Oil prices advanced as investors assessed developments in nuclear negotiations between the United States and Iran. Copper prices saw a modest increase, supported by a weaker US dollar. Silver prices rebounded from significant losses, with thin liquidity contributing to sharp price swings as the market continues to search for a bottom.

**Crude Oil: Prices Edge Higher as Market Weighs US-Iran Talks** Oil prices moved higher in volatile trading, with investors evaluating progress in the US-Iran nuclear discussions. West Texas Intermediate crude settled above $63 per barrel, with the market showing heightened sensitivity to news related to the talks. Iranian Foreign Minister Abbas Araghchi described the talks as having a "good start," but Tehran maintained its refusal to halt nuclear fuel enrichment, a key point of concern for the United States. Traders balanced geopolitical tensions against the prospect of potential oversupply in the crude market. Crude posted its first weekly decline since mid-December, as the talks helped ease concerns about a broader conflict erupting in the region. Prices extended gains after data showed US consumer confidence unexpectedly rose to a six-month high, alleviating fears of an economic slowdown that could dampen crude demand. March WTI crude rose 0.4% on the New York market, settling at $63.55 per barrel. April Brent crude increased 0.7%, reaching $68.05 per barrel.

**Base Metals** Copper prices registered a slight gain, buoyed by a weaker dollar which enhances the affordability of dollar-denominated commodities for holders of other currencies. Traders continued to monitor signs of soft demand following a recent wave of speculative buying. BNP Paribas joined other institutions, including Goldman Sachs Group, in warning that copper prices have deviated from fundamental factors. The bank's strategist, David Wilson, stated in a report that copper prices "remain overvalued," and that levels above $11,000 to $11,500 per tonne are "almost entirely driven by speculative factors." At the close, LME copper was up 0.7% at $12,994 per tonne. LME aluminum increased 1.9% to $3,085 per tonne. LME nickel edged up 0.1% to $17,090 per tonne. LME zinc advanced 1.3% to $3,345.5 per tonne. LME tin rose 0.6% to $46,718 per tonne. LME lead gained 0.2% to $1,960 per tonne.

**Precious Metals** Silver prices fluctuated dramatically, rebounding after a decline of nearly 10% at one point. Insufficient liquidity contributed to intense price volatility as the market continues its search for a stable footing. Spot silver surged over 9% by Friday afternoon in New York, climbing above $77 per ounce after earlier falling towards $64. Gold also turned higher after retreating earlier in the session. "When volatility increases, market makers naturally widen bid-ask spreads and reduce balance sheet usage, leading to weaker liquidity precisely when it's needed most," noted Ole Hansen, Head of Commodity Strategy at Saxo Bank A/S. He added that "volatility risks becoming self-reinforcing" until a degree of order is restored. As of 4:52 PM Eastern Time, spot gold was up 3.8% at $4,962.08 per ounce. Spot silver climbed 9.8% to $77.8735 per ounce.