Commodities (Crude Oil & Copper) & Macro Outlook

SC crude oil futures declined 2% intraday on July 31, trading at 549.60 yuan per barrel.

The U.S. Bureau of Economic Analysis (BEA) released on July 31 that June personal consumption expenditures (PCE) inflation rose 3.7% year over year, down from 4.1% in May, matching market expectations. Supported by cooling PCE inflation data, Bitcoin (BTC) rebounded to above $65,000, rising nearly 2% over the day. At the Federal Open Market Committee (FOMC) meeting the previous day, the Federal Reserve (Fed) kept interest rates unchanged for the fifth consecutive time. U.S. June PCE data: Year-o

According to White House statement, on Thursday, President Trump signed an order authorizing the government to restrict exports of certain industrial waste containing critical minerals and rare elements under the Defense Production Act. The measure aims to preserve domestic supplies of recoverable m

According to Jin10, fuel oil futures rebounded sharply since July 28, 2026 following escalating U.S.-Iran tensions. As of July 30 close, high-sulfur fuel oil futures (September 2026 contract) rose 6% to 3,711 yuan/ton, while low-sulfur contracts climbed 4% to 4,807 yuan/ton. Haitong Futures

According to Jin10 Futures, Malaysian crude palm oil futures are likely to open lower on Friday (July 31) as crude oil prices retreated from morning highs. The decline follows investor focus shifting toward Saudi Arabia's proposal for a maritime alliance to

According to Jin10, CBOT soybean oil futures fell sharply on Thursday with the benchmark contract closing 0.5% lower, tracking declines in international crude oil futures. U.S. Department of Agriculture weekly export sales data showed that as of the week ending July 23, 2026, net sales of U.S. soybe

According to U.S. Central Command (CENTCOM), the U.S. military launched massive strikes on Iranian Islamic Revolutionary Guard Corps (IRGC) facilities on July 31 in response to Iranian attacks on U.S. forces in the Middle East. The strikes, completed within two hours, targeted dozens of IRGC militar

According to Jin10 Futures, copper prices on the London Metal Exchange rose 2.9% to $6.49 per pound on Thursday, July 31, reaching their highest level in a week. The increase was driven by a weaker U.S. dollar following the Federal Reserve's decision to hold interest rates steady and moderating

According to Jin10 Futures on July 31, ICE cotton futures rose 1.43% on Thursday, supported by improved U.S. export sales and a significantly weaker dollar. The dollar decline followed the Federal Reserve's decision to hold interest rates unchanged, enhancing U.S. cotton competitiveness in

South Korean President Lee Jae-myung presided over a Korea-Chile Business Roundtable on May 30 (local time) at a hotel in Santiago, joined by an economic delegation of major Korean corporate leaders. The meeting aimed to secure stable access to critical minerals like copper and lithium while

According to NYMEX data, on July 30, crude oil prices declined as markets took stock following escalating military tensions in the Middle East. September WTI crude fell $0.87 (1.03%) to $83.59 per barrel, while September Brent crude dropped $1.71 (1.88%) to $89.03 per barrel. Iran's Islamic

Russia extended its gasoline export ban through December 31, 2026, Deputy Prime Minister Alexander Novak announced on July 26. The restrictions, originally set to expire on July 31, now receive an additional five months covering all producers and non-producers. Ukrainian drone strikes on Russian

Yemen's Houthi forces have launched attacks on Saudi Arabia from Iraqi territory, according to sources cited by Reuters. The assaults, which involve Iran-aligned Iraqi armed groups and have been claimed by the Houthis, prompted Saudi Arabia and the United States to conduct joint airstrikes on Iraqi

Deputy Prime Minister Alexander Novak announced on July 26 that Russia has extended its gasoline export ban through December 31, 2026, expanding the restriction by five months from its original July 31 expiration date. Diesel export restrictions will be eased gradually as domestic refinery

According to Yonhapinfomax, on July 30, South Korean President Lee Jae-myung and Chilean President José Antonio Kast signed five memoranda of understanding (MOUs) covering critical mineral supply chain cooperation, investment, public safety, maritime security, and polar research. The centerpiece

South Korean President Lee Jae-myung arrived in Argentina on May 30 (local time) to begin a 2-night-3-day official visit, marking the first visit by a South Korean president to the country in 22 years since Roh Moo-hyun in 2004. The visit aims to formalize critical minerals supply chain

According to South Korea's presidential office, President Lee Jae-myung arrived in Argentina on July 30 (local time) for an official two-day visit, marking the first presidential visit since 2004. The visit will focus on establishing critical mineral supply chain cooperation, particularly with Argen

According to Bloomberg data, CBOT corn futures dropped 0.69% during New York's close on Thursday, July 30. The Bloomberg Commodity Index declined 0.16% to 31.5723 points, after hitting an intraday high of 32.1357 points at 18:02 Beijing time. Other agricultural commodities showed mixed

According to Canadian community alert, Suncor Sarnia refinery in Canada will conduct maintenance activities in the coming days, which may result in temporary use of the flare system.

WTI September crude oil futures closed at $83.59 per barrel.