DBT Bureau
Pune, 5 Dec 2025
Geojit Investments today released its latest commodity outlook, providing a consolidated snapshot of major global market trends, covering gold’s rise on a softer dollar, record-breaking copper moves, steady crude dynamics, and shifting macro signals from U.S. labor data to China’s weakening manufacturing activity.
- Gold spot climbed as U.S. dollar weakened against its key rivals ahead of next week’s U.S. Federal Reserve meeting. Meanwhile, market participants are seeking clearer signals on the central bank’s interest rate trajectory, with recent data adding to uncertainty.
- U.S. private payrolls fell by 32,000 in November, the steepest decline in over two and a half years, raising concerns about labor market resilience. Attention now turns to the delayed non-farm payrolls report, expected to provide critical insight into economic health.
- Copper prices hit fresh record high on both LME and MCX platforms before pulling back, as leading Chinese smelters agreed to cut output in 2026, supported by record-high premium offers from Codelco, the world’s largest copper producer.
- 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. From the 1st of December, OPEC+ will increase output by 137,000 barrels per day.
- Crude oil prices steadied as traders kept a close watch on geopolitical tensions in Eastern Europe and Venezuela. Adding to these concerns, uncertainty over Russia-Ukraine peace talks has deepened, with expectations that sanctions on Russian crude may remain in place.
- NYMEX natural gas futures climbed above $5 per mmBtu, highest in almost three years, driven by record LNG export flows and forecasts for colder weather and stronger-than-expected demand over the next two weeks.
- U.S. liquefied natural gas (LNG) exports hit a record monthly high in November for the second consecutive month, driven by cooler weather and strong output from the nation’s two largest producers.
- 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.
