Tin futures in the UK rose to $54,000 per tonne, rebounding from the over-two-month low of $51,880 on September 14th, as the recovery in the AI trade improved the outlook for global tin demand. Strong utilization rates from AI agents released by Meta drove equities for chip producers and datacenter developers to rally, lifting tin contracts due to their close cointeration this year. Tin consumption remained underpinned by electrification projects and AI infrastructure development due to the metal's broad utility in datacenters and battery storage facilities. The metal's soldering capabilities, which are useful in precision soldering in AI infrastructure, prompted industry players to signal that tin demand in AI servers should triple by 2030. Meanwhile, supply from major producer Indonesia remained low as Jakarta pulled back on the issuance of export licenses. On top of that, Jakarta further tightened mining permits and seized 500 tonnes of metal from mines without licences.

Tin Rebounds from 2-Month Low

Iron ore futures in China dropped to under CNY 710 per tonne, approaching the one-year low of CNY 695 in early August as low demand and risks on financing trade. Iron ore trading giant Radiant world disclosed $870 million outstanding to six different trade financing firms, detailing the exposure of different creditors to the firm accused of fabricating invoices to secure funding, which has currently not been paid back. The crisis to the major trader halted a large source of physical iron ore liquidity. On top of halting a sector of the trading market, the developments are also due to tighten funding rules for other traders, having already been responsible for the sharp decline in ore futures in late July. Meanwhile, softening demand for construction and manufacturing in China also dented ferrous metal buying. New yuan loans were sharply under historical averages in August, and the construction PMI fell to a record low.

Iron Ore Falls Approaches 1-Year Low

US gasoline futures held above $3.50 a gallon, its highest level since May 21st, following President Trump's remarks at the UN on the conflict with Iran. The US President stated that a deal with Iran could be reached with Tehran after the US midterm elections. Earlier in the session, Iran had proposed reopening shipping through the Strait of Hormuz within seven days, although contingent on the US lifting its blockade. Meanwhile, the crack spread rose to record highs amid widening refining margins due to rising refined fuel prices. As winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets. Persistent Ukrainian attacks on Russian refining infrastructure have also contributed to elevated prices, with several refineries either fully or partially shut down. As a result, Russia is set to extend its diesel export ban beyond September.

Gasoline Rises to Four-Month High

Brent crude fell to around $100 a barrel on Tuesday, extending losses into a fifth session and reaching its lowest level in two weeks as traders continued to monitor diplomatic efforts to end the conflict with Iran. US President Trump told the UN that he believed the US would reach a deal with Iran right after the midterm elections in November. He noted that oil flows have increased since the conflict began, while suggesting prices could fall sharply once the war ends. Speculation about a meeting with Iranian President Masoud Pezeshkian persisted, although Secretary of State Marco Rubio said he was unaware of plans. Japan’s Kyodo News reported earlier that Iran proposed reopening Hormuz within seven days if a US blockade were lifted. Also, Saudi Arabia began preparations to restart its East-West oil pipeline, which was halted after drone attacks earlier this month, with exports potentially resuming later this week.

Brent Crude Edges Down

Crude oil fell toward $91 a barrel on Tuesday, extending losses into a fifth session and reaching its lowest level in more than two weeks as traders continued to monitor diplomatic efforts to end the conflict with Iran. US President Trump told the UN that he believed the US would reach a deal with Iran right after the midterm elections in November. He noted that oil flows have increased since the conflict began, while suggesting prices could fall sharply once the war ends. Speculation about a meeting with Iranian President Masoud Pezeshkian persisted, although Secretary of State Marco Rubio said he was unaware of plans. Japan’s Kyodo News reported earlier that Iran had proposed reopening Hormuz within seven days if a US blockade were lifted. Also, Saudi Arabia began preparations to restart its East-West oil pipeline, which was halted after drone attacks earlier this month, with exports potentially resuming later this week.

Crude Oil Falls for 5th Session

US natural gas prices fluctuated between $2.8 and $2.9 per million British thermal units as traders assessed production, storage and weather trends. Average Lower 48 output reached 113.0 billion cubic feet per day in September, above August’s monthly record of 112.2 bcfd, although daily production was expected to fall to an 11-week low of 109.8 bcfd on Tuesday. Strong output and mild spring weather kept inventories above the five-year average, but higher summer temperatures increased gas demand for power generation and reduced the surplus. Analysts estimated storage was 3% above normal for the week ended September 18, down from 3.7% previously. Weather forecasts now point to mostly normal conditions through October 7. Meanwhile, average gas flows to the nine major US LNG export plants rose to 18 bcfd in September from 17.2 bcfd in August, despite the temporary shutdown of the 0.8-bcfd Cove Point LNG facility for planned maintenance.

