Copper prices rose for an eighth consecutive session on Wednesday, reaching their highest levels since January 29, supported by positive technical signals and higher prices in the United States, while aluminum climbed to its highest level in nearly four weeks.

Benchmark three-month copper on the London Metal Exchange rose 0.9% to $14,152.50 per metric ton by 10:19 GMT, after posting a record close on Tuesday.

The London Metal Exchange index, which tracks six base metals contracts, also closed at a record high on Tuesday as copper continued moving closer to its intraday all-time high of $14,527.50 per ton reached on January 29, alongside strong performance across other base metals.

Copper has been supported by expectations of stronger future demand, along with solid factory activity data that eased concerns over the immediate economic impact of the Middle East conflict on global growth. The market is also reacting to concerns over sulfuric acid availability for some copper producers following the closure of the Strait of Hormuz.

The Yangshan copper premium, a key gauge of China’s appetite for importing the metal, rose 3% to $72 per ton, its highest level since mid-April, signaling resilient demand in the world’s largest metals consumer despite elevated prices.

In the United States, the most active July copper contract on the COMEX exchange rose 1.7% to $6.644 per pound after touching a fresh record high.

US copper is currently trading at a premium of nearly $500 per ton over London Metal Exchange prices, amid expectations that Washington could decide by the end of June on imposing tariffs on refined copper imports.

Neil Welsh, head of metals at Britannia Global Markets, said in a note: “Expectations for policy measures are drawing more metal into the United States and tightening supply elsewhere, adding another layer of support to the global market.”

In the aluminum market, prices on the London Metal Exchange rose 2.3% to $3,641.50 per ton after the metal reached its highest level since April 17, amid supply disruptions affecting Middle East producers because of the war with Iran.

Prices also received additional support after daily London Metal Exchange data showed registered and deliverable aluminum inventories falling to 301,725 tons following the cancellation of new storage warrants for around 30,000 tons in Malaysia.

Among other base metals, zinc rose 0.2% to $3,538 per ton, lead gained 0.6% to $2,008.50, tin jumped 1.6% to $55,560, and nickel climbed 1.3% to $19,190 per ton. Both zinc and lead reached their highest levels since late January.

Bitcoin opened Wednesday trading at $80,473.98, down 1.5% from Tuesday’s opening price, before rising to $80,611.27 by 7:08 a.m. Eastern Time.

Ethereum also opened at $2,274.41, down 2.8% compared to the previous day’s open, before climbing to $2,299.60 during morning trading.

The decline in cryptocurrencies followed the release of US Consumer Price Index data, which highlighted the impact of the Iran war on rising energy costs. Crypto investors are also closely watching US President Donald Trump’s summit with Chinese President Xi Jinping this week to see whether it could lead to improved trade agreements or encourage China to support de-escalation efforts in the Middle East.

As for Bitcoin’s performance, the opening price was down 0.6% compared to last week, but it remains up 13.7% on a monthly basis, while declining 21.7% compared to the same period last year.

Bitcoin recorded its all-time high at $126,198.07 on October 6, 2025, while its all-time low was $0.04865 on July 14, 2010.

Ethereum, meanwhile, saw its opening price fall 3.7% compared to last week, though it remains up 3.7% on a monthly basis and down 8.9% year-over-year.

Ethereum reached an all-time high of $4,953.73 on August 24, 2025, while its all-time low stood at $0.4209 on October 21, 2015.

Regarding taxation, cryptocurrency investors are taxed when they sell digital assets for more than their purchase price. Converting one cryptocurrency into another — such as exchanging Bitcoin for Ethereum — is also considered a taxable event under US Internal Revenue Service rules.

Crypto taxes are not paid at the moment a trade is executed. Instead, they are reported as part of the tax return for the year in which the transaction took place. Therefore, any gains from selling cryptocurrencies during 2025 would be disclosed when filing tax returns in early 2026.

The amount of tax owed depends on two main factors: the length of time the digital asset was held before being sold, and the investor’s total taxable income and filing status.

Short holding periods — less than one year — usually result in higher tax rates, while taxes decline the longer the asset is held, making the timing of a sale an important factor that can create a difference of more than 17% in the total tax burden.

Oil prices saw limited movement on Wednesday as investors monitored the fragility of the Middle East ceasefire and awaited the upcoming summit in Beijing between US President Donald Trump and Chinese President Xi Jinping.

Brent crude futures rose by 23 cents, or 0.2%, to $108 per barrel by 10:43 GMT, while US West Texas Intermediate crude futures slipped 10 cents, or 0.1%, to $102.08 per barrel.

Both benchmark contracts have remained around or above the $100-per-barrel level since the US-Israeli war against Iran erupted in late February, followed by Tehran’s effective closure of the strategic Strait of Hormuz.

“The market remains extremely sensitive to any developments coming from the region, which means sharp volatility is likely to continue,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. “Any further escalation or direct threat to supply flows could quickly restore strong bullish momentum in both Brent and WTI.”

