Raw sugar prices rose on Monday in New York, reaching a three-week high as the market recovered from last week’s pressure following the delivery of 1.5 million tons for the settlement of October futures contracts.

Alvean and Cofco were among the main recipients of the October contract deliveries. Both companies are owned by groups operating sugar mills in Brazil, the world’s largest sugar producer — a development traders interpreted as a sign that prices may be nearing a new bottom.

Although prices have fallen by about 13% since the start of the year due to expectations of abundant global supply, the market has begun to show signs of relative stabilization as the October contract winds down.

Bruno Lima, head of agricultural commodities at StoneX, told Bloomberg that the market is maintaining its recovery momentum following the end of the October contract, adding that “short-term fundamentals haven’t changed much.”

As of 17:01 GMT, raw sugar futures for March delivery rose by 1.94% to 16.79 cents per pound.

US stocks rose on Monday at the start of trading, supported by gains in the technology sector, particularly the ongoing momentum in artificial intelligence shares.

Markets, however, remain under pressure from the continued US government shutdown, which has delayed the release of the monthly jobs report, as well as from warnings about stretched valuations, especially within the tech sector.

Shares of AMD and OpenAI climbed following the announcement of a multibillion-dollar deal between the two companies, while Nvidia’s stock declined as it came under pressure from the same development.

As of 15:57 GMT, the Dow Jones Industrial Average fell by 0.2% (116 points) to 46,642, while the S&P 500 rose by 0.2% (14 points) to 6,730, and the Nasdaq Composite gained 0.4% (97 points) to 22,877.

Copper prices declined on Monday, giving up part of last week’s strong gains despite ongoing concerns over supply disruptions following the deadly incident at Indonesia’s Grasberg mine.

Three-month benchmark copper on the London Metal Exchange (LME) fell 0.7% to $10,639.50 per metric ton by mid-afternoon trading, erasing earlier gains after the metal recorded its biggest weekly increase in a year last week.

On the Chicago Mercantile Exchange (CME), three-month copper futures traded at $11,115 per metric ton ($5.0525 per pound), down 1% for the day.

Prices came under pressure as the US dollar strengthened, rising after the French prime minister’s resignation and growing expectations that Japan will appoint a pro-stimulus leader. A stronger dollar typically weighs on dollar-priced commodities, making them more expensive for buyers using other currencies.

Grasberg Mine Tragedy Deepens Supply Risks

Copper markets remain tense amid continued global production disruptions. Freeport-McMoRan (NYSE: FCX) declared force majeure last month at its Grasberg copper and gold mine after mudflows flooded underground tunnels, forcing the company to scale back output.

In a statement issued Sunday, Freeport confirmed that all seven missing workers were found dead after five additional bodies were recovered. The Grasberg mine, located in Papua, is the second-largest copper mine in the world and a key pillar of global supply.

Focus Shifts to US Economic Data and Fed Policy

Investors will turn their attention later this week to upcoming US economic data, including jobless claims and inflation expectations, though their release may be delayed due to the ongoing government shutdown.

Market sentiment was also influenced by recent Federal Reserve comments. Dallas Fed President Lorie Logan said Friday that the central bank remains further from achieving its inflation goal than from reaching maximum employment, signaling caution over future rate cuts.

Analysts expect that a future monetary easing cycle could support copper and other commodities by weakening the dollar. However, Jefferies analyst Christopher LaFemina warned that excessive monetary easing might trigger an inflationary surge in commodity prices, potentially harming economic growth.

“LaFemina wrote in a research note: ‘Starting a rate-cutting cycle while the economy remains relatively strong should be positive for commodity prices,’” he added, “but there is still a risk of an inflationary spike in commodities that could hurt growth.”

Meanwhile, the US dollar index rose 0.4% to 98.1 by 15:40 GMT, reaching a session high of 98.5 and a low of 97.9.

In US trading, December copper futures fell 1.1% to $5.05 per pound as of 15:22 GMT.

Bitcoin prices edged lower on Monday after hitting a new record above $125,000 over the weekend, as strong inflows into US spot exchange-traded funds (ETFs) and mounting concerns over a prolonged US government shutdown continued to support market sentiment.

The world’s largest cryptocurrency slipped 1.6% to $123,716.7 by 1:50 a.m. Eastern Time (05:50 GMT), after reaching an all-time high of $125,617.4 on Sunday.

Bitcoin had surged more than 11% last week and is now up over 30% since the start of 2025.

Bitcoin rally driven by ETF inflows; “Debasement Trade” gains traction

Data from digital asset research firm SoSoValue showed that net inflows into US spot Bitcoin ETFs reached $3.24 billion last week — the largest weekly increase of 2025.

The surge reflects renewed institutional interest, as investors increasingly prefer gaining exposure to Bitcoin through regulated investment products rather than direct purchases.

The rise in inflows coincided with growing concern over the ongoing US government shutdown, which has now entered its second week.

The political stalemate has delayed the release of key economic data and heightened uncertainty about fiscal policy, leading traders to bet that the Federal Reserve will adopt a more cautious stance on interest rates once government operations resume.

Reports described this trend as part of a “Debasement Trade,” where investors shift capital into assets like Bitcoin and gold to hedge against weakening confidence in fiat currencies and rising fiscal pressures.

Walmart-backed OnePay plans to launch crypto trading services – CNBC

CNBC reported Friday, citing sources familiar with the matter, that OnePay, a fintech company backed by Walmart (NYSE: WMT), plans to add cryptocurrency trading and digital custody services to its banking app later this year.

According to the report, OnePay — majority-owned by Walmart and venture capital firm Ribbit Capital — will allow users to buy and hold Bitcoin and Ether through a partnership with crypto infrastructure provider Zerohash.

The move marks the latest step in OnePay’s expansion toward building an all-in-one financial “Everything App,” as it seeks to broaden its offerings beyond savings accounts, payment cards, and “buy now, pay later” services.