Copper extended its retreat from a record-high close as accelerating US inflation reduced the chance of rate cuts and a stronger dollar make the metal more expensive for many buyers. The industrial metal is down around 3% from the close of Wednesday. That followed an eight day run of gains that had been driven by mine disruptions and a rally in technology stocks, that had fueled optimism that the ...
Copper extended its retreat from a record-high close as accelerating US inflation reduced the chance of rate cuts and a stronger dollar make the metal more expensive for many buyers. The industrial metal is down around 3% from the close of Wednesday. That followed an eight day run of gains that had been driven by mine disruptions and a rally in technology stocks, that had fueled optimism that the artificial intelligence boom would spur demand for copper, which is used in wiring and renewable energy. A Bloomberg gauge of the dollar jumped 1% this week, while wholesale and consumer inflation readings in the US surged to multiyear highs. The continued effective closure of the Strait of Hormuz is pushing up energy prices, resulting in more hawkish monetary policy around the world. Metals fell due to the stronger dollar and higher US Treasury yields pointing to fading expectations for rate cuts, said Gao Yin, an analyst at Shuohe Asset Management Co. Copper may fluctuate this quarter without any notable tightening in supply and demand balances, she said. In China, the world’s biggest metals consumer, copper prices that are near record highs have started to deter demand, with fabricators seeing orders weaken this month. Copper fell 1.2% to $13,765 a ton on the London Metal Exchange as of 10:47 a.m. in Shanghai, paring its gain this week to about 1.5%. Zinc declined 0.8% to $3,556.50, after spiking to the biggest since 2022 on Thursday as a major smelter in Peru suspended operations due to a fire.
South Korea’s benchmark stock index briefly breached the 8,000 mark for the first time on Friday, just seven sessions after it reached the 7,000 milestone. While the market turned lower soon after hitting the record, the speed of the rally underscores the strong momentum that saw the Kospi Index surging from 5,000 to 8,000 this year. By contrast, it took more than 18 years for the benchmark to cli...
South Korea’s benchmark stock index briefly breached the 8,000 mark for the first time on Friday, just seven sessions after it reached the 7,000 milestone. While the market turned lower soon after hitting the record, the speed of the rally underscores the strong momentum that saw the Kospi Index surging from 5,000 to 8,000 this year. By contrast, it took more than 18 years for the benchmark to climb from 1,000 to 2,000, and another 13 years to reach 3,000. Chipmakers Samsung Electronics Co. and SK Hynix Inc. , major beneficiaries of the AI infrastructure boom due to their dominance in memory chips, have led the advance. The Kospi has almost tripled over the past year, raising questions over whether corporate earnings and AI-related spending can continue to justify the market’s rapid ascent. Underscoring brewing jitters, foreign funds have been selling everyday this week. Still, bulls point to valuations as support for further gains. The Kospi trades at 8.6 times forward earnings, versus 21.2 times for the US benchmark S&P 500 Index. “To believe there is a bubble, you have to believe the amount of money the AI giants are spending is unsustainable,” said Ian Samson , a portfolio manager at Fidelity International. “Essentially all their free cash flow, and more, is now pouring into the arms race to build out AI infrastructure. For now, there is good visibility that the end is not imminent.”
The Sea Voyager crude oil tanker anchored off the Port of Long Beach in Long Beach, California, US, on Thursday, May 7, 2026. Tim Rue | Bloomberg | Getty Images Oil prices rose Friday after U.S. President Donald Trump said China has agreed to purchase oil from America, following talks with Chinese leader Xi Jinping . International benchmark Brent crude futures for July gained 1.49% at $107.30 a ba...
The Sea Voyager crude oil tanker anchored off the Port of Long Beach in Long Beach, California, US, on Thursday, May 7, 2026. Tim Rue | Bloomberg | Getty Images Oil prices rose Friday after U.S. President Donald Trump said China has agreed to purchase oil from America, following talks with Chinese leader Xi Jinping . International benchmark Brent crude futures for July gained 1.49% at $107.30 a barrel. U.S. West Texas Intermediate futures for June advanced 1.55% at $102.74 per barrel. "They've agreed they want to buy oil from the United States, they're going to go to Texas, we're going to start sending Chinese ships to Texas and to Louisiana and to Alaska," Trump said in a pre-recorded interview with Fox News, after his meeting with Xi. China has not confirmed the energy purchases. CNBC reached out to Chinese authorities for comment but did not receive a response before publication. Stock Chart Icon Stock chart icon The gains also came after both presidents agreed that the Strait of Hormuz must remain open . "President Xi also made clear China's opposition to the militarization of the Strait and any effort to charge a toll for its use, according to a statement by a White House official on Thursday. Meanwhile, U.S. Treasury Secretary Scott Bessent told CNBC in an interview on Thursday that China will work behind the scenes to help reopen the Strait of Hormuz. "It's very much in their interest to get the strait reopened," Bessent said. — CNBC's Anniek Bao and Spencer Kimball contributed to the report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.