Commodities Market Live

The Eurozone`s international trade deficit in goods stood at '7.8 billion in May, down from a deficit of '1.2 billion in April and lower than the '15 billion surplus recorded a year earlier, the European Commission`s statistical office Eurostat said on Thursday. In the European Union, the deficit came in at '12.1 billion, compared to a surplus of '12.7 billion in May 2025.

In the euro area, exports rose 0.1% year-on-year to '243.6 billion, while imports rose 10% to '251.4 billion. Eurostat said that the sharp decline in the trade balance was "primarily driven by a widening of the energy deficit and by reduced surpluses in machinery and vehicles, as well as in chemical and related products."

In the EU, exports dropped 1.1% annually to '215.7 billion, while imports increased 10.8% to '227.8 billion.

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The US crude oil refinery inputs averaged 17.1 million barrels per day during the week ending July 10, 2026, which was 99 thousand barrels per day more than the previous week’s average. Refineries operated at 96.2% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production increased, averaging 5.3 million barrels per day.

EIA noted that US crude oil imports averaged 5.7 million barrels per day last week, increasing by 60 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.5 million barrels per day, 12.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 354 thousand barrels per day, and distillate fuel imports averaged 93 thousand barrels per day.

The US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7 million barrels from the previous week. At 409.7 million barrels, US crude oil inventories are about 6% below the five-year average for this time of year. Total motor gasoline inventories decreased by 1.5 million barrels from last week and are 8% below the five-year average for this time of year. Both finished gasoline and blending component inventories decreased last week.

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Gold traded in a narrow range as investors balanced escalating geopolitical tensions against easing US inflation pressures. Fresh US strikes on Iranian targets supported safe-haven demand, while softer producer and consumer inflation data weighed on expectations of a near-term Federal Reserve rate hike, limiting downside pressure on bullion. The US dollar stabilized after recent losses, further keeping gold confined within a tight trading band. On the domestic front, MCX August gold futures edged 0.3% lower to around Rs 1,41,000 per 10 grams, as markets awaited greater clarity on the evolving Middle East conflict and the Fed`s policy trajectory.

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Production output in the United Kingdom decreased by 0.5% in May, compared with the revised-up figure in April, according to the Office for National Statistics` report on Thursday.

According to the report, mining and quarrying kept production subdued, falling 4.6%, as water and sewerage output dipped by 2.4% and electricity and gas slipped by 0.1%. On the other hand, manufacturing output rose slightly by 0.1%.

In the three months to April, production output increased by 0.1% compared to the previous three-month period.

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The total goods and services trade deficit in the United Kingdom expanded by '4.4 billion to '9.1 billion in the three months to May compared to the three months to February, the country`s Office for National Statistics (ONS) revealed in a report published on Thursday.

Quarter on quarter, in the aforementioned three-month period, exports from the country increased by 2.4% or '5.7 billion to reach '241.4 billion, while imports to the UK jumped by 4.2% or '10.1 billion, hitting '250.5 billion.

Total trade deficit in goods widened to '60.9 billion and total trade surplus in services came in at '51.8 billion. When it comes to total trade in goods with the European Union, the deficit stood at '35.5 billion in the three months to May, with imports at '85.4 billion and exports at '49.9 billion.

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Crude oil prices steadied after surging more than 12% this week, as escalating US-Iran tensions and the reinstatement of a naval blockade near the Strait of Hormuz heightened concerns over global supply disruptions. The rally pushed oil to a one-month high, reversing nearly a third of the losses recorded in the second quarter following the interim peace agreement. Adding to the bullish sentiment, the US EIA reported a larger-than-expected decline of 1.7 million barrels in commercial crude oil inventories for the week ended July 10, with stockpiles remaining about 6% below the five-year seasonal average. Reflecting the firm global trend, MCX July crude oil futures traded higher by around Rs 15 at Rs 7,675 per barrel.

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The United Kingdom`s gross domestic product (GDP) grew by 0.1% in May, according to a monthly estimate released by the country`s Office for National Statistics (ONS) on Thursday. The reading was in line with analysts` expectations.

According to the report, the services sector rose by 0.3% in May. The growth was partly offset by a 0.5% fall in production and 0.8% in construction.

On a quarterly basis, the UK economy is estimated to have expanded by 0.7% in the three months to May, compared to the previous three-month period, led by a 1.6% rise in construction.

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The UK industrial production slipped in May due to a sharp drop in mining and quarrying. Production output dipped 0.5% from the previous month, following a 0.2% increase in April and flat growth in March, according to the Office for National Statistics, or ONS. Mining and quarrying output contracted 4.6% in May, while water supply and sewerage production fell 2.4% and electricity and gas output edged down 0.1%. Manufacturing output rose 0.1%, partially offsetting declines in the other main sectors. Within mining and quarrying, crude petroleum and natural gas extraction dropped 4.8%, pulling industry`s output at its lowest level since monthly records began in 1990. Data showed that seven of the 13 manufacturing subsectors posted growth in May.

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Kharif sowing could see tepid progress in near term following a decent recovery over last few days as monsoon progress is erratic. India Meteorological Department or IMD has stated in a latest update that under the influence of low-pressure area over northwest Bay of Bengal and adjoining north Odisha -West Bengal coasts, enhanced rainfall activity with isolated heavy falls over East & Northeast India, East Uttar Pradesh and Western Himalayan Region during next 7 days. Isolated extremely heavy rainfall also likely over Odisha on 15th and isolated heavy to very heavy falls on 16th & 17th July, 2026. (ii) Subdued rainfall activity likely over west central & south Peninsular India during next 7 days and over plains of northwest India during next 5 days.

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Base metals are supported today. MCX Copper futures for July are trading at Rs 1314.30 per kg, up 0.19% on the day though the counter is witnessing corrective action in intraday moves. MCX Aluminum futures added 0.35% to trade at Rs 342.70 per kg. MCX Zinc futures rose 0.48% to trade at Rs 375.95 per kg. MCX Lead futures moved up 0.56% to trade at Rs 199 per kg. Good gains have emerged in MCX Nickel, which is up 2.17% to trade at Rs 1644.90 per kg.

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Natural Gas futures stayed slippery today as a break under $3 per mmbtu mark weighed on the sentiments. Demand concerns have been pulling the counter down recently and the futures are currently lingering around three-month low amid elevated US output and thin exports. The commodity currently trades at $2.89 per mmbtu, down 0.92% on the day. EIA will release its weekly natural gas storage data later on today and market is likely to witness choppy moves till then. On MCX, Natural Gas futures are down 1.10% at Rs 279.60 per mmbtu, quoting around day's low.

