Brent crude oil rose above $83 per barrel on Friday, but still recorded a more than 7% decline over the week. Prices remained highly sensitive to developments surrounding a potential Iran-Oman agreement to restore shipping through the Strait of Hormuz, which could return millions of barrels of Middle Eastern oil to global markets. Oil reversed some gains in post-settlement trading after reports that the US could lift its naval blockade once commercial shipping through the strait resumes without restrictions. However, uncertainty persisted, with Abu Dhabi National Oil Co. reporting attacks on three vessels transiting Hormuz and Iran reportedly targeting vessels it considers hostile. President Donald Trump maintained that negotiations were progressing, but differences remain over conditions for reopening the waterway. Meanwhile, Iran-backed Houthis claimed a large-scale attack against Saudi-aligned forces in Yemen.

Brent Rises but Posts Weekly Loss on Hormuz Uncertainty

Crude oil rose about 1% to settle at $78.18 per barrel on Friday, but still recorded a more than 7% decline over the week. Prices remained highly sensitive to developments surrounding a potential Iran-Oman agreement to restore shipping through the Strait of Hormuz, which could return millions of barrels of Middle Eastern oil to global markets. Oil reversed some gains in post-settlement trading after reports that the US could lift its naval blockade once commercial shipping through the strait resumes without restrictions. However, uncertainty persisted, with Abu Dhabi National Oil Co. reporting attacks on three vessels transiting Hormuz and Iran reportedly targeting vessels it considers hostile. President Donald Trump maintained that negotiations were progressing, but differences remain over conditions for reopening the waterway. Meanwhile, Iran-backed Houthis claimed a large-scale attack against Saudi-aligned forces in Yemen.

Oil Rises but Posts Weekly Loss on Hormuz Uncertainty

Palladium futures held near $1,370 per ounce, remaining near a seven-week high as weaker-than-expected US jobs data reduced expectations of further Fed tightening, while Middle East tensions capped gains. US nonfarm payrolls unexpectedly declined in July, prompting markets to lower expectations of a near-term Fed rate hike to 43.9% from 57% before the report. However, President Donald Trump stated he believed the war would end soon, while attacks by Iran and Iran-backed Houthi militants continued to fuel concerns over energy supply disruptions and inflation. Meanwhile, US consumers continued to favor hybrid vehicles over battery-electric models in the first half of 2026, supporting demand for palladium used in catalytic converters. However, broader demand remained under pressure as Chinese EV sales rose for a third straight month in July. Nornickel, the world's largest palladium producer, expects a global palladium market surplus in 2026 as rising EV adoption weakens long-term demand.

Palladium Steadies Near 7-Week High

Platinum futures held near $1,750 per ounce, hovering around a seven-week high as weaker-than-expected US jobs data reduced expectations of further Federal Reserve tightening, while Middle East tensions capped gains. US nonfarm payrolls unexpectedly declined in July, prompting markets to lower the probability of a near-term Fed rate hike to 43.9% from 57% before the report. However, President Donald Trump stated he believed the war would end soon, while attacks by Iran and Iran-backed Houthi militants continued to fuel concerns over energy supply disruptions and inflation. Meanwhile, South Africa's Valterra Platinum, the world's largest primary platinum producer, reported a sharp rise in interim profit, supported by higher platinum-group metal prices. The company also expects AI-related infrastructure to drive demand higher, while the platinum market is projected to remain in supply deficit for another year.

Platinum Holds Near 7-Week High

Silver price rose to over $63.5 per ounce on Friday, the highest in seven weeks, as markets reconsidered the likelihood that the Federal Reserve will hike rates this year. New jobs data showed an unexpected drop in payrolls, limiting the leeway for higher rates to attend inflationary pressures. Still, fuel and natural gas prices held most of their pullback in August as the US presidential administration chased an agreement with Iran to restore energy exports through the Persian Gulf. Lower risks of a rate lowered yields and benefited precious metals. In turn, industrial demand for silver also supported bids, as Chinese imports of silver-bearing ores surged 62.5% annually in June to 219,000 tonnes. The data was in line with an expanding production for solar panels and electricity grids. Still, lingering risks of a flare-up in energy prices maintained silver relatively close to the seven-month low of $55 per ounce from July 16th.

