Copper prices extended gains on Wednesday to reach their highest level in two weeks, amid hopes that the war with Iran may be nearing an end.

Benchmark three-month copper on the London Metal Exchange rose 0.2% to $12,365 per metric ton in official trading, after touching $12,492.50, its highest level since March 18.

This marks the fourth consecutive session of gains, although copper prices remain well below their record high of $14,527.50 reached on January 29.

Ole Hansen, Head of Commodity Strategy at Saxo Bank in Copenhagen, said: “The market wants to believe we are approaching the end of this escalation, although we are still facing economic clouds hanging over markets, and they are dark and could worsen.”

Copper joined equities and other financial markets that rose after US President Donald Trump said the war with Iran may be nearing its end.

The most-traded copper contract on the Shanghai Futures Exchange also rose 1.5% to 97,030 yuan ($14,093.57) per ton, after earlier climbing to 97,250 yuan, its highest level since March 19.

Metals were also supported by data released on Wednesday showing that China’s private manufacturing sector — the world’s largest consumer of metals — expanded in March for the fourth consecutive month.

This followed official survey data released on Tuesday showing that economic activity grew at its fastest pace in a year.

Higher premiums and declining inventories in China also indicate improving physical demand for copper.

Inventories monitored by the Shanghai Futures Exchange fell for the second consecutive week to 359,135 tons as of March 27.

Hansen added: “This suggests there is pent-up demand, and that the lower prices we saw earlier this month triggered some buying.”

Metals also received additional support from a weaker US dollar, making dollar-denominated commodities more attractive to investors using other currencies.

Meanwhile, aluminum initially declined on the London Metal Exchange after investors expected supply disruptions from smelters in the Gulf region to ease if the war de-escalates.

However, prices later rebounded, rising 1.6% in official trading to $3,523 per ton, after a consultancy said that one major smelter had halted operations while another was operating at no more than 30% capacity.

Among other metals, zinc on the London Metal Exchange rose 0.4% to $3,240 per ton, lead gained 1.3% to $1,928, nickel increased 0.7% to $17,225, and tin rose 2.1% to $47,745.

Historical price data from CoinGlass shows that Bitcoin recorded its first positive monthly candle in six months, after closing March up 2% following five consecutive months of losses.

Analyst Ash Crypto said in a post on X on Wednesday: “This is a huge dose of hope.”

The analyst was referring to the possibility of a shift in momentum that could lead to a sustained recovery, similar to previous cycles.

The last time this occurred was during the 2018–2019 cycle, when Bitcoin closed February 2019 higher after six consecutive red monthly candles, according to historical data.

At that time, it triggered a strong trend reversal, with gains exceeding 300% over the following five months as Bitcoin recovered from the 2018 bear market.

Trader Satoshi Flipper said in a post on X on Wednesday: “The last time Bitcoin dropped for six straight months, it rallied continuously over the next five months!”

If history repeats, this reversal could continue through April, suggesting that Bitcoin may have already bottomed near the $60,000 level.

Trader Caleb said that Bitcoin’s bullish monthly close represents “a catalyst for new investment inflows at the start of April,” adding: “April begins with positive momentum.”

Bitcoin has a well-documented history of strong price volatility during April.

Since 2013, April has been a positive month for Bitcoin in eight out of 13 years, with average returns of around 12.2%.

However, Bitcoin also tends to move in the opposite direction of March during April, which has occurred in nine out of the past 13 years.

In recent years, Bitcoin declined in April after a positive March close in three out of four instances between 2021 and 2024.

Therefore, while the end of prolonged downtrends has historically pointed to the potential for a rebound, data also suggests that Bitcoin could decline during April.

Bitcoin price levels to watch

Data from TradingView shows that Bitcoin rose 2.5% during the day to trade at $68,470, while the resistance range between $69,000 and $70,000 remains intact.

Analysts expect price action to remain range-bound for some time, with key levels to watch in the event of a bullish breakout.

Among these levels is the supply zone between $70,000 and $72,000, which coincides with the 50-day simple moving average and the 50-day exponential moving average, in addition to the cost basis of investor cohorts holding Bitcoin for one week to one month.

