Commodities (Crude Oil & Copper) & Macro Outlook

NH Investment & Securities raised its target price for S-Oil stocks by 27.3% to 210,000 won, citing favorable refining industry conditions lasting longer than anticipated. Analyst Choi Young-kwang attributed the upgrade to sustained strength in refining margins amid tight supply and structural

According to Korea Investment & Securities, air cargo fares and shipping rates exceeded market expectations in the third quarter of 2026 despite Middle East tensions. Korean Air's cargo fares rose over 30% in July and August alone, supported by strong AI-related demand. The China Container Freight I

According to Securities Daily, China natural rubber futures surged to record highs on Sept 1 and 3, with the RU2701 contract reaching 19,105 yuan per ton on Sept 1, marking its highest level since December 10, 2024, and the NR2611 contract touching 16,115 yuan per ton on Sept 3. Spot markets

CME Group plans to launch two compute futures products in October, in partnership with GPU price index provider Silicon Data, pending regulatory approval. The derivatives track hourly rental price indices for NVIDIA's H100 and B200 GPUs. The launch responds to surging demand for AI computing

According to Yonhapinfomax, CME Group and Silicon Data will launch two compute futures products in October 2026 following regulatory approval. The derivatives will track hourly GPU rental prices for Nvidia's H100 and B200 processors. AI developers can use compute futures to hedge against rising rent

According to Jin10 News, OPEC+ decided yesterday to maintain October oil production targets unchanged. Separately, the White House stated that U.S. and Russian officials discussed substantive plans on Russia-Ukraine conflict negotiations, with details to be announced in coming weeks. Ukrainian

According to Bank of America chief equity strategist Michael Hartnett in a Friday strategy report, with Trump's approval rating at 35-40%, Democrats face growing odds of gaining full control of Congress in midterm elections. Hartnett warned this would trigger a major risk-off event, driving U.S.

According to Iranian Foreign Ministry spokesman Baghaei on September 7, the Strait of Hormuz remained open until February 28, when U.S.-backed military operations disrupted the waterway. The military actions have halted tanker traffic, disrupted trade, and pushed energy prices higher. Baghaei

According to Jin10, on September 7, Iran's Supreme National Security Council secretary Reza'i announced that Iran and Oman will sign an agreement regarding maritime traffic through the Strait of Hormuz within the coming days. Reza'i also stated that the U.S. must earn Iran's trust to continue

According to Trump's social media post today, oil flow through the Strait of Hormuz has resumed to pre-conflict levels. The post includes an image showing the daily volume has recovered to 18 million barrels, compared to 20 million barrels before the conflict.

According to U.S. Energy Secretary Chris Wright in interviews with ABC and CBS on September 6, 2026, 9 million barrels of crude oil pass through the Strait of Hormuz daily, marking the highest 7-day average level to date. Wright stated that the U.S. military remains deployed to reduce Iran's

Eurometal, the trade body representing European steel distributors and processors, estimates that roughly 300,000 direct jobs in the steel industry are under immediate threat from subsidized Chinese imports flooding the continent. The organization's President Alexander Julius described the

Energy Secretary Chris Wright confirmed on September 6 that US Navy forces are actively escorting commercial tankers through the Strait of Hormuz as ongoing tensions with Iran have made unescorted passage dangerous. The world's most important oil chokepoint is currently running at roughly half its n

According to the UK Maritime Trade Operations, 59 vessels transited the Strait of Hormuz over the past 48 hours.

According to U.S. Energy Secretary Wright, on Sunday (September 6), the U.S. Navy will continue escorting tankers through the Strait of Hormuz to ensure the flow of crude oil, with no end to the escort mission in sight. Daily oil shipments through the waterway exceed 9 million barrels, and

OPEC+ announced on local time September 6 that it will maintain October oil production at September levels. Seven member countries—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—held a virtual meeting and issued the statement. The decision ends a six-month consecutive production i

According to OPEC+, the cartel decided to maintain October oil production at September levels, as announced on September 6. Seven member states including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman made the decision during a video conference. This marks a halt to six

According to a U.S. Central Command statement released on September 5, American forces struck three Iranian oil tankers in response to ballistic missile attacks launched by Iran's Islamic Revolutionary Guard Corps against two U.S. naval vessels operating in the

The U.S. military announced Sunday that an Iranian-linked oil tanker sank in the Gulf of Oman after American forces struck three crude carriers in retaliation for Iranian missile attacks on U.S. Navy warships. U.S. Central Command said the M/T Kylo went down after being struck Saturday, with the

According to Farside Investors, U.S. spot Bitcoin ETFs attracted $905.4 million across two trading sessions ending Sept. 5, with BlackRock's IBIT accounting for $571.4 million. Bitcoin held near $79,900, up roughly 0.5% over 24 hours, while futures open interest stood at $53.4 billion, according to