Commodities (Crude Oil & Copper) & Macro Outlook

According to Japan's Finance Ministry, the country's crude oil imports declined 63.7% year-over-year in April based on preliminary figures.

Japan's April commodity exports rose 14.8% year-over-year, significantly outpacing the 9.3% forecast, while prior-month data was revised to 11.5% from 11.7%.

According to Jin10 Futures, CBOT soft red winter wheat futures closed down 0.9% on May 21, dragged down by crude oil's sharp drop of around 6% following U.S. President Trump's signal that Iran negotiations have entered final stages. The most active July contract traded between 655.50 and 672.75

According to U.S. Central Command, U.S. Marine Corps troops boarded and searched an Iranian-flagged tanker in the Strait of Hormuz on May 20, instructing the vessel to change course. The ship was suspected of attempting to violate U.S. port blockade measures and was released after

According to Jin10, ICE sugar futures (contract 11) fell 1.87% on Wednesday, driven by crude oil's sharp decline exceeding 5%. Lower ethanol prices may encourage global mills to divert more sugarcane to sugar production rather than ethanol, potentially increasing sugar supply and pressuring prices.

According to Yonhapnews, South Korea's government extended fuel tax relief through late July.

As US-Iran tensions de-escalated on May 20, equity markets rallied while commodity prices retreated sharply. The S&P 500 index climbed over 1%, while WTI crude oil plummeted 5.5%. US Treasury yields also declined amid the improved geopolitical outlook. Trump and Iran officials indicated

According to NHK, the Japanese government plans to allocate 500 billion yen from its fiscal 2026 budget reserves to expand electricity and natural gas subsidies. The measures will take effect from July through September 2026 as a response to geopolitical developments in the Middle

According to Guru Club, U.S. stock indices closed higher by over 1% on May 21, with semiconductor stocks leading gains. ARM surged 15%, AMD rose over 8%, and Intel climbed more than 7%. In commodities, WTI crude oil futures fell 5.66% to $98.26

New Zealand exports reached NZ$8.62 billion in April, up from NZ$7.94 billion in March, according to official trade data.

According to Guru Club, on May 21, WTI June crude oil futures fell 5.66% to $98.26 per barrel. Brent July crude futures declined 5.63% to $105.02 per barrel, while Abu Dhabi Murban crude futures dropped 4.52% to $102.50 per barrel.

According to the U.S. Treasury, the Office of Foreign Assets Control has extended a sanctions waiver allowing sales of Russian crude already loaded on tankers for another month through June, keeping supply available to buyers including Indian refiners facing energy cost pressures. Treasury

According to the Trump administration, Devon Energy secured over 50% of the $4 billion in bids for federal oil and gas drilling rights on New Mexico and Texas lands on May 20, setting a new record for onshore government lease auctions. The previous high for a single onshore auction was $972

South Korea's April producer price index (PPI) rose 2.5% month-over-month, according to official data. The prior month figure was revised upward to 1.7% from the previously reported 1.6%.

On May 20, the Russell 2000 Index ETF surged 2.52%, leading major U.S. asset class ETFs, while emerging markets ETF advanced 1.87%. Nasdaq-100 ETF, gold ETF, and dividend aristocrats ETF gained between 1.4% and 1.66%, and S&P 500 ETF rose 1.02%. In contrast, crude oil ETF fell 6.39%, agricultural ET

On Wednesday (May 20), Chicago Board of Trade corn futures fell 2.00% to $4.6575 per bushel as agricultural commodities declined across the board. Bloomberg's grain index fell 1.23% to 32.4773, with pressure mounting from the New York close

According to Citi CEO Jane Fraser, U.S. consumer credit remains resilient despite economic headwinds. However, Asian economies face greater vulnerability to external shocks. Fraser also highlighted ongoing risks to global growth from elevated oil prices and geopolitical tensions in the Middle