Oil prices rise as trade tensions ease.
The risk-taking mentality has been boosted by easing trade tensions, improving market sentiment. However, signs of weak demand have capped the increase. The Nasdaq Composite has surpassed the 21,000 points threshold for the first time.
U.S. stocks rose on Wednesday (July 23), as the latest trade developments boosted optimism on Wall Street that the U.S. would reach more agreements ahead of the upcoming tariff deadline.
At the end of the trading session on July 23, the Dow Jones index gained 507.85 points (equivalent to 1.14%) to reach 45,010.29 points, just about 4 points lower than the record closing high. The S&P 500 rose 0.78% to 6,358.91 points, marking the 12th record closing high of the year. This index also reached a new all-time high during the session. The Nasdaq Composite increased by 0.61% to 21,020.02 points, closing above the 21,000 point threshold for the first time.
President Trump stated that the U.S. has reached a 'big deal' with Japan, which includes a reciprocal 15% tariff on Japanese exports. At the same time, the U.S. is negotiating with the EU towards a similar agreement, with sources from the Financial Times and Bloomberg confirming positive progress. Washington is also working to finalize other trade agreements before the deadline of August 1, including a framework agreement with Indonesia and previous agreements with China and the UK. These moves follow Mr. Trump's market-shaking announcement earlier in April about imposing comprehensive tariffs, which was later postponed. Additionally, investors are closely watching the earnings reports from Alphabet and Tesla, two major representatives in the tech group, expected to be released after trading on Wednesday.
Oil prices rise as trade negotiations make progress.
WTI crude oil prices rose above $65 a barrel on Thursday, snapping a four-session losing streak, as the market turned its attention to developments in trade talks. The United States and the European Union are nearing an agreement to impose 15% tariffs on most EU imports to the United States, following a similar agreement with Japan. Optimism about a possible U.S.-EU trade deal has lifted risk sentiment, easing concerns that prolonged tariff tensions could weaken global oil demand. EIA data also showed U.S. crude inventories fell by 3.2 million barrels last week, exceeding expectations and reflecting strong demand. Gasoline inventories also fell by 1.7 million barrels, while distillate inventories rose by 2.9 million barrels. Meanwhile, traders are watching an upcoming meeting in Stockholm between US Treasury Secretary Scott Bessent and Chinese officials, which is expected to focus on extending the trade truce and could touch on China’s purchases of sanctioned oil from Russia and Iran.
Gold prices continue to fall as the US and EU are close to reaching a trade deal. Gold prices continued to fall on Wednesday (July 23), following reports that the US and the European Union (EU) are close to reaching a 15% tariff agreement, reducing demand for safe havens. At the end of the trading session on July 23, spot gold contracts fell 1.3% to $3,387.67/oz, after hitting their highest level since June 16 earlier in the session. Gold futures contracts lost 1.4% to $3,396.9/oz.
Bart Melek, head of commodity strategy at TD Securities, said the US’s trade deal with Japan and progress toward a similar deal with the EU were supporting risk sentiment, which has helped the stock market perform well. Two diplomats said the EU and the US are negotiating a 15% tariff on EU goods imported into the US, while the US-Japan deal to reduce auto tariffs represents progress on multiple fronts in Mr Trump’s trade negotiations. Meanwhile, gold, which has benefited from periods of uncertainty and low interest rates, continues to attract attention. While markets do not expect the US Federal Reserve to cut interest rates in July 2025, concerns are growing about the Fed’s independence from political pressure.
Copper prices rose to record highs.
Copper prices on the London Metal Exchange (LME) closed higher on risk-on sentiment. However, the gains were even stronger on the New York-based COMEX as the market continued to adjust to expectations of a 50% tariff on copper imports into the United States. The July contract on COMEX rose 1.72% to $5.795 a pound, a record high. According to reports this week, producers are still rushing to ship copper from Australia and Latin America to U.S. ports ahead of the Aug. 1 deadline. Higher U.S. copper prices are also benefiting domestic producers. Freeport-McMoRan Inc. said it expects to earn an additional $1.7 billion in revenue from selling copper in the United States thanks to domestic price differentials. However, the company also warned that the prolonged trade war would increase the cost of the goods it buys by about 5%.
Iron ore prices fell slightly.
Iron ore futures have pulled back slightly after hitting a five-month high, on signs of stronger supply. Vale, one of the world’s largest iron ore producers, said it produced 83.6 million tonnes in the three months to June, its highest quarterly output since 2021. However, the company said consumption was lower than output and it had expanded its product portfolio with different ore grades to better match demand amid tightening steel margins. Sentiment remained broadly positive this week after China announced plans for a 1.2 trillion yuan (CNY) hydropower project, which is expected to provide a boost to the concrete and steel industries, which have been under pressure due to a slowdown in the property sector.
World rubber prices increased sharply due to supply disruption.
Rubber prices today (July 24) continued to increase on some exchanges due to heavy rains in key producing countries raising concerns about supply.
