DBT Bureau
Pune, 15 Dec 2025
Geojit Investments said precious metals remained firm with gold nearing its record high and silver holding close to peak levels, while energy and base metals traded mixed amid Fed policy signals and global supply dynamics.
- Gold spot prices surged, approaching their all-time high, while silver hovered near last week’s record level of USD 64.64 per troy ounce. Silver’s uptrend remains intact, supported by robust industrial demand, shrinking inventories, and its recent addition to the U.S. critical minerals list.
- U.S. Federal Reserve 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 prices traded slightly below the record high on both the LME and MCX, supported by a weaker U.S. dollar following the Fed’s dovish stance and persistent supply constraints.
- 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 oil prices rose as supply disruptions stemming from escalating U.S.– Venezuela tensions overshadowed concerns about oversupply and the potential impact of a Russia–Ukraine peace agreement.
- 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.
- China’s crude oil imports rose 4.88% to 12.38 million barrels per day in November from a year earlier, with daily import volumes reaching the highest level since August 2023.
- NYMEX natural gas futures extended the decline to a five week low, pressured by forecasts for milder weather over the next two weeks, near-record production levels, abundant storage, and weaker global prices.
- 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.
