Copper prices closed nearly flat on Friday as investors continued to digest the impact of President Trump’s tariffs on steel and aluminum on future demand for the industrial metal. Fear of retaliation from Canada, Asia and Europe contributed to the tightness in the trading range.

On Friday, May Comex High Grade Copper settled at $3.1245, down $0.0015 or +0.05%. For the week, the market was down $0.1085 or -3.36%.

Last week’s price action was primarily driven by the stronger U.S. Dollar. This helped drive down foreign demand for the dollar-denominated commodity. Prices fell to their lowest close in more than two weeks, as the dollar hit a six-week high and most global equity stock markets declined sharply.

Mixed data from China also helped generate some volatility in prices. Helping drive prices lower early in the week was a report showing growth in China’s manufacturing sector slowed in February to the weakest in over 1 ½ years as Lunar New Year holidays disrupted business activity and tougher pollution rules curtailed factory output.

However, late in the week, prices were supported after the private Caixin/Markit Manufacturing Purchasing Managers’ Index for February beat expectations to reach its highest level in six months, a day after China’s official factory activity reading raised concerns of a sharper-than-expected slowdown in the world’s second biggest economy.

Gold

Gold prices clawed back most of its weekly loss on Friday in reaction to sharply lower U.S. equity prices and a weaker U.S. Dollar. The catalyst behind the market’s strength was the threat of a global trade war, fueled by President Trump’s announcement on Thursday of tariffs on steel and aluminum.

On Friday, April Comex Gold futures settled at $1323.40, up $18.20 or +1.39%. For the week, the gold market was down $6.90 or -0.52%.

The sharp break in the equity indexes increased gold’s appeal as a safe-haven asset. The weakness in the U.S. Dollar drove up foreign demand for the dollar-denominated asset.

Crude Oil

U.S. West Texas Intermediate and international-benchmark Brent crude oil finished higher for the first time in three sessions, but this wasn’t enough to erase its first weekly loss in three weeks.

April WTI crude oil settled at $61.25, up $0.26 or +0.43% and May Brent crude oil closed at $64.37, up $0.54 or +0.85%. For the week, the markets were down $2.30 or -3.62% and $2.67 or -3.98% respectively.

Conflicting economic data and events may lead to increased volatility in the oil markets. A weaker U.S. Dollar should provide support, however, lower demand for risky assets and worries that U.S. plans to impose tariffs on steel and aluminum could curtail economic growth and limit gains.