Copper market indicates a tightening fast, with a surge of shipments to the US and rising orders in China. This setup is potentially setting the stage for an extended rally, and copper could see all-time highs.
A potential resolution to the Strait of Hormuz crisis reduces oil prices, which eases inflation pressure and lessens the need for the Fed to hike rates, making gold more attractive.
Australian energy stocks like Woodside Energy and Santos are outperforming on the back of surging oil prices caused by renewed US-Iran hostilities and fears that global energy supply disruptions will worsen.