Copper sparks a rally as tariff talk heats up

Commodities

Gold (XAU/USD) edged higher toward $3,022 by the close, reclaiming positive territory for the week. Its strength echoed across the metals complex, as Copper surged to fresh record highs.

The rally in Copper followed unexpected geopolitical developments, U.S. President Donald Trump hinted at fast-tracked tariffs on the metal, accelerating timeline expectations and reigniting demand across industrial commodities.

Oil markets saw a fleeting pullback following reports of a maritime ceasefire between Russia and Ukraine in the Black Sea. However, the move lower didn’t last long. Crude prices bounced back in early trading as doubts lingered over the ceasefire’s durability. Ongoing supply concerns could still impact the markets, especially with Russia demanding sanctions relief on agricultural trade-related institutions as part of any lasting deal.

Currencies

The Japanese yen stood out as the weakest performer among G10 currencies today. Governor Kazuo Ueda's speech, viewed as dovish, weighed on the yen early in the session.

Although the currency trimmed losses later in the day, USD/JPY still held higher around 150.10. Ueda's comments focused on economic resilience and the Bank of Japan's cautious approach to monetary normalization, reinforcing expectations of continued accommodative policy.

Wednesday’s economic docket offered little to stir markets. The highlight will be U.S. durable goods orders, alongside weekly crude inventory figures and scheduled remarks from Fed officials Kashkari and Musalem. Yet, global focus remained elsewhere—namely on the U.S. administration's evolving stance on trade, with attention sharpening ahead of the April 2 deadline for potential reciprocal tariffs.