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The LME Zinc inventories fell in last session, adding to recent losses. The stockpiles on the exchange dipped 1000 tonnes to 112450 tonnes on Wednesday, testing one month low.

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Australia`s consumer inflation expectations fell to 4.7% in July 2026 from 5.5% in June, the lowest reading since January, reflecting easing headline inflation. However, underlying inflation remained elevated, with trimmed mean CPI rising 3.6% year-on-year in May. The RBA maintained that its recent rate hikes are helping curb price pressures and remains committed to returning inflation to its 2'3% target over time.

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COMEX copper is staying upbeat around a one-month high on Thursday, tracking positive cues from equities. The major averages on Wall Street all finished the day in positive territory, adding to the gains posted in the previous session. The Nasdaq advanced 162.22 points or 0.6 percent to 26,269.23, the S&P 500 climbed 28.81 points or 0.4 percent to 7,527.40 and the Dow rose 150.37 points or 0.3 percent to 52,658.64. Meanwhile, dollar index staying largely steady around a one-month low is also seen supporting the red metal. Copper prices also benefited from softer-than-expected US inflation data that eased concerns for a imminent Federal Reserve rate hikes although escalating tensions in the Middle East will continue to be monitored. The counter is currently seen quoting at $6.40 per pound, up 0.88% on the day.

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The Federal Reserve shared in its latest Beige Book on Wednesday that the economic activity in the United States "increased at a slight to moderate pace in eleven of twelve Federal Reserve Districts in late May and June". It was detailed that the growth rate was similar to June`s report, which showed ten districts up, one flat and one down.

Regarding employment, it "rose on balance." Five districts saw "modest, moderate, or solid gains" in employment, while seven "experienced little to no change." Meanwhile, prices rose "moderately" across districts, as nine stated that the price growth was "moderate," two mentioned a "robust growth" and one saw "slight growth". "Expectations for price growth over the coming months varied across Districts, with contacts in some expecting inflation to continue at its current pace, while contacts in others expected inflation to slow, in part due to falling fuel prices," the Fed explained.

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COMEX gold and silver extended slide on Thursday morning in Asia as elevated oil prices revive inflation concerns threatening prolonged Fed interest rates that continue to weigh down sentiments. The US reportedly launched another wave of strikes against Iran on Wednesday, expanding attacks on military targets along the country`s southern coast. US CPI and PPI reports fell below market expectations, temporarily easing immediate rate-hike fears. US Producer Price Index (PPI) declined to 5.5% on a yearly basis in June, down from 6% in May and below the market expectation of 6.2%. On a monthly basis, the PPI dropped by 0.3%, a notable shift from the 0.6% increase recorded in May. The Federal Reserve`s policy outlook in light of recently softened US inflation data but escalating tensions in Middle East will be keenly awaited. Currently, the yellow metal is quoting lower by 0.37% at $4036.90 an ounce whereas silver futures are down marginally at around $57.38 an ounce.

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Crude oil inventories in the United States saw a decrease of 1.7 million barrels during the week ending July 10, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 409.7 million barrels, according to government data, which are now 6% below the five-year average for this time of year. The EIA`s data release follows API`s figures that were released a day earlier, which reported that crude oil inventories saw a small draw of 564,000 barrels in the period. For total motor gasoline, the EIA reported that inventories had decreased by 1.5 million barrels, compared to the week prior`s 1.9 million barrel draw. The most recent figures showed that average daily gasoline production decreased to 9.6 million barrels.

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MCX Gold futures turned lower today as weak negative cues weighed on the sentiments. Benchmark MCX Gold futures opened lower and drifted towards 141000 per 10 grams mark on a repeated basis in the afternoon before some upside emerged. The counter currently trades at Rs 141669 per 10 grams, down 0.41% on the day. MCX Silver futures are also down 0.76% at Rs 221494 per kg.

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COMEX Copper eased marginally but stayed near three-week high as markets eyed falling inventories and supportive Chinese factory output data. China`s industrial production increased by 5.3% in June compared to the same month in 2025, according to a report by the National Bureau of Statistics on Wednesday. On a monthly basis, the industrial output grew by 0.8%. In the first half of the year, industrial value added grew by 5.4% year-on-year. The red metal currently quotes at $6.36 per pound, down 0.25% on the day. Major gains are unlikely in the metal amid mixed global equities. In Asia China`s Shanghai Composite index eased 0.29%. Hong Kong's Hang Seng index jumped 1.49%. Japan's Nikkei average soared 1.40%. However, European stocks fell. German DAX is down 0.76% on the day. The US stocks rose yesterday after US inflation showed a mild reading. Copper soared 1.5% following this.

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The seasonally adjusted industrial production decreased by 0.2% in the Eurozone and by 0.1% in the European Union in May, compared to the month prior, Eurostat revealed in its report on Wednesday. Year over year, industrial output declined by 1.2% in the euro area and by 0.3% in the EU.

On a monthly basis, production of capital goods, energy, and non-durable consumer goods in the Eurozone gained 0.3%, 2.2%, and 0.8%, respectively, while production of durable consumer goods and intermediate goods fell by 1.1% and 0.3%, respectively. In the EU, production of intermediate goods and durable consumer goods worsened by 0.1% and 0.4%, respectively, while production of energy, capital goods, and non-durable consumer goods saw a rise of 2%, 0.3%, and 0.6%, respectively.

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Silver inventories in China are witnessing a continued decline. The latest data from Shanghai Futures Exchange (SHFE) showed that total inventories on warrant in the exchange stood at 829858 kg as on 10 July 2026, marking a fall of 4856 kg compared to previous week. Inventories continue to fall after hitting around six-month high and are down around 10% in last one month.

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Gold futures slipped below $4,000 an ounce on Wednesday as renewed US-Iran tensions lifted oil prices, fueling inflation concerns and reinforcing expectations that interest rates could remain higher for longer, weighing on the non-yielding metal. While geopolitical risks typically boost safe-haven demand, rising rate-hike expectations outweighed that support. The US launched fresh strikes on Iran and reinstated its naval blockade near the Strait of Hormuz, raising concerns over global energy supplies. Meanwhile, the US dollar index fell below 101 for a second straight session after softer-than-expected US inflation data showed annual inflation easing to 3.5% in June from 4.2% in May. Fed Chair Kevin Warsh reaffirmed the Fed`s commitment to restoring price stability but refrained from signaling a more hawkish policy stance.

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Crude oil futures climbed above $80 per barrel in electronic trading on Wednesday, extending gains to more than 12% this week as fresh US airstrikes on Iran and the reinstatement of a naval blockade near the Strait of Hormuz intensified fears of supply disruptions. Iran`s announcement to close the vital waterway and sharply lower tanker traffic further supported prices. Market sentiment was also shaken after US President Donald Trump proposed a 20% charge on cargo passing through the Strait of Hormuz, raising concerns over global trade, inflation, and India`s economy. Reflecting the global rally, MCX July crude oil futures rose nearly 2% to around Rs 7,730 per barrel.

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Base metals are witnessing choppy moves today. MCX Copper futures for July are trading at Rs 1308.50 per kg, down 0.26% on the day in volatile trades. The metal has been largely supported after breaking above Rs 1300 per kg mark this week. MCX Aluminum futures added 0.15% to trade at Rs 344.15 per kg. MCX Zinc futures rose 0.36% to trade at Rs 378.15 per kg. MCX Lead futures edged up 0.10% to trade at Rs 198.20 per kg. However, MCX Nickel futures eased 0.25% to trade at Rs 1609 per kg.

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The US Federal Reserve Chairman Kevin Warsh spoke to the House Financial Services Committee as part of the congressionally mandated semiannual monetary policy report. In remarks prepared for the appearance, Warsh noted to be vigilant in order to bring inflation to the Fed's 2% target. The members of FOMC have no tolerance for persistently elevated inflation. And we share a resolute commitment to restoring price stability, according to Warsh.

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LME Copper inventories dropped further in last session. Inventories fell by 1675 tonnes to 303525 tonnes on Tuesday, testing around four and half month low.

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China`s new home prices across 70 cities fell 3.3% year-on-year in June 2026, easing from a 3.5% decline in May and marking the mildest annual drop since February. While prices have now declined for 36 straight months, the slower pace suggests government support measures are helping stabilize the property market, though weak demand and subdued buyer confidence continue to weigh on the sector.

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Japan`s core machinery orders fell 12.4% m/m to JPY 962.0 billion in May 2026, reversing April`s 8.7% gain. The steepest monthly drop since December 2019 reflected broad-based weakness across manufacturing and non-manufacturing sectors, signaling softer business investment. On an annual basis, orders declined 1.5%, marking the fastest yearly fall in six months.

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COMEX copper holds around a three week high at $6.38 per pound following a 1.5% jump in the previous session as reduced expectation of Fed rate hike weighed on greenback and supported gains in the red metal. Meanwhile, data from China showed industrial production grew 5.3% yoy in June, accelerating from a 4.5% rise in May and surpassing expectations of 4.6%. It was the strongest growth in industrial production since March. However, China`s economy expanded 4.3% year-on-year in Q2 2026, slowing from 5.0% in Q1. It marked the weakest annual growth since Q4 2022. The major averages on Wall Street all finished the day in positive territory, with the tech-heavy Nasdaq posting a standout gain. The Nasdaq ended the day off its highs of the session but still closed up 233.83 points or 0.9 percent at 26,107.01. The S&P 500 also climbed 28.25 points or 0.4 percent to 7,543.59.

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COMEX gold and silver stay largely steady but registering a mild pull back in early trades on Wednesday following a jump registered in the previous session. Precious metals rebounded late yesterday after softer-than-expected US inflation data reduced expectations for Federal Reserve interest rates hikes. The annual US inflation rate slowed to 3.5% in June from 4.2% in May. Meanwhile, Fed Chair Kevin Warsh reiterated the central bank's commitment to restoring price stability during congressional testimony on Tuesday. Dollar index also fell below 101 mark. Currently, the counter is quoting at $4043.00 an ounce, down 0.66% on the day. Meanwhile, silver is down almost half a percent at $58.82 per ounce.

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The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 564,000 barrels in the week ending July 10. In the week prior, US crude oil inventories fell by 399,000 barrels. Although commercial crude oil inventories excluding the SPR have been falling rapidly for three months now, shedding just over 60 million barrels over the last twelve weeks, US crude inventories are only down 9.2 million barrels so far this year, according to API data. Gasoline inventories fell last week, by 1.664 million barrels in the week ending July 10. In the week prior, gasoline inventories decreased by 2.929 million barrels.

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China`s urban unemployment rate stood at 5.0% in June, the Chinese National Bureau of Statistics (NBS) said in its report on Wednesday.

The figure was 0.1 percentage point lower than in May and slightly below market expectations.

In 31 major cities, the unemployment rate matched the national level at 5.0 percent.

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China`s gross domestic product (GDP) grew 0.9% in the second quarter compared with the previous quarter, the National Bureau of Statistics (NBS) said Wednesday.

On a yearly basis, the economy expanded by 1.1%.

For the first half of the year, China's GDP reached 69.57 trillion yuan ($10. trillion), rising 4.7% from a year earlier at constant prices.

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China`s industrial production increased by 5.3% in June compared to the same month in 2025, according to a report by the National Bureau of Statistics on Wednesday. On a monthly basis, the industrial output grew by 0.8%.

In the first half of the year, industrial value added grew by 5.4% year-on-year, driven by a surge in high-tech manufacturing and gains across the mining, manufacturing, and utility sectors. High-tech product output led the expansion, with 3D printing devices, lithium-ion batteries, and industrial robots growing by 48.5%, 39.3%, and 28.0%, respectively.

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Retail sales in China returned to growth in June, rising 1.0% year-on-year, according to Wednesday`s report from the country`s National Bureau of Statistics. Retail sales of goods were up by 1.1% year-on-year. In the first six months, the retail sales of services grew by 5.3% on a yearly basis. In June, the total retail sales of consumer goods grew by 0.38% compared with that of the previous month.

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The annual inflation rate in the United States stood at 3.5% in June, below forecasts and the 4.2% rate registered in May, the US Bureau of Labor Statistics (BLS) said in its report published on Tuesday. Month-on-month, the Consumer Price Index (CPI) declined by 0.4%.

The core inflation rate, excluding energy and food, rose by 2.6%, a decline compared to 2.9% seen in May. The food index increased only slightly, by 0.3% year-on-year and 0.2% month-on-month. However, the energy index contributed more significantly to the rise in the overall index, jumping by 15.7% on an annual basis, despite dropping by 5.7% on a monthly one.

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COMEX Copper futures are holding steady around three-week high today despite worries posed by geopolitical tensions. A sustained drop in the LME Copper inventories is also supporting the metal. COMEX Copper futures are quoting at $6.36 per pound, up 1.27% on the day. Equities are mixed today. In Asia, China`s Shanghai Composite index spiked 1.36% on steady trend in exports. Hong Kong's Hang Seng index gained 0.52%. Japan's Nikkei average added 0.74%. However, European stocks slipped as major indices turned lower by around half a percent. The US stocks fell as conflict between the United States and Iran re-ignited.

