Commodities (Crude Oil & Copper) & Macro Outlook

According to Morgan Stanley, hard drive spot prices of 4 to 7 cents per gigabyte and an expected 400EB shortage in CY27-CY28 do not support a market peak in FY28, despite traders pricing HDD at an 8x price-to-earnings ratio implying a peak in that year. Morgan Stanley contends the current market

According to Guru Club, lithium carbonate futures contracts fell 4% intraday on October 21, trading at 95,680 yuan per ton.

According to Guru Club, on October 21, South Korea's President Yoon Suk-yeol announced the government will reduce domestic mandatory fuel supply requirements and allow refiners to expand exports.

According to Morgan Stanley, refined oil markets are expected to remain under supply pressure through mid-2027, even as war-related disruptions ease. The bank attributed the sustained tightness to unusually large-scale refinery maintenance activities globally, which continue to constrain supply.

According to Jin10 Futures, as of October 20, low-sulfur 180CST marine fuel prices in South China rose to 7,025 yuan/ton, up 60 yuan/ton, while North China (Shandong) prices climbed to 6,850 yuan/ton, up 125 yuan/ton. The price spread between South and North narrowed to 175 yuan/ton, down 65 yuan/to

According to the Japan Petroleum Association (PAJ), as of the week ending October 17, Japan's commercial crude oil inventories rose to 11.2948 million kiloliters, up 652,200 kiloliters from 10.6426 million kiloliters the previous week. Refinery utilization rates declined: crude throughput capacity u

According to Jin10 Futures, China's domestic liquefied petroleum gas market prices pulled back after hitting fresh highs on October 21. As of October 20, commercial LPG prices stood at 7,851 yuan/ton, down 210 yuan/ton from mid-month peaks. Downstream buyers remain cautious at elevated price

According to Jin10 Futures, Japanese rubber futures fell on October 21 amid yen strength and expectations of weakening cost support. A futures analyst noted that Thai raw material prices are expected to decline in October, reducing natural rubber's cost floor, unless unexpected weather disruptions o

According to data released by Japan's Ministry of Finance on October 21, Japan's imports in the first half of fiscal year 2026 (April-September) reached a record high of 66.27 trillion yen, up 20.4% year-over-year, with crude oil imports surging 26.3% to 5.74 trillion yen amid Middle East

According to Vice Minister Li Gao of China's Ministry of Ecology and Environment, announced on October 21, the national carbon emission trading market has achieved cumulative trading volume exceeding 1 billion tons since its launch over five years ago. The market currently controls

According to Shanghai Steel Union, battery-grade lithium carbonate (MMLC) traded at 102,050 yuan per ton in early trading today (October 21), down 100 yuan per ton from yesterday's 4:30 PM close.

According to Jin10 Futures, Malaysia Derivatives Exchange crude palm oil futures are expected to open higher on Wednesday (Oct 21), driven by improving exports and stronger Chicago soybean oil prices. Brent crude oil rebounded during Wednesday's electronic trading session, providing additional

On October 21, U.S. soybean futures fell for a seventh consecutive session, breaking below the 50-day moving average and approaching the 12.40 long-term support level. Separately, oil prices surged in early trading following reports of a tanker incident near the Strait of Hormuz, but gains were

Vietnam's PetroVietnam is seeking a 3.4 million MMBtu spot liquefied natural gas cargo for delivery between November 9-12.

According to a research report from Guoxin Futures on October 21, aluminum prices faced weakened market sentiment ahead of the Federal Reserve meeting, with empty seasonal demand and anticipated supply recovery driving selling pressure on Shanghai aluminum futures. On the supply side, tight

China's September gasoline output reached 11.457 million tons, declining 13.6% year-over-year, according to official production data. Diesel output totaled 15.721 million tons, down 9.8% from the same period last year. Other petroleum products including kerosene (5.232 million tons, -1.5% YoY),

WTI crude oil futures rose over 1% intraday on October 21, with prices trading at $98.80 per barrel.

Early trading on October 21, China's futures market showed a mixed session dominated by declines. Containership Europe benchmark slumped over 5%, while SC crude oil fell over 3% and fuel oil dropped nearly 3%. LPG and low-sulfur fuel oil both lost near 2%. Gainers included Shanghai nickel, up nearl

According to Jin10 Futures, on October 21, crude oil retraced from highs but remained elevated, while fuel oil downstream buyers showed steady near-term demand. High-level trading sentiment remained cautious amid moderate market interest. Fuel oil pricing was expected to hold stable in parts with

According to Jin10 Futures research report, Qatar and Pakistan mediators proposed a new framework for U.S.-Iran nuclear negotiations on October 21. The proposal includes provisions for Iran to allow International Atomic Energy Agency inspections of its nuclear facilities and the U.S. to grant Iran a