commodities

Gold-backed tokens dominate the $5.55 billion market, but Paxos Labs, Theo and Energy Substantiation are now racing to tokenize silver, oil and other physical assets with lending mechanics built in.

Chinese manufacturing data signals renewed industrial demand while disruption reports at a major Chilean mine tighten near-term supply.

UK blue-chip index closed 11 points lower as 30-year gilt yields topped 6 percent and Middle East tensions drove oil higher.

LME copper fell to $13,304.50 per ton as Chinese industrial users stayed shuttered through Lunar New Year; inventories hit their highest since early 2020.

Saudi Arabia's deepest oil discount in decades—$1.50 below regional benchmarks—reflects aggressive competition for Asian demand even as Yemen conflict threatens shipping lanes.

Gold stabilizes despite elevated U.S. bond yields as geopolitical tensions and inflation concerns support prices against rising real rates.

New York Harbor ultra-low sulfur diesel crack spread hits $110.40 a barrel, driven by Middle East conflict, Russian export ban, and refinery outages that tighten global product markets despite subdued crude prices.

The South African miner is considering a sweetened bid following Northern Star's rejection of its A$38.7 billion proposal as undervaluing the Australian gold producer.

ExxonMobil's 275,000 barrel-per-day facility went offline Monday as Midwest refining runs near 98 percent utilization, leaving no slack for unplanned disruptions.

Warehouse retailer restricts Kirkland Signature and Mobil 1 purchases and raises prices as Middle East supply cuts drive oil benchmarks higher

A 20,025-tonne jump in exchange inventories eases physical tightness; cash/3M spread compresses to $248 as speculators cut longs.

LME copper futures fell 0.6 percent on Fed tightening expectations, with the spot-to-three-month spread signaling a sharp reversal in physical market tightness.

Competing methodologies for measuring proven reserves create vastly different production outlooks—and obscure true supply constraints for energy markets.

Comex copper futures hit $6.7045/lb on supply concerns and U.S. tariff expectations, though Middle East tensions cloud the demand picture.

Industrial metal extends four-day rally as futures curve steepens into backwardation, signaling immediate supply deficit.

London Metal Exchange copper reached an all-time high as Chinese warehouse inventories plunged to January 2024 lows while U.S. stockpiles surged, signaling structural supply fragmentation.

Atlantic Basin refining cracks surged to all-time highs in July as global refinery throughput lagged year-earlier levels by nearly 5 million barrels per day.

Hedge fund and commodities trader seeks direct ownership of domestic oil production, betting that Middle East supply risks justify physical asset holdings.

Russian President Vladimir Putin's suggestion of a possible peace deal triggered profit-taking, but shipping disruptions and Saudi demand kept prices elevated.

Federal Reserve Governor Christopher Waller downplayed August payrolls data, positioning next week's consumer price report as the deciding factor for the central bank's September rate decision.

Q1 2026 production data shows Glencore and other DRC operators cutting cobalt output while ramping copper as export quotas and price collapse make cobalt extraction uneconomical.

Polymarket launched oil perpetual futures today as Kalshi pursues CFTC approval for the first regulated U.S. oil perpetual, eliminating roll costs that plague traditional crude contracts.

U.S. cooling degree days reached 376 in August, the highest in 76 years, with September tracking for an even hotter month and sustained pressure on natural gas generation.

The senior PM's $2 billion 2022 natural gas profit built on crisis-driven dislocation; normalized European prices and storage levels have eliminated the edge.

Middle East tensions pushed crude higher, stoking inflation concerns and forcing the bond market to reprice Fed expectations upward, dragging gold lower as yield-bearing Treasuries regain relative appeal.

The retailer's 15-year price freeze on rotisserie chicken, absorbing rising input costs, illustrates how targeted pricing by major retailers can distort central bank inflation assessments.

Copper fell after U.S. inflation data strengthened the dollar and eased the short-term supply squeeze that drove prices to record levels, but structural demand from electrification keeps the longer-term bull case intact.

Synchronized grain rally reflects supply stress, not speculation—JPMorgan projects 5 percent global food cost increase in first half of 2027, complicating central bank rate paths.

Q1 2026 production fell 4.6 percent year-on-year to 247.55 million tons, with March dropping 6.3 percent as input cost inflation and housing weakness compress mill profitability.

CPER settled at $39.39 on Aug. 19 as LME tom-next spread surged to $75/ton premium, rewarding nearby holders despite Chinese demand concerns.

Trend-following funds flipped from short to long after gold broke key technical levels, forcing speculative capital to chase higher or risk being left behind.

Portfolio manager George Efstathopoulos plans to allocate 5 percent of a $3 billion fund to gold, with buy triggers set 5–7 percent below current spot prices near $5,000.

FCX surged 4.1 percent Aug. 21 after beating Q2 revenue and earnings estimates, with management guiding to 32 percent copper production growth by 2028 as global supply tightens.

September contracts climb to $2.87/MMBtu as cooling demand rises, but record production and above-average inventories limit upside.

Supply cushions that absorbed a record disruption are now depleted, leaving crude markets vulnerable to fresh shocks and inflation risks for fixed-income investors.

Silver jumps more than $2 to $65.88 per ounce as falling Treasury yields and a softer dollar compress real rates and expand non-dollar demand.

The Energy Information Administration's Monday retail survey shows on-highway diesel up sharply, adding direct cost pressure to freight-dependent supply chains.

The August-to-September spread on the London Metal Exchange reached $370 per ton Friday, the widest one-month gap in five years, as physical copper availability tightens sharply.

Spot ethylene posted its third straight weekly loss and PGP its fourth as June export demand cools from the spike driven by the Iran conflict.

Spot gold crossed $4,400 per ounce in European trading as weak U.S. retail and sentiment data pushed FOMC rate hike odds to their lowest in months.

Winter supply fears have flipped the German forward curve: Q4 2026 and Q1 2027 contracts now price above the full-year 2027 strip, echoing the energy crunch of four years ago.

The Tom/next spread briefly reached $100 a ton Wednesday as long holders sitting on 130,000 tons of Jan. contracts pushed spot prices sharply above deferred futures.

Jim Bianco flags 'bubblicious' used car inflation outpacing Bitcoin while Vance's Ukraine tanker request and North Sea well closures tighten the crude outlook.

Japan's benchmark index climbs to 66,890.02 as AI-linked shares advance; bond traders brace for U.S. inflation data that could reset rate-cut odds.

StoneX projects a 2.9 million metric ton surplus for 2025-26, while French trader Sucres et Denrees says data gaps obscure the full extent of oversupply.

Global oil supply losses of 11.1 million barrels per day failed to trigger a price surge as demand collapsed, but China's finite stockpiles signal a winter crunch.

Official denials of broad 2026 quota increases clashed with earlier expansion reports, whipsawing spot nickel prices and leaving traders without a clear read on Jakarta's production strategy.

The diversified miner's first-half earnings jumped on a 39 percent copper price increase and near-record trading profits fueled by Middle East tensions and new tariff regimes.

Beijing's state-backed CMRG now controls an estimated 70 percent of China's iron ore imports, shifting pricing power away from Rio Tinto, BHP and Vale.

Rainfall deficits across Southeast and South Asia compound elevated fuel and fertilizer costs, threatening yields and regional food stability.