Copper prices surged to a record near $13,000 per ton in volatile trading as the London Metal Exchange (LME) reopened after the Christmas holiday, extending a year-end rally driven by concerns over tightening supply.

Oil prices fell for a second consecutive day on Tuesday as concerns over excess supply and potential demand risks from ongoing U.S.-China tensions weighed on the market.

Oil prices softened after climbing to a more than two-week high, as traders weighed ongoing risks to Russian fuel supplies amid the Ukraine war.

Oil futures declined on Friday and were headed for more than a 6% weekly drop on concerns about demand from China's slowing economy and easing supply risk from the Middle East conflict.