Copper futures in the US plummeted by up to 20% to the $4.55 mark on Wednesday, the largest intra-day fall on record after President Trump excluded refined copper from the tariff package that will start on Friday. The tariffs will apply to imports of semi-finished copper products in wires and pipes, but will refrain from taxing ore, cathodes, and concentrates, among the most widely forms of copper imported to the US. The slump was the unwind of traders allocating metal into the US before the end of July to undercut threats of 50% tariffs on copper, which included refined products, and led to shortages of metal in foreign exchanges to lift copper futures to a record of $5.9 this week. Consequently, the premium of US copper to comparable LME contracts had surged to a record of 30%. Tariffs were still set to pressure segments of the US supply chain as refining capacity is stressed, with only two operating smelters in the country.

Copper Plunges 20% on Trump Tariff Exclusion

Gold decreased to 3282.00 USD/t.oz, the lowest since June 2025. Over the past 4 weeks, Gold lost 1.62%, and in the last 12 months, it increased 34.28%.

Gold Hits 4-week Low

Silver prices fell below $37.5 per ounce on Wednesday, near three-week lows as investors reacted to the Fed's July rate decision. The Federal Reserve held its benchmark interest rate steady at 4.25%-4.5% on Wednesday in a 9-2 vote, despite pressure from President Trump and dissent from governors Bowman and Waller. The governors advocated for easing due to cooling inflation and signs of labor market softening—the first dual dissent from governors since 1993. However, the Fed’s statement noted slowing economic growth, persistent inflation, and elevated uncertainty, shifting from its more upbeat June outlook. Markets had widely expected no change, but investors are watching for clues on a potential September cut. Meanwhile, Trump continued pressuring the Fed, calling for deep rate cuts and criticizing spending. Despite political noise, GDP grew a stronger-than-expected 3% in Q2, while inflation slowed, keeping rate cut hopes alive.

Silver Drops Over 2% after Fed's Decision

Platinum decreased to 1320.00 USD/t.oz, the lowest since July 2025. Over the past 4 weeks, Platinum lost 2.46%, and in the last 12 months, it increased 35.2%.

Platinum Hits 4-week Low

Platinum is down by 5%

GSCI decreased to 537.75 Index Points, the lowest since June 2025. Over the past 4 weeks, GSCI Commodity Index gained 2.07%, and in the last 12 months, it increased 0.73%.

GSCI Hits 7-week Low

Gold dipped below $3,300 per ounce on Wednesday, hovering near a one-month low, after the Federal Reserve kept interest rates steady at 4.25%-4.5%, defying President Trump’s calls for cuts. The decision, which came with two dissenting votes in favor of easing, was accompanied by a more cautious tone, citing elevated uncertainty and moderating economic growth. The stronger US dollar added further pressure on bullion, as investors pushed back expectations for rate cuts this year. Gold, which typically benefits from lower interest rates and heightened uncertainty, also faced headwinds from solid US GDP data showing stronger-than-expected growth in the second quarter, despite slowing investment and consumption. Meanwhile, the Fed flagged White House tariffs as likely to be inflationary, with new levies set to take effect Friday. On the trade front, the US raised tariffs on Brazil and India and hinted at adjustments to existing deals with the EU and China.

Gold Extends Losses as Fed Holds Rates, Dollar Strengthens

Copper decreased to 4.63 USD/Lbs, the lowest since June 2025. Over the past 4 weeks, Copper lost 8.37%, and in the last 12 months, it increased 10.85%.

Copper Hits 8-week Low

US natural gas futures fell to $3.02/MMBtu, the lowest since April 22, pressured by rising supply and weaker near-term demand. According to LSEG, average gas output in the Lower 48 states rose to 107.5 billion cubic feet per day in July, topping June’s record of 106.4 bcfd. The surge in production comes as forecasts point to cooler near-term temperatures, which could reduce power sector gas use for air conditioning. Weaker power burn and faltering demand expectations have weighed heavily on sentiment. However, the market is eyeing hotter weather further into August, which may revive air-conditioning demand and lift gas consumption by utilities. Some heat is beginning to appear in the 11–15 day outlooks, which could give bulls hope of a rebound. Additionally, liquefied natural gas (LNG) demand has been soft recently but could strengthen, offering further support if international buyers return.

