Oil prices reversed Friday's losses as U.S.-led Russia-Ukraine ceasefire talks hit another snag. Copper prices edged higher amid volatility. London Metal Exchange copper futures surged sharply upon reopening after the Christmas holiday, extending year-end gains amid tightening global supply. Gold and silver declined as traders booked profits following a strong year-end rally that pushed both metals to record highs, with thin market liquidity amplifying price swings.

Crude Oil: WTI Rises Amid Russia-Ukraine Ceasefire Talks

Oil prices reversed Friday's losses as U.S.-led Russia-Ukraine ceasefire negotiations hit another snag.

WTI crude climbed 2.4% to settle above $58 per barrel, while Brent crude closed near $62 per barrel.

February-delivery WTI crude gained 2.4%, settling at $58.08 per barrel;

February-delivery Brent crude rose 2.1%, settling at $61.94 per barrel.

The U.S. intensified efforts to end the Russia-Ukraine conflict, with Trump stating he made “significant progress” during Sunday's talks at Mar-a-Lago with Ukrainian President Zelenskyy on a potential peace deal. However, new uncertainties emerged Monday as Russian President Putin claimed an attack on one of his residences, vowing Moscow would adjust its negotiating stance on Ukraine.

Meanwhile, Trump and Israeli Prime Minister Netanyahu appeared poised to discuss new strikes against Iran during their Monday meeting, as Tehran advances its ballistic missile program and rebuilds nuclear facilities destroyed by the U.S. in June. If tensions escalate further in the Middle East—a region supplying roughly one-third of global oil—crude supplies could be impacted.

Base Metals: London Copper Hits Record High as Supply Concerns Fuel Rally

Copper prices fluctuated higher. London Metal Exchange (LME) copper futures surged sharply upon reopening after the Christmas holiday, extending year-end gains amid tightening global supply.

Prices jumped 6.6% within the first few minutes of trading, marking the largest intraday gain since 2022 and approaching $13,000 per tonne. By London's close, gains narrowed to 0.5%. Meanwhile, copper futures in New York retreated, erasing most of last Friday's gains made during the LME's closure.

Copper prices are poised for their strongest annual gain since 2009. Major unplanned mine shutdowns, uncertainty surrounding Trump's trade policies, and unprecedented pressure on global smelters have significantly boosted copper prices.

At the close:

LME copper futures rose 0.49% to $12,222.00/ton;

LME aluminum futures fell 0.29% to $2,952.00/ton;

LME nickel futures gained 0.18% to $15,814.00/ton;

LME zinc futures fell 0.06% to $3,088.50 per tonne.

Precious Metals: Gold and Silver Prices Plunge in Tandem as Traders Take Profits After Record Rallies

Gold and silver prices tumbled as traders booked profits following a strong year-end rally that pushed both metals to historic highs, with thin market liquidity further amplifying price volatility.

Silver plunged as much as 11% on Monday, marking its steepest intraday drop since September 2020. Technical indicators suggest the rally may have advanced too quickly and aggressively. Spot gold fell as much as 5%, its largest intraday decline since October 21 and the second such drop this year.

Silver's sharp retreat came just hours after breaking through the $84 level. Spot silver in Shanghai traded at a premium of over $8 above London silver prices, marking the largest historical spread.

As of 4:56 p.m. New York time, spot gold fell 4.43% to $4,332.55 per ounce;

Spot silver dropped 8.87% to $72.2375 per ounce. 

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