Elon Musk's AI startup xAI has grown revenue but is recording billion-dollar losses. Chinese company MiniMax soared after its IPO in Hong Kong, becoming a test of investor interest in AI software. Rising copper prices prompted Glencore and Rio Tinto to resume mega-merger talks. About these and other topics - in the review of key events by the morning of January 9.

Highlights for the morning: xAI losses, Glencore and Rio Tinto mega deal and MiniMax IPO

Copper prices have soared from $8k/ton in April 2025 to $13k this week

Global economy faces 'systemic risk' from copper shortage - S&amp;P

In 2025, precious metals rose in price by 64%.

Morgan Stanley predicted that gold would rise to $4,800 by the fourth quarter.

The price of copper <a href="https://www.lme.com/Metals/Non-ferrous/LME-Copper#Intraday+data">has reached</a> $13,000 per ton for the first time, continuing last year's rapid rally. The price increase comes amid mine disruptions and trade disruptions that are heightening concerns about supplies of this key industrial metal to global markets, Bloomberg <a href="https://www.bloomberg.com/news/articles/2026-01-05/copper-surges-toward-record-on-tariff-concerns-and-risk-on-mood">writes</a>.

The price of copper has reached a record high of $13,000. What is driving the market upward?

Sibanye Stillwater Limited

Lynas Rare Earths Limited

Range Resources Corporation

Active negotiations between the US and China, sanctions policy and the US shutdown determine the composition of the portfolio in November. Alexander Orlov, Managing Director of Arbat Capital, proposed a strategy that balances both investors' expectations and the results of specific companies.

Where to invest $10,000 in November: Between America and China

MP Materials Corp.

High dependence on China and geopolitical risks pose a threat to global supply chains

Goldman saw risks to rare earth supply. Three stocks can protect

Cleveland-Cliffs Inc.

Shares of mid cap Cleveland-Cliffs, one of the leading players in the U.S. steel industry, jumped in trading today, October 20, up 24% at one point, after the company <a href="https://www.clevelandcliffs.com/investors/news-events/press-releases/detail/686/cleveland-cliffs-reports-third-quarter-2025-results">said</a>&nbsp;it was considering expanding into rare earth metals. Reporting third-quarter results, the company said two of its iron ore deposits show the greatest potential for these minerals and experts are now determining whether the sites could be commercially viable.

Cleveland-Cliffs jumps on plans to 'refocus' rare earth mining efforts

The silver market experienced a record shortage of the metal and prices soared to an all-time high in 1980. A similar jump to $50 an ounce 45 years ago was also the result of an unprecedented shortage caused by the billionaire Hunt brothers. Today, to make money, traders are flying bullion from New York to London by airplane, although back in January they were flying it in the opposite direction.

Silver market rush: what the story of the Hunt brothers, who brought it down 45 years ago, teaches us

Ramaco Resources, Inc.

The initial rating is 'buy' on metallurgical coal producer Ramaco Resources

Baird initiates on new U.S. rare-earth player as investors seek China alternatives

Canada Rare Earth Corp.

Shares in Australian companies that mine rare earth metals rose after China tightened export controls on these resources, escalating trade tensions with the United States. Beijing now requires export licenses for goods containing even small amounts of rare earth elements. Amid Donald Trump's threats to impose an additional duty on Chinese imports in response, investors began buying shares of companies that can replace Chinese supplies.

Rare earth metal producers rose in price due to the dispute between the US and the PRC. Who is the favorite?

The renewed trade war between the US and China, the world's two largest economies, has once again become a source of global uncertainty. US President Donald Trump on Friday <a href="https://oninvest.com/article/tramp-anonsiroval-vvedenie-dopolnitel-nyh-poslin-v-razmere-100-na-import-iz-kitaa">threatened to</a> impose additional duties of 100 percent on Chinese imports and tighten export controls on US software shipments. Before that, China imposed new restrictions on exports of its rare earth metals important to the US technology and defense sectors.

A blow to confidence and a threat to growth: five consequences of an escalating US-China trade war

Valterra Platinum Limited

Platinum group metals may become an attractive alternative for investors who failed to capitalize on the gold rally. The outlook for 2025-2026 is generally favorable for platinum, while palladium faces tougher market conditions. Freedom Broker analyst Vitaly Kononov tells us what is important for investors wishing to capitalize on these metals.

Metalls