Copper prices were steady on Monday as Chile allowed mining operations to resume at Codelco’s El Teniente mine, while the market awaited further signals on the path of interest rates.

Benchmark three-month copper on the London Metal Exchange slipped 0.1% to $9,756 per metric ton by 09:34 GMT, after gaining 1.4% last week.

Easing supply concerns, Codelco said on Saturday that Chilean government regulators had approved the reopening of parts of El Teniente unaffected by the July 31 collapse, which killed six workers.

On the consumption side, data showed China’s producer prices fell more than expected in July, while consumer prices were unchanged, reflecting weak domestic demand.

Investors hope demand from China, the world’s largest metals consumer, will improve in September — typically the peak season — and that Beijing and Washington will extend the deadline for reaching a trade agreement once again.

A trader noted that the metals market was relatively calm ahead of the release of US inflation data this week, which could determine whether the Federal Reserve cuts borrowing costs next month, as lower interest rates boost the economic growth outlook for industrial metals tied to economic activity.

Technically, copper found support at its 21- and 50-day moving averages, in the $9,735–$9,740 range.

Among other LME metals, zinc was steady at $2,825 a ton. However, the price spread between the spot zinc contract and the three-month contract narrowed to 20 cents from $13 on August 15, as available warehouse stocks approved by the exchange fell to a two-year low.

Aluminum fell 0.5% to $2,596.50 a ton, lead slipped 0.3% to $2,001.50, tin was unchanged at $33,450, and nickel rose 0.7% to $15,260.

Meanwhile, the US dollar index rose 0.4% to 98.6 by 15:57 GMT, with a high of 99.3 and a low of 98.03.

In US trading, September copper futures fell 0.1% to $4.46 per pound by 15:53 GMT.

Bitcoin is expected to break its all-time high this month, as optimism about the macroeconomic outlook continues to support risk assets, including cryptocurrencies, according to experts quoted by Decrypt on Sunday.

Weekend gains helped offset last week’s losses, with Bitcoin rising 4.5% since Saturday’s open, nearing its July 14 peak of $122,838, according to CoinGecko data.

Open interest grew by 7,834 BTC, alongside increases in both spot and perpetual trading volumes, according to derivatives platform Coinalyze, with signs that the rally was driven mainly by speculative long positions.

Sean Dawson, head of research at options platform Dervie, told Decrypt: “There’s still plenty of fuel left for this rally,” adding that Bitcoin is expected to reach “$150,000 before year-end” based on volatility data.

The cryptocurrency rally followed a surge in tech stocks last week, coinciding with investor optimism over potential US interest rate cuts and a weaker dollar.

Crypto-focused newsletter Ecoinometrics noted in a Sunday post on X that the growing correlation between the Nasdaq and Bitcoin “explains the recent price action.” It added: “Bitcoin may be digital gold, but it trades like a high-risk asset. What really matters is whether markets are in a risk-on or risk-off mode.”

Markets are now turning their attention to Tuesday’s July Consumer Price Index report, with economists expecting a 10-basis-point rise in annual inflation to 2.8%.

A lower-than-expected reading could boost expectations for a Federal Reserve rate cut as early as September.

Dawson said: “We’re seeing a convergence of economic and political factors that can drive prices higher,” adding: “Cryptocurrencies tend to perform well in low interest rate environments.”

However, Dawson also pointed to growing demand for put options, reflecting increased concern over a possible upside surprise in inflation data, which could cause “a minor panic” and lead to “a sharp drop.”

Bitcoin and Crypto Get a Regulatory Boost from the US

Bitcoin posted strong gains in the second half of last week after US President Donald Trump signed an order directing regulators to allow retirement and savings plans, such as 401(k)s, access to alternative assets and private equity investments, including cryptocurrencies.

The move opens the door to a new source of institutional demand for digital assets, amid growing institutional interest.

The largest US Bitcoin ETFs saw three consecutive days of strong inflows following Trump’s order, which coincided with a sharp rally in Bitcoin prices. However, much of the recent crypto gains occurred over the low-liquidity weekend, raising questions about the sustainability of current price levels.

Trump’s order last week followed a series of pro-crypto regulatory moves by his administration in recent months, including the passage of a bill establishing a regulatory framework for stablecoins.

Rumble Weighs $1.2 Billion Bid for Tether-Backed Northern Data

US-listed video platform Rumble Inc. (NASDAQ: RUM) said Sunday it is considering a $1.17 billion offer to acquire German AI company Northern Data AG (F:NB2).

Tether, the world’s largest stablecoin issuer, is Northern Data’s biggest shareholder and could become Rumble’s largest shareholder if the deal goes through.

Rumble said it is considering offering 2.319 shares for each Northern Data share, equivalent to $18.3 per share and valuing the deal at $1.17 billion.

It added that Tether could also become one of Rumble’s largest customers if the deal proceeds, with a multi-year commitment to purchase processors from the company. However, Rumble stressed that the offer is still preliminary and not yet final.

Oil prices steadied on Monday after falling more than 4% last week, as investors awaited the upcoming talks between the United States and Russia later this week regarding the war in Ukraine.

Brent crude futures rose 5 cents to $66.64 a barrel by 10:03 GMT, while US West Texas Intermediate (WTI) crude futures fell by 1 cent to $63.87 a barrel.

US President Donald Trump said on Friday he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine.

The talks follow increased US pressure on Russia, raising the likelihood of tougher sanctions on Moscow if a peace agreement is not reached. Trump had set a deadline last Friday for Russia — which invaded Ukraine in February 2022 — to agree to peace or face secondary sanctions targeting its oil buyers. At the same time, Washington is pressing India to reduce its purchases of Russian oil.

Prices have fallen in recent days after market participants lowered their estimates of supply disruptions, likely because the United States imposed additional tariffs only on India, rather than on all buyers of Russian oil, according to Giovanni Staunovo, an analyst at UBS.

UBS cut its year-end Brent price forecast to $62 a barrel from $68, citing increased supplies from South America and continued strong output from sanctioned countries. The bank added that Indian demand had recently fallen short of expectations and said it expects the OPEC+ alliance to halt production increases unless there are larger and unexpected supply disruptions.

Exxon Mobil said on Friday that a consortium it leads began crude oil production four months ahead of schedule at the fourth floating production, storage, and offloading (FPSO) unit in Guyana.

Energy Aspects consultancy estimated that Indian refiners have already purchased a total of 5 million barrels of US WTI crude for August-loading shipments.

Silver prices lost nearly 2% in the European market on Monday at the start of the week, retreating from a two-week high due to profit-taking and correction, amid slowing investment demand for safe-haven assets as optimism grew over the success of US–Russia talks to end the war in Ukraine.

The decline in silver prices came despite the US dollar’s weak performance in the foreign exchange market, under pressure from strong expectations of at least two US interest rate cuts before the end of this year.

Price Overview

• Today’s silver prices: Silver fell by about 2.0% to $37.61, down from the opening level of $38.36, after hitting an intraday high of $38.38.

• On Friday’s settlement, silver gained about 0.25%, marking its sixth consecutive daily rise, and reached a two-week high of $38.51 per ounce on Thursday.

• Last week, silver rose 3.6%, posting its first weekly gain in a month, supported by a weaker US dollar amid a series of weak economic data releases in the United States.

US–Russia Negotiations

As part of diplomatic efforts to end the war in Ukraine, US President Donald Trump announced on Friday that he will meet Russian President Vladimir Putin on August 15 in Alaska to discuss ways to reach a peace agreement to end the ongoing military conflict.

This move comes within a series of intensive US–Russia negotiations aimed at finding a final resolution to the crisis, amid international anticipation over the success of these efforts.

US Dollar

The US dollar index fell by more than 0.2% on Monday, nearing a two-week low of 97.95 points, reflecting a decline in the US currency’s value against a basket of major and minor counterparts.

Attention remained focused on trade talks as the August 12 deadline set by Trump to reach an agreement between the United States and China approached.

US Interest Rates

• According to the CME Group’s FedWatch Tool: the probability of a 25-basis-point rate cut at the September meeting is currently priced at around 88%, while the chance of no change is at 12%.

• The probability of a 25-basis-point rate cut at the October meeting is currently at 96%, with a 4% chance of no change.

• To reassess these expectations, investors this week are awaiting the release of key US inflation data, which, along with labor market figures, will guide the Federal Reserve’s monetary policy decisions.