This zone also represents the level at which investors purchased around 650,000 Bitcoin, which could act as a potential selling pressure point, according to cost basis distribution data from Glassnode.

If the price manages to break above this level, the BTC/USD pair could revisit the range high near $76,000 and potentially move toward the psychological level at $80,000.

On the broader timeframe, trader Sheldon Diedericks said that Bitcoin may be “heading toward a resistance zone” near $83,000 on the monthly timeframe, which previously acted as a key support level in April 2025, while the 200-day exponential moving average is also located near that area.

On the downside, the 200-week exponential moving average at $68,300 and the 200-week simple moving average at $59,400 remain among the key levels to watch.

If the price falls below these levels, the next major level would be Bitcoin’s realized price near $54,000.

Cointelegraph had previously reported that a bear market bottom for Bitcoin could form when the price drops to or below its realized price.

The US dollar declined for the second consecutive day on Wednesday amid growing expectations of a potential ceasefire in the ongoing conflict in the Middle East, after the United States indicated that the end of the war may be near, although markets remained cautious amid fears of possible renewed escalation.

The White House said that US President Donald Trump will address the nation “to provide an important update on Iran” at 09:00 PM Eastern Time on Wednesday (01:00 GMT Thursday).

Trump said on Tuesday that the United States could end its military campaign against Iran within two to three weeks, while US Secretary of State Marco Rubio told Fox News that Washington may see the “finish line” in the war with Iran.

Expectations of a ceasefire have led to a reversal of some of the most widely traded market positions since the outbreak of the war in late February.

The Japanese yen recovered part of its losses after rebounding from its lowest level this year at ¥160.46 per dollar, moving back above the key psychological level of ¥160, which had previously raised concerns about potential intervention by Japanese authorities in currency markets. Meanwhile, the euro reached its highest level in a week.

The dollar index — which measures the US currency against a basket of currencies including the yen and the euro — fell 0.1% to 99.60, hitting its lowest level in a week after declining 0.65% on Tuesday.

Kirstine Kundby-Nielsen, a foreign exchange analyst at Danske Bank, said: “Markets are increasingly adopting the view of broader de-escalation in the Middle East.”

She added: “Markets are optimistic. We are seeing some relief with lower interest rates and higher equities, and the price action in euro/dollar reflects that well.”

The euro rose 0.3% against the dollar to $1.1583, after gaining 0.8% on Tuesday.

The Japanese yen also rose 0.1% to ¥158.65 per dollar, while the British pound climbed 0.3% to $1.3265.

At the same time, there were signs of continued escalation in the conflict. US Defense Secretary Pete Hegseth said that the coming days in the war against Iran will be decisive, warning Tehran that the conflict will escalate if no agreement is reached.

Meanwhile, attacks occurred on multiple fronts on Wednesday, with drones striking fuel tanks at an international airport, while an oil tanker was hit by an unidentified projectile off the Qatari capital Doha.

The US dollar had benefited from safe-haven demand since the start of the conflict in late February. The United States — as a net energy exporter — is also relatively better positioned to handle oil supply disruptions compared to other countries.

Brent crude futures fell below $100 per barrel on Wednesday, although they were last trading around $100.40.

Focus on jobs data

The main economic focus in the United States this week is the March jobs report, due on Friday. The report is expected to show that employers added about 60,000 jobs during the month, according to the median estimate of economists surveyed by Reuters, following an unexpected loss of about 92,000 jobs in February.

A sharp deterioration in the labor market would likely revive expectations for Federal Reserve rate cuts this year, which have largely faded amid rising oil prices due to the war with Iran, increasing inflation concerns.

Markets are currently pricing around 13 basis points of monetary easing from the Federal Reserve this year, implying roughly a 50% probability of a quarter-point rate cut in 2026.

As for the yen, the Japanese currency remained little changed after the Bank of Japan’s quarterly Tankan survey showed an improvement in business sentiment among large Japanese manufacturers during the three months through March, although companies expect conditions to deteriorate in the next three months.

