By 
Most base metals experienced a decline on Friday, with copper prices set for their worst week in two-and-a-half months.
This decline followed continued threats of tariffs from US President Donald Trump.
According to the daily market update from Absa Bank, benchmark copper dropped 0.4 percent to US$9,091.50 per metric tonne.
“Prices have declined 1.6 percent so far this week, heading for their worst week since November 11, 2024,” the update stated.
Meanwhile, oil prices rose on Friday as markets weighed the impact of the US tariff threats on Mexico and Canada, which are the two largest crude exporters to the US. These tariffs could potentially take effect this weekend.
The update revealed that Brent crude futures for March gained 61 cents, reaching US$77.48 per barrel, while the more-active April contract stood at US$76.37 per barrel, up 48 cents. U.S. West Texas Intermediate (WTI) crude gained 65 cents, reaching US$73.38 per barrel.
For the week, Brent crude was set to fall by 1.3 percent, while WTI had declined by 1.69 percent.
In contrast, gold prices surged to a record high on Friday, poised for their best month since March 2024.
Investors flocked to the safe-haven metal amid the escalating US tariff concerns.
Spot gold steadied at US$2,794.61 per ounce, having gained more than six percent throughout the month.
Earlier in the session, gold prices hit an all-time high of US$2,799.71. Additionally, US gold futures rose 0.2 percent to US$2,826.90.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments