Market Trends - Zinc prices on the London Metal Exchange approached the highest closing value since December 2024 [1] - Global zinc inventories continued to decline [1]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading [1]. Group 1 - The website provides general news, personal analysis, and third-party content intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

Production & Inventory - Malaysia's palm oil inventories reached the highest level since December 2023 [1] - Production rebounded in Malaysia, the world's second-biggest grower [1]

With the data, with the headlines. It's Mike McKay. Good morning, Mike. Good morning, John.Well, we've got a stronger than expected GDP number, 3% for the second quarter. Initial read, that's up from a half percent in the first quarter. 2.6% was what was forecast.Now, the interesting thing is, of course, is we've got to break that down by by category because we had the trade distortions in the first quarter. So let's look now at the GDP. Personal consumption number comes in a little weaker than anticipated. ...

Oil Market Analysis - The oil market is currently supported by seasonal summer demand, but lower prices are expected in the second half of the year due to inventory builds outside of China [2] - China holds almost 40% of global crude oil stocks and is expected to continue building inventories, influencing global oil prices [3][4] - A surplus of nearly 200 million barrels is anticipated, eventually impacting the Atlantic basin, the US, and Europe, leading to price decreases [4] - US rig count is down 15%, indicating a potential decrease in US oil production [5] - Geopolitics and supply-demand dynamics will prevent oil prices from crashing despite potential price decreases [6] Energy Demand & Transition - Texan power demand is up 55% year-on-year, highlighting significant energy demand in specific regions [7] - Renewables and natural gas are expected to drive the majority of energy demand in the next few years, with oil taking longer to be significantly impacted [8] - Big tech companies are prioritizing securing any power source available, including renewables and nuclear, to meet growing energy demands [10][11] - The US faces a capacity problem and needs to build more power plants, while Europe has capacity due to reduced energy consumption [12] Geopolitical Factors - Europe's ban on Russian oil imports is tightening the diesel market, potentially causing more stress and supply tensions [13][14] - Europe still purchases 50% of its gas directly from Russia, making it difficult to completely cut its dependency [15] - Europe's efforts to reduce reliance on Russian energy are negatively impacting European industry [16] Gold Market Outlook - The industry is bullish on gold, expecting it to reach around $4,000 per ounce in the next 12 months [18][19] - Gold's price increase has been primarily driven by central bank activity, requiring increased investor demand for further gains [19] - Lower interest rates, particularly due to political pressure on the Federal Reserve, are expected to trigger higher gold prices [20][22] - Jewelry demand for gold is down 20% year-on-year, with other precious metals like silver, platinum, and palladium benefiting more from the upside pressure [20]