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According to latest data from Agriculture Ministry, total acreage has declined to 530 lakh hectares as on 10 July 2026, recording a 16% decrease from 632 lakh hectares at same time last year. Area under main kharif crop paddy dropped by 8.60% to 114 lakh hectares. The pulses sowing has dipped 23% to 56.63 lakh hectares while area under coverage for coarse cereals fell around 22.50% to 98.70 lakh hectares. Sowing area under oilseeds also fell 21% to 117.83 lakh hectares. In other commodities, Cotton sowing dropped 15% to 79.54 lakh hectares while Sugarcane acreage is up 1.51% at 57.58 lakh hectares.

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Gold climbed above $4,000 an ounce on Tuesday, supported by a weaker US dollar and renewed safe-haven demand after President Donald Trump announced plans to reinstate a blockade on Iranian vessels transiting the Strait of Hormuz. The announcement heightened geopolitical tensions and pushed oil prices higher, raising concerns over renewed inflationary pressures. The dollar index slipped below the 101 mark after a sharp rise in the previous session, further supporting bullion prices. Investors are also awaiting key US inflation data and Federal Reserve Chair Kevin Warsh`s testimony before Congress later today for fresh clues on the interest rate outlook. Reflecting the strength in global markets, MCX August gold futures gained 0.5% to ₹1,40,734 per 10 grams. Gold has remained highly volatile in 2026, fluctuating between record highs above $5,500 and levels near $4,000 amid changing geopolitical developments, Fed policy expectations, and movements in the US dollar.

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Crude oil prices climbed to around $81 per barrel in electronic trading on Tuesday, hitting their highest level in a month as renewed hostilities between the United States and Iran entered a third consecutive day. Fears of supply disruptions through the Strait of Hormuz lifted sentiment, with Brent and WTI crude futures gaining nearly 4%, extending Monday`s rally of almost 10%. The surge followed fresh US military strikes on Iran, with Washington stating the operations targeted Tehran`s ability to threaten commercial shipping in the Strait of Hormuz. Although oil shipments have continued under military protection, persistent geopolitical tensions have kept markets on edge. Tracking the global rally, MCX July crude oil futures jumped more than 5% to ₹7,744 per barrel, supported by strong international crude prices and heightened supply concerns.

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Base metals edged higher today. MCX Copper futures for July are trading at Rs 1305.70 per kg, up 0.73% on the day. The metal is managing to sustain above Rs 1300 per kg mark. MCX Aluminum futures spiked 1.41% to trade at Rs 344.60 per kg. MCX Zinc futures added 0.65% to trade at Rs 376 per kg. MCX Lead futures edged up 0.05% to trade at Rs 199.30 per kg. MCX Nickel futures spiked 1.12% to trade at Rs 1607 per kg.

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India`s Gold imports came in at Rs 18695 crore in value terms in June 2026, rising around 18.34% compared to June 2025. Silver imports continued to fall. Total silver imports value fell 0.71% on year to Rs 571 crore in the May 2026. Gold imports value in first quarter of FY27 jumped by 62% on year to Rs 103988 crore while Silver imports during the same period tumbled 37% to Rs 5138 crore. On a monthly basis, Gold import value slipped around 42% while Silver imports dipped 21%.

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Japan`s industrial production index was at 102.6 in May, marking a 0.1% increase from April, according to a final report from the Ministry of Economy, Trade, and Industry (METI), published on Tuesday.

Compared to the same month in 2025, the figure declined by 2.1%. The shipments index increased by 0.5% month-on-month to land at 101.5, and was down 2.0% year-on-year.

Meanwhile, the inventories index fell 1.1% from the previous month, landing at 94.9 and falling 5.0% compared to last year. The inventory ratio grew 0.7% on a monthly basis to reach 102.3, representing a 0.8% annual decrease.

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The US dollar spiked yesterday as markets eyed unrest on geopolitical front following US-Iran attacks. Interest rate dynamics also stayed in place. Federal Reserve Governor Christopher Waller noted that inflation is up this year and he is concerned about the elevated pace of core inflation. The US central bank may need to raise interest rates in the near term if upcoming data continues to run hot, he said. This pushed up the US treasury yields and also made the US dollar index break above 101 mark. The US dollar index is currently quoting flat at 101 mark but is holding around one and half week high.

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LME Aluminium inventories dropped in last session, adding to recent declines. The Aluminium inventories slipped 1500 tonnes on Monday to stand at 286225 tonnes, holding around four year low. Inventories fell around 10% in June.

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Australia`s NAB Business Confidence Index improved to -5 in June from -14 in May, its strongest reading since February, as easing geopolitical tensions lifted sentiment. Business conditions remained steady at 3 for a third straight month, while price pressures eased, with retail prices declining for the first time in seven years. Despite the improvement, business activity remained subdued through the first half of 2026.

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Australia`s Westpac'Melbourne Institute Consumer Sentiment Index rose 4.1% to 83.9 in July, rebounding from June`s decline as concerns over energy costs, interest rates, and the labor market eased. Despite the improvement, consumer confidence remained historically weak, with sentiment still vulnerable to global uncertainties.

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COMEX Copper futures are holding steady around three week high today despite worries posed by geopolitical tensions. A sustained drop in the LME Copper inventories is also supporting the metal. COMEX Copper futures are quoting at $6.31 per pound, up 0.40% on the day. MCX Copper futures ended down marginally at Rs 1295 per kg yesterday after testing Rs 1300 per kg mark in intraday moves. The counter is likely to open on a steady note today.

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COMEX Gold futures slipped to a two week low on Tuesday, extending Monday`s steep drop, as the US-Iran conflict sent oil surging and hawkish comments from Fed Governor Waller lifted bets on a September rate. Treasury yields stayed elevated and the US dollar index zoomed above 101 mark. This pulled Gold under $4000 per ounce mark before some stability emerged in the metal.

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China's exports continued to grow robustly in June, extending the positive momentum seen in previous months and shrugging off geopolitical headwinds.

The country's exports rose by 27 per cent year on year to US$412.39 billion last month, according to Chinese customs data released on Tuesday.

Imports grew by 36 per cent last month to US$286.76 billion.

This brought China's trade surplus to US$125.62 billion last month, up from US$105.43 billion in May.

