DBT Bureau
Pune, 30 May 2026
According to Geojit Investments commodity data, global commodity markets remained volatile as geopolitical tensions involving the U.S., Israel, and Iran influenced gold, crude oil, and industrial metals prices, while supply disruptions reshaped the outlook for energy and mining sectors.
- Spot gold edged higher today but remained on track for a third consecutive monthly decline, as the U.S.-Israel conflict with Iran fueled inflation concerns and raised the likelihood of further U.S. interest rate hikes. The recent rebound in gold prices was driven by reports that the U.S. and Iran have reached a deal, although it has not yet been finalized.
- The U.S. and Iran reportedly reached an agreement on Thursday to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalized.
- Crude oil prices but were on track for their steepest weekly decline since early April after reports that the U.S. and Iran had reached agreement on a potential ceasefire extension.
- 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.
- 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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