflecting continued weakness against both major and minor currencies.

The decline came as weak US labor data and newly announced tariffs by President Donald Trump reignited fears of an economic slowdown in the world’s largest economy, reinforcing expectations for a rate cut in September.

US Interest Rates

• US job growth slowed more than expected in July, with nonfarm payrolls rising by just 73,000, following a downward revision to 14,000 jobs in June.

• According to CME Group’s FedWatch tool, the probability of a 25 basis point rate cut at the September meeting rose from 43% to 75%, while the chance of no change fell from 57% to 25%.

• The odds of a 25 basis point cut in October rose from 64% to 95%, with the likelihood of no change dropping from 36% to 5%.

• Traders now anticipate around 63 basis points of easing by December—up from 35 basis points prior to the jobs report.

Lower US interest rates generally favor non-yielding assets such as gold, silver, and other precious metals.

Oil prices declined on Monday after the OPEC+ alliance agreed to a substantial production increase for September, even as traders remained cautious amid the threat of additional US sanctions on Russia.

Brent crude futures dropped 85 cents, or 1.2%, to $68.82 a barrel by 08:46 GMT, while US West Texas Intermediate (WTI) crude fell 82 cents, also 1.2%, to $66.51 a barrel. Both benchmarks had closed nearly $2 lower on Friday.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed on Sunday to boost oil output by 547,000 barrels per day in September. The move is part of a series of rapid supply increases aimed at reclaiming market share.

This step—largely anticipated by markets—marks a full and early reversal from the bloc’s largest tranche of production cuts, which had totaled around 2.5 million barrels per day, or roughly 2.4% of global demand.

Goldman Sachs analysts estimate that the actual increase in supply from the eight OPEC+ countries that have been ramping up output since March will reach about 1.7 million barrels per day, as other members have cut back after previously exceeding their quotas.

Meanwhile, investors continued to assess the impact of recent US tariffs on exports from dozens of trading partners.

Still, markets remained wary of potential new sanctions on Russia, after President Donald Trump threatened to impose 100% secondary tariffs on buyers of Russian crude oil in a bid to pressure Moscow into halting its war in Ukraine.

“Over the medium term, oil prices will be driven by a mix of tariffs and geopolitical factors. Any price spikes resulting from energy sanctions are likely to be temporary,” said Tamas Varga, an analyst at PVM.

Two trading sources said Friday, citing LSEG trade flow data, that at least two tankers carrying Russian oil bound for Indian refineries had been rerouted following the new US sanctions.

Analysts at ING wrote in a note that roughly 1.7 million barrels per day of crude supply could be at risk if Indian refiners cease purchases of Russian oil.

However, two Indian government sources told Reuters on Saturday that the country would continue buying oil from Russia despite Trump’s threats.