Silver Rises to 7-Week High

Gold prices rose to above $4,350 per ounce on Friday, the highest in two months as lower energy prices and softening labor conditions limited expectations that the Federal Reserve would deliver a rate hike this year. The US economy unexpectedly shed jobs in July while wages and the labor force participation rate fell, erasing any views that the strong labor market was inflationary. On top of that, energy prices lost some of the traction from previous sessions despite lingering uncertainty of a deal between Iran and the US to restore exports through the Strait of Hormuz. Treasury yields consequently eased, lifting bullion prices as markets faced lower opportunity costs to hold assets that bear no interest. Elsewhere, data from clearing institutions indicated that institutional investors in China continued to increase long position on gold-backed assets for safety from volatility in tech stocks and recent signs of strength in the physical market, recently underpinned by central banks.

Gold Rises to 2-Month High

Gold is up by 2.01%

Brent crude oil traded below $82 per barrel on Friday, moving between gains and losses as investors weighed negotiations between Iran and Oman over the Strait of Hormuz against renewed geopolitical tensions. Optimism over a partial reopening of the strategic waterway faded as Iran reportedly sought to exclude US and Israeli vessels and impose fees on countries it considers hostile. The US, meanwhile, has pushed for unrestricted transit and a return to pre-war conditions, leaving the two sides seemingly far apart on the terms of any agreement. President Donald Trump maintained an optimistic tone, saying the conflict could end “pretty soon” and that discussions were progressing. However, reports of Iran attacking “hostile targets” in the strait following explosions near Qeshm Island added to concerns over shipping security. Separately, Iran-backed Houthi militants said they had carried out a “large-scale” attack against forces aligned with Yemen’s Saudi-backed government.

Brent Hovers Below $82

Crude oil traded around $77 per barrel on Friday, moving between gains and losses as investors weighed negotiations between Iran and Oman over the Strait of Hormuz against renewed geopolitical tensions. Optimism over a partial reopening of the strategic waterway faded as Iran reportedly sought to exclude US and Israeli vessels and impose fees on countries it considers hostile. The US, meanwhile, has pushed for unrestricted transit and a return to pre-war conditions, leaving the two sides seemingly far apart on the terms of any agreement. President Donald Trump maintained an optimistic tone, saying the conflict could end “pretty soon” and that discussions were progressing. However, reports of Iran attacking “hostile targets” in the strait following explosions near Qeshm Island added to concerns over shipping security. Separately, Iran-backed Houthi militants said they had carried out a “large-scale” attack against forces aligned with Yemen’s Saudi-backed government.

Oil Fluctuates at End of Week

UK natural gas prices rose further to 140 pence per therm on Friday, recovering most of the losses recorded earlier in the week as renewed tensions in the Strait of Hormuz heightened uncertainty over the resumption of LNG flows from the Persian Gulf. Iranian state media reported that naval forces had carried out an operation against “hostile targets” near the strait following explosions heard on Qeshm Island. Tehran is also reportedly seeking to restrict US and Israeli vessels from transiting the waterway under a proposed agreement with Oman, while demanding compensation from countries it views as hostile before allowing passage. Ongoing disruptions to LNG shipments from key exporters such as Qatar have kept global supply conditions tight, intensifying competition with Asian buyers for available cargoes and complicating Europe’s efforts to rebuild gas inventories ahead of winter.

UK Natural Gas Rises Further

Silver climbed above $63 an ounce on Friday, reaching a six-week high as investors awaited the closely watched US jobs report for fresh clues on labor market conditions and the outlook for Federal Reserve monetary policy. Markets remain divided over whether the US central bank will raise interest rates in September, although Fed officials have increasingly signaled a willingness to tighten policy soon amid mounting inflationary pressures. Investors also monitored developments in the Middle East, as renewed tensions in the Strait of Hormuz pushed oil prices higher, reviving concerns about inflation and the prospect of near-term rate hikes. Elsewhere, industrial demand continued to underpin silver prices, with Chinese imports of silver-bearing ores surging 62.5% year-over-year in June to 219,000 tonnes.

Silver Rises Ahead of US Jobs Report

Gold climbed toward $4,300 an ounce on Friday, resuming its upward trend as investors awaited the closely watched US jobs report for fresh clues on labor market conditions and the outlook for Federal Reserve monetary policy. Markets remain divided over whether the US central bank will raise interest rates in September, although Fed officials have increasingly signaled a willingness to tighten policy soon amid mounting inflationary pressures. Investors also continued to monitor developments in the Middle East, as renewed tensions in the Strait of Hormuz pushed oil prices higher, reviving concerns about inflation and the prospect of near-term rate hikes. Elsewhere, data from clearing institutions showed that institutional investors in China continued to build long positions in gold-backed assets as a hedge against volatility in technology stocks, with demand also supported by continued central bank buying.