Sho Suzuki, a market analyst at Matsui Securities, said that the dollar is likely to remain supported by the Federal Reserve’s cautious stance on rate cuts, while the yen is supported by rising expectations of a Bank of Japan rate hike in April.

He added: “We may see a tug of war between dollar strength and yen strength, with dollar/yen trading sideways in the upper 150s range.”

The Australian dollar rose 0.4% to $0.6930, while the New Zealand dollar gained 0.2% to $0.5756.

The US dollar declined for the second consecutive day on Wednesday amid growing expectations of a potential ceasefire in the ongoing conflict in the Middle East, after the United States indicated that the end of the war may be near, although markets remained cautious amid fears of possible renewed escalation.

The White House said that US President Donald Trump will address the nation “to provide an important update on Iran” at 09:00 PM Eastern Time on Wednesday (01:00 GMT Thursday).

Trump said on Tuesday that the United States could end its military campaign against Iran within two to three weeks, while US Secretary of State Marco Rubio told Fox News that Washington may see the “finish line” in the war with Iran.

Expectations of a ceasefire have led to a reversal of some of the most widely traded market positions since the outbreak of the war in late February.

The Japanese yen recovered part of its losses after rebounding from its lowest level this year at ¥160.46 per dollar, moving back above the key psychological level of ¥160, which had previously raised concerns about potential intervention by Japanese authorities in currency markets. Meanwhile, the euro reached its highest level in a week.

The dollar index — which measures the US currency against a basket of currencies including the yen and the euro — fell 0.1% to 99.60, hitting its lowest level in a week after declining 0.65% on Tuesday.

Kirstine Kundby-Nielsen, a foreign exchange analyst at Danske Bank, said: “Markets are increasingly adopting the view of broader de-escalation in the Middle East.”

She added: “Markets are optimistic. We are seeing some relief with lower interest rates and higher equities, and the price action in euro/dollar reflects that well.”

The euro rose 0.3% against the dollar to $1.1583, after gaining 0.8% on Tuesday.

The Japanese yen also rose 0.1% to ¥158.65 per dollar, while the British pound climbed 0.3% to $1.3265.

At the same time, there were signs of continued escalation in the conflict. US Defense Secretary Pete Hegseth said that the coming days in the war against Iran will be decisive, warning Tehran that the conflict will escalate if no agreement is reached.

Meanwhile, attacks occurred on multiple fronts on Wednesday, with drones striking fuel tanks at an international airport, while an oil tanker was hit by an unidentified projectile off the Qatari capital Doha.

The US dollar had benefited from safe-haven demand since the start of the conflict in late February. The United States — as a net energy exporter — is also relatively better positioned to handle oil supply disruptions compared to other countries.

Brent crude futures fell below $100 per barrel on Wednesday, although they were last trading around $100.40.

Focus on jobs data

The main economic focus in the United States this week is the March jobs report, due on Friday. The report is expected to show that employers added about 60,000 jobs during the month, according to the median estimate of economists surveyed by Reuters, following an unexpected loss of about 92,000 jobs in February.

A sharp deterioration in the labor market would likely revive expectations for Federal Reserve rate cuts this year, which have largely faded amid rising oil prices due to the war with Iran, increasing inflation concerns.

Markets are currently pricing around 13 basis points of monetary easing from the Federal Reserve this year, implying roughly a 50% probability of a quarter-point rate cut in 2026.

As for the yen, the Japanese currency remained little changed after the Bank of Japan’s quarterly Tankan survey showed an improvement in business sentiment among large Japanese manufacturers during the three months through March, although companies expect conditions to deteriorate in the next three months.

Sho Suzuki, a market analyst at Matsui Securities, said that the dollar is likely to remain supported by the Federal Reserve’s cautious stance on rate cuts, while the yen is supported by rising expectations of a Bank of Japan rate hike in April.

He added: “We may see a tug of war between dollar strength and yen strength, with dollar/yen trading sideways in the upper 150s range.”

The Australian dollar rose 0.4% to $0.6930, while the New Zealand dollar gained 0.2% to $0.5756.