Gold's Glittering Run Pushes Prices Above $5,500-- Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 3.1% to $69.47 a barrel.

--European benchmark gas is up 4% to 38.56 euros a megawatt-hour.

--Gold futures are up 3.9% to $5,552.70 a troy ounce.

--LME three-month copper futures are up 9% at $14,307 a metric ton.

TOP STORY:

Gold's Glittering Run Pushes Prices Above $5,500

Gold surged past $5,500 an ounce for the first time, extending a historic rally boosted by a weaker U.S. dollar and growing expectations that the next Federal Reserve chair will pursue further monetary easing.

In early European trade on Thursday, futures in New York climbed 3.8% to $5,505.70 a troy ounce after reaching $5,586.20 earlier in the session. Prices have gained nearly 27% so far this year, as investors shy away from bonds and currencies in favor of hard assets.

"Geopolitical tensions, concerns over Fed independence and expectations of a more dovish policy outlook reinforced the debasement trade," said Soojin Kim, analyst at MUFG.

OTHER STORIES:

Copper Soars Past $14,000 as Metals Rally Gains Steam

Copper prices climbed to a record high above $14,000 a metric ton as part of a broader metals rally fueled by a weaker dollar and strong investor appetite for physical assets.

In afternoon European trading Thursday, futures on the London Metal Exchange were up 8.9% to $14,285.50 a metric ton after reaching $14,379.50 earlier in the session. London's miners also rose, with Antofagasta up 12.4%. Commodity major Glencore traded 5% higher, while Anglo American rose 4.2%.

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Carlyle Edges Ahead in Race for Lukoil's International Assets

Carlyle struck a provisional deal to buy sanctioned Russian energy giant Lukoil's international assets, potentially handing the private-equity firm a sprawling portfolio of oil fields, refineries and gas stations.

Lukoil announced the agreement Thursday but didn't disclose a price and said it was still negotiating with other potential buyers. The deal would also require signoff from the U.S. Treasury Department, which has acted as gatekeeper on the sale since blacklisting the Russian energy producer in the fall.

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Norway Oil Fund Posts Returns of 15.1% in 2025

Norway's sovereign-wealth fund grew by around $160 billion and returned 15.1% in 2025, driven by a strong performance in technology and financial stocks.

Norges Bank Investment Management--the arm of the central bank that manages the world's largest sovereign-wealth fund, commonly known as the oil fund--said Thursday that the fund had a market value of 21.268 trillion Norwegian kroner as of Dec. 31, equivalent to $2.217 trillion.

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Valero Posts Higher 4Q Profit on Increased Throughput, Production

Valero Energy logged higher profit in the fourth quarter, boosted by what the company said was record refining throughput and ethanol production.

The San Antonio oil refiner on Thursday posted a profit attributable to stockholders of $1.13 billion, or $3.73 a share, compared with $281 million, or 88 cents a share, a year earlier.

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Miner Canadian Energy Metals to Move Ahead on Major Alumina Find, CEO Says -- Interview

OTTAWA--A Canadian company is pushing ahead with work to develop what it says to be the country's first major source of alumina, tapping into an appetite to dig up more of Canada's abundant natural resources.

Privately-owned Canadian Energy Metals said Thursday an initial economic assessment backs the case for a $6.3 billion project that contains an estimated 6.8 billion metric tons of alumina within a 230-square-mile stretch in the Prairie province of Saskatchewan. The assessment was conducted by Canadian engineering firms Stantec and Hatch.

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Gold Demand to Remain Strong as Investors Reassess Risk, WGC Says

Global demand for gold is expected to remain strong this year, driven by lower interest rates, uncertainty in bond markets and persistent geopolitical risks, the World Gold Council said after bullion crossed the $5,000 mark for the first time.

"Gold's appeal as an all-weather hedge relative to fixed income should continue to attract material investor demand into 2026, and possibly beyond," the trade group said Thursday in its quarterly report.

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Antofagasta Sticks to 2026 Copper Guidance After Output Declines

Antofagasta's copper production came in below company expectations last year but the Chilean miner confirmed its outlook for the year ahead, citing rising demand linked to electrification, energy security and new technology.

The company produced 653,700 metric tons of copper in 2025, a decline of 2% on year, it said Thursday. Antofagasta had expected full-year copper production to be at the lower end of its 660,000 to 700,000 tons guided range.

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Glencore's 2025 Copper Production Falls Despite Second-Half Recovery

Glencore's full-year copper production slumped on lower ore grades and recoveries despite a second-half recovery in output.

