Metals showed divergent trends, with silver rebounding, gold’s gains narrowing significantly, London copper rising nearly 4%, and London nickel hitting a 14-month high.

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The metal market continued its intense volatility at the end of the year, with the previously strong rally reversing several times. Investors remain closely focused on price movements in this sector.

On the 30th, spot silver rose nearly 5.6% to $76.16 per ounce. The previous trading day saw a sharp drop of 9%. This round of selling came after speculative trading and concerns over supply shortages drove a historic surge in silver prices.

Spot gold once rose more than 1.5%, then fell back after touching the 200-hour moving average; after the Fed meeting minutes, gold’s gains narrowed further, approaching yesterday’s New York close near $4,335. The metal had fallen more than 4% on Monday. The sharp swings in the precious metals market highlight the year-end uncertainty in trading.

Base metals mostly rose: LME copper gained about 3.7%, and copper prices are set to record the longest streak of gains since 2017. December’s rally was buoyed by expectations of increased pressure on supply chains. LME tin rose 3.56%, while LME zinc rose over 1%.

LME nickel rose over 6%, hitting a 14-month high at $16,780 per ton, continuing its rebound since mid-December. Indonesia, the world’s biggest nickel producer, signaled plans to cut production to support prices and drive nickel prices higher.

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