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WTI Crude gained around 10% on Monday as supply worries owing to renewed US-Iran tensions pushed up the prices. The counter is up another 1.5% on Tuesday to trade near the $80 a barrel mark. The US President Donald Trump, in a post on Truth Social, demanded that the US must be reimbursed a 20% fee on cargoes, or over $30 million on full supertankers carrying oil, while the US Central Command launched a third straight night of strikes on Iran and reimposed a blockade on ships entering or leaving Iranian Ports.

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The Organization of Petroleum Exporting Countries (OPEC) reported on Monday that its global economic growth projections for 2026 and 2027 remained unchanged from the previous month`s assessment and stood at 3.1% and 3.2%, respectively.

The United States gross domestic product (GDP) growth is anticipated to be at 2.2% in 2026 and 2% in 2027, unchanged from the previous forecast. The Eurozone`s economic growth estimates also remained unchanged at 1% for 2026 and 1.2% for 2027. Meanwhile, China`s economic growth forecast remained at 4.6% for this year and 4.5% for 2027, while forecasts for the GDP growth in Russia stayed at 1.3% for 2026 and 1.5% for 2027.

"The global economic growth dynamic in 1H26 has remained broadly resilient. Growth in non-OECD Asian economies has been particularly robust, supported by global investment in AI, a steady expansion in international trade, and fiscal measures that have helped cushion the impact of higher energy costs," OPEC stated.

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COMEX Copper futures are holding steady today amid a slightly lax undertone in the US dollar though worries over geopolitical stress are weighing on equities. In Asia, China`s Shanghai Composite index lost 2%, giving up gains in last session. The index tested lowest in three and half months. Hong Kong's Hang Seng index added 0.16%. Japan's Nikkei average tanked 1.90%. European stocks are witnessing mixed action today amid lack of major economic cues. The US stocks edged higher in last session. The S&P 500 gained 0.4% and closed out its fourth winning week in the last five. The Dow Jones Industrial Average added 0.3%, and the Nasdaq composite climbed 0.3%. COMEX Copper futures are quoting at $6.30 per pound, up 0.30% on the day. The metal is hovering anear three-week high, building onto recent gains. It edged up more than 2% in the last week. MCX Copper futures are up 0.41% at Rs 1298.95 per kg.

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OPEC stated in its latest monthly Oil Market Report that global crude oil demand is forecast to grow by a healthy 1.0 million barrels per day or mb/d in 2026, y-o-y. The OECD is forecast to grow by about 0.1 mb/d, while the non-OECD is forecast to grow by about 0.9 mb/d. Global oil demand in 2027 is forecast to grow by about 1.7 mb/d, y-o-y, following an upward revision of about 0.2 mb/d from last month’s assessment. The OECD is forecast to grow by 0.2 mb/d, while the non-OECD is forecast to grow by about 1.5 mb/d. OPEC noted further that Non-DoC liquids production (i.e., liquids production from countries not participating in the Declaration of Cooperation) is forecast to grow by about 0.6 mb/d, y-o-y, in 2026, unchanged from last month’s assessment.

The main drivers of liquids production growth are expected to be Brazil, the US, Canada, and Argentina. In 2027, non-DoC liquids production is forecast to grow by about 0.6 mb/d, also unchanged from last month’s assessment. The growth will mainly be driven by Qatar, Brazil, Canada, and Argentina. Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are forecast to increase by about 0.1 mb/d, y-o-y, to average 8.8 mb/d in 2026. Additional growth of about 0.1 mb/d, y-o-y, is forecast for 2027, to average about 8.9 mb/d. In May, crude oil production by countries participating in the DoC decreased by 0.19 mb/d, m-o-m, to average about 33.13 mb/d, according to available secondary sources.

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Energy speculators sharply cut their net long positions in the crude oil futures market unchanged, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Crude oil futures, traded by large speculators, hedge funds and retailers, totaled a net long position of 75749 contracts in the data reported through week ended July 7, 2026. This marked a weekly slide of 34782 contracts and pulled net longs to six-month low.

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Precious metals speculators added to their net long positions in the Silver futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Silver futures, traded by large speculators, hedge funds and retailers, totaled a net position of 28015 contracts in the data reported through July 7, 2026. This was a weekly uptick of 647 net contracts and kept them at six-month high.

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Gold prices edged lower towards $4,050 an ounce in electronic trading on Monday as renewed US-Iran hostilities lifted crude oil prices, stoking inflation concerns and reinforcing expectations that the Federal Reserve could deliver another interest-rate hike this year. Sentiment was further shaped by the Fed`s June meeting minutes, which indicated that some policymakers saw a case for tighter monetary policy, while investors now await this week`s US inflation data and Fed Chair Kevin Warsh`s congressional testimony for fresh guidance on the interest-rate outlook. Reflecting the weakness in global bullion markets, MCX August gold futures declined by more than Rs 1,000 to around Rs 1,42,403 per 10 grams.

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OPEC stated in its latest monthly Oil Market Report that the global economy entered 2Q26 with encouraging momentum, following a resilient and broadly steady performance in 1Q26. Growth remained supported by robust activity in non-OECD Asia, solid expansion in the US, and steady trends in several other major economies. A key positive factor has been the continued strength of investment linked to AI, which is supporting capital expenditure, high-value manufacturing, semiconductor-related trade and productivity-oriented business spending. Similarly positive, industrial production has held up well across many major economies, indicating a firm global manufacturing backdrop, while global trade has continued to expand in both volume and value terms.

According to OPEC, fiscal policy has also remained an important support factor, with targeted measures in the US, China, Germany, Japan and India helping to cushion households and businesses from higher energy costs and broader uncertainty. Importantly, monetary policies, while still data-dependent, remain relatively accommodative in several key economies or are expected to become more supportive later in the year, providing an additional stabilizing force for activity. These supportive factors have helped offset challenges related to geopolitical tensions, particularly in the Middle East, as well as related energy price volatility and trade policy uncertainty. Equity market indices have reflected this resilience, with the S&P 500 reaching all-time highs in recent weeks and expanding by around 20% from trough levels at the end of March, with similar positive trends in other important stock markets.

While geopolitical developments in the Middle East and their broader consequences have increasingly been in focus, trade policy also requires close attention in the near term. This follows a US warning that it will possibly raise tariffs on cars and trucks imported from the European Union to 25% at the beginning of July. In addition, the US administration’s 10% global blanket tariff under the so-called Section 122 will remain in place only for up to 150 days and is seen to be replaced by a new tariff framework in late July. In parallel, the United States-Mexico-Canada Agreement (USMCA) faces its six-year review deadline in July, which will likely be extended.

