Commodities (Crude Oil & Copper) & Macro Outlook

The dollar weakened slightly on July 22 as the U.S. Dollar Index (DXY) dropped 0.03% to 101.13, pausing after reaching a one-week high the previous day. The decline was limited by escalating Middle East tensions and rising oil prices. Tensions between the U.S. and Iran intensified as President

According to YNA Infomax data, on July 22 (3 p.m. ET), the U.S. 2-year Treasury yield climbed to 4.3020%, marking its highest level since February 2025, while Fed funds futures reflected a 33.7% probability of a rate hike at next week's FOMC meeting (July 28-29), up from roughly 20% a day earlier. T

As of July 22, the Trump administration is preparing to replace its temporary 10% global tariff with new Section 301-based duties when the measure expires on July 24. According to Korean government officials and the U.S. Trade Representative, USTR will announce additional tariff measures on July 23.

According to Financial Times, under an upcoming EU sanctions package against Moscow, Greek shipping company Dynagas will be permitted to continue transporting Russian liquefied natural gas (LNG).

Yemen-based Houthi forces said they attacked a Saudi oil tanker for violating the maritime blockade they have implemented. The group characterized the vessel as non-compliant with their restrictions on shipping in the

According to the UK Maritime Trade Operations, a tanker was struck by an unidentified projectile and caught fire on July 23 off Saudi Arabia, approximately 70 nautical miles from Al-Shuqaiq. The vessel's captain reported the incident, and crew members are currently working to extinguish the fire

Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated on the 22nd (local time) that if Iran cannot export oil, no one in the region will be able to export oil, directly responding to US President Donald Trump's military threats. Trump had threatened to attack power facilities and bridges in

On Wednesday (July 22), spot gold rose 1.31% to $4,130.07 per ounce and briefly touched an intraday high of $4,166.05 during New York trading. Spot silver climbed 1.55% to $59.72 per ounce, reaching a daily peak of $60.93, while copper futures fell 1.00% to $6.49 per

According to an official statement from Codelco yesterday (July 23), a strong storm in central Chile caused limited impact on copper production, though three of its mining divisions—Salvador, Andina, and El Teniente—experienced temporary operational disruptions. Operations are now gradually

On Wednesday (July 22), U.S. equity ETFs posted mixed results. The Russell 2000 index ETF fell 0.93%, while emerging market ETF declined 0.54%. Nasdaq-100, U.S. real estate, U.S. Treasury 20+ year, S&P 500, and dollar-focused ETFs fell

According to Yonhapnews, crude oil prices rose sharply today (July 22) amid escalating U.S.-Iran conflict. Brent crude futures for September delivery closed at $94.07 per barrel on the ICE exchange, up 3.36% from the previous session. U.S. West Texas Intermediate (WTI) crude for September delivery a

President Trump said today that the United States has achieved victory in Iran and no longer needs the Strait of Hormuz. Trump added that Venezuela is cooperating with the U.S. on oil production.

According to Jin10 citing U.S. Department of Energy data, American refineries pushed diesel production to 5.3 million barrels per day this July, reversing seasonal patterns and reaching near-record levels. This marks the highest July diesel output on record and ranks among the highest monthly produc

According to Bloomberg commodity data, on July 22 (Chicago time), CBOT wheat futures rose 4.17% to $7.0625 per bushel, while the Bloomberg Grain Index climbed 2.50% to 32.9953 points, approaching May highs. CBOT corn futures gained 1.89% to $4.8425 per bushel, and soybeans increased 1.27% to $12.382

According to Jin10, Iran's Supreme Joint Military Command stated that if the United States follows through on its threats, Iran will cut off all oil flows from the Gulf region. The command also designated the region's oil, natural gas, power, and economic infrastructure as potential strike

WTI September crude futures rose $2.49, or 2.95%, today (July 22) to close at $86.83 per barrel, and climbed to $88.61 during Asian session trading as of 17:52 Beijing time. Abu Dhabi Murban crude surged 4.31% to $89.47 per barrel, having touched $91.30 at 16:29. NYMEX August natural gas closed at

Shanghai crude oil futures (2609 contract) closed up 2.74% overnight at 565.30 yuan per barrel, while gold futures rose 1.16% and silver futures climbed 1.69%.

On July 22, Senator Elizabeth Warren sent a letter to the Government Accountability Office (GAO) requesting a review of layoff decisions by the Commodity Futures Trading Commission (CFTC). Warren, a senior Democratic member of the U.S. Senate, directed the GAO to examine the circumstances and

According to CFO Raul Jacob at an earnings call, Southern Copper expects its copper output to remain flat in 2027, then rise to approximately 970,000 tons in 2028 as the Tia Maria project enters production. The company plans to invest over $20.5 billion in Peru and Mexico through the

President Donald Trump on Wednesday threatened to destroy Iranian bridges or power plants each time Iran attacks ships in the Strait of Hormuz, escalating tensions amid rising US-Iran hostilities. Trump's warning, posted on Truth Social, follows claims by Iran's Islamic Revolutionary Guard Corps