Copper prices traded within a narrow range on Thursday, after inventories at US Comex-approved warehouses rose above 500,000 metric tons for the first time, amid ongoing concerns over tariffs.

The most-traded copper contract on the Shanghai Futures Exchange rose 0.07% to 100,490 yuan ($14,433.03) per metric ton by 02:55 GMT.

At the same time, the benchmark three-month copper contract on the London Metal Exchange gained 0.11% to $12,824.50 per ton.

Copper inventories on the COMEX climbed to 554,904 short tons, equivalent to 503,400 metric tons, as of January 20.

Copper prices on Comex have been trending lower, as arbitrage opportunities between Comex and LME prices fade. Copper inventories have also increased within the US warehouse system linked to the London Metal Exchange, particularly in New Orleans.

Sucden Financials said in a research note that copper prices on the LME have moved above those on Comex, prompting shipments of the metal back into LME warehouses and lifting inventory levels. The firm added that the market is shifting from tight supply conditions toward a more balanced environment, reducing the sense of urgency that previously underpinned the rally.

Despite this, copper remained supported by supply concerns stemming from disruptions at mines, as well as US-bound flows driven by tariffs. However, the strength of demand at elevated price levels remains in question.

In a related development, US President Donald Trump said on Wednesday that he would roll back Greenland-related tariffs on European allies, easing tensions. This helped push gold prices down from record highs and lifted US equities.

Base metals performance on the Shanghai Futures Exchange

Aluminum: +0.08%

Zinc: +0.25%

Lead: unchanged

Nickel: +0.38%

Tin: +1.29%

Metals performance on the London Metal Exchange

Aluminum: −0.03%

Nickel: −0.45%

Tin: −0.42%

Zinc: +0.35%

Lead: +0.20%

Bitcoin edged slightly higher on Thursday, but struggled to reclaim the $90,000 level, as signs of easing geopolitical tensions linked to US demands over Greenland provided only limited support to cryptocurrency markets.

Digital asset prices lagged well behind the broader rally in global equities, with technology stocks — typically seen as a leading indicator for crypto moves — posting far stronger gains.

Bitcoin was little changed at $90,001.7 by 1:19 a.m. US Eastern Time (06:19 GMT).

Bitcoin gets brief support from Trump–Greenland de-escalation

Bitcoin jumped sharply on Wednesday after US President Donald Trump said he would not impose tariffs on Europe over his Greenland-related demands, and announced that a framework agreement on the issue had been reached.

However, the world’s largest cryptocurrency failed to hold on to its gains, gradually slipping back below the $90,000 mark shortly afterward. This came as broader markets, driven by risk-on sentiment, continued to advance, while traditional safe havens such as gold retreated.

Cryptocurrency markets have remained largely sidelined, particularly among retail investors, following a late-2025 flash crash that significantly damaged sentiment toward the sector.

Markets have also grown increasingly concerned about the potential for further selling pressure from crypto treasury companies, as prolonged weakness in Bitcoin prices could place major corporate treasuries under strain to meet debt obligations.

An announcement by Strategy Inc, listed on the Nasdaq under the ticker MSTR, that it had purchased $2.13 billion worth of Bitcoin did little to lift sentiment this week.

Data from Coinglass showed that Bitcoin continued to trade at a price discount within US markets.

Investor sentiment was further weighed down after US lawmakers earlier this month postponed a major bill aimed at establishing a regulatory framework for cryptocurrencies.

BitGo raises $213 million in US IPO

Cryptocurrency custody firm BitGo on Wednesday priced its US initial public offering above the indicated range, raising $212.8 million.

The offering valued the company at close to $2 billion, signaling that investor appetite for crypto-related equities remains strong following a robust 2025.

BitGo’s listing and the start of trading in its shares on Thursday are expected to pave the way for other major cryptocurrency firms seeking public listings, with reports suggesting that asset manager Grayscale and trading platform Kraken are considering IPOs in 2026.

Cryptocurrency prices today: altcoins post modest gains

Broader cryptocurrency prices rose on Thursday, though most of the early gains were pared back.

Most altcoins remain under pressure after posting losses in recent weeks. The world’s second-largest cryptocurrency, Ethereum, rose 1.3% to $3,018.71, while XRP added around 2%.

Oil prices fell on Thursday, giving up gains from the previous sessions, after US President Donald Trump softened his rhetoric on both Greenland and Iran, while investors reassessed supply and demand prospects in the market.

Brent crude fell by $1.25, or 1.92%, to $63.99 a barrel by 13:01 GMT. US West Texas Intermediate crude for March delivery dropped $1.24, or 2.05%, to $59.38 a barrel.

Both benchmarks had risen by more than 0.4% on Wednesday, following a strong 1.5% jump in the prior session after Kazakhstan — a member of OPEC+ — halted production at the Tengiz and Korolev oil fields due to power distribution problems.

