METALS-Copper starts New Year on a firm note after record-setting 2025 rally

SINGAPORE, Jan 2 (Reuters) - London copper rose 0.8% on Friday, starting the New Year on a positive note after a stellar 2025 in which prices surged more than 40% to record highs, driven by booming demand and supply disruptions.

Three-month copper on the London Metal Exchange CMCU3 added 0.8% to $12,525 per metric ton by 0144 GMT. China's Shanghai Futures Exchange SCFcv1 was closed on Friday.

LME copper hit a record high last year, rising 42% as a weaker U.S. dollar, booming demand from artificial intelligence and renewable energy, and mine supply disruptions drove the rally.

The U.S. dollar made a feeble start to 2026 on Friday after struggling against most currencies last year, while the yen steadied near 10-month lows as traders awaited economic data this month to gauge the path of interest rates. USD/

A weaker dollar makes dollar-denominated commodities cheaper for holders of other currencies.

In 2026, copper prices, widely used in power and construction, will take direction from demand in China.

China's factory activity unexpectedly grew in December, snapping a record eight straight months of decline, lifted by a rise in pre-holiday orders as officials seek to spur the $19 trillion economy's manufacturing sector without worsening deflation.

In other metals, aluminium CMAL3 fell 0.1% to $2,992 a ton, zinc CMZN3 rose 0.1% to $3,121, lead CMPB3 added 0.1 to $2,012, tin CMSN3 was little changed at $40,545 and nickel CMNI3 rose 0.6% to $16,750.

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DATA/EVENTS (GMT)
0700 UK Nationwide house price mm

0700 UK Nationwide house price yy

0850 France HCOB Manufacturing PMI

0855 Germany HCOB Mfg PMI

0900 EU HCOB Mfg Final PMI

0930 UK S&P Global Manufacturing PMI

1445 US S&P Global Mfg PMI Final

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