Main news by morning: silver and copper hit new highs, Bitcoin surpassed $90,000 in Asia

Silver hit a new all-time high, going over $80 an ounce because of shortages, speculative demand, and geopolitical tension; copper got close to $13,000 a ton because of production disruptions and expectations of possible US import duties, which are pushing stocks into the American market. These and other topics are covered in our review of key events as of the morning of December 29.

Silver hit a new all-time high, jumping to $84 per ounce at one point, although it then corrected slightly, according to Bloomberg. The sharp rise was supported by speculative trading, a weak dollar, and geopolitical tensions.

Elon Musk's comment on the critical role of silver in industrial processes gave the market an additional boost. Over the month, the metal has risen in price by more than 40% and is showing its best annual performance since 1951. The rally is based on a structural imbalance between supply and demand: stocks in China and other regions are close to their lows, while the silver market is much less liquid than the gold market, Bloomberg noted.

South Korean online retailer Coupang has announced that it will pay 1.69 trillion won ($1.17 billion) in compensation to 34 million users affected by a massive data breach disclosed in November, CNBC reports. Customers will receive vouchers worth 50,000 won for the company's services; former users who closed their accounts after the incident are also eligible for compensation. Eligibility for vouchers can be checked starting January 15.

The company issued a public apology: acting CEO Harold Rogers called the payments a "responsible measure," and founder Kim Bom acknowledged mistakes in communication and a delayed response. The leak led to the resignation of former CEO Park Dae-joon. According to Kim, all data was recovered with the assistance of the authorities; the suspect's computer contained a total of about 3,000 records, which were not sold or distributed, the TV channel notes.

Copper prices rose sharply toward the end of the year, almost reaching a record $13,000 per ton on the London Metal Exchange, according to Bloomberg. Prices jumped to $12,960 per ton after trading resumed, with December's growth exceeding 15%. The rally is fueled by concerns about tightening supply and expectations of possible import duties in the US, which is why traders are actively redirecting metal to the American market, reducing stocks in other regions, the agency notes.

The price increase concludes an unusual year for the copper market, marked by unplanned mine shutdowns, pressure on global smelting capacity, and uncertainty over US trade policy, Bloomberg notes. At the same time, analysts warn of market overheating: the growth is largely based on expectations, and in China, some processing plants have already reduced or suspended production due to excessively high prices.

Bitcoin rose in Asian trading and exceeded $90,000, signaling a potential breakthrough after the cryptocurrency remained on the sidelines of the "Santa Claus rally" that sent stock markets to record highs, Bloomberg writes. On Monday in Singapore, the price rose more than 3% to above $90,200. Other cryptocurrencies also showed growth: Ethereum rose about 4% and exceeded $3,000 again.

The crypto market as a whole has still not recovered from the sell-off that began in October, when approximately $19 billion in leveraged positions were liquidated, the agency notes. This significantly dampened investors' appetite for risk, but now there are early signs of a shift in sentiment. According to market participants, the growth is largely due to the activity of retail traders in the futures market, Bloomberg reports.

— The broad Japanese index rose 0.1% on December 29, while the Nikkei 225 fell 0.44%.

— Hong Kong's Hang Seng Index fell 0.6%. Mainland China's CSI 300 Index fell 0.4%.

— In South Korea, the Kospi index rose 2.2%, while the Kosdaq added 1.4%.

— Australia's S&P/ASX 200 fell 0.42%.

— S&P 500 futures fell 0.1%, Nasdaq Composite futures fell 0.25%. Dow Jones Industrial Average futures were virtually unchanged.

This article was AI-translated and verified by a human editor