Kremlin spokesperson says 90% of Russia’s transactions with BRICS countries are now conducted in local currencies.

London Metal Exchange copper futures rose more than 1% on the 7th, making an intraday record above $14,530/tonne and closing at $14,494/tonne. Prices are up 17% year-to-date and 47% over the past 12 months. A Cesco senior analyst said the move is driven more by tariff-induced metal relocation than by stronger end-user demand; since Trump first proposed copper tariffs in February last year New York copper futures have held a sizable premium to London, creating large arbitrage opportunities. Other analysts said robust demand and supply disruptions could further tighten the copper balance and support high prices, while longer-term bullish factors include aging major mine fleets and capacity growth trailing demand.

Hungary's Prime Minister Magyar said Hungary will introduce a "fair" wealth tax.