US Natgas Prices Edge Up on Tuesday

Thermal coal futures exported out of Australia fell to $145 per tonne from the three-month high of $149 on September 7th as higher output from China momentarily offset the recent jump in demand. Bodies operated by the Chinese central government issued a joint notice for local miners to maintain ample output after local prices climbed to multi-year highs. Domestic thermal coal production had fallen since May after an accident at the Shanxi province prompted a series of safety inspections in the sector. This coincided with strong demand among major consumers of Australian coal grades, including Japan and South Korea, as soaring prices for LNG drove utilities to increase capacity at coal power plants. LNG supply has remained at recent peaks as the war in the Middle East halted the flow of tankers from GCC countries. Consistently, the EIA revised forecasts to reflect a 1.2% increase in coal demand this year.

Coal Eases from 3-Month High

Silver fell below $66 an ounce on Tuesday, remaining under pressure as hawkish remarks from Federal Reserve officials reinforced expectations that US interest rates will stay higher for longer. The US central bank raised its policy rate by 25 basis points last week, its first such move in three years, while Chair Kevin Warsh signaled that further rate increases could come in the months ahead. Other Fed officials, including St. Louis Fed President Alberto Musalem and Chicago Fed President Austan Goolsbee, continued to stress the need for additional tightening to contain inflation fueled by strong demand and rising energy prices. Markets are now pricing in roughly a 90% chance of another rate hike in December, according to the CME FedWatch Tool. Meanwhile, oil prices fell for a fifth consecutive session following reports that Iran could reopen the Strait of Hormuz within seven days if the US takes initial steps to ease military pressure.

Silver Slips on Hawkish Fed Signals

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, advanced for a fourth straight session on Tuesday, rising about 1% to its highest since September 14 at 3,432 points. The panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, increased by 1.9% to 2,299 points; and the capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, went up by 0.9% to 5,892 points. Among smaller vessels, the supramax index rose by 0.3% to 1,776 points.

Baltic Dry Index at Over 1-Week High

Gold prices eased to around $4,330 an ounce on Tuesday, extending losses from the previous session as hawkish comments from Federal Reserve officials reinforced expectations that US interest rates will remain higher for longer. The US central bank raised its policy rate by 25 basis points last week, marking its first such move in three years, while Chair Kevin Warsh signaled that further rate increases could follow in the months ahead. Other Fed officials, including St. Louis Fed President Alberto Musalem and Chicago Fed President Austan Goolsbee, continued to emphasize the need for additional tightening to curb inflation fueled by strong demand and rising energy prices. Markets are now pricing in a roughly 90% probability of another rate hike in December, according to the CME FedWatch Tool. Elsewhere, oil prices fell for a fifth consecutive session following reports that Iran could reopen the Strait of Hormuz within seven days if the US takes initial steps to ease military pressure.

Gold Extends Losses as Hawkish Fed Signals Point to Higher Rates

US sugar futures traded above 18 cents per pound, holding close to their highest since April 2025, amid lingering concerns over the supply outlook. Weather disruptions in Asia and Europe are tightening the global outlook, with recent estimates pointing to a potential deficit in 2026/27. Thai sugar production is expected to fall by at least 17% to below 10 million tonnes, while below-normal monsoon rainfall in India is adding to concerns over output. The European Union Sugar Market Observatory also reported recently that the bloc's production in the 2026/27 crop year is expected to fall by 19%. El Niño poses an additional risk to global sugar production, with a strong event potentially bringing drier conditions to major producers. In top producer Brazil, uncertainty centers on how weather will affect the key Center-South region and the split of sugarcane between sugar and ethanol.

Sugar Futures Remain Above 18 Cents

US gasoline futures fell to around $3.40 a gallon, extending losses for a second consecutive session, after reports that Iran proposed reopening Strait of Hormuz shipping within seven days, contingent on the US lifting its blockade. The statement bolstered hopes for a conflict resolution as President Trump is set to address the UN General Assembly on Tuesday, where Iranian President Pezeshkian will also attend. Fears over prolonged disruptions to Saudi Arabia's East-West pipeline also abated following reports the critical line could partially restart within days. Meanwhile, the crack spread hit record highs as refining margins widened amid rising refined fuel prices. As winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets. Persistent Ukrainian attacks on Russian refining infrastructure have further supported elevated prices, with Russia set to extend its diesel export ban beyond September.

