Commodities (Crude Oil & Copper) & Macro Outlook

According to CCTV, on July 12, Iran's Islamic Revolution Guard Corps Navy announced the closure of the Strait of Hormuz, citing foreign intervention as the cause. The announcement followed the issuance of warning shots against a vessel that deviated from approved shipping lanes and ignored Iranian w

Agricultural commodity exchange-traded notes posted gains of 6% to 9% month-to-date through May 10, led by the Meritz Leveraged Representative Agricultural Commodity Futures ETN(H) which rose 9.12% to close at 10,230 won, according to Korea Exchange data. The rally was driven by forecasts of a

According to Korea Exchange, Meritz Leveraged Agricultural ETN rose 9.1% through July 10, significantly outperforming South Korea's benchmark equity index, which fell 11.8% over the same period. Individual commodity ETNs tracking wheat, corn, and soybeans also climbed 5.9% to 8.8%. The gains

EcoPro BM announced on the 12th that the EcoPro Group acquired a stake in Indonesia's BNSI (Bahodopi Nickel Smelting Indonesia) smelter to respond to Indonesia's offshore regulations. The investment secures a total of 65,000 tons per year of nickel supply rights, sufficient to produce

According to Yonhapinfomax, EcoPro BM acquired a stake in Indonesia's BNSI (Bahodopi Nickel Smelting Indonesia) nickel smelter on July 12, with the EcoPro Group investing 1.5 trillion Korean won in the second phase of the project. The investment brings the group's total annual nickel supply

According to Jin10, Oman has notified the United States that Iran rejected proposed terms regarding the Strait of Hormuz. The diplomatic impasse prompted the U.S. to immediately resume sanctions and reinstate maritime blockade

US stocks investors will focus on second-quarter corporate earnings and June inflation indicators this week amid renewed US-Iran conflict. Trump declared the ceasefire memorandum of understanding with Iran ended, and US military conducted consecutive strikes on Iran, yet WTI August futures

According to Yonhap News, the U.S. and Iran escalated military conflict this week after President Donald Trump declared the ceasefire ended and U.S. forces conducted ongoing airstrikes. While both sides signaled continued hostility, Iran's Foreign Minister Abbas Araghchi stated that "adhering to the

According to Jin10, Iran's Islamic Revolutionary Guard Navy announced early on July 12 that the Strait of Hormuz will be closed effective immediately and no vessels are permitted to transit. The closure announcement came hours after several ships attempted to navigate along routes not approved by Ir

Wall Street's major US stock indexes delivered mixed results last week as the Dow Jones Industrial Average closed above 53,000 on Monday for the first time before ending the week down 0.5%, while the Nasdaq gained 1.74% and the S&P 500 rose 1.23%. The divergence stemmed from renewed volatility in se

Bloomberg Intelligence analyst Mike McGlone predicts gold could reach a sustainable peak in 2026 and face a reversal during the second half of the year. The forecast follows gold's record high near $5,500 per ounce in the first quarter, after which a large red annual candlestick began forming — a te

According to Axios, Qatari officials are participating in talks between Iran and Oman in Muscat regarding the Strait of Hormuz, according to diplomats familiar with the discussions.

According to Jin10 reporting remarks from Eni CEO Claudio Descalzi in an interview published by 24 Hours Sun on July 11, if Middle East conflict persists, global oil markets may break the current range of approximately $80 to $100 per barrel by the first quarter of 2027, pushing up inflation and

According to Russian Deputy Prime Minister, the country recently imposed a ban on diesel exports to meet domestic market demand. The official stated that Russia will accelerate efforts to repair damaged refineries to support domestic fuel

According to UBS' derivatives strategy team, the bank's Turbu-lens market fragility indicator reached 0.9 on July 11, marking the highest reading since mid-September 2025. The reading suggests the market is in an "extremely fragile" state, with the potential to touch the maximum level of +1 if

According to Kpler data, passage through the Hormuz Strait fell to 22 vessels on Thursday from 30 the previous day, following renewed U.S.-Iran clashes that erupted Tuesday when Iran targeted ships including a Qatar LNG carrier. Since the Tuesday escalation, only two LNG vessels have entered the

US military strikes on Iran triggered a sharp surge in international oil prices and US Treasury yields, according to analysis from iM Securities released on the 11th. The attacks reversed the downward trend in crude oil markets, with West Texas Intermediate (WTI) prices jumping from the $68 per

According to iM Securities, U.S. military strikes on Iran on July 11 triggered a sharp surge in crude oil prices and elevated U.S. Treasury bond yields, raising inflation concerns. West Texas Intermediate (WTI) crude jumped to $74 per barrel from lows near $68, with prices exceeding $76 on July 8. U

According to Jin10, China's import crude oil shipping market showed signs of recovery on July 9, as VLCC tanker rates continued to rebound globally. The China Import Freight Index (CTFI) reported 4,332.25 points on July 9, up 8.3% from July 2, according to the Shanghai Shipping

According to CCTV News, Iran's Foreign Minister Abbas Araghchi condemned the U.S. Treasury Secretary's revocation of sanction exemptions on Iranian oil sales on July 11, stating the action violated Article 9 of the Iran-U.S. Memorandum of Understanding. Araghchi said the breach is part of a series o