Gold Rises Ahead of Key US Jobs Report

Corn futures rose to around $4.4 per bushel, attempting to rebound from a four-week low as higher crude oil prices boosted demand for biofuel feedstocks. Reports of renewed attacks in the Strait of Hormuz and the lack of clarity over a deal to reopen the critical waterway drove oil prices higher. Agricultural commodity prices often tracked energy markets due to the growing use of crop-based feedstocks in biofuel production. Meanwhile, expectations of abundant supplies limited gains, with brokerage StoneX projecting the 2026 US corn harvest at 16.16 billion bushels. Additionally, the USDA lowered its good-to-excellent rating for the US corn crop for a third consecutive week, though the deterioration did little to offset the market's bearish supply outlook. Traders also continued to monitor the Russia-Ukraine conflict and its impact on Black Sea grain exports, although expectations for another large harvest from the region continued to weigh on prices.

Corn Rises from One-Month Low

Soybean futures rose above $11.6 per bushel, attempting to rebound from a five-week low, supported by stronger Chinese demand and higher crude oil prices. Reports of renewed attacks in the Strait of Hormuz and the lack of clarity over a deal to reopen the critical waterway lifted oil prices. Agricultural prices often tracked energy markets due to the growing use of crop-based feedstocks in biofuel production. In addition, the USDA confirmed private sales of 132,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year beginning September 1, following Beijing's purchase of about 1 million tons of US soybeans last week. Meanwhile, ongoing hostilities between Russia and Ukraine continued to pose risks to Black Sea grain exports, although expectations of another large Black Sea harvest weighed on prices. Additional pressure came from expectations of ample global supplies, with brokerage StoneX forecasting the 2026 US soybean harvest at 4.47 billion bushels.

Soybeans Attempt Rebound

Malaysian palm oil futures hovered below MYR 4,700 per tonne, extending recent declines as weakness in Dalian palm olein and Chicago soyoil weighed on sentiment. Traders also grew cautious ahead of next week’s monthly report from the Malaysian Palm Oil Board, while Reuters survey pointed to July inventories at a five-month high as seasonal output outpaced demand. Even so, palm oil was still tracking a modest weekly advance of about 0.5% so far, recovering from prior losses. Demand prospects in top buyer India offered support, with July imports surging to a 10-month high as refiners stocked up on palm oil and soyoil ahead of festive demand amid tightening domestic supplies. Exports also underpinned prices, with cargo surveyors estimating July Malaysian palm oil shipments rose between 12.1% and 19.5% from June. In China, another major consumer, July trade data showed resilient exports and imports despite moderating growth, reinforcing a broadly supportive backdrop for commodity demand.

Palm Oil Eases Further But Heads for Modest Weekly Gain

Copper futures climbed above $6.7 per pound on Friday, reaching fresh record highs as mounting global supply risks continued to support the market. The Democratic Republic of Congo has banned exports of copper concentrates, highlighting a growing trend among resource-rich nations to retain more value by expanding domestic refining and processing capacity. Concerns over potential US import tariffs on copper also continued to divert supplies from international markets into US warehouses. Meanwhile, operations at part of Codelco’s flagship El Teniente mine could remain suspended for up to two years, adding to supply concerns. On the demand side, copper remained supported by a strong outlook for power grid upgrades and data center expansion as the global shift toward electrification and artificial intelligence continued to drive consumption.

Copper Scales Record Levels on Supply Worries

US natural gas prices dropped to around $2.62 per MMBtu, the lowest level since April, as a large storage build underscored ample supply conditions. The EIA report showed energy firms injected 33 bcf of gas into storage in the week ended July 31, well above both the 13 Bcf rise recorded a year earlier and the five-year average increase of 23 bcf. On top of that, production remained near record highs despite a slight easing, with Lower 48 dry gas output averaging 110.6 bcfd so far in August, compared with a record 110.7 bcfd in July. LNG feedgas demand also continued to weaken, with average flows to the nine major LNG export plants falling to 16.9 bcfd so far this month from 17.2 bcfd in July, due partly to reduced operations at Freeport LNG in Texas and the single operating liquefaction train at Golden Pass. These factors more than offset support from expectations of higher weather-driven demand, with forecasts pointing to mostly above-normal temperatures through August 21.

US Natural Gas Drops to Over 3-Month Low

European natural gas prices climbed above €58 per MWh on Friday, extending gains from the previous session as ongoing tensions in the Strait of Hormuz raised uncertainty over the resumption of LNG flows from the Persian Gulf. Iranian state media reported that naval forces had conducted an operation against "hostile targets" near the strait following explosions heard on Qeshm Island. Tehran is also reportedly seeking to restrict US and Israeli vessels from transiting the waterway under a proposed agreement with Oman, while demanding compensation from countries it considers hostile before allowing passage. European gas prices recovered most of the losses recorded earlier in the week following the reports. Continued disruptions to LNG shipments from key exporters such as Qatar have kept global supply balances tight, intensifying competition with Asian buyers for available cargoes and hampering Europe's winter stockpiling efforts.