Ole Hansen, head of commodities strategy at Saxo Bank, said: “There has been a reduction in the risk premium linked to the Greenland crisis, and supply risks from Iran have also eased.”

On Wednesday, Trump ruled out the use of force to take control of Greenland and walked back tariff threats aimed at European allies.

The US president also said he hoped there would be no further US military action against Iran, while stressing that Washington would respond if Tehran were to restart its nuclear programme.

Against the backdrop of developments related to Greenland and declining odds of military action against Iran, Tony Sycamore, analyst at IG, said oil prices were likely to stabilise around the $60-a-barrel level.

In a separate development, Trump said on Wednesday that the United States was “reasonably close” to reaching an agreement to end the war between Russia and Ukraine, adding that he would meet Ukrainian President Volodymyr Zelensky later in the day.

An end to the war would likely lead to the lifting of US sanctions on Russia, easing supply disruptions and putting downward pressure on oil prices.

The International Energy Agency on Wednesday raised its forecast for global oil demand growth in 2026 in its latest monthly oil market report, pointing to a slightly smaller surplus in the market this year.

In the United States, crude oil and gasoline inventories rose, while distillate stocks fell last week, according to market sources on Wednesday citing data from the American Petroleum Institute.

According to the data, crude oil inventories increased by 3.04 million barrels in the week ended January 16, sources said on condition of anonymity.

Gasoline inventories rose by 6.21 million barrels, while distillate stocks fell by about 33,000 barrels, the sources added.

In a Reuters poll of eight analysts, respondents expected crude oil inventories to rise by an average of around 1.1 million barrels in the week ended January 16.

Yang An, analyst at Haitong Futures, said: “The rise in crude oil inventories limits any further gains in oil prices in a market that is already facing oversupply.”

The US dollar edged slightly lower on Thursday ahead of key economic data releases, as so-called “Sell America” trades faded after US President Donald Trump rolled back tariff threats and ruled out using force to take control of Greenland.

The dollar had recovered against the euro on Wednesday following Trump’s remarks, after losing just under 1% between Monday and Tuesday.

Elsewhere, the Australian dollar climbed to a 15-month high, supported by data showing an unexpected decline in the unemployment rate. The Japanese yen, meanwhile, remained under pressure after Prime Minister Sanae Takaichi this week called for early elections and pledged measures to ease fiscal policy.

Trump’s earlier threats to impose tariffs on allied countries opposing his ambitions over Greenland had rattled markets and triggered a broad sell-off in US assets. However, some analysts said there was limited evidence of a genuine shift away from the US dollar.

Bob Savage, chief market strategist at BNY, said: “This whole debate about European investors selling US assets is hard to support.”

He added: “This is not a Sell America story. It’s a risk-management story. What we’re seeing is an increase in hedging activity after volatility picked up, following extremely low levels at the end of last year.”

US data back in focus

Gold prices slipped slightly, while equity markets rebounded on Thursday. The dollar fell 0.10% to $1.1698 per euro, after rebounding 0.35% in the previous session. It also declined 0.25% to 0.7932 Swiss francs, after jumping 0.7% earlier.

Volkmar Baur, currency strategist at Commerzbank, said: “From a European perspective, it is still far too early to celebrate.”

He added that while details of the Greenland framework agreement remain unclear, “the most likely outcome is that the next bout of excitement will fade after a brief period of volatility, and the market will refocus on central banks and interest rate differentials.”

Economists are still working through distortions caused by last year’s US shutdowns. Greater clarity is expected later in the session with the release of personal consumption expenditures inflation estimates for October and November, the Federal Reserve’s preferred inflation gauge.

Australian dollar heads for fourth straight daily gain

The Australian dollar jumped as much as 0.6% to $0.6802, its strongest level since October 2024, and was on track for a fourth consecutive daily gain, outperforming even as risk assets came under pressure earlier in the week.

With the unemployment rate falling to a seven-month low in December and employment growth exceeding forecasts, markets now see the probability of an interest rate hike next month at more than 50%, up from 29% before the data.

Jane Foley, head of FX strategy at Rabobank, said: “The strength of both the Australian and New Zealand dollars is the latest example of how short-term interest rate speculation tied to central bank policy remains very much in play.”

The Australian dollar also rose as much as 1% to 108.03 yen, its highest level since July 2024.

By contrast, the Japanese yen slipped 0.2% to 158.68 per dollar, near an 18-month low of 159.45 reached last week.

Analysts expect the Bank of Japan to adopt a more hawkish tone at Friday’s policy meeting to help stabilise the yen, which is trading uncomfortably close to the 159–160 level widely seen as a potential trigger for official intervention.

Meanwhile, ultra-long Japanese government bonds extended gains on Thursday, amid expectations that the finance ministry may take steps to curb further rises in bond yields.