Gasoline Extends Decline

Steel rebar futures fell to CNY 3,100 per tonne from the two-week high of CNY 3,130 on September 16th amid lower iron ore prices and downside risks on demand. The property crisis in top steel consumer China continued to prevent significant demand growth for rebar. Housing prices fell 3% annually in August as existing home sales took the majority of home sales in the country on a year-to-date basis, reflecting the government's effort to cap the oversupply of residential properties. The developments limit steel buying from major developers in the country, among the main buyers of rebar in the world. Consistently, the official construction PMI in China feel to a record low of 46.9. Elsewhere, a group of trade finance firms accused trader Radiant World of fraudulent invoices to back receivables, driving ore prices to fall sharply as trade finance liquidity dried.

Steel Declines from 2-Week High

Cotton futures fell to around 82 cents per pound, its lowest level in little over a week, as traders assess whether demand can keep pace with the expected rise in new-crop availability. As the seasonal harvest progresses, additional supply is weighing on prices, particularly in Arizona, where 39% of the crop had been harvested, and Texas, up to 23%, in the week ending September 20th. Additionally, while high temperatures and lack of precipitation, particularly in Texas, increasing stress on crops, its conditions continue to worsen, with only 34% of crops rated good or excelent on the same week. Bearish sentiment was reinforced by weak export demand, as USDA's latest export sales report showed shipments declined to 71.2 thousand running bales for the week ended September 10th. Meanwhile, Brazilian output for 2025/26 is estimated to reach a record 4.5 million tons of lint, according to Agroconsult, while exports of Brazilian cotton surged 37.3% year-on-year in August.

Cotton Falls to One-Week Low

UK natural gas prices fell below 178 pence per therm, the lowest in three weeks, after reports that Iran could reopen the Strait of Hormuz if the US lifted its blockade of Iranian ports. Japan’s Kyodo News reported that Tehran had proposed reopening the waterway within seven days, potentially providing a basis for diplomatic discussions at the UN General Assembly. President Donald Trump is due to address the assembly and may meet Iranian President Masoud Pezeshkian. Meanwhile, reports of increasing numbers of LNG tankers and crude carriers finding alternative routes out of the Gulf have also helped ease supply concerns. Still, supply risks remain elevated, with Europe's gas storage levels remaining below the seasonal average at a time when they would typically be close to maximum capacity. Also, Norwegian gas exports remained constrained by maintenance.

UK Natural Gas Prices Fall to 2-Week Low

European natural gas prices fell toward €71 per megawatt-hour, their lowest level in three weeks, after reports that Iran could reopen the Strait of Hormuz if the US lifted its blockade of Iranian ports. Japan’s Kyodo News reported that Tehran had proposed reopening the waterway within seven days, potentially providing a basis for diplomatic discussions at the UN General Assembly. President Donald Trump is due to address the assembly and may meet Iranian President Masoud Pezeshkian. Rising numbers of LNG tankers and crude carriers using alternative routes have also eased supply concerns, while LNG demand in Northeast Asia remains weak, particularly in China, Japan and Turkey. In Europe, warmer and drier weather is expected over the next two weeks. Gas storage stood at 69.94% full, up 0.31 percentage points day on day but 11.76 points below last year. Meanwhile, Norwegian gas exports remained constrained by maintenance, with bookings falling to 262.5 million cubic metres per day.

European Natural Gas Prices Fall to 3-Week Low

Wheat fell to around $7.2 per bushel, moving further below the 3-1/2-year high of $7.67 reached on August 28, as improving weather in parts of the US Plains eased concerns over winter wheat conditions. The USDA said recent rainfall across the northern and central Plains had improved topsoil moisture and prospects for germination, although planting remained behind average at 17% complete versus the five-year average of 21%. Kansas was 10% planted, Oklahoma 4% and Texas 21%. Meanwhile, continued attacks between Russia and Ukraine have clouded prospects for a recovery in Black Sea grain exports, with strikes on vessels and ports leaving seaborne shipments largely disrupted. Russia has increasingly redirected grain through Baltic and Arctic terminals, although volumes remain below normal Black Sea flows. Markets are also monitoring diplomatic efforts at the UN and the Trump-Xi meeting for potential developments affecting energy flows and Chinese agricultural purchases.

Wheat Falls as US Weather Improves, Black Sea Risks Persist

Rubber futures held around 238 US cents per kilogram in late September, moving within a tight range after retreating from a 13-year high reached earlier this month. Immediate supply risks eased somewhat as rainfall in parts of Thailand was expected to improve, potentially supporting rubber tapping, although El Niño-related dryness remains a concern across much of Southeast Asia. Meanwhile, softer demand from China, the world's largest rubber consumer, also weighed on prices as weaker tire production and operating rates reduced raw-rubber purchases. Some manufacturers also plan holiday closures ahead of China's National Day and Mid-Autumn Festival, which could further reduce near-term rubber demand. In the meantime, crude oil prices decreased for the fifth day, making synthetic rubber cheaper and reducing the relative appeal of natural rubber.

