US trade negotiations are expected to make progress. Gold prices fell, while copper prices rebounded.

The price of copper rose after recording the largest single-day drop in nearly a month, while the price of gold continued to fall from last week's all-time high - marking a third consecutive day of decline. The reason for this was President Trump's statement that progress has been made in agreements with countries targeted by tariffs, which could reduce the risk faced by CKH HOLDINGS metal demand and suppress the demand for safe-haven assets. London copper futures prices rose to $9,177 per ton, falling over 3% on Wednesday. The price of gold fell by 0.6% at one point, closing near $3,275 per ounce on Wednesday; at the time of writing, spot gold further dropped by 0.5% to $3,273.40 per ounce. Although data had previously shown a significant increase in US imports before tariffs were implemented, the US economy experienced its first contraction since 2022 in the first quarter of this year. The sluggish US economy also led traders to increase their expectations of the Federal Reserve cutting interest rates four times by 25 basis points this year to prevent an economic recession. Lower interest rates are usually favorable for gold, as gold does not pay interest; at the same time, expectations of a weaker US dollar due to Fed rate cuts are also favorable for copper prices. Trump's speech stated that he sees a "very good" opportunity for reaching agreements with China, although any agreements must meet US conditions. Additionally, US Trade Representative Jamieson Greer stated that the Trump administration is about to announce the first batch of agreements, which will lower planned tariffs against some countries. This also eased some concerns about global trade prospects. Gold has risen by about 25% this year, mainly due to the rapidly changing trade policies of US President Trump disrupting the markets, causing concerns about global economic slowdown, and prompting investors to turn to safe-haven assets. The rise in gold prices is also supported by factors such as funds flowing into gold ETFs, central bank buying, and signs of strong speculative demand in China. Looking ahead, the US non-farm payroll report to be released on Friday may reveal the initial impact of Trump's trade policy on the economy. Meanwhile, copper prices fell by 6% last month, marking the worst performance since mid-2022, as signs indicate that the global trade war is starting to harm the economy, with the US economy shrinking in the first quarter and copper demand closely linked to economic conditions. On the supply side, Peru's two largest copper mines have become the target of community protests this week, raising concerns about disruptions in production for the third largest copper producer.