Written Commentary
COPPER
May copper futures are lower on Thursday, pulling back from recent two-week highs as renewed fears of a tariff-induced global slowdown weighed on investor sentiment. Market uncertainty increased by a White House statement suggesting that certain Chinese imports could face tariffs as high as 245%.
Market participants are increasingly worried that the same national security arguments used for steel and aluminum tariffs could soon apply to copper. This uncertainty has driven a higher premium on U.S. copper futures compared to similar contracts on the LME, signaling fears of tight domestic smelting capacity and potential disruptions to supply chains.
SILVER
May silver futures are lower today, pulling back from two-week highs as traders locked in gains following a strong rally in precious metals. The recent surge was driven by growing safe-haven demand amid escalating global trade tensions and broader economic uncertainty.
GOLD
June gold futures are lower this morning after advancing to record highs in the overnight trade. Recent gains can be attributed to safe-haven demand in light of ongoing uncertainty around U.S. trade policy. Markets remain sensitive to fluctuating tariff news, with the Trump administration launching trade probes that could lead to new tariffs on semiconductor and pharmaceutical imports.
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