DBT Bureau
Pune, 16 Feb 2026
According to a report by Geojit Investments, global commodity markets remained under pressure amid a stronger U.S. dollar, easing inflation, rising metal inventories and expectations of higher crude oil supply.
- Precious metals eased on thin volume trades as key markets in the U.S. and Asia were shut for holidays, while a rebounding U.S. dollar added pressure on bullion.
- U.S. inflation eased more than anticipated in January, rising 2.4% annually and 0.2% on a monthly basis, while stronger job growth and a decline in the unemployment rate to 4.3% bolstered the U.S. dollar and pressured bullion.
- Copper inventories across the world’s three largest metal exchanges have surpassed 1 million metric tonnes for the first time in over 20 years, driven by weak demand in China and recent stockpiling in the U.S. Combined stocks on the COMEX, LME, and SHFE now stand at 1,012,065 MT.
- Crude oil prices remained under pressure as investors assessed the potential market impact of forthcoming U.S.–Iran talks aimed at easing geopolitical tensions, all while anticipating increased supply from OPEC+.
- OPEC+ agreed to keep oil production unchanged for March, but is leaning toward restoring oil output increases starting in April, a move that would help Saudi Arabia and other members such as the UAE reclaim market share at a time when producers like Russia and Iran face Western sanctions and Kazakhstan continues to struggle with production setbacks.
- China’s imports of Russian crude oil are poised to rise for the third consecutive month to a fresh record in February, as independent refiners capitalize on steeply discounted cargoes following India’s sharp reduction in purchases. Russian crude deliveries to China are expected to reach 2.07 million barrels per day in February, up from an estimated 1.7 million bpd in January.
- Donald Trump plans to scale back some steel and aluminium tariffs as he confronts an affordability crisis that has weighed on his approval ratings ahead of the November midterm elections. Last summer, his administration imposed tariffs of up to 50% on steel and aluminium imports and later extended them to household products.
- NYMEX natural gas futures fell more than 7.8% to a four month low on Monday, on a holiday thinned trading as the prices were pressured by the forecasts for warmer weather over the next two weeks, which dampened expectations heating demand till the end of February.