Rubber futures rose sharply on Asian exchanges this morning, with the August contract on the Shanghai Futures Exchange rising 1.35% to 14,995 yuan a tonne – the highest since early April. On the Osaka Exchange (Japan), rubber prices also jumped 2.74% to 330 yen a kilogram, the highest since late May. In contrast, prices in Thailand fell slightly by 0.3% to 73.87 baht a kilogram. According to Tradingeconomics, rubber futures have surpassed 167 US cents a kilogram due to concerns about supply disruptions from major producers such as Thailand and Indonesia, where unusually heavy rains during the dry season are slowing down the harvest. In China, wet weather has also affected supplies, although this year's output is still expected to increase.
World coffee prices are rising.
In the world market, Robusta coffee prices on the London floor increased and decreased depending on the delivery terms, fluctuating from 3,104 to 3,311 USD/ton. Specifically, the delivery price for September 2025 is 3,300 USD/ton, the delivery price for November 2025 is 3,259 USD/ton, the delivery price for January 2026 is 3,233 USD/ton, the delivery price for March 2026 is 3,207 USD/ton and the delivery price for May 2026 is 3,185 USD/ton.
On the contrary, the price of Arabica coffee on the New York floor on the morning of July 24 was dominated by green, the market increased compared to yesterday, the increase was from 4.70 - 5.10 cents/lb, fluctuating from 268.35 - 302.50 cents/lb. Specifically, the delivery period in September 2025 was 301.35 cents/lb, the delivery period in December 2025 was 293.80 cents/lb, the delivery period in March 2026 was 286.80 cents/lb, the delivery period in May 2026 was 281.40 cents/lb and the delivery period in July 2026 was 275.75 cents/lb.
The price of Brazilian Arabica coffee fluctuated upward compared to yesterday's trading session, increasing from 1.75 - 7.20 USD/ton, fluctuating from 349.80 - 378.40 USD/ton. Recorded as follows: July 2025 delivery period is 378.40 USD/ton, September 2025 delivery period is 369.60 USD/ton, December 2025 delivery period is 356.20 USD/ton and March 2026 delivery period is 355.80 USD/ton.
Mr. Trump announced an agreement with the Philippines, 19% tariff.
US President Donald Trump has announced a 19% tariff on goods imported from the Philippines as part of a larger trade deal between the two countries. According to Trump, the deal includes the Philippines removing tariffs on US goods and increasing bilateral military cooperation. The decision was made after Trump met with Philippine President Ferdinand Marcos Jr. at the White House on July 22, during a three-day visit. The new tariff is higher than the 17% announced in April but lower than the 20% proposed in an informal letter in early July. Although the Philippines has not officially confirmed the deal, if it goes through, the country will face higher tariffs than expected. The Philippines is a relatively small trading partner of the US, with exports to the US reaching about $14.2 billion last year, mainly auto parts, electrical machinery, textiles and coconut oil.
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Seoul will closely review the terms of the U.S.-Japan trade deal, leaving open the possibility of increased energy and industrial cooperation ahead of trade talks in Washington.
South Korea's new industry minister Kim Jung-kwan said Seoul will closely review the US-Japan trade deal and is ready to strengthen energy and industrial cooperation ahead of talks in Washington on July 25. With Japan reaching a 15% tariff deal with the US, South Korea is under pressure to meet equal or better terms by the August 1 deadline to avoid a 25% tariff. Instead of opening up its rice market, South Korea is considering increasing imports of US agricultural products for fuel. The market reacted positively, with Hyundai and Kia stocks rising sharply despite a slight decline in the KOSPI.
EU court reduces antitrust fine against Credit Suisse.
On July 23, the EU Court of Justice reduced the antitrust fine against Credit Suisse from €83.2 million to €28.9 million, after determining that the EC had miscalculated the sales on which the fine was based. While upholding the conclusion of competition law violations, the court said that the data provided by Credit Suisse was more reliable. The ruling can be appealed to the EU Court of Justice. Credit Suisse was among a group of banks fined by the EU in 2021 for foreign exchange collusion. UBS, which acquired Credit Suisse in 2023, is now the appeals court.
US Secretary: Deadline for China Tariff Negotiations May Be Extended US Treasury Secretary Scott Bessent said the US may extend the deadline for imposing tariffs on China as the two sides prepare for a crucial round of talks in Stockholm on July 28-29. This is a positive sign in the context of the 90-day tariff truce that is about to expire on August 12. Mr. Bessent expressed optimism about US-China trade relations and said that the negotiations will not only revolve around tariffs but also address the situation of overcapacity, the transformation of China's economic model, as well as the issue of China buying oil from Russia and Iran. The meeting, hosted by Sweden, is expected to contribute to protecting global trade based on rules. Tensions had previously escalated as the US and China imposed retaliatory tariffs on each other, but recent rounds of talks have seen both sides agree to reduce tariffs by 115 percentage points, paving the way for a possible long-term solution.