US Natgas Prices Fall to Over 3-Month Low

Lumber increased to 686.50 USD/1000 board feet, the highest since August 2022. Over the past 4 weeks, Lumber gained 10.75%, and in the last 12 months, it increased 37.33%.

Lumber Hits 35-month High

US gasoline futures rose above $2.24 per gallon, the highest since June 20, after EIA data showed a sharper-than-expected drop in inventories. Gasoline stocks fell by 2.725 million barrels in the week ending July 25, the biggest weekly draw since late April and well above forecasts for a 0.5 million barrel decline. The surprise drawdown followed a build the previous week, signaling tighter near-term supply. Prices also gained support from geopolitical risks after President Trump shortened the deadline for Russia to agree to a ceasefire in Ukraine, stoking fears of energy supply disruptions. Still, the EIA projects softer gasoline demand this year, while refiners are prioritizing diesel and jet fuel output, contributing to a persistent gasoline glut.

Gasoline Futures Rise Toward 6-Week High

Sugar futures settled around 16.6 cents per pound, remaining at their highest since July 24, in part supported by rising oil prices. This could incentivize mills to favor ethanol production over sugar, potentially constraining global sugar output. Meanwhile, dealers were awaiting the imminent release of cane and sugar production data for Centre-South Brazil covering the first half of July, with output expected to have risen by 12.5% to 3.3 million tons during the period.

Sugar Futures Hover Around 1-Week High

Gold fell to the $3,300 per ounce mark on Wednesday, not far from the lowest in one month, as restrictive rates by the Federal Reserve and stronger dollar halted bullion rallies from earlier in the year. The Fed is expected to hold its rates unchanged later today and give hints on how the central bank balances risks on signs of a slowdown in hiring and aggregate investments against the persistent threat of inflation. The central bank has noted that it sees tariffs by the White House as likely to be pro-inflationary, especially as higher levies will be enforced starting on Friday. In the meantime, the latest data showed that the US GDP expanded by more than expected on the second quarter, although investment slowed and private consumption slowed since the start of the year. On the trade front, the US raised their tariffs on India and Brazil, and kept the door open for tweaks to trade deals with the EU and China. Markets continued to price two 25bps rate cuts this year.

Gold Tests 1-Month Low

Heating oil futures tumbled toward $2.4 per gallon after its recent rally to one-month highs as US distillate fuel supplies have swollen while demand has softened. The latest EIA data show distillate inventories jumped by roughly 3.6 million barrels in the week to July 25th, the largest weekly build in about a year. US crude stocks also surged, about 7.7 million barrels as refineries ran flat-out to convert oil into fuel. Meanwhile, US distillate demand remained sluggish highlighted by the recent four-week average of distillate product supplied is only ~3.6 million barrels per day, the weakest level since spring 2024, reflecting both summer’s low heating needs and broader economic caution. At the same time, news of rising supply is mounting after reports that US sanctions on Venezuela and Iran may ease imply hundreds of thousands of barrels per day of extra crude could flow into the market and negative economic news from the US and China has dimmed demand expectations.

Heating Oil Declines After EIA Data

Arabica coffee futures eased to near $2.92 per tonne, their lowest since July 21, on expectations of increased supply as Brazil's harvest advances, alongside receding tariff fears. Brazil’s Cooxupé, the country’s largest coffee cooperative and top exporter group, reported on July 29 that its member harvest was 67% complete as of July 25. Meanwhile, Safras & Mercado estimated that Brazil’s overall 2025/26 coffee harvest was 84% complete as of July 23, outpacing last year’s 81% and the five-year average of 77%. The robusta harvest was nearly finished at 96%, while 76% of arabica had been picked. On the tariff front, Commerce Secretary Lutnick stated on July 29 that Brazilian coffee beans may be excluded from the proposed 50% tariff, easing market fears over potential supply disruptions and price spikes.