European Natural Gas Extends Advance

US gasoline futures rose above $2.90 per gallon on Friday, building on the previous session's rebound as renewed tensions in the Strait of Hormuz cast fresh doubt on efforts to fully reopen the vital shipping route. Iranian state media also reported that lawmakers are considering suspending transit rights under the Oman-brokered shipping agreement for vessels linked to the US, Israel, and other countries deemed hostile by Tehran. Adding to supply concerns, Ukraine carried out overnight drone strikes on two Russian oil refineries, including one of the country's largest in the Yaroslavl region, following a brief lull in late July that had allowed repairs and a partial recovery in fuel supplies. Russia's gasoline and diesel exports plunged 60% in July, prompting Moscow to extend its gasoline export ban through January 2027. Meanwhile, EIA data showed US gasoline inventories fell by 1.64 million barrels in the week ended July 31, leaving stocks 7% below the five-year seasonal average.

Gasoline Extends Gains

US heating oil futures rose above $3.90 per gallon on Friday, rebounding from an over three-week low, as renewed strikes in the Strait of Hormuz dimmed hopes for a gradual resumption of energy flows through the key shipping route. Iranian state media also reported that parliament is reviewing a proposal to bar ships linked to the US, Israel, and other countries deemed hostile by Tehran from transiting the Strait of Hormuz under the Oman-brokered shipping agreement until Iran receives compensation for war-related damages. Adding to supply concerns, Ukraine carried out long-range drone attacks on two Russian oil refineries, including one of the country's largest. Russia's gasoline and diesel exports plunged 60% in July, prompting Moscow to extend its gasoline export ban through January 2027. Meanwhile, EIA data showed distillate fuel inventories, including diesel and heating oil, fell by 3.473 million barrels in the week ended July 31.

Heating Oil Rebounds

Silver fell toward $61 an ounce on Friday, sliding for the second straight session  as a flare-up in the Strait of Hormuz sent oil prices higher, reviving concerns about inflation and a near-term Federal Reserve interest rate hike. Reports indicated that Iran struck what it described as “hostile targets” in the strait following explosions near Qeshm Island. Tehran is also seeking to bar US and Israeli vessels from transiting Hormuz while requiring countries it considers hostile to pay compensation before being granted passage. Meanwhile, Fed officials have increasingly signaled they are prepared to raise interest rates soon amid mounting inflationary risks, with markets anticipating a 25-basis-point hike in September. At the same time, industrial demand continued to provide underlying support for silver, with Chinese imports of silver-bearing ores surging 62.5% year-over-year in June to 219,000 tonnes.

Silver Falls on Renewed Hormuz Tensions

Gold held above $4,200 an ounce on Friday, pausing a recent rally as renewed tensions in the Strait of Hormuz pushed oil prices higher, reigniting concerns about inflation and the prospect of a near-term Federal Reserve interest rate hike. Reports indicated that Iran struck what it described as “hostile targets” in the strait following explosions near Qeshm Island. Tehran is also seeking to bar US and Israeli vessels from transiting Hormuz while requiring countries it considers hostile to pay compensation before being allowed passage. Meanwhile, Fed officials have increasingly signaled they are prepared to raise interest rates soon amid rising inflationary risks, with markets pricing in a 25-basis-point hike in September. Separately, data from clearing institutions showed that institutional investors in China continued to build long positions in gold-backed assets as a hedge against volatility in technology stocks, bolstered by central bank buying.

Gold Steadies Amid Hormuz Tensions

Brent rose above $83 per barrel on Friday, building on the previous session’s gains as renewed tensions in the Strait of Hormuz unsettled markets and cast fresh doubt over efforts to fully reopen the vital shipping route. Reports indicated that Iran struck what it described as “hostile targets” in the strait after explosions were reported near Qeshm Island. Under the proposed Iran-Oman agreement governing the waterway, Tehran seeks to prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage. Iran has also proposed penalties equal to 20% of a vessel’s cargo value for violations and said the strait would only be fully reopened once the US maritime blockade is lifted. The Iranian parliament is currently reviewing the draft proposal, which outlines stricter conditions for commercial shipping through the Strait of Hormuz than markets anticipated.

