Commodities (Crude Oil & Copper) & Macro Outlook

Fuel oil futures for June 2026 (FU2609) declined over 2% intraday on June 9, with the latest price at 3,797 yuan per ton, rebounding from the day's low of 3,765 yuan. Trading volume reached approximately 9.593 billion yuan, with net position reduction of 13,500 contracts as open interest declined.

According to Real Vision Chief Crypto Analyst Jamie Coutts, Bitcoin's long-term technical backdrop is approaching attractive accumulation levels, with Q2-Q3 2026 potentially marking a bear-market bottom. However, a major macroeconomic headwind may delay sustained bullish momentum: the U.S.

BitMEX co-founder Arthur Hayes published a “Reality Test” blog post on June 9, confirming that the Maelstrom Fund has fully exited HYPE, NEAR, WLD, and ZEC, while continuing to hold Bitcoin and Ethereum. He also said he will set up long positions in energy stocks that are listed in the United States and short positions in AI stocks. Hayes warned in the piece that an AI bubble will hit the crypto market. Hayes’s Three AI Bubble Triggers: Confirmed Argument Points Based on the publicly available c

According to Jin10, oil-themed LOF funds declined on June 9, with Southbound Crude Oil LOF falling over 5%, Harvest Crude Oil LOF dropping over 4%, and other oil-related funds including Petroleum Fund LOF, Huabao Oil and Gas LOF, and Oil LOF each declining over 3%.

According to Jin10, on June 8, China's Central Committee for Foreign Relations deputy director Jin Xin met Saudi Aramco President Muhammad Al-Qahtani in Beijing. The two discussed deepening bilateral cooperation under the strategic partnership framework between China and Saudi

On June 9 early session, multiple Chinese commodity futures ETFs displayed mixed trading activity. Jianxin Energy and Chemical Futures ETF fell nearly 2%, while Guolian A-Share Commodity ETF and Guotai Ruiyuan Silver Futures (LOF) posted modest declines. Meanwhile, Huaxia Feed Soybean Meal Futures E

According to Wuyue Futures, U.S. Treasury yields and the dollar index rose today (June 9) amid Middle East tensions and strong non-farm employment data, further compressing upside space for precious metals prices. Oil prices remained elevated, and market expectations for Federal Reserve rate hikes s

According to Jin10 Futures, overnight crude oil prices rose on June 9, but easing Middle East tensions limited gains in the fuel oil market. Market participants maintain a cautious stance with subdued buying sentiment, while refinery shipments remain weak, suggesting today's negotiations may

According to Jin10, Iran announced on June 9 that its military strikes against Israel have concluded. The statement prompted a pullback in geopolitical risk premium and sent international crude oil prices lower in early

According to BlockBeats, on June 9, BitMEX co-founder Arthur Hayes warned in his latest article "Reality Test" that sustained oil price increases due to U.S.-Iran tensions could trigger an AI stock bubble burst and drag the entire crypto market lower. Hayes estimates AI-related debt issuance has

According to Jin10 Futures, Malaysia's crude palm oil futures on the Bursa Malaysia Derivatives exchange are expected to open higher on Tuesday (June 9), supported by declining May production expectations and gains in international crude oil. Chicago soybean oil futures strength is also

According to Iran's Tasnim News Agency on June 9, Iranian officials criticized U.S. President Trump's recent statements on energy market stabilization, calling them devoid of practical solutions. Iran's response characterized Trump's rhetoric as employing "psychological tactics" rather than

According to CITIC Securities research published by Jin10 on June 9, the Strait of Hormuz has been closed for weeks, forcing additional oil wells offline and risking permanent production capacity losses. U.S. inventory wells and new drilling counts have hit record lows, signaling that sustained

According to Jin10 Futures data, U.S. major indices closed mixed overnight on June 8. The Nasdaq climbed 0.86% to 25,929.66, while the S&P 500 rose 0.3% to 7,405.73; the Dow Jones declined 0.16% to 50,786.01. Semiconductor stocks outperformed, with the Philadelphia Semiconductor Index

According to Jinshi, on June 8, U.S. President Trump stated during a fundraising call for South Carolina Senator Graham that the United States will achieve "complete victory" against Iran within two weeks. Trump said the two countries are currently negotiating, with Iran willing to reach an

According to the USDA weekly crop progress report released Tuesday as of June 7, U.S. soybean conditions are lagging market forecasts. Soybean good-to-excellent rating stood at 65%, below the 68% market expectation and matching prior year levels. Planting progress reached 92%, slightly below the 93%

According to market data provider ShengyeShe, sulfur prices reached 8,033.33 yuan/ton on June 8, climbing 7.11% from the start of the month and 119.43% since the beginning of 2026. Over the past two and a half years since early 2024, when sulfur was priced at 1,066 yuan/ton, prices have surged

New Zealand's seasonally adjusted manufacturing activity rose 6.6% quarter-on-quarter in the first quarter, up significantly from the previous quarter's 0.6% growth.

Venezuela's acting president Delcy Rodriguez recently met with Turkish President Recep Tayyip Erdogan to discuss measures aimed at achieving $3 billion in bilateral trade. The two leaders focused on advancing cooperation in trade, energy, and mining sectors. The meeting follows Rodriguez's

On June 8, Emerging Market ETF gained 1.78%, leading major U.S. ETF asset classes, followed by Nasdaq-100 ETF up 1.56% and Brent Crude Oil Fund up 1.35%. Among decliners, U.S. Real Estate ETF dropped 1.36% and Long-Term U.S. Treasury ETF