Arabica Coffee Futures at Over 1-Week Low

Brent crude oil futures hovered around $72.5 per barrel on Wednesday, holding at a five-week high, supported by supply concerns after President Donald Trump pressured Russia with a shortened timeline to end the conflict in Ukraine. Trump gave Moscow a ten-day deadline to propose a satisfactory resolution or face consequences, including the imposition of 100% secondary tariffs on countries continuing to trade with Russia. Such measures could significantly disrupt the oil market, as major US trading partners—key buyers of Russian crude—may scale back or halt purchases amid rising compliance risks. Adding to the upward pressure, the US–EU trade deal, despite introducing a 15% tariff on most EU goods, averted a broader trade war that could have impacted a third of global trade and weakened fuel demand. On the downside, prices faced some pressure after EIA data revealed a surprise 7.7 million-barrel build in US crude inventories, defying expectations of a 2 million-barrel decline.

Oil Holds Near 5-Week High

WTI crude oil futures hovered above $69 per barrel on Wednesday, holding at a five-week high, supported by supply concerns after President Donald Trump pressured Russia with a shortened timeline to end the conflict in Ukraine. Trump gave Moscow a ten-day deadline to propose a satisfactory resolution or face consequences, including the imposition of 100% secondary tariffs on countries continuing to trade with Russia. Such measures could significantly disrupt the oil market, as major US trading partners—key buyers of Russian crude—may scale back or halt purchases amid rising compliance risks. Adding to the upward pressure, the US–EU trade deal, despite introducing a 15% tariff on most EU goods, averted a broader trade war that could have impacted a third of global trade and weakened fuel demand. On the downside, prices faced some pressure after EIA data revealed a surprise 7.7 million-barrel build in US crude inventories, defying expectations of a 2 million-barrel decline.

Cocoa futures rose above $8,400 per tonne, approaching an over three-week high of $8,518 per tonne hit on July 28, amid concerns over dry weather in the key producing region of West Africa. Ivory Coast and Ghana are seeing below-average rainfall and high temperatures, threatening cocoa pod growth for the main October harvest, according to the European Centre for Medium-Range Weather Forecasts. On the ground, Ivorian farmers reported that rainfall was below average across most major cocoa-growing regions last week, while a cold spell added to fears of potential crop damage that could impact yields. Meanwhile, the latest data showed that Ivory Coast farmers shipped 1.75 MMT of cocoa to ports this marketing year from October 1 to July 27, up +6.1% from last year but down from the much larger +35% increase seen in December.

Cocoa Futures on the Rise

The Baltic Exchange's dry bulk sea freight index, which tracks rates for vessels transporting dry commodities, was down for a fourth session on Wednesday, plunging about 5.4% to its lowest since July 16 at 1,995 points. The capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, tumbled 8.3% to a one-week low of 3,186 points, extending losses for the third day; and the panamax index, which usually carries 60,000-70,000 tons of coal or grain, dropped about 3% to its lowest since July 9 at 1,689 points, marking its 11th consecutive session of decline. Among smaller vessels, the suprmax index fell 0.8% to a more than two-week low of 1,271 points.

Baltic Dry Index Down for 4th Day

Cheese decreased to 1.74 USD/Lbs, the lowest since April 2025. Over the past 4 weeks, Cheese lost 3.43%, and in the last 12 months, it decreased 13.76%.

Cheese Hits 14-week Low

Rubber futures rose slightly to near 172 US cents per kilogram, amid ongoing supply concerns and optimism over a Chinese economic recovery. The global natural rubber market has been experiencing volatility due to supply constraints, trade negotiations, and shifts in EV-related demand. Thailand, the world’s top rubber producer, is struggling with leaf drop disease and monsoon-related disruptions. In Indonesia, output is falling due to labor shortages and a shift toward oil palm cultivation. Meanwhile, Vietnam faces mounting challenges from aging plantations and adverse weather. According to the Association of Natural Rubber Producing Countries (ANRPC), global rubber production is expected to fall short by 1.8% in 2025, with Qingdao bonded rubber inventories at a five-year low.

Rubber Futures Edge Higher

Milk decreased to 17.07 USD/CWT, the lowest since April 2025. Over the past 4 weeks, Milk lost 8.53%, and in the last 12 months, it decreased 13.51%.

