Commodities (Crude Oil & Copper) & Macro Outlook

Russia's central bank reduced its gold holdings by approximately 900,000 ounces during the first four months of 2026, bringing total reserves to roughly 73.9 million ounces—the lowest level since early 2022, according to market analyst Pumpius. Simultaneously, the Moscow Exchange has been

According to Jin10, India's Reliance Industries reduced Russian crude oil imports to 217,800 barrels per day in April, down 37.9% from the previous month. The company also resumed purchases of Iranian crude in April following a U.S. waiver granted to support global oil prices, marking the first Iran

According to Fumiya Kokubu, former president of Marubeni Corporation and visiting researcher at Japan Institute of Energy Economics, Japan may face shortages of naphtha-derived chemical products as early as late June. Kokubu noted Monday that replacing Japan's annual 15 million kiloliters of naphtha

According to Prime Minister Takayichi Koichi Kono, Japan's Minister of Economic Revitalization Akasawa Ryō will disclose detailed information on energy-saving measures tomorrow, May 26.

According to Bloomberg, on May 25, India's Finance Minister Nirmala Sitharaman defended the government's austerity initiative, attributing economic pressure to Middle East tensions. Speaking at an event in Mumbai, Sitharaman stated that the regional crisis could increase fuel costs, cause cargo

Japanese Prime Minister Takasao Hayabara announced plans to implement support measures from July through September to help curb increases in household electricity and gas bills.

According to Jin10, ECB policymaker Yannis Stournaras said on Monday that the central bank should carefully adjust monetary policy toward a more restrictive stance if euro area inflation temporarily but significantly exceeds its 2% target. He cited ongoing disruptions to oil and gas supplies via the

According to Jin10, India's Finance Minister Nirmala Sitharaman urged on Monday (May 25) that the country prioritize fuel, fertilizer, and foreign exchange, emphasizing Prime Minister Modi's call for foreign exchange conservation during the current crisis. Sitharaman stressed that commodity price pr

According to Guru Club citing commodity data, domestic crude-based glycol prices fell significantly as of May 22, 2026, with the market average dropping to 4,903.33 yuan per ton, down 4.88% from 5,155 yuan per ton on April 30. Weak cost support from easing U.S.-Iran tensions pressuring crude oil

Robert Kiyosaki, author of "Rich Dad Poor Dad," issued a warning on May 25, 2026, claiming that Iran's growing use of Chinese yuan for oil payments signals a challenge to U.S. dollar dominance in global energy markets. In a viral social media post dated May 24, 2026, Kiyosaki stated that Iran's

According to Jin10, as of May 25, pulp futures warehouse inventory at the Shanghai Futures Exchange reached 204,333 tons, up 2,509 tons from the previous trading day. Pulp factory inventory held steady at 20,000 tons. Other energy and chemical futures contracts, including gazetted paper, fuel oil, c

Tibet Minerals clarified on May 25 that the company has not yet conducted research and development on solid-state lithium extraction.

According to Guru Club, coke and coking coal futures on China's domestic exchanges halted at upper daily limits on May 25, up 8%. Ferrosilicon rose over 4%, while manganese silicon and soda ash each gained over 3%. In declines, fuel oil fell over 7%, crude oil dropped over 6%, and liquefied

On May 25, China Citic Securities Energy Chemical Futures ETF fell over 2% at market close, while Huaxia Feed Soybean Meal Futures ETF declined over 1%. Gold-focused ETFs, including Shanghai Gold ETF and various gold ETFs, posted modest

According to Jin10 Futures on May 25, Shandong independent refiners' gasoline production-sales ratio averaged 77% last week, down 1 percentage point, while diesel reached 88%, up 8 percentage points. Softer gasoline

According to Jin10 Futures citing Wood League Research data, this week (May 25-31) a total of 325,000 cubic meters of New Zealand softwood logs are expected to arrive at 13 Chinese ports, an increase of 42,000 cubic meters or 15% compared to the previous week. Nine vessels carrying the shipments are

According to Chinese Foreign Ministry spokesperson Mao Ning on May 25, China has stopped exporting rare earth elements and related minerals to Japan for at least four months. Mao stated that China is enforcing restrictions on dual-use items for military purposes to halt Japan's remilitarization and

According to Malaysia's Federal Economic Minister Akma Nasurah on May 25, the state-owned oil and gas company Petronas has assured the National Economic Action Council that Malaysia's energy supply will remain sufficient through the end of July, despite ongoing Middle East conflicts disrupting

According to a nationwide poll conducted by Japan's Yomiuri Shimbun from May 22-24, 64% of respondents said they cannot accept the government's claim that naphtha supply derived from crude oil faces no issues. Even among those supporting the current cabinet, 57% rejected the government's