Commodities (Crude Oil & Copper) & Macro Outlook

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

According to Coceral, the European grain trade association cut its soft wheat production forecast for 2026 to 104.8 million tons on July 10, down from 143.7 million tons estimated in June, citing extreme heat across Europe. The association also lowered its corn production forecast to 52.7 million to

According to QCP Capital's latest analysis published today (July 10), Bitcoin recovered toward the $64,000 level, supported by a sharp decline in Japanese government bond yields. A proposal encouraging Japan's Government Pension Investment Fund to increase domestic investments contributed to a

According to Odaily, Shanghai has launched its first batch of colored metal blockchain digital warehouse receipts on the newly activated "CangDengChain," a blockchain network built on the national "HangmaoDeng" infrastructure. The receipts are issued by China National Materials Storage and

Oil prices fell short-term today, with WTI crude sliding to $71.70 per barrel and Brent crude to $76.31 per barrel, down around $1 each. The decline coincides with reports that a Qatari representative has arrived in Iran to conduct emergency mediation

According to Guru Club, Brent crude oil broke through $77 per barrel on July 10, gaining 0.93% intraday.