The global commodity markets faced pronounced volatility last week, as base metal prices, particularly copper, plummeted nearly 2%, contradicting the 1% surge in gold prices. The turmoil followed U.S. President Donald Trump’s imposition of a 25% tariff on numerous Indian goods, igniting renewed fears of a trade war.
Trump’s tariff actions, especially on semi-finished copper goods, sent ripples across global markets. Copper experienced some of the steepest declines, with U.S. tariffs driving its price down, while crude oil showed varied trends amidst geopolitical tensions.
Analysts predict continued volatility as global market players navigate the multifaceted impacts of U.S. tariffs, China’s economic uncertainties, and broader geopolitical dynamics. This instability has, notably, disrupted supply chains and altered traditional trading patterns, particularly for commodities like copper.
(With inputs from agencies.)