Commodities (Crude Oil & Copper) & Macro Outlook

SC crude oil futures fell 7.99% intraday today (Sept 18), declining to 740.50 yuan per barrel.

China's fertilizer exports fell to 2.86 million tons in August, down 43.9% year-over-year. For the January-August period, cumulative fertilizer exports totaled 21.32 million tons, representing a 23.7% decline compared to the same period last year.

China exported 10,822 tons of rare earth and rare earth products in August, down 17.6% year-over-year. For the first eight months of 2026, cumulative rare earth exports reached 87,682 tons, up 3.2% compared to the same period last year.

According to Guangdeshi Futures, U.S. initial jobless claims fell to 196,000 overnight, the lowest level since 1969, while the Federal Reserve raised interest rates in September and signaled further hikes possible through year-end. Continuing jobless claims also hit a 14-month low at 1.73 million. A

China imported 320,000 tons of corn and corn flour in August, up 784% year-on-year, with cumulative imports reaching 1.68 million tons in the first eight months of 2026, up 91.1%, according to trade data. Wheat imports remained steady at 260,000 tons in August, up 13.4% year-on-year, while sugar imp

According to Jin10 Futures on September 18, global diesel and jet fuel crack spreads have surged to historic highs, though domestic Chinese refineries remain split between winners and losers. Analysts warn that elevated spreads are unlikely to persist; once they normalize, refineries without

On September 18, South Korea's Deputy Prime Minister Koo Hyon-chul announced a fuel price reduction of 100 won per liter at gas stations on the nation's highways during the Chuseok holiday period (September 24-27). The measure covers 226 service stations operated by the Korea Expressway

According to News1, on September 18 intraday, KOSPI rose 2.36% to 6,873.66 points amid falling international oil prices and declining U.S. Treasury yields, which lifted investor sentiment and semiconductor stocks. Foreign investors reversed to net buying of 215.5 billion won after initial selling, w

According to South Korea's Ministry of Economy and Finance, the government extended fuel tax cuts through November 30, maintaining reductions of 122 won per liter for gasoline and 145 won for diesel, effective October 1. The policy, initially set to expire this month, was prolonged amid persistent M

According to Jin10 Futures, China's liquefied natural gas (LNG) factory gate prices averaged 6,212.10 yuan per ton this week as of September 18, up 95.57 yuan or 1.56% week-on-week.

According to Jin10 Futures, polyester bottle chip prices in East China rose 5.16% this week to an average of 8,821 yuan/ton on September 18. PTA cost support and tight spot supply drove the gains. Looking ahead, prices are expected to weaken next week as U.S. diplomatic efforts ease Middle East

According to Jin10 Futures, China's asphalt prices averaged 5,938.57 yuan per metric ton this week (September 18), rising 573.14 yuan per ton or 10.68% week-on-week. The increase was driven by elevated crude oil costs following the attack on Saudi Arabia's east-west pipeline and tight supply, as

According to Jin10 Futures, as of 10:40 AM on September 18, the following commodity options showed significant gains: Coking Coal 2611 Put 1300 surged 183.75% to 22.7 yuan/ton, and Coking Coal 2611 Put 1400 climbed 148.86% to 54.5 yuan/ton. Shanghai Lead 2610 Call 16400 gained 131.58% to 88.0 yuan/t

According to Shanghai United Metal Association, battery-grade lithium carbonate (MMLC) mid-price hit 131,100 yuan/ton today (September 18), up 600 yuan/ton from yesterday's 16:30 close.

According to Daiwa Securities economist Kento Minami, Japan faces rising risks of prolonged inflation as oil prices surge and companies pass cost increases to consumers. Minami noted that crude oil prices have jumped significantly and may take three to eight months to flow through to electricity cos

According to Jin10, liquefied petroleum gas prices declined from elevated levels on September 18, as rising heating demand supports the market. Market participants are shifting focus toward October-to-November shipments as cooler weather approaches, maintaining near-term demand. Analysts note that i

According to Jin10, preliminary shipping data released on Friday showed that four commodity tankers transited through the Strait of Hormuz on Thursday, down from six vessels on Wednesday and below the 10-day average of approximately 16 ships. The figures may be subject to revision as some vessels ty

According to the Nikkei, the Bank of Japan (BOJ) is expected to decide at its September 18 monetary policy meeting to raise the unsecured overnight call rate (policy rate) by 25 bps, from the current 1.00% to 1.25%. If approved, 1.25% would be the highest policy rate in 31 years, since 1995. Financial markets, including equities, are closely watching the outcome of the meeting and Governor Kazuo Ueda’s subsequent press conference. Expected Decision: Unsecured Overnight Call Rate to Rise to 1.25%

Brent crude oil fell below $100 per barrel on Sept 18, declining 0.59% during intraday trading. WTI crude oil dropped 0.6%, currently trading at $95.9 per barrel.

On September 18, China's National Development and Reform Commission, National Energy Administration, and State Administration for Work Safety jointly issued a notice deploying measures to accelerate stable coal production and supply. The notice requires coal-producing provinces and coal