Brent Extends Gains as Hormuz Tensions Resurface

Crude oil rose above $78 per barrel on Friday, building on the previous session’s gains as renewed tensions in the Strait of Hormuz unsettled markets and cast fresh doubt over efforts to fully reopen the vital shipping route. Reports indicated that Iran struck what it described as “hostile targets” in the strait after explosions were reported near Qeshm Island. Under the proposed Iran-Oman agreement governing the waterway, Tehran seeks to prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage. Iran has also proposed penalties equal to 20% of a vessel’s cargo value for violations and said the strait would only be fully reopened once the US maritime blockade is lifted. The Iranian parliament is currently reviewing the draft proposal, which outlines stricter conditions for commercial shipping through the Strait of Hormuz than markets anticipated.

Oil Extends Gains as Hormuz Tensions Resurface

Brent extended its gains, rising more than 4% to $82.8 per barrel on Thursday, after reports that an Iranian parliamentary committee is analyzing a draft proposal outlining restrictive conditions for ship traffic through the Strait of Hormuz. Under the proposal, Iran would prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage. Tehran also proposed imposing penalties on violators equivalent to 20% of the value of the cargo carried by a vessel and stated that a full reopening of the strait would depend on the lifting of the US maritime blockade. Meanwhile, Houthi forces in Yemen claimed on Thursday to have launched attacks on Saudi troop positions, adding to geopolitical concerns across the region. Earlier in the day, US officials reiterated their confidence that a nuclear agreement with Iran was within reach, although investors remained cautious about the prospects for a durable and lasting peace.

Brent Rises More Than 4%

Crude oil extended its gains, rising 3% to $77.5 per barrel on Thursday, after reports that an Iranian parliamentary committee is analyzing a draft proposal outlining restrictive conditions for ship traffic through the Strait of Hormuz. Under the proposal, Iran would prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage. Tehran also proposed imposing penalties on violators equivalent to 20% of the value of the cargo carried by a vessel and stated that a full reopening of the strait would depend on the lifting of the US maritime blockade. Meanwhile, Houthi forces in Yemen claimed on Thursday to have launched attacks on Saudi troop positions, adding to geopolitical concerns across the region. Earlier in the day, US officials reiterated their confidence that a nuclear agreement with Iran was within reach, although investors remained cautious about the prospects for a durable and lasting peace.

Oil Prices Extend Gains as Iran Reviews Hormuz Transit Bill

Oat decreased to 308.25 USd/Bu, the lowest since July 2026. Over the past 4 weeks, Oat gained 5.28%, and in the last 12 months, it decreased 6.77%.

Oat Hits 4-week Low

Lumber prices fell below $580 per thousand board feet, heading toward a three-month low as weaker US housing demand and persistent trade uncertainty weighed on the market. While Canadian softwood lumber was exempt from US's new 50% tariffs, it remains subject to existing duties of nearly 35%, pressuring producers' margins. The Forest Products Association of Canada said the trade measures dealt a further blow to the industry already operating below capacity amid production curtailments and closures, while Ottawa has extended support measures. The US Lumber Coalition argued that Canada's excess production capacity continues to distort the market. Meanwhile, mortgage rates climbed to their highest level in a year, according to Freddie Mac, while mortgage applications declined in the final weeks of July, reflecting deteriorating homebuying activity. Demand was further pressured by weaker construction spending on lumber-intensive single-family housing, falling 3.3% from last year in June.

Lumber Nears 3-Month Low

Cheese decreased to 1.61 USD/Lbs, the lowest since July 2026. Over the past 4 weeks, Cheese gained 0.87%, and in the last 12 months, it decreased 8.48%.

Cheese Hits 4-week Low

Wheat decreased to 631.00 USd/Bu, the lowest since July 2026. Over the past 4 weeks, Wheat gained 3.6%, and in the last 12 months, it increased 21.79%.

Wheat Hits 4-week Low

Sugar increased to 15.34 USd/Lbs, the highest since July 2026. Over the past 4 weeks, Sugar gained 1.24%, and in the last 12 months, it decreased 4.26%.

Sugar Hits 4-week High

Cocoa prices traded around $5,800 per tonne, close to their highest in nearly a month, influenced by crop forecasts and ongoing climate worries. Supply concerns have intensified in the key producing region of West Africa after Ghana's cocoa regulator COCOBOD projected a decline of at least 16% in 2026/27 cocoa production due to unfavorable weather, disease, ageing plantations, illegal mining, and the crop's natural yield cycle. Expectations of a more than 10% drop in Ivory Coast's output next season, along with the risk of excessive rainfall boosting disease pressure, further supported prices. Additionally, concerns mounted that Ecuador, Peru and Southeast Asia could together produce 100,000 tons less cocoa.

