**Top News: Copper Prices Surge Past $12,000 Amid Tariff Policy Disruptions** The bull market in precious metals continues, with gold, silver, copper, and platinum all reaching new highs. Copper prices hit a historic peak, surpassing $12,000 per ton, driven by severe mine shutdowns and trade disruptions stemming from former U.S. President Trump’s tariff policies. This key industrial metal is poised for its largest annual gain since 2009. On the London Metal Exchange, copper futures briefly exceeded $12,000, touching $12,044, extending this year’s rally of approximately 37%.
The potential for U.S. tariffs on copper has been a core driver of price increases, as surging imports forced manufacturers elsewhere into bidding wars to secure supply. Supply-side disruptions have also intensified, with mine closures across the Americas, Africa, and Asia raising warnings of a critical shortage. Deutsche Bank cautioned that output from the world’s top miners could drop 3% this year, with further declines possible by 2026.
**Market Outlook: Precious Metals Rally Extends** U.S. stocks edged higher overnight: the Dow Jones rose 0.16%, the S&P 500 gained 0.46%, and the Nasdaq climbed 0.57%. Nvidia surged over 3%, while Novo Nordisk jumped 7% after the FDA approved its oral GLP-1 weight-loss drug. Most U.S.-listed Chinese stocks declined, with Pony.ai down 3% and NIO falling over 2%. The Hang Seng Index ADRs rose 0.19% to 25,823.63.
COMEX gold futures rose 1.02% to $4,515/oz, silver gained 4.44% to $71.61/oz, and platinum also hit fresh highs.
**Spotlight: Sixth National Bulk Procurement for High-Value Medical Consumables Begins** A new round of centralized procurement for high-value medical consumables, targeting drug-coated balloons and urological devices, will open for bids on January 13, 2026. This sixth national bulk procurement introduces two innovations: an "anchor price" mechanism to balance cost reductions and prevent predatory pricing, and a multi-tiered revival mechanism to curb collusion among bidders.
**Corporate Highlights:** - **Xinyi Energy (03868)** agreed to acquire Jinzhai Xinyi Wind Energy for RMB 62 million. - **Lijun International (01355)** plans to buy 100% of Ono Hong Kong for HK$22 million, gaining a 37.5% stake in Biosino Group. - **MicroTech Medical-B (02235)** secured Brazilian approval for its LinX continuous glucose monitoring system. - **Hainan Airport** confirmed all preconditions for its controlling stake acquisition of Meilan Airport (00357) have been met. - **SMIC** raised prices for some capacity by ~10%, with immediate effect expected. - **Grand Pharma (00512)** partnered with Youer Pharma to commercialize Neffy®, the first adrenaline nasal spray for severe allergic reactions, in China. - **ChinaEnergy-New (00228)** received a mandatory buyout offer at HK$1.57/share, a 9.03% premium, and will resume trading on December 24. - **AEON Credit (00900)** reported a 28.11% YoY rise in nine-month profit to HK$353 million.
**Stock Focus: Dongfang Electric (01072) Benefits from AI-Driven Gas Turbine Demand** As U.S. AI data centers boost demand for reliable power, gas turbines—favored for their quick deployment—are becoming a preferred backup or primary power source. Huaxin Securities notes Chinese manufacturers like Dongfang Electric, which recently exported its self-developed G50 heavy-duty gas turbine to Kazakhstan, are well-positioned. Citigroup highlighted ongoing talks with U.S. data center clients, citing strong demand and attractive pricing, though regulatory hurdles remain.
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