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Global copper smelters are facing a crisis as China's rapid buildup of processing capacity undermines profitability across the sector, according to Reuters.

Australia’s consumer spending surged in May, breaking a three-month streak of weakness. According to the Australian Bureau of Statistics, the household spending indicator gained 0.9% following a flat April and a drop by 0.1% in March.

On Thursday, the campaign period for elections for the upper chamber of parliament began in Japan. According to Bank of America, the associated risks have not yet manifested themselves in the exchange rate of the yen. However, the risks may appear after the publication of election projections.

XRP open interest surged to $4.61 billion after the likelihood of an altcoin-backed exchange-traded fund (ETF) launch skyrocketed to 87%. This spike followed the US Securities and Exchange Commission's (SEC) approval of Grayscale’s crypto ETF.

Republican Senator Cynthia Lummis has introduced a new tax bill designed to support the cryptocurrency industry. Her initiative seeks to reduce bureaucratic hurdles often faced by holders of crypto assets, such as bitcoin.

According to a Reuters poll, the Reserve Bank of Australia is expected to cut interest rates at its next meeting on July 8 as inflation falls, and economic growth is projected to weaken.

According to Statistics Canada, the country’s trade deficit narrowed to 5.9 billion Canadian dollars ($4.34 billion) in May, following April’s record high. The decline was driven by a 1.1% increase in exports and a 1.6% drop in imports, despite the negative impact of US tariffs.

According to Bloomberg, Japanese household spending reached its highest level since summer 2022 at the end of June. Agency experts suggest this may indicate consumers' adaptation to rising prices and their willingness to support the economy despite pressure from US import tariffs.

An increase of the indicator value may contribute to the rise in quotes of CAD.

Swiss bank UBS published a new report, raising its forecast for copper prices in this and next year. Improved expectations are due to reduced concerns about US trade policies and their impact on global economic growth.