Milk Hits 16-week Low

Steel futures in China fell to CNY 3,265 per tonne from the seven-month high of CNY 3,345 touched on July 29th as markets reassessed the scale in which the Chinese government will support its economy against a slowdown in consumption and a property crisis. Following its latest Politburo meeting, officials noted they will implement expansionary fiscal policy and maintain monetary backdrops loose to shore up spending, but refrained from signaling large-scale stimulus measures. Still, the outlook of lower supply and robust infrastructure spending maintained steel futures over 7% higher in the third quarter. Chinese policymakers vowed to erase overcapacity in construction inputs, with Baosteel expecting domestic output to fall by over 50 million tonnes this year due to policy bounds. In the meantime, the outlook on non-residential construction was supported by the announcement of a CNY 1.2 trillion hydropower plant project, signaling willingness to expand metal-intense projects.

Steel Pulls Back from 7-Month High

Iron ore futures held just below CNY 800 per tonne on Wednesday, as investors weighed the likelihood of an extension to the US-China tariff truce. President Donald Trump must now approve the proposed plan, otherwise, tariffs will revert to April levels if no agreement is reached by the August 12 deadline. Adding to global trade concerns, a new US-EU agreement maintained existing 50% tariffs on steel and aluminum, reinforcing market fears over escalating protectionism. Investors are also focused on this week’s Politburo meeting, where potential stimulus measures may be announced to support growth. In line with those efforts, Beijing has intensified its campaign to combat deflation and rein in industrial overcapacity. President Xi Jinping recently criticized local governments for excessive investment in sectors like artificial intelligence, computing power, and new energy vehicles.

Iron Ore Steady as Markets Await US-China Truce Decision

Silver prices held around $38 per ounce on Wednesday, hovering near two-week lows as investors remained cautious ahead of the Federal Reserve’s policy announcement. The Fed is widely expected to keep interest rates unchanged, though markets are closely watching for signals of a possible rate cut in September. President Donald Trump has continued pressuring the Fed to lower borrowing costs. Fed Governors Christopher Waller and Michelle Bowman, both seen as potential successors to Fed Chair Jerome Powell. are expected to dissent at this month’s meeting. Meanwhile, trade tensions persisted after US-China talks in Stockholm ended Tuesday without an agreement to extend the current tariff truce. Treasury Secretary Scott Bessent stated that any deal would require Trump’s final approval.

Silver Holds Near 2-Week Low Ahead of Fed Decision

UK Gas increased to 87.43 GBp/thm, the highest since June 2025. Over the past 4 weeks, Natural Gas UK GBP gained 10.23%, and in the last 12 months, it increased 0.77%.

UK Gas Hits 5-week High

Malaysian palm oil futures rose modestly to above MYR 4,260 per tonne, building on slight gains from the prior session amid a weaker ringgit and stronger rival Dalian oils. Meanwhile, demand from top buyer India may remain firm ahead of the Diwali festival in mid-October. Separately, top producer Indonesia projected its palm oil exports to India will exceed 5 million tonnes this year, up from 4.8 million tonnes in 2024. However, further gains were limited by caution after U.S.-China trade talks ended without a meaningful breakthrough, with President Trump expected to make the final call on tariffs. In China, official and private PMI data for July are due in the coming days, adding to concerns over deflation risks and the impact of global trade barriers. On the export front, shipments likely weakened in July, as cargo surveyors noted Malaysian palm oil exports for July 1–25 fell between 9.2% and 15.2% from June. Production is also expected to rise in H2 amid improved labor conditions.

Palm Oil Extends Gains

Copper futures climbed above $5.65 per pound on Wednesday, recouping losses from earlier in the week after Chile’s finance minister announced plans to request an exemption from new US import tariffs. As the largest supplier of copper to the US, Chile’s position is central to ongoing trade negotiations. The Trump administration is set to impose a 50% tariff on copper imports starting August 1, though uncertainty remains over which forms and sources of copper will be affected. In response, traders have been accelerating shipments to the US ahead of the deadline. However, analysts warn that demand for US-bound copper could decline sharply once the tariffs are enforced. Adding to market caution, US-China trade talks in Stockholm ended Tuesday without an agreement to extend the current truce. Treasury Secretary Scott Bessent said any deal would require President Donald Trump’s final approval.

