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23 Apr 2025

Chinese smelters boost Copper output – Commerzbank

LME Copper climbed to a two-week high yesterday after reopening from the long Easter weekend.

Trump's comments suggest room for de-escalation on the trade front

"Dollar weakness seen in recent days is providing some support. Meanwhile, comments from Trump suggesting a reduction in China tariffs leave room for de-escalation on the trade front. Copper smelters in China boosted output to a record high in March."

"This is despite record-low processing fees, partly driven by rising prices for by-products including gold and sulphuric acid. Production of refined Copper rose 8.6% in March from a year earlier to 1.25 million tonnes, according to China’s National Bureau of Statistics. In the first quarter, China’s total output of refined Copper was 3.54 million tonnes, up 5% from 2024."

Apr 23, 2025

Signs of easing for the USD – Commerzbank

EUR-USD did not stay above 1.15 for long, instead we saw a broad-based recovery in the US dollar yesterday. A number of factors may have played a role. One of the most important was certainly Donald Trump's announcement last night that he has 'no intention of firing Fed Chairman Jerome Powell'.

CHF: Are negative interest rates coming back? – Commerzbank

One of the most exciting G10 currencies at the moment is probably the Swiss Franc (CHF).