DBT Bureau
Pune, 27 Feb 2026
Precious metals and energy markets remained volatile as geopolitical tensions, central bank signals, and shifting supply-demand dynamics influenced global commodity prices, according to a report generated by Geojit.
- London gold spot prices remained close to a four week high as uncertainty surrounding U.S. tariff policies and heightened tensions between the United States and Iran strengthened the metal’s safe haven appeal. The U.S. and Iran held indirect talks in Geneva on Thursday over their long standing nuclear dispute, with plans to resume negotiations through technical level discussions in Vienna next week.
- The January FOMC meeting minutes indicated that Federal Reserve officials were broadly aligned on keeping interest rates unchanged for now.
However, policymakers were split on the path ahead, with some members opt further rate hikes if inflation fails to ease, while others favored cutting the rates should inflation continue to moderate. - 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 climbed as concerns persist about potential supply disruptions from the Middle East. Meanwhile, prices are capped by reports that Saudi Arabia has ramped up its production and exports as part of a contingency plan.
- OPEC+ is expected to consider boosting its April oil output by 137,000 barrels per day, ending a three month freeze on production hikes, as the group prepares for peak summer demand and rising U.S.–Iran tensions lift prices. The major OPEC+ producers are scheduled to meet on March 1.
- 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.
- NYMEX natural gas futures fell to a fresh four month low on a milder weather forecast over the next two weeks, even as a massive blizzard buried the U.S. Northeast in snow.