Copper Gains as Chile Seeks US Tariff Exemption

Gold hovered around $3,320 per ounce on Wednesday, staying near a three-week low as easing trade tensions reduced the metal’s safe-haven appeal. The US–EU agreement, which imposed a 15% tariff on most European goods, helped avert a broader trade conflict. With additional talks ongoing with Canada, South Korea, and others, investors are increasingly optimistic that further escalations can be avoided. Meanwhile, the US and China are continuing discussions to extend a tariff truce set to expire in two weeks, with President Trump expected to make the final decision on any extension. Investors are also closely watching the FOMC decision due today. While the Fed is widely expected to keep rates unchanged, markets will focus on Chair Powell’s press conference for any signals of a possible rate cut in September. Attention is also turning to a series of key US economic reports. So far this week, job openings came in slightly below expectations, while consumer confidence ticked higher.

Gold Stays Close to 3-Week Low

Brent crude oil futures hovered around $72.5 per barrel on Wednesday, holding at a five-week high, supported by potential supply disruptions amid rising geopolitical tensions and improving global trade relations. President Donald Trump recently gave Russia a ten-day deadline to present a satisfactory resolution to the Ukraine conflict or face severe economic consequences. Additionally, a US official warned that strict secondary sanctions could be imposed on countries purchasing Russian crude assets if no agreement is reached within that period. Meanwhile, the US-EU trade deal, despite imposing a 15% tariff on most EU goods, managed to avert a major trade war that could have disrupted a third of global trade and dampened fuel demand. On the other hand, prices faced pressure after API data showed a surprise 1.5 million-barrel inventory build, defying expectations of a 2.5 million-barrel drop and reversing the prior week’s 577,000-barrel draw.

Brent Holds Near 5-Week High

WTI crude oil futures hovered above $69 per barrel on Wednesday, holding at a five-week high, supported by potential supply disruptions amid rising geopolitical tensions and improving global trade relations. President Donald Trump recently gave Russia a ten-day deadline to present a satisfactory resolution to the Ukraine conflict or face severe economic consequences. Additionally, a US official warned that strict secondary sanctions could be imposed on countries purchasing Russian crude assets if no agreement is reached within that period. Meanwhile, the US-EU trade deal, despite imposing a 15% tariff on most EU goods, managed to avert a major trade war that could have disrupted a third of global trade and dampened fuel demand. On the other hand, prices faced pressure after API data showed a surprise 1.5 million-barrel inventory build, defying expectations of a 2.5 million-barrel drop and reversing the prior week’s 577,000-barrel draw.

Brent crude oil futures climbed 3.5% to settle at $72.5 per barrel on Tuesday, hitting a five-week high and extending Monday’s 2.3% rally, as easing trade tensions and rising geopolitical risks intensified global supply concerns. Market sentiment was lifted by a US-EU trade agreement that averted a broader conflict and brightened the outlook for global fuel demand. The deal also included a pledge from the EU to purchase $750 billion in US energy, although analysts remain skeptical about its feasibility. Adding to the bullish tone, President Trump ramped up pressure on Russia by setting a tighter deadline to resolve the war in Ukraine and threatening new sanctions. On the economic front, a stronger-than-expected US consumer confidence reading further supported demand optimism. Meanwhile, investors are closely watching the Federal Reserve’s policy meeting this week, with rates expected to hold steady, though officials may signal a more dovish stance amid signs of easing inflation.

Brent Settles Above $72

WTI crude oil futures surged 3.7% to settle at $69.20 per barrel on Tuesday, marking a five-week high and extending Monday’s 2.4% gain, as easing trade tensions and rising geopolitical risks fueled supply concerns. Optimism was boosted by a US-EU trade agreement that helped avoid a full-scale conflict, improving the outlook for global fuel demand. The deal also included a commitment from the EU to purchase $750 billion in US energy, though analysts remain doubtful about the feasibility of meeting that target. Further supporting prices, President Trump intensified pressure on Russia by setting a shorter deadline for progress in ending the Ukraine war and threatening new sanctions. On the macroeconomic front, stronger-than-expected US consumer confidence added to demand optimism. Investors are also closely watching the Federal Reserve’s policy meeting this week, where rates are expected to remain unchanged, though a dovish shift in tone may emerge amid signs of cooling inflation.

