Morning Bid: Copper edges past silver to take gold

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Home > Finance > Morning Bid: Copper edges past silver to take gold

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Morning Bid: Copper edges past silver to take gold

Published by Global Banking and Finance Review

Posted on December 12, 2025

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Tags:GDP economic growth financial markets investment portfolios monetary policy

A look ‌at the day ahead in European and global markets from Gregor Stuart Hunter

After ‍a ‌banner year for precious metals, industrial metals are in focus today as the prospect ⁠of more stimulus from China pushes Shanghai ‌copper futures to a record high.

As the U.S. dollar falls to a two-month low after this week's Fed rate cut and policy stance pushed back against the market's hawkish outlook, investors are ⁠turning to real assets to protect their purchasing power.

So-called dollar debasement trades had already lifted silver, which edged down 0.3% on Friday after hitting a fresh record of $64.31 ‌the day earlier, while gold drew ⁠back from a seven-week high.

Stock markets in Asia posted gains even though AI bubble jitters undermined tech shares. Strength on Wall Street helped lift the MSCI Asia-Pacific ex-Japan Index 0.8%, while the Topix surged 1.5% to a record high, led by a 6.7% gain for Sumitomo Metal Mining.

The tech sector was rattled by a 13% decline in Oracle after weaker-than-expected revenue growth forecasts from the OpenAI cloud-computing partner.

Investors took some heart ‍after Broadcom projected better-than-expected revenue. But the relief was brief as shares tumbled 5% in after-hours trading after the company said it expected a dip in quarterly margins. Nasdaq futures slipped slightly, while S&P 500 e-mini futures were flat.

Oil prices also found their footing, but the drivers were geopolitical rather than demand-centred. Brent futures rose 0.7% to $61.70 as renewed threats from U.S. President Trump ⁠of strikes on drug routes between the U.S. and Venezuela on land raised supply fears, as several sources told Reuters that the U.S. is preparing to intercept more tankers.

In early European trade, pan-region futures, German DAX futures and FTSE futures were all up 0.4% apiece.

Key developments that could influence markets on Friday:

Economic data:

Germany: CPI and HICP for November

U.K.: GDP ‌Estimate, Goods Trade Balance, and Industrial, Services and Manufacturing Output for October

France: CPI for November

Debt auctions:

U.K. 1-month, 3-month and 6-month government debt

(Reporting by Gregor Stuart HunterEditing by Shri Navaratnam)

Frequently Asked Questions about Morning Bid: Copper edges past silver to take gold

1What is monetary policy?

Monetary policy refers to the actions taken by a country's central bank to control the money supply and interest rates to achieve macroeconomic objectives such as controlling inflation and stabilizing currency.

2What are investment portfolios?

An investment portfolio is a collection of financial assets such as stocks, bonds, commodities, and cash equivalents held by an individual or institutional investor to achieve specific financial goals.

3What is economic growth?

Economic growth is the increase in the production of goods and services in an economy over a period of time, typically measured by the rise in GDP.

4What are financial markets?

Financial markets are platforms where buyers and sellers engage in the trade of assets such as stocks, bonds, currencies, and derivatives, facilitating the flow of capital and investment.