Copper prices rose on Wednesday after suffering losses for five consecutive sessions, following a record high late last month. The rebound came as broad-based selloffs in global equity markets weighed on investor appetite for base metals.

Data from the London Metal Exchange (LME) showed that five out of six key industrial metals posted losses in early Asian trading, marking copper’s longest losing streak since July.

Copper had surged to record highs last week, supported by optimism over a potential trade deal between the United States and China, along with supply-related concerns.

However, sentiment has since weakened amid growing uncertainty surrounding elevated equity valuations and mixed expectations for further U.S. interest rate cuts. This has also fueled a stronger U.S. dollar, adding pressure on dollar-denominated commodities.

Copper fell 0.4% to $10,625 per metric ton by 10:07 a.m. Shanghai time, down about 5% from its all-time high of $11,200 reached on October 29.

Aluminum declined 0.4%, zinc slipped 0.5%, and Singapore iron ore futures fell 0.4%.

In U.S. trading, December copper futures edged up 0.1% to $4.95 per pound as of 15:16 GMT.

Bitcoin, the world’s largest and most valuable cryptocurrency, fell by more than 5% on Wednesday to its lowest level in months, trading below the $100,000 mark after peaking at an all-time high above $126,000 in early October. The token later pared some losses to trade around $102,000.

The decline extends a broader downtrend that began during what traders now call the “Black Friday of the crypto market” in mid-October, which led Bitcoin to record its first October loss since 2018.

It remains unclear whether these losses will evolve into a broader market contraction — something some analysts view as a natural correction phase in the digital asset cycle — or if they will attract new investors looking to buy the dip.

According to CoinMarketCap, the crypto market’s “Fear and Greed Index” — which gauges investor sentiment — slipped into the fear zone on Tuesday after remaining neutral last week, signaling declining confidence across the sector.

Bitcoin’s drop below $100,000 — the first since May — also coincides with accelerating outflows from spot Bitcoin exchange-traded funds (ETFs).

Data from SoSoValue showed that BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), and Grayscale Bitcoin Trust (GBTC) saw a combined $1.3 billion in net outflows since October 29.

Spot Ether funds also recorded withdrawals totaling around $500 million during the same period.

Alternative cryptocurrencies (altcoins) such as Ether (ETH) and Solana (SOL) came under heavier pressure, both plunging more than 8%. The sell-off extended to Bitcoin-linked equities, including MicroStrategy, Coinbase Global, and Robinhood, all of which fell by over 6% and continued to slide in after-hours trading.

Still, some Bitcoin optimists held firm. MicroStrategy, founded by longtime Bitcoin advocate Michael Saylor, announced on Monday that it purchased an additional 397 BTC between October 27 and November 2 at an average price of $114,771 per coin.

As of 14:27 GMT, Bitcoin was down 1% at $102,600 on CoinMarketCap.

Oil prices recorded slight gains on Wednesday as investors continued to assess U.S. inventory data that pointed to stronger fuel demand, while weak economic indicators from major oil-importing nations weighed on the market.

Brent crude futures rose by 45 cents, or 0.7%, to $64.89 a barrel by 10:41 GMT, after touching a two-week low in the previous session. U.S. West Texas Intermediate (WTI) crude climbed by 46 cents, or 0.76%, to $61.02 a barrel.

Giovanni Staunovo, analyst at UBS, said oil likely found support from U.S. data that turned out “better than feared,” showing a sharp drop in refined product inventories, which signals that demand remains resilient.

According to data from the American Petroleum Institute (API) cited by Reuters, U.S. crude inventories rose by 6.52 million barrels during the week ending October 31, while gasoline stocks fell by 5.65 million barrels and distillate inventories declined by 2.46 million barrels.

Thomas Varga, analyst at PVM, noted that weak economic data combined with a stronger U.S. dollar limited oil’s upside, although prices found some support from falling refined-product inventories.

Data showed that industrial activity in China contracted for the seventh consecutive month in October, while the U.S. manufacturing sector shrank for the eighth straight month over the same period.

The U.S. Dollar Index — which measures the greenback’s performance against the euro, the pound, and a basket of other currencies — hit its highest level in three months, supported by divisions within the Federal Reserve that suggested lower odds of a rate cut in December.

A stronger dollar increases the cost of dollar-denominated oil for holders of other currencies, potentially dampening demand, while lower interest rates typically boost consumption.

On the supply side, Russia’s Tuapse port on the Black Sea suspended fuel exports, and its refinery halted crude-processing operations after Ukrainian drone strikes targeted energy infrastructure last Sunday, according to two industry sources and vessel-tracking data from LSEG.

As for production policy, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Sunday to raise output by 137,000 barrels per day in December while suspending any additional increases during the first quarter of 2026.

Bullish sentiment toward the U.S. dollar weakened as negotiations between Democrats and Republicans over reopening the federal government showed progress, prompting the dollar index to retreat from recent highs amid growing expectations that the longest government shutdown in U.S. history may soon come to an end.

The Federal Reserve is expected to resume receiving economic data shortly, a move that would ease its current caution. In this context, the probability of a rate cut in December has risen to 74%, while U.S. Treasury yields have declined.

Nevertheless, the greenback found temporary support from increased demand for safe-haven assets amid falling U.S. stock indices and the Supreme Court’s decision to review the legality of certain import tariffs.

According to the PredictIt platform, the probability of Donald Trump losing now stands at 73%, while Polymarket estimates it at 64%. Analysts noted that repealing import tariffs could weigh heavily on the U.S. economy and the dollar, as it would trigger refund payments and widen the federal deficit — factors that would likely force spending cuts and tax increases, slowing GDP growth and pushing the Fed toward deeper rate cuts.

In the short term, however, heightened market volatility could still lend support to the dollar and other safe-haven currencies.

The USD/CHF and USD/JPY pairs both pulled back from recent highs.

The Swiss franc came under pressure amid renewed speculation that the Swiss National Bank might revert to a negative interest-rate policy, while the Japanese yen faced headwinds from the Bank of Japan’s hesitation to signal continued policy normalization.

Minutes from the latest Bank of Japan meeting showed that some board members urged caution, warning that Japan’s prolonged experience with deflation means that excessive rate hikes could risk a return to that state. Such remarks reduced the likelihood of another near-term increase in the overnight rate, keeping pressure on the yen. At the same time, verbal intervention and rising safe-haven demand amid growing market volatility contributed to mixed moves in the USD/JPY pair.

Meanwhile, the British pound fell to its lowest level since April after Chancellor Rachel Reeves indicated she was unwilling to repeat Labour’s election pledge not to raise taxes significantly. Reeves blamed the previous Conservative government and ongoing trade frictions for damaging the UK economy.

As of 11:16 GMT, the U.S. Dollar Index was steady at 100.2 points, after recording a high of 100.2 and a low of 100.06.