The Anglo-Swiss commodity mining and trading company said it had produced 851,600 metric tons of copper in 2025, an 11% fall from the prior year. Production in the second-half of the year was almost 50% above that of the first six months due to a rise in ore grades and recoveries at several of its mines, Glencore said.

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Sibanye-Stillwater to Simplify Operations, Cut Costs Under New Strategy

Precious-metal miner Sibanye-Stillwater said it would simplify operations and cut costs under a revised strategy.

The South African company updated its strategy Thursday, targeting cost savings of 3 billion South African rand ($190.2 million) a year by 2027.

MARKET TALKS:

Crude Futures Gain 2% on Iran Risks

1209 GMT - Oil prices extend gains, rising to their highest levels since September on growing concerns about potential U.S. military action against Iran that could threaten supply. Brent crude rises 2.2% to $68.89 a barrel, while WTI is up 2% to $63.57 a barrel. The U.S. has moved more firepower into the region and President Trump has issued new threats to attack Iran if a nuclear deal isn't reached. Prices are also supported by an unexpected draw in U.S. crude stocks last week and a weaker dollar boosting demand for commodities. ([e-mail])

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Endeavour Mining Ends the Year Strongly -- Market Talk

1057 GMT - Endeavour Mining had a strong end to 2025, Berenberg analysts write. The miner also issued its 2026 guidance and updated its shareholder returns policy. The guidance is broadly in line with, or better than, the analysts' had expected. If gold remains above $5,000 a troy once, Endeavour shares can continue to outperform, they say. The company continues to deleverage at pace, they say. It ends the year with a net debt of $157 million, from $453 million at the end of the third-quarter, and should transition to net cash in 2026, they say. Shares rise 4.9% to 4,750 pence. ([e-mail])

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European Energy Stocks Rise as Oil Gains -- Market Talk

1015 GMT - European energy companies move higher as oil gains on concerns that the U.S. could carry out military action against Iran. Oil prices rise to their highest level since late September, with Brent crude up 2.7% to $69.21 a barrel, while WTI gains 2.2% to $63.68 a barrel. Iran pumps around 3.3 million barrels a day and exports roughly 1.5 million barrels a day. In London, BP rises 2% and Shell is up 1.8%. Harbour Energy jumps 5%. Italy's Eni is up 2.25%, Portugal's Galp Energia climbs 3%, while France's TotalEnergies gains 1.7%. ([e-mail])

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Palm Oil Rises Amid Expectations of Stronger Export Demand -- Market Talk

1009 GMT - Palm oil ended higher amid expectations of stronger export demand in the coming weeks, said David Ng, a trader at Kuala Lumpur-based Iceberg X. Weak production is also supporting prices, he added. Ng sees support for crude palm oil at 4,280 ringgit a ton and resistance at 4,480 ringgit a ton. The Bursa Malaysia Derivatives contract for April delivery rose 46 ringgit to 4,318 ringgit a ton. ([e-mail])

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Aluminum Hits Highest Level Since 2022 on Supply Concerns, Broader Metals Rally -- Market Talk

0959 GMT - Aluminum prices climb to their highest level since 2022, driven by supply concerns and a broader metals bull run fueled by a weaker U.S. dollar and strong investor demand for hard assets. Futures on the London Metal Exchange are up 1.8% to $3,321.50 a metric ton in early trading. "The aluminum market is moving into deficit in 2026, with supply remaining the key constraint," analysts at ING say. Outside Indonesia, production growth is limited, while China continues to exercise restraint on new capacity, and Europe and the U.S. are seeing little in the way of smelter restarts. Prices have also benefited from the broader rally in copper, which climbed to a record above $13,900 a metric ton. ([e-mail])

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Precious Metals Rally Pushes Silver to Record High -- Market Talk

0946 GMT - Silver prices climb to a fresh record as precious metals extend a historical rally, fueled by U.S. dollar weakness and expectations that the next Federal Reserve chair could advocate for lower borrowing costs. Futures in New York rise 3.2% to $117.22 a troy ounce after reaching an intraday high of $120.57 an ounce. "An explosive rally across major commodities extended into Thursday's Asian session," with investors shying away from sovereign bonds and currencies in favor of hard assets, analysts at Saxo Bank say. The U.S. dollar index falls 0.2% to 96.24--shaking off Treasury Secretary Scott Bessent's comments that "the U.S. always has a strong dollar policy" and making dollar-denominated commodities cheaper for overseas buyers. ([e-mail])

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London's Miners Rise as Precious Metals Continue to Climb -- Market Talk

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01-29-26 0920ET