Mining

Indonesia's tightening of coal export controls earlier this month created a significant supply-side shock that drove thermal coal to near three-year highs, compounding the fuel-switching demand driven by the Strait of Hormuz disruption.

Thursday's US PCE inflation data came in broadly in line with expectations, providing temporary relief for gold and silver by easing immediate fears of an accelerated Fed tightening cycle and softening the dollar and Treasury yields.

An acute shortage of available tankers capable of handling the surge in Gulf crude exports represents one of the most underappreciated bottlenecks in the Middle East oil supply recovery, potentially delaying the full restoration of Persian Gulf export volumes.

The Section 232 tariff on Canadian softwood lumber, scheduled to take effect in August 2026, represents a potential re-acceleration in import costs that buyers are already factoring into purchasing decisions, having contributed to lumber's recent rally toward eight-month highs.

Iraq's move to seek a higher OPEC production quota represents one of the most politically complex dimensions of the post-conflict Middle East oil supply story, with Baghdad seeking to rapidly recover war-period revenue losses by maximising export volumes.

Platinum's decline below $1,600 an ounce to its lowest level since November 2025 has been driven primarily by macroeconomic headwinds — a surging dollar and Fed rate hike expectations — rather than any deterioration in the metal's fundamental supply-demand balance.

Platinum fell below $1,600 an ounce to its lowest level since November 2025 as the US dollar climbed to a multi-year high and Federal Reserve rate hike expectations intensified following Chair Kevin Warsh's hawkish guidance.