Saleh, the Serpent Charmer, Gets Bitten by Houthis

Former Yemeni President Ali Abdullah Saleh. (AFP)
Former Yemeni President Ali Abdullah Saleh. (AFP)
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Saleh, the Serpent Charmer, Gets Bitten by Houthis

Former Yemeni President Ali Abdullah Saleh. (AFP)
Former Yemeni President Ali Abdullah Saleh. (AFP)

The serpent charmer, who for decades “danced on the heads of snakes,” was ultimately bitten by a viper he failed to tame. Former Yemeni President Ali Abdullah Saleh was killed on Monday as he was performing his last dance in the jaws of the Houthi snake, which is on the verge of swallowing Yemen whole in favor of Iran’s sectarian agenda.

Saleh was born to a poor family in the village of Sanhan, south of the capital Sana’a, on March 21, 1942. He lost his father at a young age and was raised by his step-father. After a few years at school, he began his military career at the young age of 12.

No one predicted that the son of a family of farmers and sheep herders would one day become the president of Yemen, bringing together a country divided into a united one, with all of its tribal and cultural diversity.

At the age of 18 and through a tribal mediation, Saleh joined the North Yemen Military Academy. In 1962, he played a minor role in the revolt against the rule of the Hamideddine family that had governed northern Yemen after the fall of the Ottoman Empire at the end of World War I.

At the time, Saleh was not the most prominent of Yemeni officers. He soon came to the forefront, however, becoming the leader of the Majd battalion in Taez following the Ibrahim al-Hamdi’s revolt against the government of Abdul Rahman al-Irani on June 13, 1974. He also played a role during the events that led to Hamdi’s assassination. Saleh’s rivals claim that he had a hand in the murder along with Ahmed al-Ghashmi, who would succeed Hamdi.

Ghashmi would however meet Hamdi’s fate and die in a bombing at his office in 1978.

Career as president

On July 17, 1978, a people’s council elected Saleh as president of northern Yemen. This kicked off his career as “snake charmer”, eventually earning a reputation for his ruthlessness, wiliness and ability to manipulate both allies and rivals alike.

He tightened his grip on the army and stifled more than one revolt against him. He allied himself with the Muslim Brotherhood to put an end to the rise of the socialist left in the central regions bordering southern Yemen. Northern and southern Yemen were eventually united in 1990.

Saleh proved to be a master in dealing with tribal powers through allowing them to take part in rule and the share of wealth, as demonstrated with the Hashed and Bakeel tribes. His relatives and Sanhan tribe also controlled the military.

Saleh seized the opportunity to unite northern and southern Yemen by announcing an agreement with South Yemen President Ali Salem al-Beidh. The agreement proved fragile however as Beidh sought more power at Saleh’s expense. This pushed the latter to ally himself with various northern and southern forces in order to confront Beidh’s secessionist attempts that culminated in the war of the summer 1994 in which Saleh and his allies emerged victorious.

On the foreign front, Saleh proved to be a pragmatic player of the first degree. He attempted to play on both sides of any divide, exploiting the al-Qaida, terrorism, Houthi and Arab causes cards. He stood with Saddam Hussein during the invasion of Kuwait and later reconciled with the Arab Gulf. One of his greatest achievements was the demarcation of the border with Saudi Arabia and Oman.

His supporters describe him as the builder of the united Yemen, while his adversaries view him as a minor dictator, who exploited the ignorance and poverty of his people to tighten his grip on power and reap its wealth without achieving any real development.

Despite the political and partisan diversity in Yemen, Saleh proved adept at preserving his power, outmaneuvering his rivals and weakening opposition groups. This led him to become the absolute ruler of the country under a republican guise, say his rivals.

Saleh waged six wars against the Iran-backed Houthi group, which originally emerged from the northern Saada province. The group was established by Hussein Badreddine al-Houthi, who was killed at the end of the first war in 2004.

