Commodities (Crude Oil & Copper) & Macro Outlook

According to Citi's strategy team led by Beata Manthey, on July 13 the bank downgraded UK equities from overweight to underweight in its global asset allocation, citing diminished appeal as geopolitical tensions ease. The team noted that UK stocks, weighted heavily toward commodities and defensive s

Korean Air disclosed Q2 operating profit of 261.8 billion won on the 13th, down 34.4% year-over-year, but exceeding market expectations by more than sixfold as revenue reached 5.0199 trillion won, up 25.9%. The airline attributed the performance to increased passenger demand driven by won

According to LME data released on July 13, aluminum inventory declined 1,500 tons, copper fell 1,300 tons, and zinc dropped 525 tons. Nickel inventory increased 120 tons, while lead inventory remained unchanged. Tin inventory decreased 45 tons.

According to its announcement on July 13, Baofeng Energy forecasts net profit attributable to shareholders of 9.3 billion to 10.2 billion yuan for the first half of 2026, representing year-over-year growth of 62.65% to 78.4%. The company attributed the increase to higher global prices for crude

According to Iran's General Customs Administration, on July 13, the country lifted export bans on chemical, polymer, and petrochemical products that were imposed during the emergency period. Export restrictions on industrial butter and sulfonic acid remain in

US Central Command launched strikes against Iran over the weekend in the third round of military action within a week, targeting Iran's ability to attack commercial vessels. The escalation followed Iranian forces hitting a Cyprus-flagged container ship, prompting Tehran to declare the Strait of

According to China's Foreign Ministry, on July 13, Iran announced the closure of the Strait of Hormuz and stated it would review ships' transit requests, amid escalating U.S.-Iran tensions. Foreign Ministry spokesperson Lin Jian said that early restoration of safe and free passage through the

ADNOC set its official selling price (OSP) for Murban crude at $80.01 per barrel for August.

According to Shanghai Futures Exchange data released on July 13, energy-chemical futures warehouse warrants showed mixed movements. Pulp futures warehouse holdings increased 6,128 tons to 303,344 tons. Petroleum asphalt futures plant warehouse warrants rose 4,140 tons to 17,110 tons. Glyphosate

The USD-JPY exchange rate rose on the Tokyo foreign exchange market on July 13, climbing 0.19% from the previous session to trade at 162.031 yen as of 1:46 PM, according to Yonhap Infomax. The yen weakened as geopolitical risk-driven dollar buying intensified following renewed escalation in

According to data from Kpler, the European Union imported a record 9.89 million tons of liquefied natural gas from Yamal LNG, the Arctic project controlled by Russian private company Novatek, in the first half of 2026, up 18% year-over-year. France, Belgium, and Spain were the main buyers. The EU

According to Guru Club, Live Hog futures fell below 12,000 yuan per ton on July 13, declining 2.84% intraday.

Iran's Islamic Revolutionary Guard Corps (IRGC) announced strikes on US military targets in Jordan, Bahrain, and Kuwait on the 13th, according to Iran's state-run IRNA news agency. The IRGC stated the attacks targeted Prince Hassan Air Base in Jordan, a US drone command center in Bahrain, and

According to Gate data, WTI crude oil broke through $75 per barrel today, rising 4.88% intraday.

According to Jin10, South Africa's Ministry of Mineral Resources and Energy (DMRE) announced a policy draft on July 9 to increase strategic oil reserves by 10 million barrels to address current inventory gaps. The proposed reserves would total approximately 36 million barrels, covering 60 days of

Kuwait set the official selling price (OSP) for ultra-light crude exports to Asia in August at a discount of $5 per barrel to the Oman/Dubai average.

China's A-share oil and gas sector surged this afternoon (July 13). Shandong Molong approached the daily price limit, while Science Energy, Tongyuan Petroleum, China National Offshore Oil Corporation (CNOOC), and Blue Flame Holdings advanced in

According to Bloomberg's Kpler analysis, vessels transiting the Strait of Hormuz have been disabling their transponders amid renewed U.S.-Iran tensions, with visible shipping activity declining sharply. Six bulk carriers that passed through the waterway last Sunday all had their Automatic

According to Jin10 data from July 13, European jet fuel inventories totaled 38 million barrels as of early June, covering less than 30 days of demand, according to Energy Aspects data released June 18. With escalating Middle East tensions increasing supply disruption risks, the U.K., France, and

According to Russian state news agency TASS and U.S. military statements, Iran's Islamic Revolutionary Guard Corps announced on July 13 that it had conducted missile and drone attacks on a U.S. Air Force base in Jordan, triggering fires in ammunition depots and fuel storage tanks. The Guard Corps