Rubber Futures Hold in Tight Range

Malaysian palm oil futures hovered above MYR 4,850 per tonne, holding their jump since mid-August on strong demand for vegetable oils. Biofuel feedstock costs saw a broad increase from palm oil and soy oil, with persistent risks of an escalation in the Middle East and concerns of lower crude oil output from Saudi Arabia lifting demand for biofuel alternatives. On top of that, Indonesia’s B50 biodiesel mandate is set to divert more palm oil to domestic use. Likewise, imports from top consumer India rose 7% from July to 782,761 tonnes in August, the highest since February, as refiners replenished stocks ahead of the festival season. Separately, Malaysia raised its October crude palm oil reference price while keeping the export duty at 10%. In turn, the forecast of one of the most aggressive El Ninos in history continued to threaten supply from major producers Malaysia and Indonesia.

Palm Oil Holds at Elevated Level

Brent crude fell below $100 a barrel on Tuesday, extending losses for the fifth straight session to a two-week low, on hopes that renewed diplomatic efforts could help end the US-Iran conflict and restore disrupted energy flows from the Middle East. President Donald Trump is scheduled to address the UN General Assembly in New York and may meet Iranian President Masoud Pezeshkian on the sidelines. He is also expected to hold talks with Gulf leaders and Chinese President Xi Jinping later this week. Meanwhile, US Treasury Secretary Scott Bessent said all Iranian airlines would be shut down from September 23. Signs of improving supply were reported elsewhere, with Saudi Arabia moving crude through the Strait of Hormuz at around 2.9 million barrels per day over the past six days. Satellite imagery also showed supertankers with combined capacity of approximately 14 million barrels at Saudi Arabia’s Gulf export terminals, the highest number observed since at least June.

Brent Extends Losses for 5th Session

Crude oil fell below $92 a barrel on Tuesday, extending losses for the fifth straight session, on hopes that renewed diplomatic efforts could help end the US-Iran conflict and restore disrupted energy flows from the Middle East. President Donald Trump is scheduled to address the UN General Assembly in New York and may meet Iranian President Masoud Pezeshkian on the sidelines. He is also expected to hold talks with Gulf leaders and Chinese President Xi Jinping later this week. Meanwhile, US Treasury Secretary Scott Bessent said all Iranian airlines would be shut down from September 23, adding to pressure on Tehran. Signs of improving supply were reported elsewhere, with Saudi Arabia moving crude through the Strait of Hormuz at around 2.9 million barrels per day over the past six days. Satellite imagery also showed supertankers with combined capacity of approximately 14 million barrels at Saudi Arabia’s Gulf export terminals, the highest number observed since at least June.

Nickel traded around $16,400 per tonne, extending gains as concerns over supply disruptions in Indonesia emerged. Smelters at the Morowali Industrial Park will cut nickel pig iron production due to an El Niño-driven water shortage, with the affected output potentially reaching around 100,000 tonnes, raising concerns over tighter supply and helping limit further downside. However, the near-term outlook remained constrained by weak Chinese downstream demand, with nickel salt procurement and spot stockpiling subdued while some precursor producers reduced operating rates. Additionally, Indonesia’s revised nickel ore benchmark price formula sharply lowered the HPM for low-grade 1.2% nickel ore to around $24.89 per wet tonne, nearly halving the previous level, which could reduce feedstock costs for HPAL plants and encourage greater use of low-grade reserves. High inventories across the nickel supply chain also pointed to ongoing destocking, limiting the scope for a sustained recovery.

Nickel Extends Gains on Indonesia Supply Cut

TE Grains Index increased to 301.88 Index Points, the highest since July 2023. Over the past 4 weeks, TE Grains Index gained 9.18%, and in the last 12 months, it increased 32.91%.

TE Grains Index Hits 3-year High

Silver traded just below $66 an ounce on Tuesday, remaining under pressure as hawkish comments from Federal Reserve officials boosted expectations for further US interest rate hikes. On Monday, Chicago Fed President Austan Goolsbee said the central bank must account for persistent supply shocks, while St. Louis Fed President Alberto Musalem said additional increases may be needed to bring inflation toward the Fed’s target. Investors now await speeches from Fed officials John Williams and Tom Barkin later today. Meanwhile, falling oil prices offered some support for silver amid increased diplomatic efforts to end the Middle East conflict and signs of continued energy flows from the region. President Trump is due to address the UN General Assembly in New York later today and may meet Iranian President Pezeshkian on the sidelines.