Supporting prices, the International Energy Agency said global oil supplies will not be able to meet total demand this year, as the war continues to cause severe disruptions to Middle East production.

UBS analyst Giovanni Staunovo said: “The latest IEA report highlighted the scale of the disruption through the sharp decline in oil inventories over the past two months.”

The agency also said Russian crude oil production fell by 460,000 barrels per day in April compared to a year earlier, reaching around 8.8 million barrels per day, as Ukraine intensified drone attacks on Russian energy targets.

Trump: I don’t need China’s help to end the war

Oil prices had jumped more than 3% on Tuesday after hopes for a lasting ceasefire between the United States and Iran faded, reducing the chances of reopening the Strait of Hormuz, which handles roughly one-fifth of global oil and liquefied natural gas trade.

US President Donald Trump said Tuesday that he does not believe he needs China’s help to end the war, despite fading prospects for a lasting peace agreement and Tehran tightening its grip on the strait.

China remains the largest buyer of Iranian oil despite US sanctions, and Trump is scheduled to meet Chinese President Xi Jinping on Thursday and Friday.

Eurasia Group said in a note to clients: “The duration of the disruption and the scale of supply losses — which have already exceeded one billion barrels — mean oil prices will likely remain above $80 per barrel through the end of the year.”

The war has also begun weighing on the US economy, with fuel prices rising and economists expecting additional inflationary effects over the coming months.

Data showed that US consumer prices rose sharply for the second consecutive month in April, recording the largest annual increase in inflation in nearly three years, strengthening expectations that the Federal Reserve will keep interest rates elevated for longer.

Higher interest rates increase borrowing costs, which could ultimately weigh on oil demand.

Separately, data from the American Petroleum Institute, according to market sources, showed that US crude inventories fell for the fourth consecutive week last week, while distillate stockpiles also declined, as investors awaited official US inventory data due later on Wednesday.

The dollar traded near a one-week high on Wednesday as renewed uncertainty in the Middle East and stronger-than-expected US inflation data continued to support demand for the safe-haven currency, while investors closely monitored movements in the Japanese yen.

The euro fell 0.26% to $1.17095, while the British pound slipped 0.1% to $1.3524.

Meanwhile, the risk-sensitive Australian dollar held steady at $0.72410, while the New Zealand dollar declined 0.3% to $0.59345.

The US Dollar Index, which measures the greenback against a basket of six major currencies, rose 0.2% to 98.501 points, its highest level since May 5.

In energy markets, oil prices fell 1% but remained above the $100-per-barrel mark, with Brent crude trading near $106.6 per barrel.

Hopes for a Middle East peace agreement faded after US President Donald Trump said the ceasefire with Iran was “on life support” following Tehran’s rejection of a US proposal aimed at ending the war.

Trump also said on Tuesday that he does not believe he needs Beijing’s help to end the war with Iran, ahead of his expected meeting with Chinese President Xi Jinping later this week.

“What’s happening in the Strait of Hormuz is the key driver in the background,” said Tommy von Brömsen, FX strategist at Handelsbanken in Stockholm, adding that a prolonged crisis would place central banks in a more difficult position.

US inflation continues to rise

Data showed that the US Consumer Price Index rose 3.8% in the 12 months through April, marking the largest annual increase since May 2023, as the oil price shock caused by the war continued to push prices higher.

US two-year Treasury yields, which typically track interest rate expectations, remained near seven-week highs at 3.9812%, while benchmark 10-year yields held around 4.461%.

Markets have now largely ruled out the possibility of Federal Reserve rate cuts this year, while expectations for at least a 25-basis-point hike in December climbed to 35%, according to CME Group’s FedWatch Tool.

Currency analysts at Commerzbank said the magnitude of the inflation increase was both surprising and significant, especially with Federal Reserve Chair Jerome Powell’s term set to expire on Friday.

The US Senate on Tuesday confirmed Kevin Warsh as a member of the Federal Reserve Board for a 14-year term, in a move widely seen as an important step toward potentially succeeding Powell.

Commerzbank analysts added: “The key question over the coming months will be whether Warsh can gather enough support within the Federal Open Market Committee to push through an early rate cut.”

Japanese yen under scrutiny

The Japanese yen weakened 0.1% to 157.77 per dollar after a sudden rally in the currency on Tuesday sparked speculation that Japanese authorities may have conducted a so-called “rate check,” a move that often precedes direct intervention in currency markets.

US Treasury Secretary Scott Bessent said on Tuesday that both the United States and Japan view excessive currency volatility as undesirable, comments investors interpreted as implicit support for Tokyo’s recent efforts to support the yen.

However, Edana Abio, portfolio manager at First Eagle Investments, said: “My concern is that intervention alone will not be enough to strengthen the yen at this stage.”

Separately, the Bank of Japan said Wednesday that Bessent did not meet BOJ Governor Kazuo Ueda during his visit to Tokyo.

Meanwhile, the Chinese yuan traded near 6.79 per dollar, its strongest level since February 2023, ahead of Trump’s visit to Beijing.