Summary

• The oil market is eagerly awaiting the outcome of the meeting between President Trump and President Xi, and whether it could yield some positive results on the Iran war.
• Copper extended gains above $14,000/t in Wednesday’s session, trading close to its all‑time high of $14,527.50 set in late January.
• In precious metals, India, the world’s second-largest gold consumer, has more than doubled import tariffs on gold and silver.
• The Indian government has banned sugar exports until the end of September to ensure an adequate domestic supply.

By Warren Patterson, Head of Commodities Strategy and Ewa Manthey, Commodities Strategist

Energy - Further pressure on oil demand

Oil prices are in a wait-and-see mode ahead of President Trump's and President Xi’s meeting in Beijing. The market

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