Market Information Tuesday 06 January 2026

Copper jumped to records above $13,000 per metric ton, supported by expectations of strong demand growth from data centres linked to artificial intelligence and electric vehicles. Supply concerns were reinforced by disruptions at mines in Indonesia and Chile. Citibank estimates a 308,000 ton refined copper deficit this year. U.S. copper stocks on Commodity Exchange surged 400% since April as traders positioned ahead of potential tariffs.

Research from the Federal Reserve Bank of San Francisco argues 2025’s sharp tariff increases may push inflation lower while lifting unemployment, based on 150 years of data for the U.S., France and the UK. The average U.S. import tariff rose to 17% in 2025, up from under 3% at end 2024, the highest since 1935.

Oil eased as traders focused on ample supply and weak demand. Brent fell 0.2% to $61.62 per barrel and West Texas Intermediate slipped 0.3% to $58.13. Energy Information Administration data shows supply outpacing consumption growth, pushing inventories higher. Markets also assessed whether Venezuela could raise output if sanctions ease after the U.S. capture of Nicolas Maduro, with analysts citing potential additional production of up to 500,000 bpd over two years.

The 6M Euribor is unchanged at 2.11% compared to previous business day. The 10Y Swap decreased with 3 basis points to 2.93% compared to previous business day.