Saleh was accused of not being serious enough in eliminating the Houthi movement, which managed to persevere under current leader Abdul Malek al-Houthi. Saleh was accused of seeking to maintain the group as a way to blackmail neighboring countries.

In the past ten years of his rule, Saleh sought to allow his family to seize all authority and wealth in Yemen. He therefore established the republican guard, which was commanded by his oldest son Ahmed, whom he was grooming to succeed him. He also appointed his oldest nephew as the head of security agencies. His step-brother Mohammed Saleh al-Ahmar was appointed commander of the air force.

With the eruption of the so-called Arab Spring in 2011, Yemen found itself vulnerable to the wave of change that swept the Arab world. Protests against Saleh erupted in early 2011 and his failure to contain them culminated in a failed attempt against his life in June. He miraculously survived the bombing of a mosque within his presidential compound and Saudi authorities at the time transported him to the Kingdom for treatment.

Soon after, the Gulf Cooperation Council initiative was approved as a safe means for Saleh and his party to leave power in favor of Vice President Abd Rabbuh Mansur Hadi. Hadi was unanimously elected president in early 2012.

Need for revenge

Saleh’s departure from power did not lead to his relatives leaving their military positions. It appeared that the need for revenge against those who ousted him led him to ally himself with the Houthis. He viewed them as a the “Trojan Horse” through which he could carry out his revenge against his rivals.

As the militias advanced from their Saada stronghold towards Sana’a to topple Hadi’s government, Saleh was holding meetings at his residence with tribal leaders and his various supporters in an attempt to facilitate the Houthi takeover of the capital. On September 21, 2014, the militias indeed took over Sana’a and Saleh then allied himself with the coup powers against Hadi’s legitimate government. This prompted Saudi Arabia to lead an alliance to restore legitimacy in Yemen.

Saleh, with all of his skill and wiliness, did not foresee the dangers of his actions. The Houthi snake this time was too wild to charm and Saleh could not rein in his ruthless partner. The Houthis managed to seize and loot weapons caches and state buildings and resources. They brainwashed tribal members to adhere to its sectarian ideology, thereby weakening Saleh’s power. In the end, the former president was left with only a small security quarter in southern Yemen, a television station and several helpless civilian supporters.

The end

Towards the end of his life, Saleh became a nuisance to the Houthis and a constant source of concern because he was able to regroup his forces. The militias also wanted to humiliate him and avenge the death of their founder and the wars they waged against Saleh in 2004 and 2014. The militia therefore sought to completely eliminate him, especially after it witnessed a massive civilian rally in support of Saleh.

Snake charmers will inevitably meet their end with a snake bite and this is what happened with Saleh, who long boasted about being able to “dance on the heads of vipers.”

The Houthis took advantage of the occasion of the Prophet’s birthday on Thursday to rally their supporters to the Sabaeen square in Sana’a. They could have chosen any other location away from Saleh’s security zone, but it was an opportunity for them to seize control of the square and its mosque and eliminate the former president’s nephew.

It appears that Saleh realized that he was in real danger, he was either going to be humiliated or killed. He therefore made the call for a military confrontation against the Houthis, therefore ending his alliance with them. He succeeded for one day in confusing the group. His guards fiercely fought the Houthi tanks and his supporters in various provinces sought to stand up for him.

On Monday, Saleh left his security zone in al-Seyasy neighborhood in Sana’a. He departed in a small convoy after the collapse of his guard corps.

Several reports have emerged on how he was killed, but their conclusion is always the same. One said that he was a victim of an ambush on the Kholan road, which he was taking to head to his hometown of Sanhan. The Houthis were on to him and they dragged him out of his car and executed him to avenge their late leader.

There have been reports that two of his sons are now imprisoned by the Houthis, while the fate of several of his relatives and party members remains unknown.

Saleh’s supporters now view him as a hero and a martyr.

“Despite his alliance with the Houthis, he finally opened his eyes and was killed while he was confronting them to restore the republic,” they said.

Some of his rivals meanwhile said that he deserved his punishment.

In the end, the Yemenis are still living in the same crisis with the Houthis’ ongoing control of Sana’a and their oppression of the people.



What Lies Ahead for Ukraine’s Contested Zaporizhzhia Nuclear Power Plant?

A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
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What Lies Ahead for Ukraine’s Contested Zaporizhzhia Nuclear Power Plant?

A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)

The Zaporizhzhia nuclear power plant, Europe's largest, is one of the main sticking points in US President Donald Trump's peace plan to end the nearly four-year war between Russia and Ukraine. The issue is one of 20 points laid out by Ukrainian President Volodymyr Zelenskiy in a framework peace proposal.

Here are some of the issues regarding the facility:

WHAT ROLE MAY THE US PLAY?

Russia took control of the plant in March 2022 and announced plans to connect it to its power grid. Almost all countries consider that it belongs to Ukraine but Russia says it is owned by Russia and a unit of Russia's state-owned Rosatom nuclear corporation runs the plant.

Zelenskiy stated at the end of December that the US side had proposed joint trilateral operation of the nuclear power plant with an American chief manager.

Zelenskiy said the Ukrainian proposal envisages Ukrainian-American use of the plant, with the US itself determining how to use 50% of the energy produced.

Russia has considered joint Russian-US use of the plant, according to the Kommersant newspaper.

WHAT IS ITS CURRENT STATUS?

The plant is located in Enerhodar on the banks ‌of the Dnipro River and ‌the Kakhovka Reservoir, 550 km (342 miles) southeast of the capital Kyiv.

The Zaporizhzhia nuclear power plant has ‌six ⁠Soviet-designed reactors. They were ‌all built in the 1980s, although the sixth only came online in the mid-1990s after the collapse of the Soviet Union. It has a total capacity of 5.7 gigawatts, according to an International Atomic Energy Agency (IAEA) database.

Four of the six reactors no longer use Russian nuclear fuel, having switched to fuel produced by then-US nuclear equipment supplier Westinghouse.

After Russia took control of the station, it shut down five of its six reactors and the last reactor ceased to produce electricity in September 2022. Rosatom said in 2025 that it was ready to return the US fuel to the United States.

According to the Russian management of the plant, all six reactors are in "cold shutdown."

Both Russia and Ukraine have accused each other of striking the nuclear plant and of severing power lines to the plant.

The plant's equipment is powered by ⁠electricity supplied from Ukraine. Over the past four years these supplies have been interrupted at least eleven times due to breaks in power lines, forcing the plant to switch to emergency diesel generators.

Emergency generators ‌on site can supply electricity to keep the reactors cool if external power lines are cut.

IAEA ‍Director General Rafael Grossi says that fighting a war around a nuclear ‍plant has put nuclear safety and security in constant jeopardy.

WHY DOES RUSSIA WANT ZAPORIZHZHIA PLANT?

Russia has been preparing to restart the station but ‍says that doing so will depend on the situation in the area. Rosatom chief Alexei Likhachev has not ruled out the supply of electricity produced there to parts of Ukraine.

Oleksandr Kharchenko, director of the Energy Research Center in Kyiv, said Moscow intended to use the plant to cover a significant energy deficit in Russia's south.

"That's why they are fighting so hard for this station," he said.

In December 2025, Russia's Federal Service for Environmental, Technological and Nuclear Supervision issued a license for the operation of reactor No. 1, a key step towards restarting the reactor.

Ukraine's energy ministry called the move illegal and irresponsible, risking a nuclear accident.

WHY DOES UKRAINE NEED THE PLANT?

Russia has been pummeling Ukraine's energy infrastructure for months and some areas have had blackouts during winter.

In recent ⁠months, Russia has sharply increased both the scale and intensity of its attacks on Ukraine's energy sector, plunging entire regions into darkness.

Analysts say Ukraine's generation capacity deficit is about 4 gigawatts, or the equivalent of four Zaporizhzhia reactors.

Kharchenko says it would take Ukraine five to seven years to build the generating capacity to compensate for the loss of the Zaporizhzhia plant.

Kharchenko said that if Kyiv regained control of the plant, it would take at least two to three years to understand what condition it was in and another three years to restore the equipment and return it to full operations.

Both Ukrainian state nuclear operator Energoatom and Kharchenko said that Ukraine did not know the real condition of the nuclear power plant today.

WHAT ABOUT COOLING FUEL AT THE PLANT?

In the long term, there is the unresolved problem of the lack of water resources to cool the reactors after the vast Kakhovka hydro-electric dam was blown up in 2023, destroying the reservoir that supplied water to the plant.

Besides the reactors, there are also spent fuel pools at each reactor site used to cool down used nuclear fuel. Without water supply to the pools, the water evaporates and the temperatures increase, risking fire.

An emission of hydrogen from a spent fuel pool caused an explosion in Japan's Fukushima nuclear disaster in ‌2011.

Energoatom said the level of the Zaporizhzhia power plant cooling pond had dropped by more than 15%, or 3 meters, since the destruction of the dam, and continued to fall.

Ukrainian officials previously said the available water reserves may be sufficient to operate one or, at most, two nuclear reactors.


Egypt, Trump Reaffirm Strategic Alliance in 2025 amid Regional Turmoil

Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
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Egypt, Trump Reaffirm Strategic Alliance in 2025 amid Regional Turmoil

Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)

After months of speculation over the trajectory of Egyptian-US relations, fueled by persistent talk of strain and an impending rift, a high-level meeting between President Donald Trump and President Abdel Fattah al-Sisi in Sharm el-Sheikh reaffirmed the resilience of the strategic alliance between Cairo and Washington, even as the region remains in turmoil.

The meeting followed a turbulent period marked by Trump’s adoption of a proposal to relocate Gaza’s population, an idea firmly rejected by Sisi and one that prompted warnings of a diplomatic crisis between the two longtime allies.

The subsequent signing of a Gaza peace agreement in Sharm el-Sheikh sent a clear signal that, despite sharp disagreements over policy, the foundations of the bilateral relationship remain intact.

Early in Trump’s second term, media reports said Sisi had scrapped plans to visit Washington. As the year draws to a close, speculation has said that the visit may happen. Trump has acknowledged Sisi as a friend and said he would be happy to meet him as well.

Trump’s election victory late last year raised Egyptian hopes of strengthening the strategic partnership. Sisi voiced that expectation in a congratulatory post on X, stating that he looked forward to working together with Trump to achieve peace, preserve regional peace and stability, and strengthen the strategic partnership.

Those hopes were tested when Trump floated a plan to “clean out Gaza” and relocate its residents to Egypt and Jordan. Cairo rejected the idea outright, mobilized international opposition, unveiled an alternative plan for Gaza’s reconstruction and hosted an emergency summit on the issue in March.

Limited public engagement

David Butter, a research fellow in the Middle East and North Africa program at Chatham House, noted that the striking feature of Egypt-US ties over the past year has been their low public profile.

Aside from Trump’s appearance in Sharm el-Sheikh, there was not much happening in the open, he told Asharq Al-Awsat.

Amr Hamzawy, an Egyptian political scientist and director of the Middle East program at the Carnegie Endowment for International Peace, described the first year of Trump’s second term as difficult for bilateral relations.

He said it began with talk of displacement and a “Middle East Riviera” in Gaza, but Egyptian diplomacy succeeded in shifting the trajectory.

Trump’s peace plan, he said, ultimately signaled rejection of displacement and spoke of security and political tracks for Gaza and a broader political process for the Palestinian issue, though details remain unclear.

Hamzawy added that the year opened from a tough starting point that followed what he called President Joe Biden’s hesitant stance on Gaza, when displacement was first discussed.

After nearly a year of Egyptian political and diplomatic effort, he said, displacement dropped from Washington’s agenda, even if it remains a risk that cannot be ignored.

Historically, Egypt has been a pivotal state for US national security, given its geography, demographic weight and diplomatic role, according to a recent report by the Congressional Research Service.

Gaza, the main test

The Gaza war shaped Egyptian-US relations during Trump’s first year back in office. Washington backed Egyptian-Qatari mediation to halt the war. US Secretary of State Marco Rubio thanked Cairo after a truce was reached between Israel and Hamas in January.

When hostilities resumed, however, Egypt faced complex diplomatic choices with both Washington and Israel. It rejected Trump’s call to resettle Gaza’s population, while its reconstruction plan failed to gain US or Israeli acceptance.

Cairo also drew criticism from Trump for declining to join US strikes against Yemen’s Houthis, the Congressional Research Service (CRS) revealed.

Butter noted that ties with the Trump administration were strained over Gaza after Sisi canceled a Washington visit early in the year, following Trump’s “Middle East Riviera” remarks, which left contacts at a minimum.

He said Trump’s Sharm el-Sheikh visit, the signing of the Gaza agreement and the celebration of his plan’s success offered a chance to reset relations. Egypt, he added, has become indispensable to Trump’s administration in Gaza.

Hamzawy said Gaza dominated the first year of Trump’s term, giving Egypt a chance to restore its standing with US and European decision-makers as a key mediator. Cairo put its vision on the table, he said, shifting US thinking toward parallel security and political tracks and from talk of disarmament to limiting weapons.

Throughout the year, Egypt publicly counted on Trump to end the Gaza war. In July, Sisi urged him in a televised address to press for a halt, saying Trump was capable of doing so.

Analysts Daniel Byman and Jon Alterman wrote in Foreign Policy that Egypt is indispensable to international responses to the Gaza war, even if it remains a difficult partner for Washington and Israel. The conflict, they said, restored diplomatic focus on Egypt and strengthened its leverage.

Sara Kira, director of the European North African Center for Research, said relations in Trump’s second term differ from his first. The earlier term saw broad alignment and personal warmth from Trump, particularly on counterterrorism, she said. The second term has been marked by divergence.

That surfaced in April when Trump called for free passage for US commercial and military vessels through the Suez Canal in exchange for US efforts to protect the waterway.

Positive signals despite differences

Despite disagreements over Gaza, there were positive signs elsewhere. Early in the year, the US State Department froze new funding for most aid programs worldwide, exempting humanitarian food programs and military aid to Israel and Egypt.

Washington did not include Egypt on a travel ban list issued in June. Trump said Egypt was a country with which the United States dealt closely and that things there were under control. Egypt was also spared higher US tariffs. Cairo has repeatedly stressed the depth and resilience of the strategic relationship.

Kira said Egypt exerted maximum pressure to achieve peace and stop the Gaza war, eventually convincing Washington of its approach and reaching a peace agreement in Sharm el-Sheikh. She said Egypt acted pragmatically and astutely, reading Trump’s personality and US interests.

As talks on the second phase of the Gaza agreement stall, Egypt continues to rely on the Trump administration to advance its plan. Cairo remains in contact with Washington and is working with it to prepare a donor conference for Gaza’s reconstruction, which has yet to receive sufficient momentum from the Trump administration.

The dialogue extends beyond Gaza to Libya, Sudan, Lebanon and Iran, as well as water security, led by Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), which Egypt fears could affect its Nile water share.

GERD

In mid-June, Trump stirred controversy in Egypt when he wrote on Truth Social that the United States had “stupidly” funded the dam Ethiopia built on the Blue Nile, triggering a severe diplomatic crisis with Egypt.

In August, the White House released a list of Trump’s foreign policy achievements, which included a purported agreement between Egypt and Ethiopia over the dam.

Trump has repeatedly spoken of his administration’s efforts to resolve the dispute, but those claims have yet to translate into concrete action.

Hamzawy said there is an opportunity for Washington to mediate and revive an agreement reached near the end of Trump’s first term.

Charles Dunne of the Arab Center Washington DC wrote recently that Trump’s stance may please Cairo but could also produce adverse outcomes if Washington does not assume a mediation role.

