Commodities (Crude Oil & Copper) & Macro Outlook

According to CCTV News, China's State Council, chaired by Premier Li Qiang, approved the draft implementation regulations for the Mineral Resources Law on May 9.

According to CCTV News, German shipping giant Hapag-Lloyd's executive Niels Haupt stated on May 8 that the company incurs over $50 million in additional weekly costs since the conflict began on February 28, disrupting transit through the Hormuz

According to German Airport Association CEO Ralf Baisel (via dpa), on May 9, aviation fuel shortage risks more flight cancellations and higher ticket prices. Baisel warned that in the worst case, airport capacity could drop 10%, affecting 20 million passengers across Germany. Budget airlines and

According to the U.S. Energy Information Administration (EIA), China's strategic petroleum reserves reached approximately 1.4 billion barrels as of end-2025, the largest globally. This exceeds the combined reserves of the U.S., Japan, European OECD members, Saudi Arabia, South Korea, Iran, UAE,

On May 4, 2026, US President Trump made a high-profile announcement to launch a “Freedom Plan,” intending to guide merchant ships trapped in the Strait of Hormuz to pass through. The plan called for deploying missile destroyers, more than 100 sorties of aircraft, and about 15,000 active-duty servicemembers. However, less than 48 hours after the plan was implemented, Trump announced a suspension, citing “major progress in the comprehensive US-Iran agreement.” But Iran’s stance was very different:

According to Trump's social media statement on April 25, the U.S. president cancelled a planned trip by American representatives to Islamabad to meet with Iranian officials. Trump said the visit would waste too much time on travel and claimed Iranian leadership faces internal discord. He stated the

According to Glontech, on May 7, WTI crude oil futures fell 2.04% to $93.13 per barrel, narrowing from an earlier decline exceeding 5%. Brent crude oil futures declined 2.17% to $99.1 per barrel on the same

According to CCTV Finance, urea production in Qatar has halted and prices surged over 80% in April, reaching above $700 per ton on the Chicago Mercantile Exchange, compared to February levels. The disruption stems

According to Barclays, on May 8, the bank maintained its 2026 Brent crude oil average price forecast at $100 per barrel, with upside risk bias. The bank stated that even under the most optimistic scenario, oil prices may remain undervalued, citing robust demand and continued rapid inventory

According to Glontech, WTI June crude oil futures rose 0.64% to $95.42/barrel on May 9. Brent July crude oil futures gained 1.23% to $101.29/barrel, while Abu Dhabi Murban crude oil futures climbed 2.78% to $99.35/barrel, though the latter declined 4.25% for the

According to SMM, China's copper ore imports fell 19.57% year-on-year to 2.352 million tons in April, marking the first monthly decline since December 2020. The January-April cumulative import volume reached 9.915 million tons, down 0.8% from the same period last year, ending a streak of positive ye

According to Glontech, on Friday (May 8), spot silver rose 2.35% to $80.30 per ounce, with weekly gains reaching 6.59%. COMEX silver futures climbed 0.88% to $80.89 per ounce, up 5.81% for the week. Spot gold advanced 0.63% to $4,715.23 per ounce, with weekly gains of 2.19%. COMEX copper futures ros

According to Bloomberg and Agence France-Presse, New Zealand Resources Minister Shane Jones said on May 9 that the country is considering establishing physical national fuel reserves overseas, with Malaysia, Singapore, and South Korea among the location options being evaluated. Jones cited New Zeala

According to CCTV, on May 8, Iran's Islamic Revolutionary Guard Corps Navy seized the tanker Ocean Koi in a special operation. The Iranian military alleged the vessel was attempting to disrupt Iran's oil exports and national

According to the U.S. Commodity Futures Trading Commission (CFTC), natural gas speculators reduced their net short positions by 2,466 contracts during the week ended May 5, bringing the total to 8,652 contracts across NYMEX and ICE's four major

According to a Dadi Futures research report released on May 9, lithium prices surged past 200,000 yuan this week, driven by ongoing supply disruptions. Zimbabwe has approved lithium exports, but administrative delays have prevented bulk shipments, with refined lithium ore now expected to arrive at s

According to CME data, copper futures trading activity and open interest expanded on May 8, with trading volume increasing by 22,574 contracts and open interest rising by 6,178 contracts. In contrast, WTI crude oil futures participation declined, with trading volume falling by 539,490 contracts and

WTI crude oil futures fell to around $86 per barrel on Tuesday, retreating from the previous trading day's gains as Iran signaled willingness to pursue further negotiations with the U.S. in Islamabad before the current two-week ceasefire agreement expires. The shift marks a change in Tehran's

Brent crude futures fell to around $98 per barrel on Friday, May 9, as U.S. President Trump announced optimism over a potential agreement to end the Iran conflict. Trump stated that Tehran has accepted terms including abandoning nuclear weapons plans, providing "free oil," and reopening the Strait o

Malaysian palm oil futures remained below 4,500 ringgit per ton as of May 9, extending recent losses and hovering near five-week lows. The ringgit's strength and weakness in other edible oil prices pressured palm oil, while crude oil declines further weighed on the market as prospects for