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Base metal speculators continued to trim their longs in the Copper futures market, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds and retailers totalled a net long position of 64272 contracts in the data reported through July 7, 2026, falling by 516 contracts and slipping to two-month low.

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Precious metals speculators increased their net long position in the Gold futures marginally, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Gold futures, traded by large speculators, hedge funds and retailers, totalled a net position of 194246 contracts in the data reported through July 7, 2026, rising by 227 contracts from the previous week. The net longs are holding around six-month high now.

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Crude oil prices surged more than 4% on Monday, climbing above $75 per barrel in electronic trading and snapping a two-day losing streak as renewed US-Iran missile exchanges reignited concerns over potential supply disruptions through the Strait of Hormuz. The latest escalation reversed part of the losses seen after the interim US-Iran peace agreement, as fading hopes for renewed diplomacy prompted markets to rebuild a geopolitical risk premium into oil prices. Higher concerns over tighter Middle Eastern crude supplies also lifted domestic prices, with MCX July crude oil futures rising nearly 5% to Rs 7,122 per barrel as investors continued to monitor developments in the region.  

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Base metals turned lower today in volatile moves. MCX Copper futures for July are trading at Rs 1288.50 per kg, down 0.39% on the day. The metal tested lows around Rs 1384 per kg in intraday moves earlier. MCX Aluminum futures are up 0.37% to trade at Rs 339.70 per kg. MCX Zinc futures fell 0.36% to trade at Rs 375 per kg. MCX Lead futures slipped 0.55% to trade at Rs 199.55 per kg. MCX Nickel futures eased 0.33% to trade at Rs 1585.10 per kg.

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Silver prices extended their downward trajectory on Monday, with futures falling more than 3% to around $58 an ounce after renewed US-Iran hostilities triggered a sharp rally in crude oil prices, intensifying inflation concerns and strengthening expectations of further Federal Reserve policy tightening. Elevated oil prices, coupled with a firmer US dollar amid heightened safe-haven demand, weighed heavily on non-yielding precious metals. Market participants are now awaiting this week`s US inflation data and Fed Chair Kevin Warsh`s congressional testimony for further clarity on the Federal Reserve`s interest-rate trajectory. In the domestic market, MCX silver futures also declined sharply, slipping below Rs 2,18,000 per kg, a fall of more than Rs 4,000.

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The Indian Rupee slipped today, tracking firm trends in crude oil and volatile equities. INR lost 41 paise to 95.79 against the US dollar on Monday, testing around four-week low. Brent Crude oil prices zoomed above $79 a barrel today, approaching near three-week high after Iran declared that the Strait of Hormuz is closed. The domestic equity benchmarks were under stress. The escalating conflict amplified geopolitical uncertainties and has stoked concerns of rising inflationary pressures. Nifty continued to trade below the 24,150 mark.

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Quotes as on 9 July 2026, weekly change in percent

WHEAT US - HRW (Gulf) $295, 4.22, EU France Grade 1 (Rouen) $237, 0.42

MAIZE (CORN) US - 3YC (Gulf) $225, -3.40%, Brazil 225, 5.10

BARLEY EU - France (Rouen) $224, -0.88%

SOYABEANS US - No.2 (Gulf) $478, 4.82, Brazil (Paranagua) $471, 2.83

RICE Thailand 5% Broken $459, -2.13

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The BNZ-BusinessNZ Performance of Services Index edged up to 50.6 in June, up from 48.0 in May and 48.9 in April, marking the first reading above the 50.0 breakeven mark since January 2026, according to BusinessNZ. The segments most exposed to discretionary spending, including hospitality and personal services, remain under the most pressure as households continue prioritising essentials such as fuel and food. New Orders was the strongest sub-index at 53.0, followed by Deliveries moving into expansion at 51.2.

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LME lead inventories continued to dip after hitting highest in more than a decade. The inventories slipped by 2050 tonnes on Friday to 289375 tonnes, testing seven-week low.

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The week begins with global investors navigating heightened geopolitical tensions, a busy economic calendar and the start of the second-quarter earnings season. Markets will closely monitor developments in the Middle East following renewed US-Iran hostilities, while key inflation and growth data, central bank commentary and corporate earnings are expected to shape market sentiment across major economies.

America: The US will remain the primary focus for global markets as Fed Chairman Kevin Warsh testifies before Congress, with investors looking for fresh clues on the path of interest rates. Key economic releases, including June CPI inflation, retail sales, industrial production, housing data and the Michigan Consumer Sentiment survey, will provide further insight into the strength of the economy. The second-quarter earnings season also gets underway, with major US banks such as JPMorgan, Bank of America, Citigroup, Goldman Sachs and Wells Fargo reporting results

Europe: European markets will focus on the UK's May GDP report, where the economy is expected to return to modest growth after contracting in April. Industrial production, manufacturing output and trade figures will also be closely monitored, alongside speeches from Bank of England Governor Andrew Bailey and Chancellor Rachel Reeves. In the Euro Area, investors will track the final June inflation reading, industrial production and trade data. Political developments in the UK will also attract attention ahead of the expected leadership transition later this month.

Asia-Pacific: China will release a packed slate of economic indicators, including second-quarter GDP, industrial production, retail sales, trade balance, credit growth, unemployment and house prices, providing a comprehensive update on the world's second-largest economy. Elsewhere, India will publish inflation, unemployment and trade data, while Japan will release machinery orders and industrial production figures. Markets will also monitor South Korea's monetary policy decision, Australia's consumer and business confidence reports, Singapore's preliminary second-quarter GDP, Malaysia's GDP and inflation data. 

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Crude oil prices have jumped today as the latest outbreak of hostilities between the United States and Iran over the Strait of Hormuz weighed on sentiments. WTI Crude rose more than 4% at $74.25 per barrel in Asia as Washington and Tehran traded attacks.

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Copper slipped in Asia after a modest recovery in last session. The metal has dipped to around one and half week lows around $6 per pound last week. Fresh worries over the Middle east scenario weighed on the counter and the COMEX Copper futures are down around 1.1% at $6.21 per pound.

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COMEX Gold futures eased last week as markets remained transfixed on the geopolitical scenario and worries over seasonally weak demand in Indian physical markets weighed on sentiments. COMEX Gold spiked around two-week high above $4200 per ounce but failed to sustain. Gold fell yet again today to start the week on a dismal note as firm US dollar hurt sentiments. The metal is down more than one percent at $4067 per ounce.

