Latest from RobotFX: important news impacting currency trading.
Copper futures slipped below $5.80 per pound on Thursday, extending the previous session’s losses as a stronger US dollar weighed on prices amid renewed inflation concerns driven by rising oil. Crude advanced for a second straight day, with fears of a prolonged conflict involving Iran overshadowing a coordinated release of strategic reserves by major consuming nations.
Mounting forward-looking inflation risks have tempered expectations for Federal Reserve interest rate cuts, with current forecasts now pointing to only a single reduction later this year, lending further support to the dollar and adding pressure on dollar-denominated commodities such as copper.
On the trade front, the Trump administration opened fresh investigations into China, the European Union, and several other economies, in an effort to reinstate President Donald Trump’s reciprocal tariffs that were recently invalidated by a Supreme Court ruling.
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Still, opportunistic dip-buying by Chinese fabricators offered some cushion to prices, underpinned by robust demand from the construction sector and the rapidly expanding renewable energy industry.
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