Daily Commodity Report for 25 Apr 2025: Indian & US Markets

GLOBAL MARKET ROUND UP

Gold closed with a gain on Thursday after a volatile run of trading, with investors assessing trade tensions and the possibility of US rate cuts. In a Thursday interview on television, Federal Reserve Governor Christopher Waller said companies may begin laying off more workers if aggressive tariff levels are reinstated, and he’d support rate cuts in that scenario to protect the jobs market.

Traders are betting that the Fed could cut rates sooner than anticipated to prevent a recession due to Trump’s trade war. That’s positive for bullion, as it pays no interest.

Crude oil rose on Thursday as producers’ promises to keep output growth in check added to signs of the physical market’s strength and a potential easing in trade tensions between the US and China. Some metrics are pointing to near-term strength in the oil market. The prompt spreads for global benchmarks Brent and WTI have widened this month in a bullish backwardation structure, signaling tight supply.

Natural gas extended losses on Thursday following a bearish weekly storage report. Natural gas inventories increased last week by 88 billion cubic feet, narrowing the deficit against the five-year average and year-earlier level, EIA data show. In addition to this, higher production also weighed down on prices. New data showed that US gas production in the lower 48 states rose to 106.6 billion cubic feet per day so far in April, a record high.

Copper prices steadied as traders reacted to a potential softening of the Trump administration’s stance on trade.