In the commodity markets last week, sales pressure was effective due to the increasing risk perception of US President Donald Trump described as “Day of Independence” and China’s retaliation.
Concerns that tariffs would suppress global growth and increase inflation increased the perception of risk and increased sales pressure in the markets. The US announced that it will respond to retaliation with harsh tariffs and China’s additional tax decision strengthened the concerns that the trade war would deepen.
US Treasury Minister Scott Bessent, countries, tariffs to retaliate while recommending that retaliation is not made higher customs duty rates, he said.
Under the influence of the increasing perception of risk with these developments, a streaming course in the bond markets was followed, while the US’s 10 -year bond interest has tested 3.9150 percent, the lowest level since October 2024.
In addition, while Trump’s question marks on the fact that tariffs can increase prices, the FED President Jerome Powell stated that high tariffs would increase inflation in the coming quarters, confirmed these concerns.
Powell said Trump’s tariffs are greater than expected and have a slow growth risk with inflation.
On the other hand, China announced that Trump will impose additional taxes at a rate of 34 percent in response to tariffs and that some rare land elements will restrict the exports of the exports. As of April 4, 7 Rare Metal categories, including Samarium, Gadolinum, Training, Dysprosium, Lütessium, Scandyum, Itrium and Alloys, were included in the export checklist.
The Chinese Ministry of Commerce added 27 US company to the list of export control or ban; Due to the products with products with 16 military-civilian use, 11 were sanctioned within the scope of “unreliable asset” list. These steps were taken in line with their obligations to protect the national security of China and prevent international weapons spread.
Trump announced that China would not step back in its policies, saying that it was “wrong”.
– Global sales pressure also hit the gold
Gold prices, fell over 2 percent on Friday, lost weekly earnings. Increasing concerns about the trade war strengthened global recession expectations, while the gold, which was seen as a safe port, was also affected by the sales wave.
Analysts stated that the gold may have sold gold in order to compensate for the damages of investors after the harsh decreases in the stock markets due to the high liquidity, while the gold calls in the markets in the markets (Margin Call) in the markets are frequently subject to sale and such movements are considered usual.
On the other hand, despite all these fluctuations, the gold gained 15.3 percent since the beginning of 2025. In this rise, the increasing safe port demand against geopolitical and economic uncertainties was effective in this rise.
On the corporate side, HSBC last week, drawing attention to political and geopolitical risks, 2025 and 2026 for the years of gold price forecasts for 3 thousand 15 and 2 thousand 915 dollars per ounce, respectively. The previous estimates of the bank for the same period were 2 thousand 687 and 2 thousand 615 dollars.
In addition, analysts pointed out that silver was affected by geopolitical risks by drawing attention to the decrease in silver, but the sales pressure in prices is in question because this product is used intensively in the industrial field.
With the effect of these developments, prices on ounces, 1.6 percent under the last week, 6.7 percent in platinum, 13.4 percent in silver and 5.9 percent in paladium decreased.
– record decrease in copper prices
Although some metals were not directly included in the tariffs, the tariff effects were felt, especially after China’s retaliation, and the concern that trade wars could negatively affect economic growth and reduce demand for some metals caused depreciation at prices last week.
With these developments, copper prices have experienced the highest weekly depreciation since September 2011.
Prices in the market on the basis of some metals last week in the basis of Libre 14.1 percent in copper, 10.5 percent in nickel, 6.8 percent in zinc, 5.5 percent of bullet and 6.3 percent in aluminum decreased.
– Brent Petroleum has first seen the 65 dollars for the first time since August 2021
Last week, oil prices also depreciated due to Trump’s tariffs, OPEC exports (OPEC) statements and çalinini.
In addition to concerns that Trump’s tariffs would adversely affect global growth, some non -OPEC and some non -OPEC producer countries (OPEC+) will remain loyal to the gradual production increase decision, increasing the excess supply concerns with the narrowing of demand.
OPEC+ Group, on April 3, as of April 1 as of the daily 2.2 million barrel voluntary production cut gradually terminated by terminating the daily 411 thousand barrels of production in May said.
Trump’s tariff steps from China will put pressure on global growth and concerns that the oil supply will increase oil prices for the first time in April 2021 to decline to $ 63.85.
On the other hand, Goldman Sachs drew the average price estimation of 2024 for 5.5 percent for Brent oil due to OPEC +’s supply increase and the risk of global trade war. For 2026, Brent reduced the oil estimation by 9 percent and reduced it to $ 62.
With these developments, the barrel price of Brent oil decreased by 9.2 percent last week, while the price of natural gas traded on the New York Commodity Exchange in terms of British Thermal Unit (MMBTU) lost 6.1 percent.
China turns to Brazil after tariffs
Agricultural commodity prices were mixed with the effects of tariffs and retaliation announced last week.
In addition to the 10-15 percent tariffs that China started to implement agricultural products at the beginning of March, 34 percent of additional taxes to all products imported from the USA made pressure in the commodity markets. The retaliation in question, especially in the field of soybeans, weakened the US competitiveness, while Chinese buyers have turned to Brazil.
Analysts stated that the US has experienced one of the weakest periods of its history in its global dominance in Egyptian, soy and wheat exports, and that Ukraine’s Egyptian exports can be partially replaced by US products if possible new sanctions come into play.
With these developments, prices per clan in Chicago Commodity Exchange decreased by 4.5 percent in soybean and 3.3 percent in rice, increased by 0.3 percent in wheat and 1.6 percent in corn.
Tariffs also had an impact on cocoa and coffee prices
Analysts, US President Donald Trump’s tariffs, one of the world’s largest chocolate and coffee consumers may affect the demand in the United States, the country is also one of the world’s leading sugar importers and this situation may be effective on prices, he said.
With these developments, prices on libre in the commodity exchange Intercontinental Exchange, which operates in the USA, decreased by 0.2 percent in sugar, 3.2 percent in coffee and 5.3 percent in cotton. The price of cocoa per tonal completed the week with an increase of 5.7 percent with supply concerns.
