Commodities (Crude Oil & Copper) & Macro Outlook

According to the Japan Petroleum Association (PAJ), as of June 20, Japan's commercial crude oil inventory rose to 9,757,338 kiloliters from 9,723,583 kiloliters the previous week, an increase of 33,755 kiloliters. The refinery operable capacity utilization rate declined to 80.3% from 81.9%, while th

According to The Hill, U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick clashed today (June 24) over preparations for a Ukraine rare earth minerals transaction. Bessent accused Lutnick of proposing a "shitty deal" and called him an "idiot," while Lutnick claimed Bessent

According to Guru Club, on June 24, lithium carbonate futures surged over 2% intraday, reaching 159,720 yuan per ton.

According to Guru Club, WTI crude oil futures fell 1% to $72.92 per barrel on June 24, while Brent crude declined 1% to $75.86 per barrel.

According to Goldman Sachs, the bank maintains its gasoline profit forecasts for the fourth quarter of 2026 at $23 per barrel for the United States and $13 per barrel for Europe.

According to Shanghai Steel Union, battery-grade lithium carbonate (MMLC) traded at an average price of 157,000 yuan per ton this morning, unchanged from yesterday's 4:30 p.m. closing level.

Michael Selig, Acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC) (Selig), said on June 23 at the annual meeting of the American Cotton Shippers Association in the United States that the all-day trading and no-expiration structure of crypto perpetual futures does not apply to agricultural commodity markets that rely on physical delivery and have limited trading hours. The CFTC and the SEC have jointly launched a public consultation on the definition of swap agreements, with

A Japanese employee of a major electrical equipment company was detained by Chinese authorities in Dalian, Liaoning Province, in May after allegedly attempting to export rare earth products, according to Japanese media reports on June 24. Chinese customs detained the employee under rare earth export

According to Jin10, China's Deputy Energy Bureau Director Wan Jingsong met with Saudi Arabian Company for Water and Electricity Chairman Mohammed Abunayan on June 22 to discuss clean energy cooperation between the two nations. Wan stated that China welcomes the Saudi company to participate in

According to Jin10, as of 09:30 Beijing time on June 24, WTI crude oil futures fell 0.29%, while U.S. natural gas futures rose 0.25%.

According to Liquidity Group, as of June 24 (the third working day of this pricing cycle), China's gasoline and diesel are expected to fall 650 yuan/ton, with a change rate of -11.69% and reference crude averaging $77.08 per barrel. The next adjustment window opens on July 3 at 24:00. Market

Bitcoin fell to $62,982 on June 24. Contributing pressure factors include: U.S. spot Bitcoin ETFs have seen no positive 7-day SMA since mid-May, indicating a significant drop in institutional demand; CME FedWatch shows traders currently estimate the probability of a December rate hike by the Federal Reserve at about 86%; and after the U.S.-Iran Swiss talks, Trump claimed Iran agreed to unlimited inspections, but Tehran denied any concessions, with negotiation details contradicting each other. Gl

According to Financial Times, on June 24, the Strait of Hormuz remains under blockade, preventing approximately 1,200 cargo vessels from transiting. The stranded vessels are carrying cargo valued at $125

According to analysts cited by Jin10 on June 24, oil prices have extended their downward trend as geopolitical risk premiums stemming from U.S.-Iran tensions fade. Since late May, navigation conditions in the Strait of Hormuz have improved significantly, and ongoing U.S.-Iran negotiations in mid-Jun

CFTC Chairman Michael Selig stated that the 24/7 trading model of crypto perpetual futures is incompatible with agricultural markets that depend on physical settlement. The agency's recent approval of such contracts has prompted CME to file a lawsuit against the

According to Jin10 Futures, China's fuel oil market sentiment turned bearish on June 24 as crude oil prices continued to decline. Downstream buyers adopted a cautious stance, purchasing only essential inventory at lower levels, while refinery shipments faced pressure. Market buying interest

According to the World Steel Association, global crude steel production declined 0.3% year-over-year in May 2026 to 157.9 million tons, with China's output falling 2.7% to 84.36 million tons. Deutsche Bank forecasts gold prices will reach $4,300 per ounce in Q3 2026 and $4,800 in Q4, though prices c

U.S. Treasury Secretary Bessent stated that the U.S. has conveyed to Iran its intention to reach a major agreement, and that negotiations will be an ongoing process. Bessent indicated that if Iran reduces its oil prices, it would benefit the global economy. The U.S. is employing both incentives and

According to Jin10 Futures, CBOT corn futures fell for the third consecutive day on Tuesday (June 24), with the benchmark contract down 0.5%. The decline reflects a drop in international crude oil prices and favorable weather conditions across the U.S. Midwest. Corn futures typically follow crude oi

Semiconductor stocks tumbled overnight on June 23 following reports that Nvidia reduced production expectations for its Rubin chip due to slower-than-anticipated demand. The Nasdaq fell more than 2%, while the semiconductor index dropped nearly 8%, with Micron and SanDisk each declining over 10% and