DBT Bureau
Pune, 26 Feb 2026
According to analysis by Geojit Investments, global commodity markets witnessed mixed trends with gold and silver easing on a stronger dollar, crude oil climbing on geopolitical tensions, and copper inventories surging past the 1 million tonne mark amid weak Chinese demand.
- London spot prices of both gold and silver eased from their three-week highs earlier in the session, pressured by a stronger dollar and profit taking, while investors awaited clarity on U.S. President Donald Trump’s tariff plans.
- In the meantime, 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.
- 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 climbed to their highest level in nearly seven months as markets grew increasingly concerned ahead of another round of U.S.–Iran nuclear talks and escalating military activity by both nations in key oil-producing and transit regions.
- 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.
- NYMEX natural gas futures fell to a 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.
