U.S. eyes nuclear boom, copper prices reach new peak - Oct 29, 2025

As of October 29, today’s news highlights relevant developments in the copper market, US-China trade relations, and the future of energy generation in the United States. U.S. nuclear power generation is set to rise, analysts at Wood Mackenzie said, as surging demand driven by data centers strains grids across the country and a wave of tech companies sign deals to source power from the zero-carbon resource. A flurry of announcements in nuclear energy investments - most recently an 80 billion dollars U.S. government partnership with the owners of Westinghouse Electric - underscore the rising interest in the sector. Meanwhile, copper rose to a record high, with the US and China on the cusp of a sweeping deal to dial down trade tensions, while a series of supply setbacks at leading mines have tightened the global market. Three-month futures climbed to 11,146 dollars a ton on the London Metal Exchange, topping the peak set in 2024. Year-to-date, the metal that’s an industrial staple and proxy for global growth is up more than a quarter. Looking at broader market conditions, Glencore reported a 17% decline in copper production for the first nine months of the year, consequently tightening its 2025 production guidance, which now stands between 850,000 and 875,000 tons. This reduction highlights the ongoing supply issues affecting the copper market and contributes to the record-high prices being observed. Furthermore, General Motors announced a substantial reduction in electric vehicle and battery production, resulting in the layoff of 1,200 employees at its Detroit plant due to declining demand for battery cars. This reflects the broader trends in the automotive sector as manufacturers adjust to changing market dynamics. In technology, Nvidia is nearing a historic 5 trillion dollars valuation, showcasing the robust growth of the AI sector. A recent surge in orders for AI chips signified the company's central role in this transformative market, further underscoring the intersection of technology and broader economic trends. Finally, as U.S. President Donald Trump and China's leader Xi Jinping prepare to kick off talks on Thursday, U.S. negotiators have signaled they seek a return to a fragile trade war truce, but tensions remain high and longer-term economic irritants will likely persist between the geopolitical rivals.