Silver Pressured by Hawkish Fed Remarks

Gold traded near $4,350 an ounce on Tuesday, extending losses from the previous session as hawkish comments from Federal Reserve officials strengthened expectations for further US interest rate hikes. On Monday, Chicago Fed President Austan Goolsbee said the central bank must account for persistent supply shocks, while St. Louis Fed President Alberto Musalem said additional increases may be needed to bring inflation toward the Fed’s target. Meanwhile, falling oil prices offered some support for gold amid increased diplomatic efforts to end the Middle East conflict and signs of continued energy flows from the region. President Trump is due to address the UN General Assembly in New York later today and may meet Iranian President Pezeshkian on the sidelines. Gold also remains supported by longer-term factors, including continued central bank buying, geopolitical uncertainty and concerns over fiscal sustainability and currency debasement.

Gold Pressured by Hawkish Fed Remarks

Malaysian palm oil futures strengthened, hovering above MYR 4,850 per tonne and snapping recent declines. Firmer soyoils on the Chicago markets supported sentiment, along with elevated crude oil prices as geopolitical risks in the Middle East persisted. Expectations of tighter supplies also lent support, as Indonesia’s B50 biodiesel mandate is set to divert more palm oil to domestic use, while El Niño risks could curb output in both Indonesia and Malaysia. Demand prospects improved as palm oil imports by top consumer India rose 7% from July to 782,761 tonnes in August, the highest since February, as refiners replenished stocks ahead of the festival season. Separately, Malaysia raised its October crude palm oil reference price while keeping the export duty at 10%. However, gains were tempered by weakness on the Dalian exchanges and signs of sluggish exports, with cargo surveyors estimating Malaysian palm oil product shipments fell between 12.8%–24.7% mom during September 1–20.

Palm Oil Rebounds After Recent Weakness

UK natural gas prices rose above 183 pence per therm on Tuesday, after sliding more than 8% to a two-week low in the previous session on renewed diplomatic efforts to end the Middle East war and improving vessel flows. Investors are awaiting developments on potential talks between US President Trump and Iranian President Pezeshkian this week, as any progress toward resolving the conflict could reduce fears of prolonged disruptions to energy flows through the Strait of Hormuz. Meanwhile, reports of increasing numbers of LNG tankers and crude carriers finding alternative routes out of the Gulf have also helped ease supply concerns. Still, supply risks remain elevated, with Europe's gas storage levels remaining below the seasonal average at a time when they would typically be close to maximum capacity.

UK Natgas Prices Rise Following Steep Decline

European natural gas prices rose toward €74 per megawatt-hour on Tuesday, having slumped nearly 8% to a two-week low in the previous session on renewed diplomatic efforts to end the Middle East war and improving vessel flows. Investors are awaiting developments on potential talks between US President Trump and Iranian President Pezeshkian this week, as any progress toward resolving the conflict could reduce fears of prolonged disruptions to energy flows through the Strait of Hormuz. Meanwhile, reports of increasing numbers of LNG tankers and crude carriers finding alternative routes out of the Gulf have also helped ease supply concerns. Lower-than-expected volumes sought in Germany’s latest gas-storage tenders also added downward pressure on prices, although Germany’s historically low storage levels continue to highlight underlying supply risks ahead of the winter heating season.

European Gas Prices Rise After Sharp Drop

Copper futures rose above $6.70 per pound on Tuesday, marking a sixth straight session of gains as supply concerns continued to support prices. Sprott Asset Management said global mined copper output could decline this year for the first time since 2017, despite record prices, due to production disruptions, lower ore grades and weak Chilean output. Global mine production fell 1.1% year over year in the first half of 2026, while disruptions at major mines in Indonesia and the Democratic Republic of Congo cut an estimated 600,000 tonnes from expected annual output. At the same time, demand remains strong from power grids, AI data centers and defense. Traders are also watching US copper tariff plans, with the Commerce Department proposing duties of 15% from January 2027 and 30% from 2028, pending a presidential decision.

Copper Extends Rally to Sixth Session

Corn futures held above $5.4 per bushel after hitting their highest level since July 2023,  supported by strong US export demand, tightening global supplies and expectations for further agricultural trade with China. US corn export inspections jumped 40% year-on-year to 1.94 million tonnes in the week ended September 17, exceeding market expectations and lifting 2026/27 shipments further ahead of last year’s pace. Heavy Midwest rains are also delaying harvest in parts of the region, limiting the near-term flow of new supplies, although overall harvesting remains slightly ahead of the five-year average. Global fundamentals remain supportive, with USDA projecting a nearly 30-million-tonne shortfall between world corn production and consumption in 2026/27, the largest deficit in more than three decades. Traders are also watching the Trump-Xi meeting this week for potential progress on US agricultural purchases, while continued disruptions to Black Sea grain trade are adding support.