WTI Surges Over 3% to 5-Week High

GSCI increased to 558.00 Index Points, the highest since June 2025. Over the past 4 weeks, GSCI Commodity Index gained 2.6%, and in the last 12 months, it increased 3.36%.

GSCI Hits 5-week High

Gasoline increased to 2.21 USD/Gal, the highest since June 2025. Over the past 4 weeks, Gasoline gained 7%, and in the last 12 months, it decreased 6.35%.

Gasoline Hits 5-week High

Crude Oil increased to 68.92 USD/Bbl, the highest since June 2025. Over the past 4 weeks, Crude Oil WTI gained 5.44%, and in the last 12 months, it decreased 8.13%.

Crude Oil Hits 5-week High

Brent crude oil futures rose more than 1% toward $71 per barrel on Tuesday, extending a 2.4% gain in the previous session driven by stronger-than-expected US economic data and growing concerns over global supply risks. President Trump warned Russia of “secondary sanctions” if it doesn’t agree to a Ukraine ceasefire within 10–12 days, with the Kremlin signaling no change in stance. The warning follows fresh EU sanctions on Russia, which also impacted India’s Nayara Energy, forcing it to cut refinery output. On the macro front, US consumer confidence beat expectations, supporting optimism around demand. Attention now turns to the Aug. 1 trade deal deadline and the upcoming OPEC+ meeting that will decide September output levels. Oil is on track for a third straight monthly gain, supported by strong summer demand and tight inventories in key regions. However, a potential supply glut later in the year looms as OPEC+ continues raising production.

Brent Crude Oil Approaches $71

WTI crude oil futures rose more than 1% to $67.5 per barrel on Tuesday, extending a 2.4% gain in the previous session driven by stronger-than-expected US economic data and growing concerns over global supply risks. President Trump warned Russia of “secondary sanctions” if it doesn’t agree to a Ukraine ceasefire within 10–12 days, with the Kremlin signaling no change in stance. The warning follows fresh EU sanctions on Russia, which also impacted India’s Nayara Energy, forcing it to cut refinery output. On the macro front, US consumer confidence beat expectations, supporting optimism around demand. Attention now turns to the Aug. 1 trade deal deadline and the upcoming OPEC+ meeting that will decide September output levels. Oil is on track for a third straight monthly gain, supported by strong summer demand and tight inventories in key regions. However, a potential supply glut later in the year looms as OPEC+ continues raising production.

Oil Picks Up for 2nd Session

UK natural gas futures climbed toward 83 pence per therm, rebounding from a three-week low of 78 on July 24, after a drop in Norwegian flows due to maintenance at the Troll field and a delay in restarting Hammerfest LNG in Norway tightened supply. Warmer weather across Northwest Europe is also expected to boost demand. Meanwhile, President Trump’s shortened deadline for Russia to agree to a Ukraine ceasefire raised fears of fresh sanctions on Russian energy exports, threatening global LNG flows. For the UK, these risks are compounded by limited storage. Centrica may extract rather than store gas from Rough—the UK’s largest site—which remains empty and could close by 2025 without state support. With only 12 days' worth of winter gas in storage, far below EU levels, and North Sea output falling, the UK remains highly dependent on imports from Norway, Europe, and global LNG markets. A £2 billion upgrade to Rough is being considered, but market conditions remain difficult.

UK Natural Gas Futures Pick Up from 3-Week Low

European natural gas futures jumped 4% to over €34/MWh, rebounding from a 12-week low of €32.36 hit on July 24, as supply concerns and geopolitical tensions weighed on the market. Norway’s Troll gas field is experiencing a 5 million cubic meter per day flow reduction until August 1, while the restart of the Hammerfest LNG terminal has been delayed by three days. At the same time, warmer weather is forecast across Northwest Europe, which may lift cooling demand. Adding to the bullish tone, US President Trump shortened his deadline for Russia to agree to a ceasefire in Ukraine, now giving Moscow just 10–12 days. Trump has warned of further sanctions on Russia and countries buying its energy if no progress is made, raising fears of disrupted LNG flows to Europe. Additionally, Egypt is expected to boost LNG imports through the end of the decade, adding further pressure on global supply and tightening the market.

