DBT Bureau
Pune, 29 July 2026
According to a Geojit Investments report, global commodity markets traded with a mixed tone as investors remained focused on the U.S. Federal Reserve’s policy meeting, easing geopolitical tensions in the Middle East, and signs of moderating U.S. inflation. Precious metals edged lower amid a firm U.S. dollar, crude oil extended losses on improving prospects for a resolution to the U.S.-Iran conflict, while base metals reflected tightening supply conditions and resilient demand, particularly from China. Market participants are also closely tracking global inventory trends, trade flows, and macroeconomic data for further direction across commodity markets.
- Precious metals edged lower as the U.S. dollar remained firm ahead of the Federal Reserve’s policy meeting commencing today, with investors closely watching for signals on the future path of U.S. interest rates.
- Spot gold seen trading above USD 4000 a troy ounce while spot silver slipped to near USD 57 a troy ounce.
- Crude oil futures plunged as optimism over a potential resolution to the U.S.-Iran conflict improved market sentiment, while traders continued to assess evolving developments across the Middle East.
- NYMEX crude oil declined by more than 2.5%, while ICE Brent crude dropped over 3%, extending losses for a second consecutive session amid easing geopolitical risk premiums and improving prospects for a resolution to the U.S.-Iran conflict.
- A shipping data showed that the vessel traffic through the Bab el-Mandeb Strait increased, while transit volumes through the Strait of Hormuz remained subdued, reflecting cautious optimism surrounding a potential resolution to the U.S.-Iran conflict and a gradual easing of regional supply disruption concerns.
- Aluminium inventories in LME warehouses fell to a 28-year low of 271,275 metric tonnes as supply disruptions in the conflict-affected Middle East prompted consumers to draw down stocks to secure metal supplies.
- China’s aluminium exports rose 12.5% to 711000 tonnes in June, reaching a record high. In H1-2026, China’s cumulative aluminium exports totaled 3.4 million tonnes, up 16.3% year-on-year.
- 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.
- China’s imports of refined copper rose to a nine-month high of 281307 metric tonnes in June, driven by robust demand and a decline in its domestic supply.
- The U.S. Inflation eased to 3.5% yoy in June, while core inflation also moderated, indicating a further slowdown in underlying price pressures.
