Commodity Market Updates: Crude Oil Futures Fall as Aluminium and Copper Prices Surge

💡 Crude oil futures plummeted, while aluminium and copper prices surged on high demand.

The global commodity market witnessed a mixed trend on Thursday, with crude oil futures experiencing a sharp decline, while aluminium and copper prices witnessed a significant surge due to high demand.

Crude Oil Futures Plummet

Crude oil futures fell 4.4% on Thursday, with $WTI dropping to $82.50 per barrel, its lowest level since October 2023. This decline is attributed to a stronger US dollar and a rise in oil production in the United States.

Aluminium Prices Surge

In contrast, aluminium prices surged 5.1% on Thursday, with $ALUM rising to $2,300 per metric ton. This increase is driven by strong demand from the automotive and construction sectors.

Copper Prices Soar

Copper prices also witnessed a significant surge, rising 4.8% on Thursday, with $CU reaching $8,500 per metric ton. This increase is driven by high demand from the electrical and construction sectors.

What It Means for Investors