Commodity

Copper is trading above $14,000 per tonne, near a historic peak. China’s refined copper imports exceeded 200,000 tonnes in July, the highest monthly total in at least 12 years. LME copper stocks have fallen to a five-month low, while the cash-to-three-month spread has widened to about a $120-per-tonne backwardation from around $40 a week earlier. The market is forecasting a global refined copper deficit of about 35,000 tonnes in 2026, underscoring ongoing tightness in the physical market.

Strikes planned for this weekend at Port Hedland, Australia’s largest iron ore export port, could cost BHP about $100 million in revenue and the West Australian government more than $7 million in royalties. Port Hedland exported 580 million tonnes of iron ore in the last financial year, accounting for almost three quarters of outbound commodities from the Pilbara ports, according to Pilbara Ports data. The dispute centres on workers’ pay and conditions and includes a 24-hour ship-loading ban followed by a 24-hour stoppage.

Gold rose after U.S. July payrolls fell by 23,000. The weaker jobs report cooled expectations of Federal Reserve rate hikes. Prices climbed above $4,300, marking a seven-week high.

Ghana’s 2025/26 cocoa harvest has reached 750,000 tons, up 25.6% year on year, adding to signs of improving supply. In Ivory Coast, farmers have shipped a cumulative 2.11 million tons to ports in the current marketing year, up 20% from the same period a year earlier. Nigeria’s June cocoa exports rose 30% year on year to 18,922 tons, while Asia’s Q2 grindings jumped 25% to 224,646 tons, far above expectations. With supply rising, cocoa prices are under pressure and ICE futures are slightly lower.

China’s central bank added 20 tons of gold to its reserves in July, extending a run of monthly increases to two years. Spot gold climbed 1.8% to $4,316 an ounce. Institutional investors also increased holdings in gold ETFs, reinforcing bullish sentiment.

Global food prices rose in July to their highest level in more than three years, as adverse weather and escalating wars in the Gulf and Black Sea lifted crop markets, the U.N. Food and Agriculture Organization said. The FAO Food Price Index averaged 131.1 points, up from 130.3 in June and the highest reading since January 2023. The FAO Cereal Price Index climbed 3.4% month on month, led by a 5.8% increase in wheat prices.

India’s retail sugar price has climbed to a record ₹50 per kg, nearly 9% higher than a year ago. To ensure adequate supply for the festive season, sugar mills plan to begin crushing 10–15 days earlier than usual. Traders estimate closing stocks at around 3.5 million tonnes, but if October consumption reaches 2.4 million tonnes, end-October inventories could drop to 1.1 million tonnes, underscoring tight supply.

German energy group RWE said Thursday it has struck a $1.22billion agreement with the U.S. Interior Department to abandon offshore wind leases, including a project off Northern California near Humboldt. The company said it will instead invest $900 million to buy an indirect 16% stake in a liquefied natural gas terminal in Louisiana and commit $300 million to support natural gas turbine development. The accord follows similar deals that have paid companies about $2.7 billion to cancel at least a dozen federal wind leases, drawing concern from California officials about risks to clean-energy progress and jobs.

The U.S. Commerce Department missed a June deadline to advise on tariffs for refined copper imports, with phased duties that could start at 15% in 2027 and rise to 30% in 2028. COMEX September copper settled at $6.7180 per pound while London prices moved above $14,000 a ton, leaving a spread of more than $300. Global X Copper Miners ETF (NYSE:COPX) rose 3.25% and is up 18.70% year-to-date. China’s grip on about 60% of global smelting and refining capacity is drawing attention as supply dynamics tighten.

Hopes for progress toward peace with Iran eased supply concerns, pushing Brent down 0.5% to $79.08 a barrel and WTI down 0.7% to $74.69. Spot gold rose 1% to $4,285.84 an ounce, a seven-week high, helped by a weaker dollar and lower U.S. Treasury yields. U.S. gold futures added 0.9%. Silver was up 0.2%, while platinum and palladium also traded higher.