Commodities (Crude Oil & Copper) & Macro Outlook

China's Containerized Freight Index Europe route main contract fell 2.00% intraday on July 6, closing at 2606.5 points.

South Korean prosecutors charged four refineries with price-fixing collusion, alleging they coordinated to raise fuel prices despite adequate oil reserves. Prosecutors stated the companies conspired to maintain artificially high prices in the

Robin Brooks, a senior fellow at the Brookings Institution and former Goldman Sachs foreign exchange strategist, argued on July 5 (local time) that financial markets are excessively pricing in additional Federal Reserve tightening as international oil prices return to pre-war levels. Brooks stated i

The European Union allocated South Korea a tariff-free steel import quota of 2.073 million tons, representing a 19.7% reduction from the previous 2.581 million tons, according to a statement released by the Korea Iron & Steel Association on the 1st. Despite the reduction, the industry association

According to Robin Brooks, a senior fellow at the Brookings Institution and former Goldman Sachs FX strategist, on July 5, crude oil prices have returned to pre-Middle East war levels, with the Strait of Hormuz seeing rapid normalization in crude shipments. Brooks noted that Saudi Arabia and the

According to the Korean Steel Industry Association's statement on July 1, the EU allocated Korea a duty-free quota of 2.073 million tons for steel exports, down 19.7% from the previous 2.581 million tons. Excess shipments will face a 50% tariff, up from the previous 25%. Despite the reduction, Korea

POSCO Holdings is projected to report Q2 operating profit below market expectations, according to analysis from Meritz Securities and Hana Securities. Meritz Securities estimated Q2 consolidated operating profit at 687.6 billion won, while Hana Securities projected 689.6 billion won—both figures

Video monitoring of the Strait of Hormuz shows tanker traffic entering and exiting the critical oil passage increased over the past 24 hours; however, current flow volumes remain inadequate to offset the ongoing production

According to Huatai Securities, South Korea's exports surpassed expectations in June, with trade surplus reaching an all-time high, driven by strong AI-related supply chain demand. The brokerage noted that leading indicators suggest continued strength in AI trade, indicating South Korea's export

According to the US Department of Defense Logistics Agency (DLA), on July 2, the agency released a procurement notice for a five-year fixed-price contract to acquire battery-grade lithium carbonate to supplement the US National Defense Stockpile. This marks the first large-scale strategic procuremen

OPEC+ raised production for the fifth consecutive month, according to its official policy statement. The organization said it will continue to closely monitor market conditions and maintain a cautious approach with sufficient flexibility to increase, suspend, or reverse production adjustments as

According to Jin10 Futures, Malaysia's crude palm oil futures on the Bursa Malaysia Derivatives exchange are expected to decline at Monday's opening on July 6, reflecting weak market fundamentals. Analysts attribute the decline to rising production expectations that could increase inventory

According to China Citic Securities Investment, aluminum foil suppliers have raised processing fees by 1,000-1,500 yuan per ton so far in 2026, with the industry's leading player commanding approximately 38% market share. The research firm projects supply-demand dynamics will continue to tighten

Gold and silver prices showed signs of recovery over the weekend after a difficult first half, with gold climbing back to $4,180 per troy ounce and silver futures rising to $62 from a low of $57. The precious metals had fallen sharply earlier — gold down 28% from its peak and silver cut in half —

According to Guru Club, global markets posted solid gains last week with European Stoxx 50 up 0.9% to record highs, while commodities surged—spot gold gained 2.13% and silver jumped 5.42%, as the U.S. dollar index fell 0.51% on cooling rate-hike expectations. Conversely, oil prices declined, with

Seven OPEC+ member states—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—have agreed to increase oil production by 188,000 barrels per day beginning in August. The coordinated production increase is expected to contribute to stabilization and downward pressure on international

According to OPEC+, the cartel will increase daily crude oil production by 188,000 barrels starting in August, the organization announced on July 5. The decision was made by seven member countries—Saudi Arabia, Russia, Kazakhstan, Iraq, Kuwait, Oman, and Algeria—during a video conference. The produc

According to research from Guotai Huatong cited by Jin10 on July 5, China's summer travel season is ramping up with hotel and train bookings increasing year-over-year. Flight ticket presales have accelerated since late June, though ticket booking progress trails 2025 levels due to rising

According to Odaily, the U.S.-led Combined Maritime Information Center reported on July 5 that 70 commercial vessels were escorted through the Strait of Hormuz from July 2-4, a sharp decline from the pre-conflict daily average of 138 vessels. Daily throughput dropped consecutively: 33 vessels on Jul

According to Iraqi oil officials, Iraq's oil exports totaled approximately 24.5 million barrels in June.