Metals and Oil Decline Ahead of Trump–Zelensky Talks
Metals and oil prices retreated as markets awaited a pivotal meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky,
amid ongoing global economic uncertainty.
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Metals
Base Metals Under Pressure from Chinese Slowdown
Metals delivered a lackluster performance, with aluminum falling 0.7% to $2,589.50 per ton and copper slipping 0.2% on the London Metal Exchange.
The decline came as investors adopted a cautious tone ahead of key political talks,
while Chinese data pointed to a significant slowdown in the world’s second-largest economy.
Traders are also closely watching U.S. monetary policy signals and the possibility of an interest rate cut next month,
in addition to Federal Reserve Chair Jerome Powell’s upcoming remarks at the Jackson Hole symposium.
Major institutions such as China Hongqiao highlighted in reports that rising geopolitical tensions and ongoing trade barriers have prompted downward revisions to global growth forecasts.
Oil
Oil Retreats Despite Intensified Diplomatic Efforts
Brent crude fell toward $66 per barrel, while West Texas Intermediate traded near $63, after a slight gain in the previous session.
The pullback came as markets assessed the likelihood of a ceasefire in Ukraine,
amid intensified diplomatic efforts by Trump to arrange new summits with Putin and Zelensky.
Despite these efforts, oil prices remain down more than 10% since the start of the year,
pressured by concerns over oversupply and the return of OPEC+ output to the market.
Vandana Hari, founder of Vanda Insights, noted that oil may enter a phase of relative stability without a clear trend.
Meanwhile, Ukraine escalated its attacks on Russian oil infrastructure,
while Berlin announced that a Putin–Zelensky summit could take place within two weeks.
Metals and Oil Decline Ahead of Trump–Zelensky Talks