Dollar and Oil Rise While Copper Prices Fall in London

The current situation on global markets is characterized by high volatility, driven by both macroeconomic factors and geopolitical tensions. The US dollar exchange rate shows a strong upward trend, which directly translates into the valuation of key energy commodities. Oil prices are rising, even as the market anxiously awaits the results of upcoming meetings of exporting countries. At the same time, we are observing a deepening rivalry between Russia and Iran. Both countries, subject to international sanctions, are desperately fighting to maintain market shares in Asia, mainly in China. They are employing aggressive price cuts, which has de facto turned into an open price war. Russian oil is becoming cheaper for selected buyers, aiming to compensate for the risks associated with circumventing trade restrictions. Meanwhile, on the London exchange, copper is losing value due to investor skepticism about the pace of economic recovery in the Middle Kingdom. The rivalry in the oil market between countries with similar political profiles, such as Russia and Iran, resembles historical oil crises of the 1970s, when sudden changes in supply and prices drastically reshaped the global balance of economic power. On the domestic front, a key event was the meeting of the President of the National Bank of Poland, Adam Glapiński, with the US Ambassador. The talks concerned not only current cooperation within the G20 group but, above all, the strategic importance of gold. Poland is consistently building its bullion reserves, aiming to reach a level of 700 tons, which is intended to form a safe foundation for the national currency in times of global uncertainty. The value of Polish gold has already surpassed the 313 billion zloty barrier. Concurrently, a legislative initiative has emerged in the US Congress to commemorate the 250th anniversary of Polish-American friendship, highlighting strong diplomatic ties in the face of threats on NATO's eastern flank. „Podczas rozmowy prezesa NBP z ambasadorem USA podkreślono rosnącą rolę złota w oficjalnych aktywach rezerwowych oraz omówiono kwestie bezpieczeństwa finansowego w regionie.” (During the conversation between the NBP President and the US Ambassador, the growing role of gold in official reserve assets was emphasized, and issues of financial security in the region were discussed.) — NBP Statement However, the situation in other parts of the world shows that US influence is encountering resistance. Zimbabwe has taken a radical step by rejecting US financial aid worth $360 million. The authorities of this African country deemed the offer a threat to sovereignty and a tool for interference in internal political processes. Experts point out that lobbying by China, which is systematically displacing Western influence from Sub-Saharan Africa, may be behind this decision. Meanwhile, cost pressure is mounting in the agricultural sector. Farmers are grappling with high prices for nitrogen fertilizers alongside falling wheat prices. However, the European Union is considering a temporary suspension of tariffs on fertilizer production components, which could bring relief to food producers ahead of the upcoming growing season.