DBT Bureau
Pune, 31 Dec 2025
Geojit Investments Global Commodities Report: Global commodity markets traded with a cautious bias, as less-dovish signals from the U.S. Federal Reserve weighed on precious metals, while copper prices remained near record highs and energy markets showed mixed trends amid geopolitical and demand-side developments.
- Precious metals eased today after the FOMC minutes signaled a less dovish outlook for 2026. While prices have retreated from their recent historic highs, bullion remains on track to close the year with strong gains. Gold spot marked its all-time high of USD 4,549.71 per troy ounce last week, while silver spot hit an all time high of USD 83.62 on Monday.
- The minutes from the U.S. Federal Reserve’s meeting reveal that after a highly divided rat cut decision in December, the new projections indicate only one additional rate cut in 2026. The policy statement suggests the Fed will likely hold rates steady for now, awaiting clear signs of either further declines in inflation or a sharper-than-expected rise in unemployment.
- China’s industrial profits dropped in November at their steepest pace in over a year, as sluggish domestic demand outweighed resilient exports, signaling a faltering economic recovery and reinforcing calls for further policy support.
- Copper prices hovered below its all time high. In the London Metal Exchange platform, Copper prices touched an all-time high of USD12,960 per metric tonne earlier this week.
- 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 steadied as investors assessed the outcome of U.S.– Ukraine talks on a potential peace deal, alongside persistent Middle East tensions that threaten to disrupt supply. Meanwhile, the benchmark prices in NYMEX and ICE posted an annual decline.
- NYMEX natural gas futures for February delivery gave up early gains and slipped lower as forecasts for warmer U.S. weather signaled reduced heating demand, triggering long liquidation in the market. However, losses were limited by record gas flows to liquefied natural gas export facilities.
