Oil prices rose marginally on Thursday amid ongoing caution and uncertainty about the Iran-Israel ceasefire.

The oil market was boosted after official EIA data showed US crude stocks fell for the fifth straight week.

On trading, Brent August futures rose 0.10%, or 5 cents to $67.73 a barrel.

US crude futures due in August rose 0.5%, or 32 cents to $65.24 a barrel.

US stock indices rose on Thursday after recent data confirmed the strength of the labor sector.

Earlier government data showed US unemployment claims down to 236 thousand in the week ending June 21, while analysts expected 244 thousand.

US GDP shrank 0.5% y/y in the first quarter according to the final reading, compared to a 0.2% contraction in the previous reading. 

On trading, Dow Jones rose 0.7% as of 15:38 GMT, or 286 points to 43,270 points, while S&P 500 added 0.5%, or 34 points to 6126 points, as NASDAQ climbed 0.5%, or 112 points to 20086 points. 

Copper prices rallied to three-month highs on Thursday on a weaker dollar, concerns about supplies and speculative buying.

Copper three-month futures rose 1.6% at the London Metals Exchange to $9867 a ton, the highest since March 28.

The dollar index hit early 2022 lows amid increasing concerns about the Fe’s independence amid constant Trump attacks on Fed Chair Powell.

A weaker dollar makes commodities cheaper to holders of other currencies. 

Price Premium Hints at Shortage

The price premium between the spot copper contract in London and the three-month future rose to $200 a ton from $101 on Wednesday.

Thus likely shows concerns about supply shortages compared to demand, especially in China.

Copper futures rose 0.6% at the Shanghai Exchange to 69,000 yuan a ton, the highest since June 11.

Technical Breach

A breach of the $9800 barrier on Thursday boosting technical purchases on copper London contracts.

Copper is up 22% at the London Exchange compared to November 2023 lows at $8105.

In the US, Copper Comex futures rose 2.7% to $5.05 a pound, raising its premium over the London contract to $1277 a ton, the highest since April.

Such a premium is due to expectations of Trump tariffs on the metal.

As for Other metals:

Aluminum rose 0.5% in London to $2575 a ton

Lead rose 0.6% to $2044  

Nickel added 0.8% to $15,190

Zinc rose 1.4% to $2743

Tin rose 0.6% to $33400

Otherwise, the dollar index fell 0.5% as of 14:57 GMT to 97.1, with a session-high at 97.6, and a low at 97.00, the lowest in three years.

Copper futures rose 2.8% in American trade as of 14:54 GMT to $5.11 a pound.

Bitcoin expanded its gains for the fourth straight session, trading above $107,000, or just 4% off recent record highs amid strong investments into bitcoin ETFs, amounting to $547 million on Wednesday.

Strong Institutional Demand

Bitcoin is buoyed by rapidly increasing institutional demand, with SoSoValue data showing net investments into bitcoin sport ETFs at $547 million, with total weekly inflows amounting to $1.49 billion so far.

Otherwise, major corporations continue to add to their bitcoin holdings, with Japan’s MetaPlanet adding 1234 units on Thursday, raising its total holdings to 12,345 units.

PtoCap BTC also bought 1208 bitcoins, raising total holdings to 4932 units.

Bitcoin recently hit a low of $98,200 on Sunday but avoided closing below $100,000, with the currency regaining its strength on Monday, thus recovering until $107,000.

An extended rally would bring the price to near the recent record highs at $112,000.

RSI technical analysis points to upward momentum, which is  confirmed with the MACD.

Some analysts expect bitcoin to rise between 50% and 80% by October, as it might repeat its market structure from 2020, with a stabilization period followed by a $13,000 to a $40,000 surge.