TTF Prices Soar by 4%

US natural gas futures rose to $3.16/MMBtu, rebounding from a ten-week low of $3.066 in the previous session, as forecasts for extreme August heat lifted demand expectations. Meteorologists expect hotter-than-normal temperatures across much of the US, particularly in the Southeast, mid-South, and Midwest, driving increased use of air conditioning and boosting power sector gas consumption. Geopolitical tensions also added support, after President Trump shortened the timeline for Russia to agree to a Ukraine ceasefire, raising the risk of further sanctions on Russian energy exports. Additionally, a new US-EU agreement includes a pledge from the EU to spend $750 billion on US energy products, including gas. Still, supply remains strong, with average output in the Lower 48 reaching 107.5 bcfd in July, above June’s record. Meanwhile, Baker Hughes announced a $13.6 billion deal to acquire Chart Industries, outbidding Flowserve and signaling continued consolidation in the oil and gas sector.

US Natgas Prices Rise from 10-Week Low

Lumber increased to 683.00 USD/1000 board feet, the highest since March 2025. Over the past 4 weeks, Lumber gained 8.69%, and in the last 12 months, it increased 38.13%.

Lumber Hits 17-week High

Brent increased to 70.70 USD/Bbl, the highest since June 2025. Over the past 4 weeks, Brent Crude Oil gained 5.9%, and in the last 12 months, it decreased 9.47%.

Brent Hits 5-week High

The Baltic Exchange's main sea freight index dropped 5.3% to 2,109 on Tuesday, its lowest level in a week. The capesize index, which typically transport 150,000-ton cargoes such as iron ore and coal, tumbled 7.9% to a one-week low of 3,476. The panamax index, which usually carry 60,000-70,000 tons of coal or grain, fell 3.2% to 1,741, its lowest level since July 10. Among smaller vessels, the supramax index went down 0.6% to 1,281.

Baltic Dry Index Falls to 1-Week Low

Steel futures in China rose to CNY 3,300 per tonne, the highest in over four months amid the outlook of supply curbs and an improving macroeconomic backdrop. Chinese policymakers vowed to reform industrial policy to erase overcapacity in construction inputs. Such policy would aid margins for furnaces and mills as the ongoing property crisis in China and protectionist trade policies from key steel importers erode demand, already present in the latest round of earnings reports for steel mills. Consistently, crude steel production dropped to 75.5 million tonnes in June, the lowest for the month since 2018. Also, major producer Baosteel stated it expects national output to fall by 50 million tonnes this year. In the meantime, prices were supported by the announcement of a CNY 1.2 trillion hydropower plant project, signaling willingness to expand metal-intense projects. Further macro support was owed to the likelihood that the tariff truce between China and the US would be extended.

Steel Rises to Over 4-Month High

Wheat decreased to 532.00 USd/Bu, the lowest since June 2025. Over the past 4 weeks, Wheat gained 0.74%, and in the last 12 months, it increased 1.65%.

Wheat Hits 4-week Low

Cocoa increased to 8663.00 USD/T, the highest since July 2025. Over the past 4 weeks, Cocoa lost 5.43%, and in the last 12 months, it increased 11.03%.

Cocoa Hits 4-week High

Iron ore futures rose toward CNY 800 per tonne on Tuesday, snapping a four-day losing streak as Beijing ramped up efforts to combat deflationary pressures and tackle overcapacity in key sectors. President Xi Jinping criticized local governments for concentrating investment in overlapping industries such as artificial intelligence, computing power, and new energy vehicles, highlighting inefficiencies that have weighed on economic performance. Markets are also closely watching this week’s Politburo meeting for potential announcements on fresh stimulus measures aimed at stabilizing growth. Elsewhere, investors awaited developments in the US-China trade talks underway in Stockholm. The two countries are working to extend their fragile trade truce by another 90 days ahead of the August 12 deadline. Meanwhile, a newly reached US-EU trade agreement retained existing 50% tariffs on steel and aluminum, reinforcing concerns over global trade tensions.

