Copper prices rose on Monday as the dollar dipped against most major rivals, while traders analyze China’s government policies to boost demand and growth.

US President-elect Trump is expected to choose Marco Rubio as foreign secretary according to Reuters sources, which would be the most hawkish choice for China and Israel policies. 

Trump remains steadfast on his trade policies, which include heavy tariffs on Chinese and European products, which could cause inflationary pressures on the economy. 

A stronger dollar in recent data has also weighed on minerals prices, after the greenback index hit four-month highs on Trump trade and momentum.

For today, the dollar index tapered off with a 0.1% dip as of 15:33 GMT to 106.5, with a session-high at 106.8, and a low at 106.4.

Copper December futures rose 0.7% in American trade to $4.13 a pound.

International benchmark Brent crude rose in American trade on Monday and held its ground above three-week lows scaled earlier in the European session, amid mounting tensions between Russia and Ukraine. 

It overshadowed concerns about weakening demand in China and expectations of a supply surplus in 2025.

Prices

Brent rose 1.1% today to $71.75 a barrel, with a session-low at $70.74.

Brent closed down 1.95% on Friday, the first loss in three days on concerns about Chinese demand. 

Oil prices lost 4.5% on average last week, the second weekly loss in three on grim outlook for global demand growth.

Ukraine-Russia Tensions 

Russia launched its heaviest airstrikes on Ukraine in more than three months, causing severe damage to the country’s energy network.

Additionally, the US Biden administration allowed Ukraine to use American made weapons to hit deeper into Russia according to media sources.

The Kremlin warned that such a decision would directly implicate the US into the conflict, and accused the Biden administration of escalation.

According to five sources in the Russian oil industry, at least 3 refineries were forced to stop processing and reduce operations due to heavy losses from export limitations and higher crude prices and borrowing costs.

Chinese Demand 

Recent Chinese data showed refinery output fell by 4.6% in October compared to last week, while factory output slowed down last month.

Grim Outlook 

According to the International Energy Agency’s monthly report, global crude supplies are expected to surpass a million bpd next year, led by US growth.

OPEC reduced its outlook for global demand growth last week for this year and the next, due to weakness in China and India. 

Bitcoin rose on Monday and resumed the gains, approaching record highs once more and holding its ground above $90,000.

The markets still expect the Federal Reserve to cut interest rates in December, while waiting for more clues to ascertain the odds.

The Price 

Bitcoin rose 2.65% at Bitstamp today to $92,234, with a session-low at $89,652.

On Sunday, bitcoin lost 0.8%, the second loss in a row on profit-taking away from record highs at $93,483.

Bitcoin spiked 11.75% last week, marking the third weekly profit in a row on Trump trade momentum, and after a major purchase by MicroStrategy.

Crypto Market Value 

The market value of cryptocurrencies rose by over $75 billion to a total of $3.205 trillion as both bitcoin and ethereum rallied.

The market value hit a record high last week at $3.235 trillion.

US Rates

According to the Fedwatch tool, the odds of a 0.25% Fed interest rate cut in December stood at 68%, with a 32% chance of no changes.

Nearly 7 Federal Reserve officials are scheduled to speak this week on US inflation, growth, and the future of interest rates.

Any cuts in US interest rates usually boost investment and demand on high-risk assets, including cryptocurrencies. 

The US dollar fell in European trade on Monday against a basket of major rivals, extending the losses for the second day and moving away from a year high on active profit-taking, while US 10-year treasury yields stall.

The markets still expect the Federal Reserve to cut interest rates in December, while waiting for more clues to ascertain the odds.

The Index

The dollar index fell 0.2% today to 106.50, with a session-high at 106.78.

On Friday, the index lost 0.2%, marking the first loss in six days and moving away from a year high at 107.06.

The dollar index rose 1.65% last week, the second weekly profit in a row, and the largest since September on Trump trade momentum.

US Yields 

US 10-year treasury yields fell 0.3% on Monday away from six-month highs at 4.505%, pressuring the greenback.

The Federal Reserve is now more likely to cut interest rates for the third time this year in December, in turn pressuring the greenback.

US Rates

According to the Fedwatch tool, the odds of a 0.25% Fed interest rate cut in December stood at 68%, with a 32% chance of no changes.

Nearly 7 Federal Reserve officials are scheduled to speak this week on US inflation, growth, and the future of interest rates.