Commodities (Crude Oil & Copper) & Macro Outlook

According to Guru Club, WTI crude futures fell 0.65% this week to close at $68.78 per barrel as of July 4, while Brent crude dropped 0.91% to $71.94 per barrel. Both benchmarks posted weekly losses amid easing supply concerns in the Strait of Hormuz and softer crude spot

According to Fitch Ratings, on July 3 the agency highlighted downside risks to its 2026 benchmark crude oil price assumption due to persisting Iran-related threats. A 60-day interim agreement was deemed fragile, and Israel's non-participation indicates ongoing Middle East conflict continues to

According to Guru Club, Shanghai crude oil futures closed down 0.16% overnight on July 4, settling at 438.3 yuan per barrel. Meanwhile, Shanghai gold futures rose 0.81% to 913 yuan per gram, and Shanghai silver futures gained 1.61% to 15,294 yuan per

According to UBS research released on July 3, the Swiss bank raised storage chip price expectations for the second half of 2026. DDR contract prices are projected to increase 32% in Q3 (previously 17%) and 18% in Q4 (previously 12%). NAND is expected to rise 30% in Q3 and 12% in Q4, extending the st

According to Guru Club, on July 4, LME nickel futures climbed 174 to $16,424/ton, while tin surged 1,668 to $52,628/ton. Copper gained 40 to $13,366/ton and zinc increased 54 to $3,541/ton. Lead rose 16 to $1,892/ton. Aluminum was the sole decliner, falling 1 to $3,090/ton.

According to Guru Club, Shanghai tin futures' main contract rose over 3% on July 4, trading at 410,800 yuan per ton.

Spot gold and silver prices posted sharp gains Friday morning, with gold trading near $4,175.50 an ounce (up 1.30%) and silver near $62.220 (up 2.28%), as U.S. markets remained closed ahead of the Independence Day holiday. The rally extended Thursday's post-payrolls momentum, driven by a

According to Reuters, OPEC's crude oil production rebounded sharply in June to 19.43 million barrels per day, up 3.3 million barrels per day from May's multi-decade low. The recovery was primarily driven by Gulf region producers including Kuwait, which showed the largest gains, alongside increased o

Chile's SQM and Codelco-backed joint venture Novandino announced today plans to boost lithium production capacity to 470,000 tons annually, a roughly 74% increase from this year's guidance of 270,000 tons. The expansion is backed by a $3 billion business restructuring initiative outlined in an

According to ICE, speculative positions in Brent crude oil futures declined by 34,704 net contracts during the week ending June 30, bringing holdings to 55,634 contracts. Diesel futures speculators reduced their net long positions by 2,664 contracts, with total holdings now at 57,852 contracts.

According to Jin10, Shanghai gold futures closed up 0.81% at 913 yuan per gram, Shanghai silver futures up 1.61% at 15,294 yuan per kilogram, and SC crude oil futures down 0.16% at 438 yuan per barrel, as of 2:30 AM close on

Shanghai Futures Exchange data shows crude oil futures contract 2608 closed overnight at 438.30 yuan per barrel, down 0.16%. Shanghai gold rose 0.81% during the night session, while Shanghai silver climbed 1.61%.

According to Brazil's government, crude oil exports in June reached 8.48 million tons, up from 7.95 million tons year-over-year, marking a 6.7% increase.

Brent September crude oil futures gained $0.32 per barrel, or 0.44%, closing at $72.12 per barrel this week, though the contract has declined 0.66% over the full week. Abu Dhabi Murban crude futures surged 1.47% to $66.18 per barrel, though weekly losses

According to France's agriculture ministry, last week's heat wave sweeping Western Europe caused damage to up to 30% of the country's corn crop, marking one of the region's most significant agricultural impacts. The preliminary estimate also documented destruction to approximately 50% of carrot crop

According to Argus Media senior adviser Arthur Portie, spring-sown corn in France is currently facing severe germination difficulties. Weather models show no rainfall expected over the next 10 days, with intensifying heat waves further threatening crop

According to Jin10, CNPC Chairman Dai Houliang met World Petroleum Council President Pedro in London on July 2 (local time). The two exchanged views on deepening practical cooperation. Dai stated that the World Petroleum Council, as a leading international energy organization, plays an important rol

According to BlockBeats, on July 3, Bitget upgraded its institutional fee framework covering PRO membership and liquidity incentive programs. The upgrade extends to crypto assets, equities, precious metals, commodities, and indices, offering refined fee structures and market-making support

Robinhood Europe expanded its perpetual futures offerings for eligible European Union users by updating its Specific Information Document to include crypto perps tied to XRP, Cardano, Sui, Solana, Bitcoin, Ethereum, Dogecoin, Avalanche, Chainlink, Hyperliquid, Bittensor, Aster, and PAX Gold. The

Robinhood Europe expanded perpetual futures offerings for eligible EU users, adding crypto perps tied to XRP, Cardano, Sui, Solana, Bitcoin, Ethereum, Dogecoin, Avalanche, Chainlink, Hyperliquid, Bittensor, Aster, and PAX Gold. The company also rolled out perpetual futures linked to commodities,