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The total number of active drilling rigs for oil and gas in the United States edged up marginally last week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US to 581, up 44 from this same time last year.The number of active oil rigs stayed at 445 during the latest reporting period. This is 21 above this same time last year. The number of gas rigs also stayed the same, at 126, which is 18 more than this time last year. The gain was courtesy of the miscellaneous rig count, which gained 1, for a total of 10.

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COMEX Copper edged up from around one and half week lows around $6 per pound amid broadly positive cues from Wall Street. Macros were also in focus as the International Monetary Fund noted that the global economy navigated the Iran war better than anticipated. COMEX Copper futures added more than 2% in the week gone by. The Dow hit fresh record highs as softer-than-expected June employment data fuelled expectations that the Fed will be less inclined to tighten policy in the near term. Copper also benefited from sustained drop in LME inventories.

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WTI Crude oil futures spiked to two-week high above $76 per barrel but eased thereafter as investors looked for more clarity on the US-Iran war. The commodity added around 3% this week. Oil had tumbled heavily as a ceasefire between the United States and Iran that took hold on June 22 helped reopen the Strait of Hormuz. However, the US President Trump told the NATO summit in Ankara that the ceasefire was effectively over, boosting oil prices above $70 per barrel in a flash. Attention will likely shift to the US supply scenario now. Crude oil inventories in the United States saw an increase of 3.0 million barrels during the week ending July 3, according to data from the US Energy Information Administration (EIA). The increase brings commercial stockpiles to 411.4 million barrels, according to government data, which are now 6% below the five-year average for this time of year. MCX Crude oil futures extended an upmove after testing lows near Rs 6500 per barrel.

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COMEX Gold futures eased as markets remained transfixed on the geopolitical scenario and worries over seasonally weak demand in Indian physical markets weighed on sentiments. COMEX Gold spiked around two-week high above $4200 per ounce but failed to sustain and ended the week marginally higher at $4130 per ounce. In a key update for the metal, World Gold Council or WGC has stated in a latest update that Gold-backed exchange traded funds or ETFs flows data for June saw continued outflows from funds listed in all regions, yet global gold ETF flows have remained positive y-t-d. Global gold ETFs' AUM reached US$526billion (bn) by the end of June, a 6% fall in H1 due mainly to a lower gold price; collective holdings in the first half were up 18 tonnes (t) to 4,047t. Gold market trading volumes pulled back in June yet the H1 average reached an all-time high. Global investors further trimmed their gold ETF holdings in June. Physically backed gold ETFs1 saw outflows of US$8.9bn in the month. All regions experienced outflows with North America losing the most. In the month, global gold ETFs' total assets under management (AUM) fell 13% to US$526bn, whilst holdings reduced by 74t to 4,047t. Despite June's loss, global gold ETF flows remained positive at US$8 billion in H1. Asia dominated global inflows ' the region's strongest H1 on record ' while North America was the only region with losses. Europe saw healthy inflows. Global gold ETFs' AUM fell 6% in H1, reflecting the lower gold price despite positive inflows. Collective holdings rose slightly by 18t.

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Copper futures edged up to two-week high in volatile trades today. The metal is currently trading flat $6.26 on modest weakness in the US dollar. In Asia, China`s Shanghai Composite index rose 1.70% while Hong Kong's Hang Seng index slipped 0.70%. Japan's Nikkei average added 1.40%. European stocks edged up marginally. The US stocks recovered in last session with gains led by AI chipmakers, while oil prices retreated as investors weighed the Iran conflict. Falling Treasury yields also supported markets despite ongoing geopolitical uncertainty. MCX Copper is trading almost unchanged at Rs 1292.25 per kg after hitting above Rs 1300 per kg in initial moves. The counter has turned lower throughout the session today.

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Natural Gas futures slumped yesterday as markets eyed elevated US supplies. The United States Energy Information Administration (EIA) reported a natural gas storage change of 61 billion cubic feet (Bcf) for the week ending July 3. Working gas in storage across the United States was 2,983 BCF. In annual terms, this figure shows a decline of 15 billion cubic feet. At the same time, the storage stood 185 billion cubic feet above the five-year average of 2,798 billion cubic feet. The working gas storage remained within the five-year historical range. The US Natural Gas slipped heavily amid weakness in oil prices and broke under $3 per mmbtu mark. The counter is currently trading at $2.97 per mmbtu, down 1.23% on the day and is hovering around seven-week low. MCX Natural Gas futures are trading at Rs 285.40 per mmbtu, down 0.80% on the day.

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COMEX Gold futures eased today, giving up sharp gains in overnight trades as markets remained transfixed on the geopolitical scenario and worries over seasonally weak demand in Indian physical markets weighed on sentiments. COMEX Gold spiked around 1.40% in last session and currently pulled back in Asia today amid supportive risk appetite. However, weakness in the US dollar is capping downside. The metal currently trades down 0.86% at $4104 per ounce. MCX Gold futures are quoting at Rs 144001 per 10 grams, down 0.89% on the day. It opened lower and extended losses after breaking under Rs 145K mark.

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German headline annual inflation came in at 2.3%, unchanged from the preliminary estimate. This represents a slight slowdown from May (2.6%), with the rise in energy prices being less profound this time around. That being said, Destatis does noted that Energy prices continued to rise at an above-average rate as a result of the Iran war and thus remained a key driver of inflation. The year-on-year change for energy prices continue to ease, coming off 3.4% in June. A slight drop in food price inflation also did play a role though, rising by a below-average rate of 0.4% in June. It noted further that core annual inflation is at 2.5% in June and remains unchanged from May.

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WTI Crude oil futures corrected sharply in last session, failing to sustain after recent rally as markets looked for more clarity on the US-Iran war. Oil tanked around 2% but seems to be steadying now amid firm risk appetite. The US stocks rebounded yesterday with gains led by AI chipmakers. Asian equities are also holding up and WTI Crude oil is currently trading at $72.01 per barrel, down 0.19% on the day. Oil is up around 4% this week. MCX Crude oil futures are currently trading at Rs 6845 per barrel, down 0.13% on the day. The counter has been volatile today after hitting highs around Rs 6930 per barrel in early morning trades. Open interest has dropped marginally.

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Base metals are witnessing mixed movement today. MCX Copper futures for July are trading at Rs 1297.40 per kg, up 0.36% on the day. The metal hit above Rs 1300 per kg in intraday moves before easing a bit. MCX Aluminum futures eased 0.31% to trade at Rs 342.90 per kg. MCX Zinc futures added 0.16% to trade at Rs 376.50 per kg. MCX Lead futures eased 0.20% to trade at Rs 200.45 per kg. MCX Nickel futures soared around 1% to trade at Rs 1630.20 per kg.

