DBT Bureau
Pune, 18 Feb 2026
According to the latest outlook from Geojit Investments Limited, global commodity markets remained cautious with gold edging higher amid U.S.–Iran negotiations and Fed policy uncertainty, while crude oil, natural gas, and copper reflected demand worries, inventory build-ups, and shifting geopolitical dynamics.
- Gold prices inched up after touching their lowest level in more than a week in the previous session following a positive remark from Iran’s minister regarding ongoing U.S.–Iran nuclear negotiations. Meanwhile, investors turned their attention to the progress of the nuclear talks and awaited further clues on the Federal Reserve’s policy outlook from the FOMC minutes scheduled for release tonight.
- Tensions continue simmer after the U.S. and Iran opened indirect nuclear negotiations in Geneva, while the U.S. continues to amass a significant military presence in the region.
- U.S. inflation eased more than anticipated in January, rising 2.4% annually and 0.2% on a monthly basis, while stronger job growth and a decline in the unemployment rate to 4.3% bolstered the U.S. dollar and pressured bullion.
- Copper inventories across the world’s three largest metal exchanges have surpassed 1 million metric tonnes for the first time in over 20 years, driven by weak demand in China and recent stockpiling in the U.S. Combined stocks on the COMEX, LME, and SHFE now stand at 1,012,065 MT.
- Crude oil prices remained under pressure as investors assessed the potential market impact of forthcoming U.S.–Iran talks aimed at easing geopolitical tensions, all while anticipating increased supply from OPEC+.
- OPEC+ agreed to keep oil production unchanged for March, but is leaning toward restoring oil output increases starting in April, a move that would help Saudi Arabia and other members such as the UAE reclaim market share at a time when producers like Russia and Iran face Western sanctions and Kazakhstan continues to struggle with production setbacks.
- China’s imports of Russian crude oil are poised to rise for the third consecutive month to a fresh record in February, as independent refiners capitalize on steeply discounted cargoes following India’s sharp reduction in purchases. Russian crude deliveries to China are expected to reach 2.07 million barrels per day in February, up from an estimated 1.7 million bpd in January.
- NYMEX natural gas futures fell to a four month low as the prices were pressured by the forecasts for warmer weather over the next two weeks, which dampened expectations heating demand till the end of February.