Cocoa Futures Hover Near 1-Month High

Arabica coffee futures have fluctuated in recent weeks, before consolidating below $3.10 per pound to their lowest level in a month. Still, the market continued to be supported by tight supplies, uncertainty over the quality of Brazil's harvest, coffee growers' reluctance to sell, and weather-related risks associated with El Niño. Although a record Brazilian harvest of more than 70 million bags is expected this season, the balance between supply and demand remains tight, particularly in the higher-quality. Traders remain concerned that rains in key producing regions, including Minas Gerais and São Paulo, during June and July, may have affected the quality of part of the crop. ICE arabica coffee fell to a 2.5-year low of 251,417 bags as of August 7, down sharply from the 754,516 bags last year. At the same time, Brazilian producers continue to sell gradually, limiting immediate coffee availability. Meanwhile, the developing "super" El Niño remains a key risk to next year's harvest.

Arabica Coffee Futures Ease

The Baltic Exchange's dry bulk freight index, which monitors rates for ships carrying dry bulk commodities, snapped a five-day winning streak on Thursday, falling about 0.2% to 3,057 points. The capesize index, which typically transports 150,000-ton cargoes including iron ore and coal, also halted its five-day advance, decreasing by 0.8% to 5,052 points; and the supramax index shed 4 points, or 0.3%, at 1,608 points. Conversely, the panamax index, which tracks vessels carrying around 60,000 to 70,000 tons of coal or grain, rose by 1.7% to its highest since June 15 at 2,275 points.

Baltic Dry Index Breaks 5-Day Advance

Copper futures rose to over $6.7 per pound on Thursday, a record high, amid mounting concerns of tight supply and signs of robust demand. The DR Congo announced a ban on exports of copper concentrate effective immediately. The move was in line with growth protectionism for ore-rich countries to spur the development of refining and processing capacity domestically. Meanwhile, development at a portion of Codelco's flagship El Teniente mine could remain suspended for as long as two years. Meanwhile, trading funds continued to take long positions on metal exchanges amid scarcity for on-warrant inventories, falling visible stockpiles in China, and robust US buying ahead of a possible tariff announcement. Data showed that more than 200,000 tons of copper arrived at US ports in July, marking the largest monthly inflow in over a decade. Likewise, deliverable copper stocks an SHFE inventories nearly halved in July to 69.3 thousand tonnes.

Copper Rises to Record High

Silver pries were near the $62 per ounce mark on Thursday, remaining near the seven-week high from the previous session as markets reconsidered the likelihood that the Federal Reserve will hike rates this year. Fuel and natural gas prices held most of their pullback in August as the US presidential administration chased an agreement with Iran and GCC members that restores energy exports through the Persian Gulf. Lower risks that higher fuel prices would lift underlying inflation trimmed expectations that the Federal Reserve would raise rates this year. Industrial demand for silver also supported bids, as Chinese imports of silver-bearing ores surged 62.5% annually in June to 219,000 tonnes. The data was in line with an expanding production for solar panels and electricity grids. Still, lingering risks of a flare-up in energy prices maintained silver relatively close to the seven-month low of $55 per ounce from July 16th. On top of that, manufacturing demand in China was seen slowing,

Silver Holds Near 7-Week High

Gold prices were above $4,250 per ounce on Thursday, holding this week's rally at a seven week high as lower energy prices reduced certainty that the Federal Reserve was due to raise rates this year. US officials signaled they are chasing a ceasefire with Iran and an agreement to protect trade through the Persian Gulf, driving fuel prices to plunge since the start of August, and softening concerns that energy inflation would lift underlying consumer prices. Treasury yields consequently eased, lifting bullion prices as markets faced lower opportunity costs to hold assets that bear no interest. Elsewhere, data from clearing institutions indicated that institutional investors in China continued to increase long position on gold-backed assets for safety from volatility in tech stocks and recent signs of strength in the physical market, recently underpinned by central banks.

Gold Holds at 7-Week High

US gasoline futures traded near $2.85 per gallon after reaching a near five-week low, as traders weighed signs of easing tensions between the US and Iran against renewed Ukrainian attacks on Russian refining infrastructure. Ukraine struck two Russian oil refineries overnight at the Yaroslavl region, one of the country's largest, following a brief lull during late July that had allowed repairs and supply recovery. Russia's gasoline and diesel exports plunged 60% in July, prompting Moscow to extend its gasoline export ban through January 2027. Meanwhile, EIA data showed US gasoline inventories fell by 1.64 million barrels in the week ended July 31, exceeding expectations and leaving stocks 7% below the five-year seasonal average. Elsewhere, Iran and Oman reached an agreement on a temporary shipping route, though officials stressed it would not amount to a full reopening of the strategic waterway, while US officials continued to express confidence that a deal with Iran was nearing.

