Copper traded close to an all-time high, as investors bet on a sustained rally spurred by US stockpiling and tight global supply https://t.co/guCEa5WbYS ...

Grains and soybeans steadied ahead of a crucial US report that will provide a snapshot on the outlook for global supply — key data that’s been delayed since September by the government shutdown https://t.co/TQ9UnkXSFp ...

Supply Outlook - Sugar futures fell to a three-week low [1] - Expectations that India, the world's second-largest grower, will allow shipments in the forthcoming season [1] - India's shipments will boost global supply prospects [1]

Market Reaction to Middle East Conflict - Historically, Middle East conflicts have led to oil price increases due to market anticipation of supply disruptions, given the region's centrality to global supply [1] - Currently, the oil market is not preemptively pricing in potential supply disruptions, possibly due to past overreactions that did not materialize [2][3] US Shale Revolution Impact - The US has significantly increased its oil production from approximately 750 万 (7.5 million) barrels per day 20 years ago to nearly 2100 万 (21 million) barrels per day [4] - Reduced US reliance on oil flow from the Strait of Hormuz may be contributing to traders' decreased need to price in risk for potential disruptions [4] Key Takeaway - The current Middle East conflict is occurring in the "post US shale revolution era," impacting global oil market dynamics [3][4]