Commodities (Crude Oil & Copper) & Macro Outlook

Fitch maintains its 2026 Brent crude oil forecast at $87 per barrel, with risks tilted to the downside. The rating agency projects Brent will enter an oversupply phase starting in September, with fourth-quarter 2026 prices falling to $70 per barrel. Fitch attributes the bearish outlook to supply-sid

According to Fitch's current analysis, Brent crude oil is expected to average $87 per barrel for 2026, with prices declining to $70 per barrel in the fourth quarter as global supply shifts toward surplus conditions from September onward. The forecast reflects Fitch's assessment that June's

According to UK Maritime Trade Operations, a tanker was involved in an incident with military forces in the Gulf of Oman today. The organization received a report regarding the encounter but did not disclose further

According to its announcement, New Mineral Resources (01231) expects a net loss of approximately $1.1 million for the six months ended June 30, 2026, compared to a $0.4 million loss in the same period last year. The company

Humanoid robots and electric vehicles face a shared supply bottleneck in rare earth magnets, with each humanoid unit requiring 3.5–4 kilograms of neodymium magnets. China controls 59 percent of global rare earth mining, 91 percent of refining, and 94 percent of magnet manufacturing. In late July, th

Copper prices reached a record high of 6.816 USD per pound, marking a 117% increase since July 2022. The surge is driven by accelerating demand from AI infrastructure construction, particularly data center power systems, cooling equipment, and distribution networks. Data centers require large

The US Commerce Department announced on May 3 (local time) the addition of 14 derivative products to Section 232 steel, aluminum, and copper tariffs, including electrical conductor cables subject to 25% duties. South Korea's Ministry of Trade, Industry and Energy is currently cross-referencing the U

According to Bloomberg, copper reached another record high on August 11 as strong global demand continues to intersect with supply tightness, now compounded by export disruptions in the Democratic Republic of the Congo. Separately, Alphabet is issuing $25 billion across 10 tranches with 2- to

Iran warned Gulf countries that it would retaliate against energy infrastructure and US assets across the Gulf region if the United States launches new attacks, according to sources. Iranian Foreign Minister Araghchi conveyed the message to Saudi Arabia, Qatar, Turkey and other regional partners, re

According to sources, Iranian Foreign Minister Abbas Araghchi has warned Gulf countries that Iran will retaliate against any new U.S. military action by targeting energy infrastructure and American assets throughout the Gulf region. The warning was conveyed indirectly through Saudi Arabia, Qatar, an

According to Reuters citing Iranian officials, Iran is demanding a 5-7% toll on cargo transiting the Strait of Hormuz, which could reach approximately $11.2 million per supertanker carrying 2 million barrels of crude oil based on current prices of $80 per barrel. Oman is negotiating around 3%

Iran is demanding toll fees of 5% to 7% of cargo value for ships passing through the Strait of Hormuz, according to a senior Iranian official cited by Reuters. The toll requirement is part of ongoing negotiations over an agreement that would grant Iran control over vessels entering the Gulf through

According to the U.S. Commerce Department, the agency announced on August 3 that it would raise tariffs on 14 derived copper, steel, and aluminum products—including electrical conductor cables—to 25%, removing temporary 15% exemptions that previously supported AI infrastructure development. South

Carry trade investors absorbed recent coordinated yen intervention by Japan and the United States without triggering the emerging market disruptions seen in August 2024. The Bloomberg Emerging Market FX Carry Risk Premia Index fell approximately 1% following Japan's direct market intervention,

Korean stocks fell sharply on 08-06 09:34 KST, with the KOSPI index down 3.02% to 6,399.12 and the KOSDAQ down 1.48% to 787.72, as SK Hynix reported second-quarter results that missed analyst expectations despite posting record revenue and profit. SK Hynix recorded revenue of 79.32 trillion won and

According to EIA data, U.S. crude oil inventory rose 2.479 million barrels in the latest weekly report, the opposite of market expectations for a 1.5 million barrel decline. Cushing crude stocks increased 2.356 million barrels, adding additional downward pressure on prices. Meanwhile, distillate in

An Iranian Deputy Foreign Minister stated that the United States' return to the Islamabad Memorandum of Understanding is a necessary condition for reopening the Hormuz Strait, but emphasized it would not be sufficient on its own, according to Iran's IRNA news agency. The official did not specify

Houthi forces claimed an attack on a Saudi oil tanker in the Gulf of Aden, though Saudi government and shipping companies have not confirmed the incident. The damage extent and vessel status remain unconfirmed. The Gulf of Aden serves as a key route for Red Sea and Suez Canal passage, separate

According to Commitments of Traders (COT) Report data, non-commercial (large speculative) Bitcoin futures traders held a record net long position as of last week, indicating significant bullish positioning by this category of market

According to claims from Houthi forces, the group attacked a Saudi oil tanker in the Aden Gulf recently. However, Saudi government officials and shipping companies have not yet confirmed the incident, with details of damage and vessel condition remaining unverified. The Aden Gulf, a key shipping cor