DBT Bureau
Pune, 26 May 2026
Global commodity markets witnessed mixed trends as gold and silver gained on hopes of a potential U.S.-Iran peace deal, oil prices softened amid easing geopolitical tensions, and supply concerns impacted energy and industrial metals markets, according to Geojit Investments report.
- Precious metals edged higher on expectations of a possible U.S. Iran peace agreement, following statements from the U.S. indicating that the two countries have negotiated on a memorandum of understanding that would lead to reopening the Strait of Hormuz.
- India has raised import tariffs on gold and silver to 15% from 6%, as part of efforts to curb overseas purchases of the metals and ease pressure on the country’s foreign exchange reserves.
- International Energy Agency said that the global oil supply is expected to fall short of demand this year, as the Iran conflict disrupts Middle East production and tightens market balances.
- Crude oil prices declined as growing optimism emerged over a potential peace agreement between the U.S. and Iran.
- Three LNG tankers have recently transited the Strait of Hormuz, bound for Pakistan, China, and India, along with a supertanker carrying Iraqi crude to China that set sail after being stranded for nearly three months.
- Last week, two supertankers departed the Strait of Hormuz, while another is in the process of exiting, after being stationed in the Gulf for over two months with a combined cargo of 6 million barrels of Middle Eastern crude oil.
- Indian refiners turned to imports from Latin America and Africa after supplies from the Middle East were disrupted.
- Copper output at Chile’s state owned Codelco declined 9.98% yoy in March to 110,900 tonnes. Production at Escondida, the world’s largest copper mine, dropped 15.75% to 101,600 tonnes, while Collahuasi, operated by Glencore and Anglo American, saw output fall 10.80% to 31,400 tonnes.
- China’s aluminium output rose by 3.1% from a year earlier to 3.87 million metric tonnes in April. In the first four months of the year, China produced 15.33 million metric tonnes, a rise of 3.5% from the same period last year.
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