Overnight Commodity Market Snapshot 👇
In crude oil, WTI rose 1.3% to about $83 per barrel, extending its winning run for the fourth straight trading day. Uncertainty over prospects for a deal to reopen the Strait of Hormuz remains, keeping supply concerns in play and supporting oil prices.
Copper prices were largely flat, with the LME three-month contract ending at $14,156.5 per tonne. With navigation arrangements for the Strait of Hormuz still undecided, weaker risk appetite has left copper lacking clear direction.
Precious metals pulled back: spot gold retreated 0.5% from a two-month high to $4,370.11 per ounce; spot silver fell 1.6% to $64.6815 per ounce. Traders are weighing the outlook for Iran–U.S. talks while also awaiting the upcoming release of U.S. inflation data.
Overall, the market is caught between geopolitical tensions and macro data. Crude oil remains relatively strong, precious metals face pressure, and copper sentiment is marked by caution and wait-and-see behavior. #Commodities #StraitofHormuz #GoldOil
In crude oil, WTI rose 1.3% to about $83 per barrel, extending its winning run for the fourth straight trading day. Uncertainty over prospects for a deal to reopen the Strait of Hormuz remains, keeping supply concerns in play and supporting oil prices.
Copper prices were largely flat, with the LME three-month contract ending at $14,156.5 per tonne. With navigation arrangements for the Strait of Hormuz still undecided, weaker risk appetite has left copper lacking clear direction.
Precious metals pulled back: spot gold retreated 0.5% from a two-month high to $4,370.11 per ounce; spot silver fell 1.6% to $64.6815 per ounce. Traders are weighing the outlook for Iran–U.S. talks while also awaiting the upcoming release of U.S. inflation data.
Overall, the market is caught between geopolitical tensions and macro data. Crude oil remains relatively strong, precious metals face pressure, and copper sentiment is marked by caution and wait-and-see behavior. #Commodities #StraitofHormuz #GoldOil