Australia’s new smoking crisis, copper hits record highs

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Everyone born before the turn of the millennium in Australia will remember those grim anti-smoking ads which filled free-to-air television at the time - the tar being squeezed out of the lung sticks in my mind. But now there is a new generation of smokers buying vapes and illegal tobacco and health experts are worried the country is losing its reputation as a world leader. Young people would be better off putting their money into copper - it just hit its highest price ever. - Ben Westcott, Asia Agriculture Reporter What's happening now Australia is facing a new tobacco crisis, experts say. While overall smoking rates continue to fall, studies shows progress in reducing teen smoking has slowed — likely due to vaping. At the same time, illegal tobacco is flooding into the country, providing smokers with cheaper alternatives — thanks to a lucrative and fast-growing black market that's fueled a violent turf war between criminal gangs. Two of the nation's biggest lithium miners are considering ramping up production to take advantage of a powerful rally in the battery metal. Mineral Resources lifted its full-year output guidance on Thursday and is assessing the prospect of restarting a mine it idled in late 2024, while rival Liontown, part-owned by billionaire Gina Rinehart, said it would consider expanding its mine should prices continue to rise. Lithium ore falls through a separation machine during the extraction process. Photographer: Carla Gottgens/Bloomberg BHP Group could face up to a $2 billion hit from pricing pressures after China restricted its Jimblebar iron ore, as discounts widen and lump premiums collapse, according to Goldman Sachs Group. As families return from summer break and set their goals for the year ahead, reporter Ben Westcott joins host Rebecca Jones to unpack why passing on the family farm has become so complex, emotionally charged and financially risky. With soaring land values, ageing farmers and siblings pulling in different directions, succession planning is no longer something that can wait. What happens when it does… and what should families be doing now? Listen and follow The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you get your podcasts. Terminal clients: Run {NSUB AUPOD <GO>} on your desktop to subscribe. What happened overnight The US stock market was rattled by a slide in most megacaps, which showed no signs of easing up on artificial-intelligence spending even as doubts persist about demand to justify all that capital. Big moves in commodities saw gold plunging as oil soared. Bitcoin dipped below $84,000. While gains in economically sensitive shares pulled the S&P 500 away from session lows, the Nasdaq 100 lost 0.7% Copper surged by the most in more than 16 years, after a wave of buying from Chinese investors triggered one of the most dramatic moves in the market's history. Prices gained as much as 11% to trade above $14,500 a ton for the first time ever, before a sharp retracement on Thursday afternoon. Copper pipes at a wholesale metal market in Mumbai, India. Photographer: Dhiraj Singh/Bloomberg The UK promised greater access to Chinese markets for Britain's services sector, including visa-free travel, after Prime Minister Keir Starmer and President Xi Jinping agreed in Beijing to build a more stable relationship. US President Donald Trump said he had successfully appealed to Russian President Vladimir Putin to halt the bombing of cities and towns in Ukraine as the country prepares for an extreme cold snap. Elon Musk, ever attuned to the political zeitgeist, has updated Tesla's mission to "amazing abundance." The one certainty is that Tesla will burn a lot of cash this year, writes Bloomberg Opinion's Liam Denning. What to watch All times Sydney • 11.30 a.m. - Australia private sector credit data for December One more thing... They call January "divorce month." Unhappily married couples make it through the holiday season, and then look to start the new year in a new relationship status: apart. Divorce is never easy. Lawyers, therapists, courts, family members and even our worst selves come into play as it unfolds. Here's what experts say is a good way to frame your thinking if you're considering a split. A couple sitting on a sofa. Photographer: Kinga Krzeminska/Moment RF/Getty Images Enjoying Australia Briefing? 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