Commodities (Crude Oil & Copper) & Macro Outlook

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

According to CCTV News, Japan's government began releasing additional national oil reserves from a petroleum base in Ibaraki Prefecture on May 1 in response to declining crude imports caused by Middle East tensions. The move follows an initial reserve release announced in late March and a

On Tuesday, European natural gas futures fell nearly 2% to below €40 per megawatt-hour amid escalating geopolitical tensions. Traders are closely monitoring the second round of U.S.-Iran peace talks, with Iran preparing to send a delegation after initially declining participation. However,

According to reports, WTI crude futures plunged 13.3% to $88.66 per barrel on Thursday before stabilizing above $95 as investors weighed prospects of a Middle East peace agreement. The U.S. transmitted a one-page memorandum of understanding to Iran through Pakistani intermediaries, aimed at

Iron ore futures prices climbed above 770 yuan per ton this week, marking a one-week high, supported by stronger-than-expected economic data from China. The country's first-quarter GDP grew 5% year-over-year, exceeding both the previous quarter's 4.5% and market forecasts of 4.9%. Sentiment was

On Thursday, WTI crude oil futures surged above $108 per barrel, gaining nearly 15% this week as ongoing Middle East tensions have effectively closed the Strait of Hormuz, disrupting global energy flows. President Trump stated the U.S. will maintain a naval blockade on Iran until a nuclear

According to Hong Kong Exchanges and Clearing CEO Edith Lam, the London Metal Exchange (LME) has expanded its warehouse network in Hong Kong from 4 to 15 facilities since last year, with storage capacity now approaching saturation. The LME and Hong Kong Exchanges are exploring further

According to Goldman Sachs, Gulf oil production declined by approximately 14.5 million barrels per day in April due to Iran-related conflict, representing about 57% of pre-conflict supply levels. The decline was primarily driven by precautionary shutdowns and inventory management rather than

According to shipping survey firms, Malaysian palm oil futures fell to a five-week low below 4,500 ringgit per ton this week, as exports declined 34% during April 1-15 compared to the prior period, signaling weakening market sentiment. Malaysia's palm oil inventories fell for the third

According to President Trump, WTI crude oil futures surged nearly 8% to breach $90 per barrel on Monday, reversing the previous session's decline, as geopolitical tensions in the Middle East escalated. The U.S. Navy fired on and seized an Iranian-flagged cargo vessel in the Gulf of Oman after it

China imported 10.38 million tons of iron ore in April, with January-April cumulative imports reaching 41.86 million tons, up 8% year-over-year, according to official trade data. Steel exports totaled 9.50 million tons in April, bringing the four-month cumulative to 34.21 million tons, down 9.7% yea

China imported 8.478 million tonnes of soybeans in April, with year-to-date imports reaching 25.15 million tonnes, up 8.5% compared to the same period last year, according to official trade data.

According to China Customs, China imported 14.477 million tons of refined oil products during January-April 2026.

According to China's General Administration of Customs, the country's crude oil imports fell to 38.471 million tons in April, down from 49.982 million tons in March, representing a decline of approximately 23

As the situation in the Strait of Hormuz continues to escalate, multiple market institutions and analysts on May 9 pointed out that Wall Street traders are using a “NACHO (Not A Chance Hormuz Opens)” trading logic to replace the previously popular “TACO (Trump Always Chickens Out)” trading model. High oil prices are no longer a one-off short-term shock, but a new market environment. Military escalation in the Strait of Hormuz According to media reports, on May 7, 2026 (Thursday), fighting once a

According to China Customs, the country's refined oil exports declined to 3.119 million tons in April, down from 4.601 million tons in March.

According to China Customs, China exported 15.866 million tons of refined oil products during January-April 2026.

China's April imports grew 25.3% year-over-year in U.S. dollar terms, falling short of the 15.2% forecast and down from 27.80% in March. The data signals a slowdown in import demand compared to the previous

China's April import growth rate fell to 20.6% year-over-year, down from 23.80% in the prior month, marking a 3.2 percentage point decline.