Commodities (Crude Oil & Copper) & Macro Outlook

According to OPEC, U.S. Energy Information Administration, and UN trade data, the Middle East exported 16.3 million barrels of crude oil daily in 2025, far exceeding the Commonwealth of Independent States (6.2M b/d) and Africa (4.6M b/d). China emerged as the world's largest crude importer at 11.5 m

On July 9, WTI crude oil broke below $73 per barrel with an intraday decline of 2.19%, while Brent crude oil fell 2.00% to trade at $77.36 per barrel.

Brent crude oil fell below $78 per barrel on July 9, declining 1.22% during the trading session.

According to Jin10 Data on July 9, Deutsche Bank's private client unit is considering purchases of emerging Asian bonds if crude oil prices maintain around $65-70 per barrel for approximately two months, to help suppress inflation and compress yields. Jacky Tang, the bank's Chief Investment

According to Congo's Ministry of Geology and Mining, the Buguma-Massi potash project, developed by China's Shenzhen Luyuan Mining Investment, will resume commercial potassium chloride production in early 2027, ending decades without large-scale potash output in the country. The project, located in

According to Elliot Hentov, chief macro strategist at State Street Global Advisors, on July 9, escalation of Middle East conflict is unlikely to fundamentally change market prospects. Hentov noted that little has emerged since April regarding parties' willingness for war or risk of further escalatio

According to CME data released by Jin10 Futures on July 9, on July 8 gold, WTI crude oil, and Brent crude oil all saw increases in both trading volume and open interest. Gold recorded a trading volume of 214,083 contracts and open interest of 371,921 contracts, up 82,770 and 145 contracts

According to the governor of Russia's Rostov Oblast, two oil tankers came under drone attack in the Sea of Azov recently. The incident marks ongoing military operations in the contested waters off southern

According to Japan's Institute of Energy Economics, the country's June liquefied natural gas spot price reached $17.10 per million British thermal units (MMBtu).

According to Goldman Sachs, Persian Gulf crude output in June remained about 10.5 million barrels per day below pre-conflict levels. The bank warned that further disruptions to shipping through the Strait of Hormuz could slow the recovery of Middle Eastern oil supply, despite producers beginning to

According to Yonhap Infomax, on July 9, South Korea's 10-year government bond yield rose to 4.278%, reaching its highest level in one month. The 30-year yield climbed to 4.491%, marking an all-time intraday high. The rise was driven by escalating U.S.-Iran tensions, which pushed crude oil prices hig

According to its July 8 report, the International Monetary Fund cut its 2026 global economic growth forecast to 3%, down from its April estimate of 3.1% and 2025's 3.5% growth rate. The downgrade reflects energy shocks from ongoing geopolitical tensions, with international oil prices rising

On July 9 at market close, energy and chemical futures led gains, with low-sulfur fuel oil (LU) rising over 6%, while SC crude and fuel oil climbed over 5%. Conversely, shipping, precious metals, and soft commodities entered correction mode, with the China Containerized Freight Index (CCFI)

According to Xinhua, Russia announced on July 8 a ban on oil companies' diesel exports, with the restriction in effect until July 31. The decision followed a meeting chaired by President Vladimir Putin in Moscow to address fuel

According to Yahoo Finance on July 9, UBS expects U.S. Treasury yields to decline as secondary inflation effects remain limited. The bank noted that while persistent inflation concerns are currently driving up global bond yields, rates should fall over time as central banks gain confidence that infl

According to Guru Club, on July 9, heating oil futures surged 6% intraday, trading at 3,214 yuan per ton.

According to Goldman Sachs, Persian Gulf crude supply is expected to recover by late July if negotiations continue for 60 days and Iran's oil exemption is restored. The recovery would require crude supply through the Strait of Hormuz to increase by 6.6 million barrels per day.