DBT Bureau
Pune, 15 July 2026
According to the latest Geojit Investments report, global commodity markets remained volatile as escalating Middle East tensions, supply concerns across energy and industrial metals, and mixed economic data from major economies shaped investor sentiment. Market participants are also closely watching upcoming U.S. inflation data and Federal Reserve Chair Kevin Warsh’s testimony for clues on the future path of interest.
- Tensions in the Middle East escalated as President Donald Trump announced that the U.S. would reinstate its blockade of Iranian shipping in the Gulf and keep the Strait of Hormuz open through a fee-based arrangement. The announcement came amid a fresh exchange of missile and drone strikes between the two sides.
- Precious metals perked up after declining in the previous session as investors turning their attention to upcoming U.S. inflation data and Federal Reserve Chair Kevin Warsh’s testimony for clues on the future direction of monetary policy.
- Crude oil prices surged after the U.S. reimposed a naval blockade of Iran and renewed attacks between U.S. and Iran heightened concerns over energy flows through the Strait of Hormuz.
- The International Energy Agency reported that global oil supply increased by 4.1 million barrels per day in June, though it remained 9.4 million bpd below pre-war levels. The agency forecasts supply growth of 7.5 million bpd next year following an expected contraction of 3.7 million bpd this year, provided shipping through the Strait of Hormuz improves.
- The global refined copper market showed a 145000 metric tonnes deficit in April, compared with a 23000 metric tonnes surplus in March, the International Copper Study Group (ICSG) said.
- World refined copper output in April was 2.42 million metric tonnes, while consumption was 2.57 million metric tonnes.
- Total aluminums inventories in LME fell below 300000 tonnes for the first time since 2022.
- China’s Manufacturing Purchasing Managers’ Index (PMI) rose to 50.3 in June, signaling an expansion in manufacturing activity, supported by continued growth and improving performance in the high-tech manufacturing sector.
- The U.S. ISM Manufacturing PMI declined to 53.3 in June 2026 from 54.0 in May. The weaker reading signaled a moderation in manufacturing activity and pointed to a slowdown in the sector’s growth momentum.
