Commodities (Crude Oil & Copper) & Macro Outlook

According to Stats NZ, New Zealand's log exports reached 1,908,259 cubic meters in May, with 1,668,763 cubic meters shipped to China, accounting for 87% of total exports.

According to CNBC, Chevron's CFO stated on June 25 that the company will increase natural gas production by 7% to 10% as natural gas prices normalize following pressure from former President Trump on major oil

On June 23 local time, Iran's Permanent Representative to the United Nations Office at Geneva, Baghaei, officially confirmed: The Strait of Hormuz is now fully open to global merchant ships for 60 days, with no transit fees charged during this period. Previously, the US and Iran finalized a roadmap in Bürgenstock, Switzerland, to sprint toward a final agreement within 60 days, establishing a high-level committee to coordinate progress and simultaneously forming special working groups on sanction

According to Guru Club, on June 25, WTI crude oil futures plunged over 2% to $68.9 per barrel, hitting its lowest level since February 27. Brent crude oil futures fell over 2% to $72.08 per barrel, also marking its lowest point since late February.

On June 25, according to Jin10, China's National Development and Reform Commission and National Energy Bureau released the "New Energy System Construction Plan (2026-2030)." The plan targets stable crude oil production at 200 million tons annually while promoting steady growth in natural gas

According to data from the UN shipping agency, 57 vessels transited the Strait of Hormuz between June 23 and June 25 as part of a UN-coordinated evacuation plan.

According to Shanghai Futures Exchange warehouse receipt data on June 25, most commodity futures warehouse receipts declined or held steady. Aluminum warehouse receipts fell 10,301 tons to 462,671 tons, while asphalt plant warehouse receipts dropped 33,150 tons to 56,370 tons. Alumina warehouse rece

The UK government announced that steel safeguard measures and the 25% additional protective duties will cease to apply after June 30, 2026.

The UK government announced new steel trade measures effective from July 1, reducing duty-free import quotas by 51% compared to current safeguard levels. Imports exceeding the new quota cap will face 50% tariffs. The measures apply to steel products that can also be produced domestically in the UK.

According to ANZ Research's Khoon Goh on June 25, Singapore's core inflation rate is forecast to accelerate and peak above 3% in early 2027 before moderating. ANZ predicts average core inflation of 2.1% for 2026 and 2027. While oil price increases may continue to drive inflation higher in coming

According to the local governor, Russia's Ufa currently operates three refineries in normal operations.

According to Jin10, Russia and Indonesia signed a crude oil import contract on June 25 through Indonesia's state oil and gas agency Lemigas, based on an agreement reached between President Putin and President Subianto. The contract is part of a broader procurement plan totaling 150 million barrels o

According to Iraq's government spokesperson on June 25, Iraq is working to restore full oil export capacity and plans to raise production to 7 million barrels per day over the coming years.

According to the London Metal Exchange (LME), inventory levels declined across multiple commodities on June 25: aluminum fell 2,000 tons, zinc dropped 425 tons, tin decreased 190 tons, lead fell 1,125 tons, nickel declined 618 tons, and copper fell 2,825 tons.

According to Singapore Enterprise Development Board, as of June 24, Singapore middle distillate fuel oil (MDF) inventory rose 283,000 barrels to 9.519 million barrels, reaching a 4-week high.

According to shipping data, on June 24, Brent crude oil's forward curve turned contango for the first time since late February, with September futures contracts trading 12 cents higher than August contracts. The shift reflects expectations that short-term crude supply will surge as oil tankers

According to CME data on June 24, gold and crude oil futures showed increased activity in both trading volume and open interest. Gold futures recorded 213,396 contracts traded with 356,326 open contracts, up 80,664 and 4,159 contracts respectively from the previous session. WTI crude oil futures

According to CoinGlass data, natural gas (NG) contract open interest increased 5.46% in 24 hours to $987,000. The NG price currently stands at $3.289, up 2.72% on the day. Gate platform accounts for $601,300 in open interest, ranking first globally, while its trading volume of $165,400 ranks

According to Jin10, on June 25, a senior Iraqi oil ministry official stated that if OPEC quotas do not increase significantly, Iraq will consider all available options. However, Iraqi officials have decided to remain OPEC members while negotiating for a higher production quota, according to

WTI crude oil and Brent crude traded at $70.42 and $73.18 per barrel respectively as of June 25, with both benchmarks showing minimal intraday volatility.