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The Asian Development Bank (ADB) has lowered its growth forecast for developing Asia and the Pacific economies to 4.9% for 2026 compared to 5.5% growth in 2025. This is a reduction of 0.2 percentage points from April projections. Prolonged disruptions to energy markets caused by the Middle East conflict have weighed more heavily on the region’s prospects than anticipated, according to ADB’s latest economic outlook released today. The 2027 growth forecast is maintained at 5.1%, reflecting recovering activity as these pressures ease.

Asian Development Outlook (ADO) July 2026 expects disruptions to global energy markets to unwind only gradually, despite a framework agreement signed in June. With impacts extending beyond energy to fertilizers, other commodity prices, and supply chains, inflationary pressures are likely to persist. Regional inflation is now forecast at 4.3% this year compared to 3% in 2025—an upward revision of 0.7 percentage points from April. The inflation forecast for 2027 remains at 3.4%.

ADO July 2026 warns that renewed conflict escalation and prolonged geopolitical uncertainty remain key risks to the region’s outlook. These could further tighten energy markets, raise risk premia, and intensify inflationary and external pressures. Tighter global financial conditions pose additional risks, with sovereign bond yields and borrowing costs rising, and fiscal deficits projected to widen in several economies. Higher tariffs and elevated trade policy uncertainty could also weigh on activity, while rising fertilizer prices continue to threaten agricultural output and food security.

Growth projections for 2026 are lowered for most subregions, except developing East Asia. Forecasts for the People’s Republic of China are unchanged at 4.6% for 2026 and 4.5% for 2027, supported by strong exports and infrastructure investment. India’s growth forecast is revised down to 6.6% this year, as higher energy costs weigh on domestic demand, and maintained at 7.3% for next year. Growth projections for Southeast Asia and the Pacific are also trimmed, reflecting weaker domestic demand and tourism, rising inflation, and higher import costs.

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The LME Zinc inventories dropped in last session, adding to recent losses. The stockpiles on the exchange slipped 400 tonnes to 115525 tonnes on Thursday, holding around three-week low.

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Japan`s producer price index (PPI) went up by 0.4% in June compared to the previous month, according to a preliminary report released by the Bank of Japan (BoJ) on Friday.

The reading marked a slight slowdown from May`s 1.1% increase, while on a year-on-year basis PPI rose 7.1%.

The report also showed that export prices on a contract currency basis increased by 11.1% from a year earlier and fell by 0.4% from the previous month. Import prices rose 17.8% year-on-year and advanced 0.1% month-on-month.

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Asian Development Bank on Thursday lowered India`s GDP growth projection to 6.6 per cent as against 6.9 per cent estimated earlier for the current fiscal on concerns of higher energy prices fuelled by the Middle East crisis. Despite the growth moderation, India still continues to be the fastest-growing major economy in the world, ADB said. India`s GDP growth forecasts are revised down to 6.6 per cent for FY2026 (ending 31 March 2027) and maintained at 7.3 per cent for FY2027, Asian Development Outlook (ADO) July 2026 said. Growth will be supported by policy interventions to attract more foreign capital, as well as fuel tax cuts, targeted credit support, strong services exports, and public capital expenditure. The FY2027 growth forecast remains unchanged from April, underpinned by improved global conditions and export competitiveness gained through trade agreements with various partners. However, risks tilt to the downside driven by heightened geopolitical tensions, or weather-induced weakness in agriculture, ADB noted.

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WTI crude oil futures are holding to recent gains above $72 per barrel mark on Friday amid uncertainty regarding developments surrounding the Middle East crisis. The US military reportedly unleashed a new wave of strikes against Iran earlier this week in retaliation for Tehran's attacks on commercial ships in the Strait of Hormuz and Iran also responded by targeting American allies and bombing US military installations across Bahrain and Kuwait. However, further rise in the commodity may be capped as the US Energy Information Administration (EIA) reported a larger-than-expected build in inventories for the week ending July 3, marking the first rise in 11 weeks. Nevertheless, the counter is set to register modest weekly gains and snap a four-week losing streak.

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COMEX Copper extends recovery on Friday morning in Asia tracking positive cues from equities. Asian stock markets are trading mostly higher on Friday, following the broadly positive cues from Wall Street overnight, boosted by the surge in semiconductor and AI stocks. The Nasdaq ended the day just off its high of the session, jumping 336.24 points or 1.3 percent to 26,206.89. The S&P 500 also advanced 60.93 points or 0.8 percent to 7,543.64, while the narrower Dow rose 139.02 points or 0.3 percent to 52,487.41. Macros were also in focus as the International Monetary Fund noted that the global economy navigated the Iran war better than anticipated. COMEX Copper futures are currently trading at $6.31 per pound, up 0.69% on the day following an over 2.5% surge in the previous session.

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COMEX gold and silver were relatively steady on Friday morning in Asia as dollar demand dampened on expectations that US and Iran will continue peace negotiations despite a recent escalation . Nevertheless, escalating tensions between the US and Iran could drive crude oil prices higher, stoking inflation fears and forcing the Federal Reserve (Fed) to maintain its higher-for-longer rate stance. The dollar index slipped under 100.50 mark. The recent minutes from the Fed's June meeting, reflected a divided central bank not sure how to proceed on rates without more information on inflation. Meanwhile, the yellow metal is holding at $4135.30 an ounce and silver is up 0.28% at $60.92 per ounce.

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Existing home sales in the United States decreased by 2.4% in June compared to the previous month and stood at a seasonally adjusted annual rate of 4.09 million, the National Association of Realtors (NAR) shared in a report on Thursday. On an annual basis, sales advanced by 2.8%.

The median sales price for existing homes across all types increased by 1.8% year-over-year to $440,600. At the end of June, total housing inventory was 1.56 million units, a 0.6% decrease from the previous month and a 1.3% decline compared to June 2025.

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The number of seasonally adjusted initial jobless claims in the United States declined by 2,000 from last week`s revised figure to 215,000 in the week ending July 4, the US Department of Labor revealed in its report on Thursday. The figure came in lower than analysts anticipated, while the four-week moving average decreased by 3,750 from the previous week`s revised average to reach 218,750.

The advance seasonally adjusted insured unemployment rate for the week ending June 27 stood at 1.2%, unchanged from the week before. Meanwhile, the insured unemployed figure for the same week stood at 1,814,000, rising by 8,000 from the previous week`s revised figure, and the four-week moving average was up by 7,000 to land at 1,808,000.

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