DBT Bureau
Pune, 28 April 2026
Global commodity markets remain volatile, with copper output in China reaching record highs even as geopolitical tensions and energy disruptions continue to influence metals and crude oil prices. The following insights are based on the latest report from Geojit Investments.
- Precious metals prices steadied as investors remained on the sidelines ahead of developments in the stalled U.S.–Iran peace negotiations and the Federal Reserve’s monetary policy announcement. Spot gold held above USD 4,700 per troy ounce, while spot silver surged to about USD 75 per troy ounce.
- U.S. Fed is expected to keep its benchmark interest rates unchanged when it releases its policy decision at the conclusion of its two-day meeting this week.
- Renewed escalation in the Middle East has nearly brought traffic through the Strait of Hormuz to a standstill, while progress in U.S.–Iran talks may provide fresh signals.
- The head of the International Energy Agency (IEA) warned that the escalating conflict involving Iran, the U.S., and Israel is triggering the most severe energy crisis the world has ever experienced.
- Crude oil prices surged, with ICE Brent variant trading firmly around USD108 a barrel shipments through the Strait of Hormuz have nearly ground to a standstill.
- Russia was forced to reduce oil output in April due to Ukrainian drone attacks on ports and refineries, as well as a halt to crude supplies via the only remaining Russian oil pipeline to Europe.
- OPEC+ agreed to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.
- Emirates Global Aluminium said fully restoring primary aluminium production at its Al Taweelah smelter in the UAE that was hit by an Iranian attack late last month could take up to a year.
- China’s primary aluminium production in March rose 2.7% yoy, as supply fears linked to the Iran conflict supported prices of the light metal. Aluminium production climbed to 3.85 million metric tons in March.
- China’s refined copper output reached a record high in March, defying planned output cut. Refined copper production in March surged 8.7% yoy to 1.33 million metric tonnes, surpassing the record set in December.
