Copper prices set a new record high.

Copper prices surged to a record high of $13,173 per ton, rising nearly 5% amid market reactions to supply risks and shifts in physical flows into the US.

Metals continued to lead the market in the first trading session of the week (January 5th), with COMEX copper setting a new historical record. In addition, crude oil prices also showed signs of recovery after a prolonged period of weakness. At the close of trading, the MXV-Index rose nearly 2.7%, to 2,457 points – its highest level in three years.

MXV-Index.

Copper prices hit a record high.

The first trading session of the week saw widespread buying in the metals market, with all 10 commodities in the group closing in positive territory. Notably, COMEX copper prices climbed to a record high of $13,173 per ton, up nearly 5%, as the market reacted to supply risks and the shift of physical goods into the US.

Metal price list.

According to the Vietnam Commodity Exchange (MXV), the upward trend was supported by concerns about production disruptions in Chile, after Capstone Copper's Mantoverde mine faced a strike starting on January 2nd. The company stated that its production capacity might only be maintained at around 30% of normal levels.

Downstream, the market also saw increased stockpiling in the US amid concerns that Washington might impose tariffs on imported refined copper this year. As of January 5th, copper inventories at the COMEX exchange reached over 456,000 tonnes, a record high, far exceeding inventories at the LME (142,000 tonnes) and SHFE (111,700 tonnes). The increase in US inventories reflects a shift in supply rather than oversupply. The concentration of copper in the COMEX warehouse system increases the risk of shortages in other regions, thereby supporting global prices.

In the long term, the supply-demand balance is projected to tighten further. The International Copper Study Group (ICSG) forecasts that the global refined copper market will shift from a surplus of 178,000 tonnes in 2025 to a deficit of approximately 150,000 tonnes in 2026.

While demand continues to be supported by the energy transition, according to the International Energy Agency (IEA), each electric vehicle consumes an average of 53.2 kg of copper, significantly more than the 22.3 kg of vehicles using internal combustion engines. Wind and solar power projects require between 2,800 and 8,000 kg of copper per MW of capacity, compared to a maximum of approximately 1,500 kg/MW for traditional power plants.

Signs of recovery from China also contributed to an improved demand outlook. Data from China's National Bureau of Statistics (NBS) showed that the manufacturing PMI in December reached 50.1 points, exceeding 50 for the first time in eight months.

BMI research firm suggests that in 2026, demand from the green energy sector will largely offset the weakness in China's real estate market, thereby continuing to support copper prices amid a market sensitive to supply disruptions.

Oil prices recover after a prolonged period of weakness.

According to MXV, the energy sector saw buying pressure dominating yesterday, with 4 out of 5 commodities experiencing price increases. Crude oil prices attracted significant market attention, rising sharply after a prolonged period of weakness. Specifically, world crude oil prices increased by over 1.7% yesterday, reaching $58.3 per barrel for WTI and $61.8 per barrel for Brent.

Energy price list.

Yesterday's surge in oil prices was driven by a combination of strategic decisions by the Organization of Petroleum Exporting Countries and its allies (OPEC+), escalating geopolitical risks in Venezuela, and positive signals from the physical market, forming three main pillars supporting the price trend.

Agricultural product price list.

Industrial raw material price list.

Accordingly, the OPEC+ meeting on January 4th laid an important foundation when the group decided to maintain its stance of temporarily suspending production increases in the first quarter of 2026. Against the backdrop of oil prices recording the sharpest decline since 2020 in 2025, this move was interpreted by the market as a signal prioritizing price stability.

Simultaneously, the physical market is also sending clearer supportive signals. According to Vortexa, floating oil inventories fell 3.4% in the week ending January 2nd, indicating easing inventory pressure. At the same time, data from Kpler shows that demand from China continues to play a significant role, with its December crude oil imports rising 10% compared to the previous month, reaching a record 12.2 million barrels per day, reflecting strong restocking activity.

Furthermore, the weakening US dollar, coupled with rising global stock markets and escalating geopolitical tensions, has driven capital back into the oil market. While the structural oversupply situation has not yet been reversed, the synergy of these factors was strong enough to push prices soaring on January 5th and is projected to continue to be the main support in the coming sessions.

Source: https://congthuong.vn/gia-dong-thiet-lap-muc-ky-luc-moi-437838.html