The United States hosted talks with the World Bank in 2020 during Trump’s first term, but they failed after Ethiopia refused to sign the draft agreement.

Military ties endure

Military cooperation continued largely as usual. Since 1946, the United States has provided Egypt with about $90 billion in aid, with a sharp increase after 1979, which successive administrations have framed as an investment in regional stability, according to the CRS.

For more than a decade, Congress has imposed human rights conditions on part of Egypt’s aid.

Between fiscal years 2020 and 2023, the Biden administration and Congress withheld approximately $750 million in military funding. Trump’s technical annex to the proposed fiscal 2026 budget seeks $1.3 billion in military assistance for Egypt without conditions, the CRS said.

Hamzawy said the administration is far from imposing conditionality, noting that relations rest on mutual interests between a major power and a positively influential middle power.

Since the Gaza war, the Biden and Trump administrations have accelerated US arms sales to Egypt. The State Department notified Congress of military sales totaling $7.3 billion. In July, the Pentagon announced that the State Department had approved the sale of an advanced air defense missile system to Egypt, valued at approximately $4.67 billion. Egypt also hosted the Bright Star military exercises in September.

Kira said ties with Washington are driven by interests and that Cairo has positioned itself as a core regional player.

Hamzawy said Egypt occupies a central place in US Middle East thinking, as Washington needs a spectrum of allies, with Egypt at the heart of that network.


Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
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Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP

Precious and industrial metals are surging to record highs as the year ends, driven by economic and geopolitical uncertainty, robust industrial demand and, in some cases, tight supply.

Below AFP examines the reasons for the surge in demand.

- Safe havens -

Gold and silver are traditionally seen as safe-haven assets, and demand has soared amid mounting geopolitical tensions, from US President Donald Trump's tariffs onslaught to wars in Ukraine and Gaza, as well as recent pressure by Washington on Caracas.

Investors are also uneasy about rising public debt in major economies and the risk of a bubble in the artificial intelligence sector.

These uncertainties are driving up gold and silver, with other metals now starting to see the impact as investors seek to diversify their portfolios, explained John Plassard, an analyst at Cite Gestion Private Bank.

"Metal is once again becoming insurance rather than just a speculative asset," he told AFP.

- A weak dollar -

Traditional safe havens like the dollar and US Treasuries have become less attractive this year.

Uncertainty around Trump's presidency and the prospect of further Federal Reserve interest rate cuts, have weakened the dollar, reducing its appeal to investors.

As a result, many investors are turning to gold and silver.

Gold has climbed more than 70 percent this year and passed $4,500 an ounce for the first time on Wednesday, while silver reached a record high of $72 an ounce, with prices up about 2.5 times since January.

A weak dollar is also boosting industrial metals, since commodities priced in dollars become cheaper for buyers when the currency falls.

- Fresh demand -

Industrial demand has surged in recent months, driven by the rise of artificial intelligence and the energy transition.

Copper, used for solar panels, wind turbines, electric vehicle batteries and data centers, has seen strong gains as a result.

Prices hit a record on Wednesday, topping $12,000 a ton, helped further by China, the world's largest copper consumer, announcing new measures to boost demand.

Aluminium, a cheaper alternative to copper, and silver are also benefiting from the AI boom and the shift to renewable energy.

Platinum and palladium, used in car catalytic converters, have also risen, reaching a record high and a three-year high respectively, after the European Union decided to allow sales of new internal combustion vehicles beyond 2035.

- Tight supply -

Copper prices have been lifted this year by fears of US tariffs, prompting companies to stockpile ahead of their introduction, with duties imposed on semi-finished products and potentially extending to refined copper.

Supply risks from disruptions at mines in the Democratic Republic of Congo, Chile and Indonesia have added to the price surge.

Physical markets for silver, platinum, and aluminium are also tight.

According to Ole Hansen, an analyst at Saxo Bank, thin holiday trading, which increases volatility, and investor fear of missing out have further amplified the rise at the end of the year.