Group 1: Oil Market Dynamics - The international oil price has dropped significantly due to weak demand and geopolitical factors, with a total decline of approximately 20% this year, reaching its lowest level since February 2021 [2] - The commodity trading giant Trafigura warns of a "super surplus" in the oil market next year due to a combination of supply surge and declining global demand [2] - Analysts predict that the peak of supply surplus will occur in the first quarter of 2026, with expectations of continued inventory growth throughout the year, putting further pressure on oil prices [3] Group 2: Gold Market Trends - International gold prices have surged from $2,650 per ounce at the beginning of the year to over $4,000 per ounce, marking a significant bull market with a year-to-date increase of approximately 60% [4] - Central banks have shown strong demand for gold, with net purchases reaching 254 tons from January to October, providing substantial support for gold prices [4] - The International Clearing Bank (BIS) warns of potential bubble signs in the gold market due to excessive optimism and rising valuations, which could lead to a price correction of 5% to 20% [5] Group 3: Copper Market Outlook - The price of copper is expected to remain robust due to global industrial transformation, particularly in the electric vehicle sector, with a projected demand increase of around 3% in 2026 [7] - Supply constraints, exacerbated by incidents such as the collapse of a copper mine in Chile, have led to reduced production forecasts, supporting copper prices [7] - Goldman Sachs predicts that over 60% of copper demand growth by 2030 will be driven by investments in power infrastructure, indicating strong long-term prospects for copper [8]

Core Insights - The London Metal Exchange (LME) three-month copper price increased by 1.8%, reaching $11,025 per ton, the highest level since October 30, driven by weak U.S. data raising expectations for a Federal Reserve rate cut in December and market anticipation of supply shortages [1] Group 1: Economic Indicators - U.S. economic data released on Tuesday showed a cooling in retail sales and inflation, supporting the Federal Reserve's potential rate cut in December [1] - The International Copper Study Group (ICSG) reported a global refined copper market deficit of 51,000 tons in September, contrasting with a surplus of 41,000 tons in August [1]

Group 1 - LME copper prices reached a two-week high, supported by a weaker dollar and a ceasefire agreement between Israel and Iran [1][3] - On June 24, LME three-month copper rose by $1.50, or 0.02%, closing at $9,669.00 per ton, with an intraday high of $9,760.50 [1][2] - The market is experiencing a significant outflow of copper from LME registered warehouses, with a 65% reduction in inventory since mid-February, now at 94,675 tons, the lowest since August 2023 [3] Group 2 - The current copper market is characterized by tight supply, as evidenced by the premium of $151 per ton for spot copper contracts over three-month copper, down from $280 the previous day [3] - The International Copper Study Group reported a global refined copper market shortage of 38,000 tons in April, contrasting with a surplus of 12,000 tons in March [3] - Other metals showed mixed performance, with LME three-month aluminum down by $9.50, or 0.37%, while lead increased by $16, or 0.8% [2][4]

Group 1 - U.S. wheat futures are rising due to escalating Russia-Ukraine conflict and drought conditions threatening supply [1] - Brazil's soybean exports for June are projected to decrease, raising concerns about potential supply shortages in the soybean market [1]