Corn Holds Near 3-Year Peak

Platinum futures traded around $1,800 an ounce, moving in a tight range as a firmer US dollar offset easing inflationary pressures from retreating oil prices. Oil prices continued to decline amid signs of increased diplomatic efforts to resolve the conflict and restore energy flows in the Middle East. This eased concerns over inflation and the prospect of further interest rate hikes, lowering the opportunity cost of holding platinum. However, hawkish comments from Federal Reserve officials reinforced expectations for a tighter US interest-rate outlook following last week’s first rate hike in three years. Underlying fundamentals remained supportive, with WPIC forecasting a 5% increase in industrial demand in 2026, partly driven by AI infrastructure, although automotive demand is forecast to fall 4%. Despite a projected 265k oz surplus in 2026, WPIC also expects above-ground stocks to remain at only about 3.4 months of global demand, following the large deficits of previous years.

Platinum Futures Rangebound

US heating oil prices fell below $4.90 per gallon, retreating further from the record high reached last week, as improved flows through the Strait of Hormuz and renewed diplomatic efforts eased near-term supply concerns. Satellite data showed Saudi oil loadings in the Persian Gulf surged, suggesting exports shifted back toward the Strait of Hormuz as the East-West pipeline shutdown persisted, though reports indicated the line could partially restart within days. Nevertheless, with winter approaching, demand could strengthen, while refinery maintenance may curb production and further tighten already-constrained supplies. EIA data showed distillate inventories, including diesel and heating oil, remained 13% below their five-year average in the week ending September 11. Meanwhile, Russia plans to extend diesel export restrictions through October, while Ukrainian strikes have disrupted output at major refineries, further tightening global distillate supplies.

Heating Oil Retreats Further

Silver strengthened above $66 an ounce on Tuesday, resuming its advance as falling oil prices eased inflation concerns and expectations for further interest rate hikes. Oil prices declined for four straight sessions amid increased diplomatic efforts to end the Middle East conflict and signs of continued energy flows from the region. President Donald Trump is scheduled to address the UN General Assembly in New York later today and may meet with Iranian President Masoud Pezeshkian on the sidelines. Lower oil prices help ease inflationary pressures, reducing expectations for additional rate hikes by the Federal Reserve. Meanwhile, Chicago Fed President Austan Goolsbee said the central bank cannot overlook repeated and persistent supply shocks, while St. Louis Fed President Alberto Musalem said further rate increases may be necessary to achieve the Fed’s inflation goal. Investors now await speeches from Fed officials John Williams and Tom Barkin later today.

Silver Gains on Lower Oil Prices

Gold prices climbed above $4,350 an ounce on Tuesday, recovering from the previous session’s losses as falling oil prices eased inflation concerns and expectations for further interest rate hikes. Oil prices declined for four straight sessions amid increased diplomatic efforts to end the Middle East conflict and signs of continued energy flows from the region. President Donald Trump is scheduled to address the UN General Assembly in New York later today and may meet with Iranian President Masoud Pezeshkian on the sidelines. Lower oil prices help ease inflationary pressures, reducing expectations for additional rate hikes by the Federal Reserve. Meanwhile, Chicago Fed President Austan Goolsbee said the central bank cannot overlook repeated and persistent supply shocks, while St. Louis Fed President Alberto Musalem said further rate increases may be necessary to achieve the Fed’s inflation goal. Investors now await speeches from Fed officials John Williams and Tom Barkin later today.

Gold Rises on Lower Oil Prices

Corn increased to 550.00 USd/BU, the highest since July 2023. Over the past 4 weeks, Corn gained 10.48%, and in the last 12 months, it increased 28.75%.

Corn Hits 3-year High

TE Crack Spread Index increased to 72.60 Index Points, the highest since July 2026. Over the past 4 weeks, TE Crack Spread Index gained 4.31%, and in the last 12 months, it increased 174.63%.

TE Crack Spread Index Hits 8-week High

Brent crude traded near $100 per barrel on Tuesday after falling for four consecutive sessions, pressured by easing supply concerns in the Middle East and growing diplomatic efforts to end the US-Iran war. President Donald Trump is scheduled to address the UN General Assembly in New York later today and could meet with Iranian President Masoud Pezeshkian on the sidelines. Trump is also expected to hold discussions with other Gulf nations and Chinese President Xi Jinping this week. Meanwhile, the Trump administration has proposed a $5 billion fund to help rebuild infrastructure across the Middle East damaged by the war. Saudi Arabia, meanwhile, moved crude through the Strait of Hormuz at 2.9 million barrels per day over the past six days. Satellite images also showed supertankers with a combined capacity of 14 million barrels at Saudi Arabia’s Gulf export terminals over the weekend, marking the highest tanker count observed since at least June.

