Commodities staged a dramatic rebound Wednesday after President Trump announced a 90-day pause on new tariffs for most trading partners—while doubling down on China with 125% duties. The partial relief sparked a broad rally:
Key Market Moves (April 10):
⛽ Oil: Brent surged 4.2% to 65.48/barrel ,WTI jumped after hitting 2021 lows.
🛢️ Natural Gas: 10% spike (largest daily gain since 2022) on lower output and tariff reprieve.
🔌 Metals: Copper rallied 2.8% from 8-month lows; gold soared 3% as China tensions fueled haven demand.
🌱 Agriculture: Soybeans posted best gain in 2.5 months, corn/wheat edged up.
Why It Happened:
Tariff Reset:
Pause: 90-day halt on duties for EU, Japan, Canada eased recession fears.
Escalation: China tariffs hiked to 125%, keeping trade war risks alive.
Demand Relief: Markets priced in delayed economic damage from tariffs.
Technical Rebound: Oversold conditions amplified gains after last week’s crash.
Critical Context:
Oil’s Wild Swing: Brent had plunged 7% intraday before the tariff news reversed losses.
China Wildcard: Soybean gains were muted as 125% duties threaten U.S.-China farm trade.
Gas Shock: Rally fueled by lower production and industrial demand hopes.