Gasoline Trades Near Five-Week Low

Brent crude oil traded below $80 per barrel on Thursday, after three consecutive sessions of losses, as investors assessed the implications of a proposed shipping agreement through the Strait of Hormuz. Iran said it had reached an agreement with Oman on a temporary shipping route, though officials stressed it would not amount to a full reopening of the strategic waterway. Meanwhile, US officials continued to express confidence that a deal with Iran was nearing, though investors remained cautious about the durability of any lasting peace in the region. The UK Navy reported explosions near a tanker transiting the strait, while Iran-backed Houthi militants claimed attacks on a Saudi oil tanker and threatened additional vessels in the Red Sea. Meanwhile, US crude inventories rose from their lowest level since 2018, and Saudi Aramco cut its flagship crude price for Asian buyers, reflecting expectations of improving regional supply conditions.

Brent Stabilizes After Recent Selloff

Crude oil traded around $75 per barrel on Thursday, after three consecutive sessions of losses, as investors assessed the implications of a proposed shipping agreement through the Strait of Hormuz. Iran said it had reached an agreement with Oman on a temporary shipping route, though officials stressed it would not amount to a full reopening of the strategic waterway. Meanwhile, US officials continued to express confidence that a deal with Iran was nearing, though investors remained cautious about the durability of any lasting peace in the region. The UK Navy reported explosions near a tanker transiting the strait, while Iran-backed Houthi militants claimed attacks on a Saudi oil tanker and threatened additional vessels in the Red Sea. Meanwhile, US crude inventories rose from their lowest level since 2018, and Saudi Aramco cut its flagship crude price for Asian buyers, reflecting expectations of improving regional supply conditions.

Oil Steadies as Markets Assess Hormuz Developments

Methanol decreased to 2461.00 CNY/T, the lowest since July 2026. Over the past 4 weeks, Methanol gained 5.57%, and in the last 12 months, it increased 4.34%.

Methanol Hits 4-week Low

Nickel traded around $16,700 per tonne in August, retreating to its lowest level since mid-July as expectations of improved Indonesian supply weighed on prices. The decline followed reports that Indonesia may further relax supplementary RKAB nickel ore quotas, with a major miner expected to receive additional allocations that would significantly increase its 2026 RKAB quota and support downstream smelter feedstock availability in the second half of the year. Prices also came under pressure as easing concerns over potential disruptions in the Strait of Hormuz reduced sulfur costs, lowering input cost pressures for nickel processing. Meanwhile, expectations of tighter Indonesian production controls and elevated production costs continued to provide some support.

Nickel Falls Near 1-Month Low

UK natural gas prices rose above 132 pence per therm on Thursday, rebounding from a three-week low amid lingering concerns over the outlook for gas supplies. While risk premiums eased after Iran announced it had reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, LNG supply risks remained elevated. Gas shipments through the key waterway continue to face significant disruptions, delaying cargoes from major exporters such as Qatar. These delays have complicated Europe's winter stockpiling efforts, while strong competition from Asian buyers has further tightened LNG availability. At the same time, unusually hot weather across central and southern Europe has added to market pressures by increasing electricity demand for air conditioning. EU gas storage facilities are currently just under 58% full, the lowest seasonal level in nearly two decades for this time of year.

UK Natural Gas Prices Rebound

Iron ore futures climbed to around CNY 715 per ton, recovering from 15-month lows as renewed concerns over potential supply disruptions resurfaced. A two-day strike is scheduled at BHP’s Port Hedland operations in Western Australia this weekend, despite progress in negotiations between the mining company and labor unions. The industrial action is expected to delay up to 16 iron ore shipments during the two-day period. BHP exports roughly $80 million worth of iron ore each day through Port Hedland, the world’s largest iron ore export terminal. Meanwhile, demand-side fundamentals remained weak, with a prolonged downturn in steel demand and deteriorating steel margins in top consumer China continuing to pressure the market. Hot metal production has fallen for several consecutive weeks as steel mills scale back output, while sluggish steel consumption has further reduced appetite for raw material purchases.

Iron Ore Rebounds on Fresh Supply Concerns

Copper futures held above $6.6 per pound on Thursday, remaining close to record highs as tightening global inventories and persistent supply risks in top producer Chile continued to support prices. Development at the Andes Norte section of Codelco’s flagship El Teniente mine could remain suspended for as long as two years, adding to supply tightness in the global copper market. Across the mining industry, producers are extending operations deeper underground as mature ore bodies become depleted, exposing them to greater geotechnical challenges like those affecting El Teniente. Meanwhile, analysts flagged an increasing risk of a short-term squeeze on the London Metal Exchange, driven by scarce on-warrant inventories, falling visible stockpiles in China, and robust US buying ahead of a possible tariff announcement. Data showed that more than 200,000 tons of copper arrived at US ports in July, marking the largest monthly inflow in over a decade.