Brent Holds Decline as Supply Concerns Ease

Crude oil held below $96 per barrel on Tuesday after falling for four consecutive sessions, pressured by easing supply concerns in the Middle East and growing diplomatic efforts to end the US-Iran war. President Donald Trump is scheduled to address the UN General Assembly in New York later today and could meet with Iranian President Masoud Pezeshkian on the sidelines. Trump is also expected to hold discussions with other Gulf nations and Chinese President Xi Jinping this week. Meanwhile, the Trump administration has proposed a $5 billion fund to help rebuild infrastructure across the Middle East damaged by the war. Saudi Arabia, meanwhile, moved crude through the Strait of Hormuz at 2.9 million barrels per day over the past six days. Satellite images also showed supertankers with a combined capacity of 14 million barrels at Saudi Arabia’s Gulf export terminals over the weekend, marking the highest tanker count observed since at least June.

Oil Holds Decline as Supply Concerns Ease

Brent crude fell below $100 a barrel on Monday, extending losses for a fourth session after US President Trump reportedly decided against bombing Yemen for now and indicated he was open to diplomacy with Iran. Trump reportedly rejected calls from Saudi Arabia to strike the Houthis and said he would probably be open to meeting Iranian President Masoud Pezeshkian during this week’s UN General Assembly in New York. Meanwhile, crude exports from the Middle East have proven resilient even after Saudi Arabia closed its East-West pipeline following attacks. Saudi Arabia moved crude through the Strait of Hormuz at 2.9 million barrels a day over the past six days. Satellite images showed supertankers with capacity for 14 million barrels at Saudi Arabia’s Gulf export terminals over the weekend, the highest tanker count observed since at least June. Overall, however, traffic through the Strait of Hormuz continued to decline.

Brent Extends Decline on US-Iran Diplomacy Hopes

Crude oil fell below $95.5 a barrel on Monday, extending losses for a fourth session after US President Trump reportedly decided against bombing Yemen for now and indicated he was open to diplomacy with Iran. Trump reportedly rejected calls from Saudi Arabia to strike the Houthis and said he would probably be open to meeting Iranian President Masoud Pezeshkian during this week’s UN General Assembly in New York. Meanwhile, crude exports from the Middle East have proven resilient even after Saudi Arabia closed its East-West pipeline following attacks. Saudi Arabia moved crude through the Strait of Hormuz at 2.9 million barrels a day over the past six days. Satellite images showed supertankers with capacity for 14 million barrels at Saudi Arabia’s Gulf export terminals over the weekend, the highest tanker count observed since at least June. Overall, however, traffic through the Strait of Hormuz continued to decline.

Oil Extends Losses on Diplomacy Hopes

Heating Oil decreased 5.02% to 4.8039 USD/Gal

Heating Oil is down by 5.02%

US gasoline futures fell below $3.50 a gallon after touching $3.53, its highest level since May 20th, as improving flows through the Strait of Hormuz and renewed diplomatic prospects eased immediate supply concerns. Fears over prolonged disruptions to Saudi Arabia's East-West pipeline also abated following reports the critical line could partially restart within days. However, as winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets. Persistent Ukrainian attacks on Russian refining infrastructure have further heightened supply worries, with Russia set to extend its diesel export ban beyond September. Amid these geopolitical tensions, the US national average for regular gasoline climbed to $4.48 a gallon on September 21st, bringing it closer to this year’s record high of $4.56 reached on May 21st.

Gasoline Futures Decline

European natural gas prices fell 7% to €74 per megawatt-hour, the lowest in two weeks, after details of Germany’s latest gas storage tenders indicated lower volumes than initially expected. Trading Hub Europe launched several tenders to secure sufficient gas availability for the first quarter of 2027, amid concerns over storage levels ahead of winter. Also, weather forecasts point to a late-summer heat spell next week, with temperatures across Northwest Europe expected to rise around 6°C above normal, potentially reducing gas demand. Additionally, President Donald Trump signaled that US-Iran diplomacy could resume, including the possibility of meeting Iran’s president during the UN General Assembly in New York. Progress toward ending the conflict could reduce concerns about potential disruptions to energy flows through the Strait of Hormuz, an important route for global LNG shipments.

European Natural Gas Prices Slump 7%

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, was up for the third session on Monday, rising about 0.8% to a one-week high of 3,399 points. The capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, increased by 1.2% to 5,839 points; and the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, rebounded by 0.2% to 2,255 points. Among smaller vessels, the supramax index went up 0.4% to 1,771 points.

