DBT Bureau
Pune, 9 June 2026
Global commodity markets witnessed mixed trends as geopolitical tensions in the Middle East supported precious metals, while weak Chinese import data and easing concerns over oil supply disruptions pressured energy and industrial metal prices.
- Precious metals held steady as traders evaluated a fragile ceasefire between Israel and Iran, while also weighing ongoing concerns about inflation and potential interest rate hikes. Spot gold traded above USD4300 a troy ounce, while spot silver traded around USD68 a troy ounce.
- Meanwhile, growing expectations of U.S. Federal Reserve interest rate hike, driven by a strong jobs report, boosted the U.S. dollar against other currencies.
- The U.S. economy added 172,000 jobs in May 2026, significantly exceeding expectations and highlighting the continued strength of the labor market. Meanwhile, the unemployment rate held steady at 4.3%. The robust job data increases the likelihood that the Fed will pursue further monetary tightening as inflationary pressures persist.
- India has tightened restrictions on silver imports by adding grain and powder forms to the list of restricted categories and mandating prior valid import authorization, as the world’s biggest consumer of the metal tries to rein in shipments and ease pressure on the rupee.
- Tensions escalated in the Middle East after Israel announced on Monday that it carried out strikes on a petrochemical plant in southwestern Iran, along with additional attacks targeting military sites.
- Crude oil prices eased after both Iran and Israel indicated they had paused attacks following an appeal from U.S. President Donald Trump, though each side cautioned that hostilities could resume.
- China’s May crude imports slumped 29% to their lowest levels in eight years, extending a sharp decline in the world’s largest oil importer that is helping keep a lid on global oil prices. Imports dropped to 33.08 million tonnes, or 7.79 million barrels per day, the lowest level since February 2018.
- China’s copper imports declined 1.33% month-on-month to 446,000 tonnes, with January–May imports at 2.01 million tonnes, down 7% year-on-year.
- China’s aluminium exports rose 5.68% in May to 632,000 tonnes, driven by supply disruptions in the Gulf region linked to the Iran conflict. China’s unwrought aluminium and product exports climbed 5.68% in May to 632,000 metric tonnes.
Source: Geojit Investments Limited
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