Commodities (Crude Oil & Copper) & Macro Outlook

According to a Dadi Futures research report released on May 9, lithium prices surged past 200,000 yuan this week, driven by ongoing supply disruptions. Zimbabwe has approved lithium exports, but administrative delays have prevented bulk shipments, with refined lithium ore now expected to arrive at s

According to CME data, copper futures trading activity and open interest expanded on May 8, with trading volume increasing by 22,574 contracts and open interest rising by 6,178 contracts. In contrast, WTI crude oil futures participation declined, with trading volume falling by 539,490 contracts and

WTI crude oil futures fell to around $86 per barrel on Tuesday, retreating from the previous trading day's gains as Iran signaled willingness to pursue further negotiations with the U.S. in Islamabad before the current two-week ceasefire agreement expires. The shift marks a change in Tehran's

Brent crude futures fell to around $98 per barrel on Friday, May 9, as U.S. President Trump announced optimism over a potential agreement to end the Iran conflict. Trump stated that Tehran has accepted terms including abandoning nuclear weapons plans, providing "free oil," and reopening the Strait o

Malaysian palm oil futures remained below 4,500 ringgit per ton as of May 9, extending recent losses and hovering near five-week lows. The ringgit's strength and weakness in other edible oil prices pressured palm oil, while crude oil declines further weighed on the market as prospects for

According to reports, U.S. gasoline futures fell below $3.60 per gallon on April 24 as markets bet on de-escalation in Middle East tensions. President Donald Trump announced a temporary halt to efforts guiding ships stuck in the Strait of Hormuz, creating space for final negotiations with Iran

According to CCTV News, Japan's government began releasing additional national oil reserves from a petroleum base in Ibaraki Prefecture on May 1 in response to declining crude imports caused by Middle East tensions. The move follows an initial reserve release announced in late March and a

On Tuesday, European natural gas futures fell nearly 2% to below €40 per megawatt-hour amid escalating geopolitical tensions. Traders are closely monitoring the second round of U.S.-Iran peace talks, with Iran preparing to send a delegation after initially declining participation. However,

According to reports, WTI crude futures plunged 13.3% to $88.66 per barrel on Thursday before stabilizing above $95 as investors weighed prospects of a Middle East peace agreement. The U.S. transmitted a one-page memorandum of understanding to Iran through Pakistani intermediaries, aimed at

Iron ore futures prices climbed above 770 yuan per ton this week, marking a one-week high, supported by stronger-than-expected economic data from China. The country's first-quarter GDP grew 5% year-over-year, exceeding both the previous quarter's 4.5% and market forecasts of 4.9%. Sentiment was

On Thursday, WTI crude oil futures surged above $108 per barrel, gaining nearly 15% this week as ongoing Middle East tensions have effectively closed the Strait of Hormuz, disrupting global energy flows. President Trump stated the U.S. will maintain a naval blockade on Iran until a nuclear

According to Hong Kong Exchanges and Clearing CEO Edith Lam, the London Metal Exchange (LME) has expanded its warehouse network in Hong Kong from 4 to 15 facilities since last year, with storage capacity now approaching saturation. The LME and Hong Kong Exchanges are exploring further

According to Goldman Sachs, Gulf oil production declined by approximately 14.5 million barrels per day in April due to Iran-related conflict, representing about 57% of pre-conflict supply levels. The decline was primarily driven by precautionary shutdowns and inventory management rather than

According to shipping survey firms, Malaysian palm oil futures fell to a five-week low below 4,500 ringgit per ton this week, as exports declined 34% during April 1-15 compared to the prior period, signaling weakening market sentiment. Malaysia's palm oil inventories fell for the third

According to President Trump, WTI crude oil futures surged nearly 8% to breach $90 per barrel on Monday, reversing the previous session's decline, as geopolitical tensions in the Middle East escalated. The U.S. Navy fired on and seized an Iranian-flagged cargo vessel in the Gulf of Oman after it

China imported 10.38 million tons of iron ore in April, with January-April cumulative imports reaching 41.86 million tons, up 8% year-over-year, according to official trade data. Steel exports totaled 9.50 million tons in April, bringing the four-month cumulative to 34.21 million tons, down 9.7% yea

China imported 8.478 million tonnes of soybeans in April, with year-to-date imports reaching 25.15 million tonnes, up 8.5% compared to the same period last year, according to official trade data.

According to China Customs, China imported 14.477 million tons of refined oil products during January-April 2026.

According to China's General Administration of Customs, the country's crude oil imports fell to 38.471 million tons in April, down from 49.982 million tons in March, representing a decline of approximately 23

隨著霍爾木茲海峽局勢持續升溫，多家市場機構及分析師於 5 月 9 日指出，華爾街交易員正以「NACHO（Not A Chance Hormuz Opens）」交易邏輯，取代此前流行的「TACO（Trump Always Chickens Out）」交易模式，高油價不再是一次短期衝擊，而是新的市場環境。