Commodities (Crude Oil & Copper) & Macro Outlook

S-Oil surged 19.87% this week (6-10) as Middle East tensions escalated, according to Korea Exchange data released on the 11th. The stock rally occurred while the KOSPI index fell over 7%, positioning S-Oil as a defensive play amid market volatility. The price surge reflects investor expectations

According to News1, this week (July 6-10), S-Oil surged 19.87% while the KOSPI fell over 7%, amid escalating tensions between the U.S. and Iran over control of the Strait of Hormuz. The stock rally reflected expectations that refining margins will remain strong in the second half of 2026. WTI

According to Kitco, spot gold and silver prices declined on Friday morning as traders balanced weak June employment data against the Federal Reserve's recent minutes, steady Treasury yields, and renewed uncertainty in the Strait of Hormuz. Spot gold was trading near $4,104.30, down 0.44%, while spot

As of Friday, July 10, spot gold fell 0.23% to $4,114.36 per ounce, declining 1.51% for the week, while spot silver dropped 0.21% to $59.83 per ounce and fell 4.13% weekly. COMEX copper futures rose 1.90% to $6.2865 per pound for the week.

FTSE Russell research identifies artificial intelligence infrastructure and the global energy transition as creating larger commodity investment opportunities than gold, according to Indrani De, Head of Global Investment Research at the firm. While gold continues serving as a portfolio anchor amid g

According to FTSE Russell, while gold remains an essential portfolio anchor amid geopolitical uncertainty and elevated central bank demand, commodity investors should increasingly focus on metals tied to artificial intelligence and

According to Jin10, crude oil prices fell on July 11 at the close of trading. August-delivery WTI crude futures declined 67 cents to settle at $71.41 per barrel, down 0.93 percent. September-delivery Brent crude futures fell 29 cents to $76.01 per barrel, down 0.38 percent.

According to the U.S. Commodity Futures Trading Commission, as of the week ending July 7, speculators increased net short positions in CBOT 10-year Treasury futures by 5,371 contracts to 814,262. Meanwhile, net short positions in CBOT 2-year Treasury futures decreased by 26,573 contracts to 1,261,00

On Friday (July 10), the MSCI Latin America Equity Index rose 2.1%, marking its largest single-day gain in over three weeks, while the regional currency index gained 0.4%. The rally was supported by rising oil prices, despite renewed Middle East tensions pressuring global risk

According to the U.S. Commodity Futures Trading Commission (CFTC), as of the week ending July 7, COMEX gold speculators reduced their net long positions by 1,964 contracts to 114,854 contracts. Silver speculators cut net long positions by 616 contracts to 12,131 contracts, while copper speculators d

According to the U.S. Commodity Futures Trading Commission (CFTC), WTI crude oil speculators reduced their net long positions by 19,507 contracts to 65,681 in the week ending July 7.

According to Bloomberg commodity data, CBOT wheat futures rose 6.59% this week to $6.3925 per bushel as of Friday (July 10), while corn futures gained 4.25% to $4.6025 per bushel. The Bloomberg Grains Index increased 1.96% on Friday and accumulated a 4.66% weekly gain, closing at 30.8965

According to Chile's Copper Commission (Cochilco), copper production from state-owned Codelco fell 18.3% year-on-year to 106,300 tonnes in May. Escondida copper mine output declined 17.6% to 108,800 tonnes, while Collahuasi mine production dropped 19.3% to 31,000 tonnes during the same

On July 10, WTI crude oil futures for August delivery fell $0.67 to $71.41 per barrel, down 0.93%. Abu Dhabi Murban crude declined 0.99% to $70.66 per barrel, though the contract gained 6.29% this week.

Shanghai Futures Exchange crude oil futures 2608 contract closed down 1.07% at 463.50 yuan per barrel in the night session. Shanghai gold declined 0.56% and Shanghai silver fell 0.58% in the same session.

According to Jin10, a small refinery in Pol-e Dokhtar, Loroestan Province, western Iran, caught fire on July 11 at approximately 5 p.m. local time. The facility stored large quantities of flammable materials, causing the fire to spread rapidly. Emergency responders faced difficulty accessing the cor

According to Kpler, vessel traffic through the Strait of Hormuz fell to 22 ships on July 9, down from 30 ships the previous day, marking a second consecutive day of decline. The figure includes both commercial and non-commercial vessels, with commercial traffic slightly outpacing non-commercial traf

According to Bank of America Securities, U.S. overall CPI for June is expected to fall 0.09% month-over-month, partly driven by a significant drop in gasoline prices. However, core inflation is forecast to remain elevated at 0.28% month-over-month or 2.9% year-over-year, supported by service

According to the Intercontinental Exchange (ICE), during the week of July 7, speculators reduced net long positions in Brent crude oil by 547 contracts to 55,087 contracts, marking a seven-month low.

According to Iran's Tasnim news agency, a small refinery in Boludekhtal caught fire, with intense flames making it difficult for firefighters to approach the site.