Commodities (Crude Oil & Copper) & Macro Outlook

Crude oil (Contract 2610) retreated intraday on September 9, trading at 762.7 yuan per barrel, down from the day's high of 769.8 yuan. Gains narrowed to 5.56%. Trading volume exceeded 4.2 billion yuan with net long positions increasing by nearly 500 contracts during the

Oil prices surged past $100 per barrel on the 9th (local time) as military confrontations between the US and Iran escalated into direct attacks on oil transport networks and energy infrastructure. The US Central Command (CENTCOM) struck 5 Iranian oil tankers near Khark Island and in the Gulf of

According to sources, Novorossiysk oil terminal in southern Russia caught fire overnight following an unmanned drone attack.

UK natural gas futures prices broke above 200 pence for the first time since 2022, according to market data.

The U.S. nickel now contains metal worth more than five cents, with Coinflation estimating melt value at 7.48 cents on Sept. 7. Gold advocate Peter Schiff stated this week that the copper and nickel inside each coin were worth 7.76 cents, approximately 55% above face value. The premium stems from co

Dutch natural gas futures broke above €80 on September 9, marking the highest level since 2023. Russian presidential press secretary Dmitry Peskov said on the same day that despite the recent rally, European gas prices have not yet peaked and are expected to reach new highs in the coming

The US dollar declined against the yen as of 7:04 AM ET on the 9th, with the dollar index (DXY) falling to 98.665, down 0.198 points (0.200%) from the prior close at 98.863, according to Yonhap Infomax. The yen extended its rally for a third consecutive trading day, driven by expectations that the

According to Yonhapinfomax, on September 9, the U.S. dollar index fell 0.2% to 98.665 amid continued yen strength. The dollar-yen rate declined 0.41% to 153.34 yen, reflecting growing expectations for a Bank of Japan interest rate hike from 1.0% to 1.25% at its September 17-18 policy meeting. The y

According to Shanghai Zhongyue Futures, PTA2701 contracts rose 2.18% to 6,280 yuan per ton on Sept 9. The rally was underpinned by escalating Middle East tensions, which heighten crude oil supply risks and support production costs. Meanwhile, domestic demand remains under pressure from weak

Central banks including the Bank of England and the European Central Bank are monitoring crack spreads — the difference between crude oil and refined fuel wholesale prices — as a key inflation indicator. The shift follows a global refining shortage that has pushed gasoline and diesel costs sharply h

According to Jin10, Germany's wholesale electricity prices rose to 191.82 euros per megawatt-hour on Thursday (Sept. 9), the highest level since June, while evening peak contracts reached 460.86 euros per megawatt-hour at 7 p.m., marking the highest for that hour since 2024, per Epex Spot data.

According to Jin10, Russia's Arctic LNG 2 project accelerated natural gas production in July and August, with daily output exceeding 27 million cubic meters, nearly double the volume from August 2025. The project, led by Novatek, exported over 500,000 tons monthly in both months, setting records. Ac

According to Jin10 Futures, as of 21:20 on September 9, commodity options led by crude oil derivatives posted significant gains. The top five gainers were: crude oil October 2610 call options (strike 800) up 184.62% to 3.7 yuan/barrel; PTA October 2610 calls (strike 6600) up 164.71% to 45.0

According to UK Central Bank Governor Andrew Bailey, on Tuesday he signaled growing concern about the widening crack spread—the price gap between refined fuel and crude oil—as a key inflation gauge. Bailey echoed economists at the European Central Bank and elsewhere who are increasingly monitoring f

China's fuel oil main contract rose 4.00% intraday on September 9, trading at 4,093 yuan per ton.

In the night session opening on September 9, Chinese futures mainline contracts rose broadly with SC crude oil surging over 4%, fuel oil up more than 3%, and pure benzene rising nearly 3%. Low-sulfur fuel oil (LU), asphalt, styrene (EB), and liquefied petroleum gas (LPG) each gained over 2%. On the

Korean crude oil exchange-traded funds (ETFs) surged over 25% from April 7 to May 8 as Middle East supply disruptions drove international oil prices near $100 per barrel. Brent crude reached $97.92/barrel on June 8, the highest level since July 24, while WTI hit $93.03/barrel, fueled by escalating

According to Korea Exchange data, Korean crude oil ETFs rose between 25.88% and 25.70% from August 7 to September 8 as Middle East tensions escalated. Brent crude for November delivery closed at $97.92 per barrel, its highest level since July 24, reaching near $100 during intraday trading. The

According to Guru Club, Novatek's CEO announced on September 9 that the company is in deep negotiations with Vietnam over liquefied natural gas supply, with a target to begin deliveries in 2027.

WTI crude oil rose 3% intraday today (September 9), trading at $95.83 per barrel.