U.S. Forces Seize Sixth Oil Tanker Near -2-

0919 GMT - Most of the copper-price rally has already played out, leaving the market increasingly exposed to a correction, according to Goldman Sachs analysts. Prices have surged over the past two months, driven by supply concerns stemming from mine disruptions and heavy stockpiling in the U.S., which has tightened availability of the metal elsewhere. "Current high prices are likely to be sustained throughout 1Q as uncertainty surrounding a U.S. refined copper tariff remains," the analysts say. However, "copper market fundamentals have been deteriorating in recent months, with global inventory continuing to rise, scrap supply increasing, and demand underperforming expectations." Copper futures on the London Metal Exchange fall 2% to $13,033 a metric ton. ([e-mail])

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Silver Retreats on Profit-Taking, Easing Tariff Fears -- Market Talk

0914 GMT - Silver prices pull back after hitting a fresh record on Wednesday as the U.S. stepped back from immediately imposing tariffs on critical mineral imports, easing supply concerns. Following a monthslong review into the effects of some imports on U.S. national security, the Trump administration didn't impose tariffs on critical minerals but instead said it was negotiating with trading partners to reduce U.S. reliance on others, without ruling out future tariffs. In early trade, silver futures fall 2% to $89.53 an ounce. "The broader metals rally earlier was supported by geopolitical and economic uncertainties that boosted demand for hard assets, but the tariff pause gave markets a reason to take profits and reassess near-term price pressure," says Soojin Kim, analyst at MUFG. ([e-mail])

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London's Miners Fall as Precious-Metal Prices Slip -- Market Talk

0844 GMT - London-listed miners fall in opening trade as precious-metal prices slip. Silver and gold miner Fresnillo is the largest faller on the FTSE 100 index. It trades down 4.6% after silver futures fell 2.4% from record levels to $89.17 an ounce. Gold futures fell 0.6% to $4,606.10 a troy ounce. Both metals are trading around historical levels, but fell as investors deemed it less likely that the U.S. will launch imminent attacks against Iran, eroding some safe-haven demand. Precious-metal miners Hochschild Mining and Endeavour Mining fall 1.3% and 0.8%, respectively. Copper miner Antofagasta is down 1.2%, while Anglo American slides 1.1%. ([e-mail])

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Oil Slides on Easing Fears of Imminent U.S. Action Against Iran

0840 GMT - Oil prices fall 3% in early trading after President Trump said Iran had stopped killing antiregime protesters, easing concerns over imminent military action against the country. A strike could have threatened Iranian crude output and key shipping routes, raising the geopolitical risk premium significantly, market watchers say. Brent crude and WTI are both down 3.2% to $64.44 a barrel and $60.06 a barrel, respectively. "Despite the pullback, regional tensions remain elevated, including Iran's temporary closure of airspace and US military repositioning," Soojin Kim from MUFG says. Meanwhile, "on the supply side, recent data showed U.S. crude inventories rose significantly, potentially adding downward pressure on prices." ([e-mail])

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European Energy Stocks Fall as Investors Dial Back Bets U.S. Will Launch Iranian Strikes -- Market Talk

0831 GMT - European energy stocks slide in opening trade as investors deem its less likely the U.S. will launch military strikes against Iran. This is after President Trump told reporters that the U.S. had been notified Iran had "no plans to carry out any executions of protesters." The prospect of military action had given oil a much needed geopolitical premium in recent days, and caused oil stocks to rally late Wednesday. Brent is down 3.3% to $64.37 a barrel while WTI falls 3.2% at $60.05 a barrel. In London, BP falls 2.15% while Shell slides 1.3%. France's TotalEnergies drops 1.7% and Italy's Eni is down 2%. Portugal's Galp falls around 1%. ([e-mail])

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Iron Ore Falls; Data Show Strong December China Imports -- Market Talk

0249 GMT - Iron ore falls in Asian trading. China's iron ore imports climbed to 120 million metric tons in December, maintaining strong momentum following earlier holiday restocking, say ANZ Research analysts in a note. China's annual iron-ore import volume reached 1.26 billion tons, up 1.8%, which indicates continuing support from steel-mill replenishment, they add. This is despite domestic output remaining subdued, they say. The most-traded iron-ore contract on the Dalian Commodity Exchange falls 0.55% to 817.0 yuan a ton. ([e-mail])

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(END) Dow Jones Newswires

01-15-26 1206ET