Iron Ore Climbs as China Targets Overcapacity

Silver prices remained under pressure on Tuesday, holding below $38.20 per ounce and hovering near two-week lows as a strong US dollar continued to weigh on the market. The dollar’s strength was supported by recent global trade agreements that are widely seen as favoring the US economy. On Monday, President Donald Trump warned that countries failing to negotiate separate trade deals could soon face tariffs of 15% to 20%, well above the 10% headline rate introduced in April. Meanwhile, investors remained focused on the ongoing US-China trade talks in Stockholm, with both sides aiming to extend their fragile truce by another 90 days ahead of the August 12 deadline. Attention also turned to the Federal Reserve’s upcoming policy decision on Wednesday. While the Fed is expected to keep rates unchanged, traders will be watching closely for any signals of a possible rate cut in September.

Silver Pressured by Dollar Strength

Malaysian palm oil futures hovered around MYR 4,260 per tonne, rising for the first session in three, supported by a weaker ringgit and gains in Dalian soyoil. Robust demand from top buyer India is also expected to continue ahead of the Diwali festival in mid-October. In June, India’s palm oil imports jumped to an 11-month high, driven by low domestic stocks and attractive pricing compared to soyoil and sunflower oil. However, signs of weak exports capped further gains, with cargo surveyors noting that Malaysian palm oil shipments for July 1–25 fell between 9.2% and 15.2% from June. Meanwhile, supply-side pressures remain, as the Malaysian Palm Oil Board projects production could rise to 19.5 million tonnes in 2025 from 19.3 million in 2024 due to improved labor conditions. On the trade front, U.S. Commerce Secretary Lutnick said the Trump administration is “likely” to extend a 90-day tariff pause with China, possibly paving the way for a Trump-Xi Jinping meeting later this year.

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Copper Plunges 20% on Trump Tariff Exclusion

Gold Hits 4-week Low

Silver Drops Over 2% after Fed's Decision

Platinum Hits 4-week Low

Platinum is down by 5%

GSCI Hits 7-week Low

Gold Extends Losses as Fed Holds Rates, Dollar Strengthens

Copper Hits 8-week Low

US Natgas Prices Fall to Over 3-Month Low

Lumber Hits 35-month High

Gasoline Futures Rise Toward 6-Week High

Sugar Futures Hover Around 1-Week High

Gold Tests 1-Month Low

Heating Oil Declines After EIA Data

Arabica Coffee Futures at Over 1-Week Low

Oil Holds Near 5-Week High

Oil Holds Near 5-Week High

Cocoa Futures on the Rise

Baltic Dry Index Down for 4th Day

Cheese Hits 14-week Low

Rubber Futures Edge Higher

Milk Hits 16-week Low

Steel Pulls Back from 7-Month High

Iron Ore Steady as Markets Await US-China Truce Decision

Silver Holds Near 2-Week Low Ahead of Fed Decision

UK Gas Hits 5-week High

Palm Oil Extends Gains

Copper Gains as Chile Seeks US Tariff Exemption

Gold Stays Close to 3-Week Low

Brent Holds Near 5-Week High

Oil Holds Near 5-Week High

Brent Settles Above $72

WTI Surges Over 3% to 5-Week High

GSCI Hits 5-week High

Gasoline Hits 5-week High

Crude Oil Hits 5-week High

Brent Crude Oil Approaches $71

Oil Picks Up for 2nd Session

UK Natural Gas Futures Pick Up from 3-Week Low

TTF Prices Soar by 4%

US Natgas Prices Rise from 10-Week Low

Lumber Hits 17-week High

Brent Hits 5-week High

Baltic Dry Index Falls to 1-Week Low

Steel Rises to Over 4-Month High

Wheat Hits 4-week Low

Cocoa Hits 4-week High

Iron Ore Climbs as China Targets Overcapacity

Silver Pressured by Dollar Strength

Palm Oil Snaps Two-Session of Losses