Copper prices rose on Monday, November 24, 2025. Traders are increasing their bets on a US rate cut this December. Consequently, the market responded positively to dovish signals from central bank officials.
The most active copper contract on the Shanghai Futures Exchange (SHFE) rose 0.36% to 86,310 yuan ($12,144.36) per metric ton. Similarly, the benchmark three-month copper on the London Metal Exchange (LME) edged 0.22% higher to $10,801 a ton.
Support for these gains comes from New York Fed President John Williams. He stated that the US central bank can cut rates in the near term without putting inflation goals at risk. However, analysts caution that speculative interest has faded.
According to analysts at Chinese broker Jinrui Futures, the market is currently “directionless”. Copper is hovering at elevated levels after retreating from record highs. Currently, the market lacks fresh macro or fundamental catalysts to drive a breakout in either direction.
In significant corporate news, BHP has pulled back from its latest effort to buy Anglo American. The Australian mining giant confirmed the move in a release to Australia’s securities exchange. This decision halts their attempt to boost dominance in the copper sector.
Nickel prices saw strong gains. The most traded nickel contract on SHFE rose 1.17% to 116,130 yuan a ton. On the LME, nickel gained 1.21% to $14,630 a ton.
These gains follow supply disruptions in Indonesia. QMB New Energy Materials cut production by at least half. The local environment ministry identified problems with the project’s tailing treatment.
Other market movements include: