Commodities (Crude Oil & Copper) & Macro Outlook

According to ING strategists, UK 2-year gilt yields rose on May 12, driven by political tension and elevated oil prices that have reduced expectations for Bank of England rate cuts in coming years. The strategists noted that if Prime Minister Keir Starmer steps down—following Labour's poor

According to Pantang Technology, Guangxi white sugar spot prices rose to 5,406 yuan per ton on May 12, up 22 yuan per ton. Zheng Sugar SR2609 futures contract closed at 5,504 yuan per ton, gaining 27 yuan, with open interest increasing 8,700 contracts. The rally was driven by stronger

According to Glontech, WTI crude oil futures rose 4% on May 12, trading at $102.013 per barrel.

According to foreign media reports, BMD Malaysia palm oil futures declined on Tuesday, reversing the previous day's gains. Analysts at CGS International and CIMB Securities expect palm oil prices to remain elevated, citing concerns over potential supply tightness in coming months amid sustained

Intercontinental Exchange extended its IRM 2 Value-at-Risk portfolio margining framework into ERCOT power futures and options, broadening a risk model already applied across more than 1,000 global energy derivatives contracts. ERCOT futures and options open interest rose 23% year-over-year while

According to two sources familiar with the matter, India and Russia are in deep negotiations on a critical minerals cooperation agreement covering lithium and rare earths, with the pact expected to be signed within two months. The agreement will encompass exploration, processing, and technical coope

According to Commonwealth Bank of Australia strategist Sarah Hammoud on May 12, core U.S. inflation could exceed market consensus expectations. Hammoud cited energy price spillover effects on airfare and food costs as a key risk factor. If core inflation comes in higher than expected, it would

According to Jin10 Futures, China's Coastal Bulk Freight Index (CBCFI) fell to 1207.64 points on May 12, down 3.2%. The decline was driven by reduced cargo availability in the shipping market, as downstream terminals showed limited acceptance of coal despite strong summer electricity demand

According to CRU Group, supply disruptions stemming from Middle East conflict could create a global aluminum market shortage of approximately 1.4 million tons this year. European aluminum premiums may rise to as high as $700 per ton.

According to Jin Shi Data, China's domestic airline fuel surcharges will increase starting May 16. Flights of 800 kilometers or less will see rates rise from 60 yuan to 90 yuan, while routes exceeding 800 kilometers will increase from 120 yuan to 170 yuan, representing increases of 30 yuan and 50 yu

According to Jin10 Data, Beijing's consumer price index (CPI) rose 0.4% month-over-month in April 2026, reversing a 1.1% decline in March, with year-over-year gains expanding to 0.6%. Non-food prices climbed 0.9%, becoming the primary driver of inflation. Gasoline prices surged 12.7% due to

According to Shanghai Futures Exchange (SHFE) warehouse receipt data released on May 12, aluminum oxide futures saw the largest single-day decline of 505,850 tons. Butadiene rubber also declined significantly, down 31,480 tons. Among other notable movements, lead futures increased 6,547 tons and

According to India's Oil Minister Puri, on May 12, the government is evaluating how much longer state-owned fuel retailers can sustain losses from selling diesel and gasoline below market prices. Joint Secretary Sharma disclosed that retailers currently lose approximately 100

WTI crude oil rose 3.0% intraday to $101.06 per barrel, while Brent crude gained 2.5% to $106.87 per barrel on May 12.

According to energy intelligence reporter Amena Bakr, the liquefied natural gas carrier Al Sahla, operated by Qatar Energy, docked at Kuwait's Al Zour terminal on May 12. This is the fourth and latest Qatar Energy-operated LNG vessel to discharge cargo in Kuwait since Middle East tensions

According to Agence France-Presse, the U.S. Treasury Department imposed sanctions on 12 entities on Monday (May 11), including those in Hong Kong, for allegedly transporting Iranian oil to China. In response, China's Foreign Ministry spokesperson said Beijing firmly opposes illegal unilateral sancti

According to Shanghai Futures Exchange data on May 12, energy and chemical commodity warehouses recorded mixed movements. Crude oil asphalt factory inventory rose to 31,220 tons, up 9,430 tons from the previous trading day. Conversely, low-sulfur fuel oil warehouse stocks declined to 13,040 tons,

Low-sulfur fuel oil (LU) futures rose 4.00% intraday to 5,121 yuan per ton on May 12. Shanghai crude oil (SC) futures gained 2.00%, trading at 645.40 yuan per barrel.

WTI crude oil rose 2% to $100.61 per barrel today, while Brent crude climbed 1.75%.

According to Glon Hui, India's Oil Minister stated on May 12 that India has never imported liquefied natural gas from Russia.