DBT Bureau
Pune, 19 Dec 2025
Geojit Investments released its latest report highlighting mixed trends across the commodities market, with weakness in precious metals, steady crude prices, and a rebound in natural gas amid global economic and supply-side cues.
- Precious metals retreated after nearing record highs in the previous session, as lower-than-expected U.S. inflation data diminished bullion’s appeal as an inflation hedge, while a stronger U.S. dollar further weighed on sentiment.
- U.S. non-farm payrolls added 64,000 jobs in November, reversing October’s decline of 105,000. Job gains were led by health care and construction, while federal government payrolls continued to shrink. Meanwhile, the unemployment rate jumped to 4.6% in November.
- U.S. Fed lowered interest rates by 25 basis points to a target range of 3.50%–3.75% in this month’s policy meeting, while signaling a likely pause in further cuts as officials await clearer indications on labor market trends and inflation, which remains somewhat elevated.
- Copper production from Chilean state-run miner Codelco fell 14.3% in October, falling to 111,000 metric tonnes. Meanwhile production at BHP’s Escondida mine, the world’s largest copper mine, climbed 11.7% from the same month a year earlier to 120,600 tonnes. At Collahuasi, another major copper mine jointly run by Glencore and Anglo American, output fell 29.3% to 35,000 tonnes.
- Crude prices steadied as investors weighed the possibility of further U.S. sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.
- OPEC+ decided to keep oil output unchanged for the first quarter of 2026, signaling a slowdown in its efforts to reclaim market share amid concerns over a potential supply glut.
- NYMEX natural gas futures rebounded after yesterday’s decline, which was driven by a slower-than-expected storage drawdown. Near-record gas flows to LNG export facilities provided strong support, helping the prices recover from monthly lows.
- China’s manufacturing PMI signaled contraction in November, reflecting sluggish demand and indicating that progress in U.S. trade talks has yet to translate into a meaningful demand recovery.
