International News 12 February 2026
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Copper Edges Higher on Weaker Dollar, but China Demand Softens Ahead of Lunar New Year
Copper prices rose modestly on Wednesday (February 11, 2026), supported by a weaker U.S. dollar, although demand from top consumer China began to slow ahead of the nine-day Lunar New Year holiday. The most-active copper contract on the Shanghai Futures Exchange (SHFE) closed up 0.31% at 102,180 yuan (US$14,782.77) per ton, while three-month copper on the London Metal Exchange (LME) gained 0.31% to US$13,155 per ton. The dollar’s decline to its lowest level since January 30 made dollar-denominated commodities more attractive to foreign buyers. However, Chinese demand has cooled following earlier restocking activity, with market participants expecting consumption to rebound in March. On the supply side, global copper inventories continued to rise. Although the share of Chinese-origin copper in LME warehouses declined in January, total Chinese copper stocks still increased 8.77% month-on-month to 95,150 tons. SHFE-monitored inventories surged to their highest level since March, while COMEX copper stocks hit a record 536,563 tons. Among other base metals, nickel led gains—rising 4.02% on SHFE and 1.94% on LME—amid reports that Indonesia approved nickel mining quotas of 260–270 million metric tons for 2026. Broader base metals also advanced across both exchanges, despite concerns that potential mining permit reductions in Indonesia could impact future supply.
Gold and Silver Rise as Weak U.S. Retail Data Weighs on Dollar and Yields
Gold and silver prices climbed on Wednesday (February 11, 2026) as the U.S. dollar and Treasury yields declined following weaker-than-expected U.S. retail sales data for December 2025, signaling a potential economic slowdown ahead of key labor market data. Spot gold rose 0.7% to US$5,056.82 per ounce, while April U.S. gold futures gained 1% to US$5,080.90 per ounce. Spot silver jumped 2.2% to US$82.44 per ounce, recovering from a more than 3% drop in the previous session. Analysts noted that falling bond yields reduce the opportunity cost of holding non-yielding assets like gold, boosting investor demand. U.S. Treasury yields fell to near one-month lows as data pointed to slowing economic momentum, increasing expectations that the Federal Reserve may cut interest rates sooner and potentially more aggressively. Markets are currently pricing in at least two 25-basis-point rate cuts in 2026, with the first expected in June. Investors are now focused on the January nonfarm payrolls (NFP) report due later in the day, with economists forecasting 70,000 new jobs after a 50,000 increase in December. A weaker labor reading could further support gold prices, while movements in the dollar and bond yields are likely to remain key drivers of precious metals in the near term.
https://internasional.kontan.co.id/news/harga-emas-dan-perak-naik-terangkat-dolar-as-yang-turun
Oil Prices Rise on U.S.–Iran Tensions and Improving Indian Demand
Global oil prices advanced on Wednesday (February 11, 2026), supported by rising geopolitical risks surrounding fragile U.S.–Iran negotiations and signs of easing oversupply. Brent crude climbed 57 cents, or 0.83%, to US$69.37 per barrel, while U.S. West Texas Intermediate (WTI) gained 56 cents, or 0.88%, to US$64.52 per barrel. Analysts noted that oil continues to carry a bullish risk premium as talks between Washington and Tehran remain uncertain, sustaining concerns over potential disruptions in the Strait of Hormuz amid ongoing sanctions pressure, trade-related tariff threats, and increased U.S. military presence in the region. Although Oman described recent discussions as productive, reports that the U.S. may deploy a second aircraft carrier to the Middle East if talks fail have kept markets on edge. Beyond geopolitics, oil prices were also supported by signs that excess supply from late 2025 is being absorbed, aided by stronger demand from India. With global oil shipments returning to normal levels, analysts expect near-term price support to persist. Indian refiners are reportedly reducing purchases of Russian crude to facilitate a trade agreement with the U.S., instead sourcing more oil from the Middle East and West Africa. Meanwhile, investors are awaiting official U.S. inventory data from the Energy Information Administration (EIA). Analysts expect a modest 800,000-barrel increase in crude stocks for the week ended February 6, though industry data from the American Petroleum Institute (API) showed a much larger 13.4 million-barrel surge, adding uncertainty to the supply outlook.
https://internasional.kontan.co.id/news/minyak-naik-08-pasar-cemas-negosiasi-as-iran-dan-stok-as