Commodities (Crude Oil & Copper) & Macro Outlook

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.

According to Geoffrey Kendrick, Standard Chartered's global head of digital assets research, the bank is maintaining its end-of-2026 Bitcoin price target of $100,000 despite MicroStrategy's recent sale of 3,588 BTC for approximately $216 million. Kendrick characterized the recent weakness as a

According to StoneX analyst Arlan Suderman, Russia closed the Kerch Strait grain corridor on July 11, creating a premium in the wheat market ahead of the weekend amid escalating Ukraine-Russia tensions. The closure followed Ukraine's intensified strikes on Russian energy infrastructure, raising

According to Jin10, Baker Hughes has delayed the release of its North America rig count report scheduled for July 10.

U.S. total rig count reached 581 for the week ending July 10, rising by 1 from the previous week's 580 rigs, according to energy sector data.

U.S. total rig count for the week of July 10 reached 581, up from 580 in the prior week.

LME metal futures closed with mixed performance on July 10. Copper fell $5 to $13,484 per ton, aluminum dropped $61 to $3,140, and tin slid $522 to $53,125. Nickel surged $154 to $16,741, lead rose $4 to $1,896, and cobalt closed flat at $56,290. Zinc fell $10 to $3,616 per ton.

According to Iraq's State Oil Company, the country set its official selling price for Basra medium crude destined for North and South America in August at a premium of $7.10 per barrel to Argus sour crude.

Iraqi State Oil Company set the official selling price for August shipments of Basra Light crude to Europe at a $7.35 per barrel discount to the prompt Brent benchmark.

Iraq's State Oil Marketing Organization set the official selling price for August sales of Basra Light crude to Asia at a discount of $6.50 per barrel to the Oman/Dubai average.

According to Jin10, Russia suspended shipping through the Don River-Sea of Azov corridor yesterday (July 10) following a Ukrainian attack on an oil tanker in the region, sources said. The decision could affect roughly one-quarter of Russian wheat exports through the Sea of Azov. Officials have not p

WTI crude oil fell 1.5% in daily trading today, settling at $70.97 per barrel.

According to Russia's Federal State Statistics Service, gasoline prices rose 6.8% in June, a notable acceleration from the 0.85% increase recorded in May.

According to the USDA, the U.S. wheat ending inventory is projected at 722 million bushels, below the USDA's previous estimate of 744 million bushels and slightly above analyst expectations of 718.36 million bushels.

According to the U.S. Department of Agriculture, the nation's cotton ending inventory is projected at 4.1 million bales, exceeding analyst expectations of 3.77 million bales. The upward revision reflects changes in supply and demand forecasts for the current

According to the U.S. Department of Agriculture, the projected end-of-year corn inventory stands at 1.79 billion bushels, down from the USDA's previous estimate of 1.96 billion bushels. Market analysts had anticipated 1.9855 billion bushels, placing the USDA's latest forecast below both prior

According to USDA, the U.S. soybean ending stocks are forecast at 310 million bushels on July 10, compared to analyst expectations of 321 million bushels.

According to Jin10, ADNOC Logistics & Services, the logistics subsidiary of Abu Dhabi National Oil Company, ordered 4 new-generation liquefied natural gas tankers from Shanghai Jiangnan Shipyard on July 10 for approximately $900 million. Each vessel has a capacity of 175,000 cubic meters, with

Cocoa futures fell sharply today across major exchanges. New York cocoa futures (ICE) dropped nearly 10% to $5,836 per ton, while London cocoa futures (ICE) declined nearly 10% to £4,327 per ton.

According to the International Energy Agency (IEA), escalation of the U.S.-Iran conflict could threaten the anticipated oil supply surplus in 2027, with global crude prices maintaining volatile trading patterns overnight. The agency's warning underscores growing geopolitical risks to the energy