Commodities (Crude Oil & Copper) & Macro Outlook

Intraday on July 22, SC crude oil futures surged 4% to 552.1 yuan/barrel, while Shanghai Containerized Freight Index European route main contract climbed over 3% to 2,884 points.

Bitcoin was reported at $66,663 on July 22, rising from a low of $65,149 during the day to $66,965, but it failed to hold the $67,000 resistance level. The United States carried out airstrikes against Iran for the tenth consecutive day, and Trump on Tuesday warned that the U.S. military would strike Iran’s “Pickaxe Mountain” underground facilities. WTI crude rose about 2.6% to $84.70 per barrel. Concerns about inflation driven by higher oil prices limited Bitcoin’s upside. Trump Warns of Strikes

According to Japan's Kyodo News, Japan's crude oil imports from the Middle East dropped 26.4% in the first half of 2026.

According to Jinlian Energy and Jin10 Futures, on July 22, China's gasoline and diesel prices are set to rise 580 yuan/ton, with the change rate at 11.07% and reference crude averaging $86.49 per barrel. The current pricing adjustment window closes on July 31 at 24:00.

Four petrochemical companies in South Korea's Yeosu industrial complex received approval on the 22nd for a major restructuring plan that will create a single integrated entity. Yeocheon NCC, Lotte Chemical, Hanwha Solutions, and DL Chemical submitted the final 'Yeosu Project 1 Restructuring Plan'

The South Korean government confirmed a support package exceeding 700 billion KRW for the Yeosu petrochemical industrial complex restructuring project on the 22nd, according to the Ministry of Trade, Industry and Energy. The package centers on 650 billion KRW in financial support to

According to South Korea's Ministry of Industry, Commerce and Energy, on July 22, Lotte Chemical, Hanwha Solution, and DL Chemical completed a merger to establish a unified entity in the Yeosu petrochemical complex. The three companies will hold equal 33.3% stakes in the new firm, with Hanwha and DL

According to Jin10 Futures, on July 22, crude oil continued to rally, lifting fuel oil market prices as refineries showed reluctance to sell at lower levels. Downstream buyers maintained cautious sentiment with limited purchasing activity, keeping market momentum

Brent crude oil spiked toward $92 per barrel Tuesday as the U.S.-Iran conflict entered its tenth day, with the Strait of Hormuz recording only 127 vessel transits for the week ending July 19—a nearly 50% drop from 248 transits the prior week. The price surge followed U.S. military strikes on

According to Jin10, on July 22, Malaysia palm oil futures are likely to open higher, supported by Brent crude reaching a five-week high amid U.S.-Iran tensions and Houthi blockade threats to Saudi Arabia. El Nino climate phenomena pose production risks in Southeast Asia, lending additional price sup

According to Korea Trade Statistics Promotion Agency, in June, the agricultural import price index rose 10.8% year-on-year to 128.3, marking the highest monthly increase since December 2022. The surge was primarily driven by a stronger dollar, with the USD-KRW exchange rate reaching an average

According to Odaily, ship traffic through the Hormuz Strait fell nearly 50% to 127 vessels during the week ended July 19, down from 248 vessels the previous week, amid escalating U.S.-Iran tensions. Brent crude declined to $91.26 per

Bitcoin recovered to the $66,000 level on the 21st (US local time), reaching a one-month high of $66,100 during trading as bargain buying inflows strengthened the cryptocurrency. The rally came as the Asian semiconductor stock selloff that had pressured crypto markets the previous week eased, with t

According to Yonhapinfomax, on July 22, the USD-KRW one-month NDF rose to 1,482 won (mid-point), up 9.4 won from the previous day's spot close of 1,473.40 won. The U.S. dollar index climbed above 101 following remarks by President Trump indicating unwillingness to engage with Iran, while Middle

According to the investment banking industry, Korea Midland Power (KMPCO) successfully issued $300 million in climate transition finance bonds yesterday (July 20). The three-year fixed-rate tranche was priced at 55 basis points above comparable U.S. Treasury yields, achieving a 30 bp tightening

According to Japan's Ministry of Finance, the country's crude oil imports in June declined 13.7% year-on-year. Liquefied natural gas imports increased 6.2% year-on-year, reaching 4.718 million tons.

The USD-KRW exchange rate climbed to 1,482.00 won as of 6am on July 22, rising 8.60 won from the previous Seoul market close of 1,473.40 won, driven by escalating Middle East geopolitical risks and a sharp depreciation in the Japanese yen. Oil prices surged over 2% as US President Donald Trump

Japan's imports rose 25.4% year-over-year in June, exceeding the forecast of 20% and accelerating from the previous month's 12.5% increase.

According to South Korea's legal community, the Ministry of Land, Infrastructure and Transport and Financial Services Commission classified the Middle East conflict as a force majeure event in April, affecting raw material supply chains. Legal experts argue the same rationale should extend to the

According to the Shanghai Futures Exchange, copper inventory across major Chinese warehouses fell 4,561 tons on July 20, declining to a total of 35,091 tons, representing an 11.5% drop from the previous