Baltic Dry Index Rises to 1-Week High

Silver climbed to $66.6 on Monday, its highest level since September 10, despite a stronger US dollar as investors continued to monitor developments in the Middle East. Oil prices extended their decline at the start of the week, easing concerns over prolonged inflationary pressures as markets looked for signs of diplomatic progress on the Iran conflict around this week’s UN meetings. However, tensions remained elevated as Iran and the US exchanged fresh threats on Sunday. Meanwhile, traders are pricing an 88% probability of a US rate increase in December, according to the CME FedWatch Tool. Last week, both the Federal Reserve and Bank of Japan raised interest rates and signaled further tightening, following a similar move by the ECB earlier this month.

Silver Rises Despite Stronger Dollar as Middle East Tensions Persist

Gold prices edged lower toward $4,350 on Monday, pressured by a stronger US dollar and profit-taking after last week’s rally, while investors continued to monitor developments in the Middle East. Bullion reached its highest level in more than a week on Friday as falling oil prices eased concerns over prolonged inflationary pressures. Oil prices extended their decline at the start of the week as investors looked for signs of diplomatic progress on the Iran conflict around this week’s UN meetings, although tensions remained elevated as Iran and the US exchanged fresh threats on Sunday. Meanwhile, rate-hike expectations remain elevated, with traders pricing an 88% probability of a US rate increase in December, according to the CME FedWatch Tool. Last week, both the Federal Reserve and Bank of Japan raised interest rates and signaled further tightening, following a similar move by the ECB earlier this month.

Gold Slips on Dollar Strength

Brent crude fell to around $101.2 a barrel on Monday, extending losses for a fourth session as traders focused on diplomatic efforts to de-escalate the US-Iran conflict and signs that oil and LNG shipments through the Strait of Hormuz remain resilient. President Donald Trump said he would probably be open to meeting Iranian President Masoud Pezeshkian during this week’s UN General Assembly in New York. Trump may also meet with other Persian Gulf leaders, while he is scheduled to hold a summit with Chinese President Xi Jinping. Meanwhile, US Central Command chief Admiral Brad Cooper said crude and LNG flows through Hormuz have reached a six-month high, with the main transit lanes clear of mines. Middle East oil flows averaged 17.1 million barrels per day over the past 10 days, despite Saudi Arabia’s East-West pipeline remaining disrupted after recent attacks.

Brent Crude Drops for 4th Day

Crude oil fell to around $97.3 a barrel on Monday, extending losses for a fourth session as traders focused on diplomatic efforts to de-escalate the US-Iran conflict and signs that oil and LNG shipments through the Strait of Hormuz remain resilient. President Donald Trump said he would probably be open to meeting Iranian President Masoud Pezeshkian during this week’s UN General Assembly in New York. Trump may also meet with other Persian Gulf leaders, while he is scheduled to hold a summit with Chinese President Xi Jinping. Meanwhile, US Central Command chief Admiral Brad Cooper said crude and LNG flows through Hormuz have reached a six-month high, with the main transit lanes clear of mines. Middle East oil flows averaged 17.1 million barrels per day over the past 10 days, despite Saudi Arabia’s East-West pipeline remaining disrupted after recent attacks.

Crude Oil Falls for 4th Session

UK natural gas prices dropped to 193 pence per therm on Monday after surging in the previous session, as traders monitored diplomatic efforts to end the Middle East conflict. President Donald Trump said he would probably be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the UN General Assembly later this week, though Tehran has yet to respond to the remarks. Any progress toward de-escalation could ease concerns over prolonged LNG supply disruptions. However, supply risks remain elevated, with the conflict continuing to restrict LNG shipments through the Strait of Hormuz. European gas storage facilities were around 68.5% full, still below the seasonal average. The situation is further complicated by intense competition for LNG with Asia and ongoing maintenance work on Norway’s gas infrastructure. With the heating season approaching, the market remains highly sensitive to extended supply disruptions, increasing the risk of further price volatility.

UK Natgas Prices Fall as Traders Monitor Middle East Diplomacy

Iron ore futures climbed above CNY 715 per ton on Monday, extending gains for a fourth consecutive session on expectations that Chinese steel mills will increase raw material purchases ahead of the long Golden Week holiday in early October. The demand outlook also improved after several Chinese steelmakers pledged to cut production in an effort to reduce steel inventories as profit margins shrink rapidly. Profitability across China’s steel industry deteriorated sharply, weighed down by elevated production costs and weak demand for steel. However, expectations that major coking coal mines will resume operations in September and October following a fatal mine accident in May improved the supply outlook for a key steelmaking ingredient. Meanwhile, industry data showed that iron ore inventories at 35 major Chinese ports increased by 840,000 tons week-on-week to 144.33 million tons as of September 18, reversing an earlier destocking trend.

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