Commodities (Crude Oil & Copper) & Macro Outlook

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.

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.