Copper Prices Supported by Supply Concerns

Malaysian palm oil futures slipped below MYR 4,700 per tonne, reversing recent gains as a stronger ringgit and weaker Chicago soyoil prices dampened sentiment. Meanwhile, crude oil prices retreated, further weighing on palm oil as lower energy prices reduce biodiesel demand prospects. Market pressure also stemmed from Reuters forecasts that Malaysia’s palm oil inventories climbed to a five-month high in July, reflecting seasonally stronger output. Traders stayed cautious ahead of China’s July trade data, which may offer fresh demand signals from a major palm oil consumer. Still, losses were tempered by firmer edible oil prices on the Dalian exchange and solid export momentum. Cargo surveyors estimated Malaysia’s July palm oil shipments rose 12.1%–19.5% from June. In top buyer India, edible oil imports hit a 10-month peak in July as refiners stepped up palm oil and soyoil purchases to rebuild stocks before the festive season amid tightening domestic supplies.

Palm Oil Eases as Stronger Ringgit, Inventory Outlook Weigh

European natural gas prices rose toward €54 per MWh on Thursday after falling to a three-week low in the previous session, amid lingering concerns over the outlook for gas supplies. Although risk premiums eased after Iran announced it had reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, the market remained supported by persistent supply-side concerns. LNG shipments through the key waterway continue to face significant disruptions, delaying summer cargoes from major exporters such as Qatar. These delays have complicated Europe's winter stockpiling efforts, while strong competition from Asian buyers has further tightened LNG availability. Meanwhile, unusually hot weather across central and southern Europe has added to market pressures by increasing electricity demand for air conditioning.

European Natural Gas Rises from 3-Week Low

US heating oil futures fell below $3.80 per gallon, trading near a three-week low, as traders priced in improved supply prospects. Iran announced an agreement with Oman on a shipping route through the Strait of Hormuz, boosting expectations that more energy exports could flow through the strategic waterway. Iranian officials said a joint statement was being finalized and that the route was expected to remain operational for two to four months. They stressed, however, that the arrangement did not constitute a full reopening of the Strait. President Donald Trump also said talks with Tehran were ongoing. Even so, supply concerns lingered elsewhere. In Russia, diesel and gasoline exports plunged 60% in July after Ukrainian strikes disrupted refinery operations, prompting Moscow to extend its gasoline export ban through January 2027. Meanwhile, EIA data showed distillate inventories, including diesel and heating oil, fell by 3.473 million barrels in the week ended July 31.

Heating Oil Trades Near 3-Week Low

US gasoline futures fell to $2.82 per gallon, hovering near a four-week low as traders priced in improving supply prospects. Iran announced an agreement with Oman on a shipping route through the Strait of Hormuz, raising expectations of more energy flows through the key waterway. Iranian officials said a joint statement was being finalized, with the route expected to remain operational for two to four months. However, they stressed that the arrangement does not amount to a full reopening of the Strait. President Donald Trump also said talks with Tehran were ongoing. However, supply concerns persisted elsewhere. In Russia, diesel and gasoline exports plunged 60% in July after Ukrainian strikes disrupted refinery operations, prompting Moscow to extend its gasoline export ban through January 2027. Meanwhile, EIA data showed US gasoline inventories fell by 1.643 million barrels in the week ended July 31, exceeding expectations and leaving stocks 7% below the five-year seasonal average.

Gasoline Hovers Near 4-Week Low

Silver held above $62 an ounce on Thursday after rising for three straight sessions, as a deal to partially reopen the Strait of Hormuz pushed oil prices lower, easing concerns over inflation and the outlook for interest rates. Iran and Oman reached an agreement on a shipping corridor through the strait, boosting expectations of increased energy flows from the Middle East. Markets scaled back expectations for Federal Reserve interest rate hikes this year, now pricing in just one increase by year-end, compared with two as recently as last week. Meanwhile, ADP data showed the US economy added only 44,000 private-sector jobs in July, the weakest reading since January and well below forecasts for 70,000. Elsewhere, Fed Governor Lisa Cook reiterated on Wednesday that she remains prepared to raise rates if inflation fails to cool, warning that the central bank may not have the luxury of waiting before bringing inflation back to its 2% target.

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