Commodity

Rising US-Iran tensions have strained energy flows through the Strait of Hormuz, tightening global crude supply. ExxonMobil posted second-quarter adjusted earnings per share of $6.06, or $12bn, while Valero Energy reported a record-high second-quarter net profit of $3.7bn. The average US gasoline price climbed to $4.09 a gallon, up 27 cents from January. The developments have directly pushed oil prices higher and boosted performance in refining-linked traditional assets.

Boss Energy (ASX: BOE) reported a quarterly operating update, with Alta Mesa producing 362klb of uranium in 4Q FY2024, up 79% quarter on quarter, meeting its full-year production guidance. However, Alta Mesa’s output was just 45klb on a 100% basis, about 78% below market consensus, as permitting delays held back the start-up of new wellfields. The stock was kept at an ACCUMULATE rating, while the target price was cut to A$1.40 from A$1.55.

USDA on Friday reported daily U.S. soybean export sales of 252,000 MT. Analysts surveyed by Bloomberg expect June U.S. corn ethanol grindings of 466 million bushels, up 4.4% from a year earlier. Following those developments, December corn, November soybeans, and September SRW and HRW wheat futures set two- or three-week lows. For the week, the contracts fell 23 1/4 cents, 66 cents, 38 3/4 cents and 37 3/4 cents, respectively.

Several major oil companies posted record second-quarter profits as the Middle East conflict helped lift crude prices. Brent crude averaged $92.55 per barrel in the second quarter, up 45% from the Q1 2026 average of $63.68/bbl. The Energy sector’s earnings rose 128.2% year over year, outpacing the S&P 500’s average earnings growth of 37.9%.

October NY world sugar #11 (SBV26 ) closed up +0.35 (+2.39%) on Monday, and October London ICE white sugar #5 (SWV26 ) closed up +7.90 (+1.71%). Sugar prices settled sharply higher on Monday, with NY sugar posting a 3-week high and London sugar posti...

Favorable harvest weather in Brazil is expected to lift 2026/27 global coffee output to a record 189.7 million bags, up 6.0% year over year, with arabica production seen rising 12%. Brazil’s harvest progress was reported at 64% as of July 15, still behind 77% a year earlier, but the USDA attributes the outlook mainly to improved growing conditions in Brazil. September ICE arabica futures settled down 3.79% on Monday, reflecting expectations of looser supply.

Ghana’s Minerals Income Investment Fund (MIIF) reported an audited profit of GH¢1.1 billion for the 2025 financial year, despite retaining only 2% of mineral royalties and free-carried dividend income under the Minerals Income Investment Fund (Amendment) Act, 2025 (Act 1137). In the first half of 2026, the mining sector generated GH¢5.39 billion in royalties, already 98% of the GH¢5.43 billion collected across all of 2025. Large-scale gold accounted for GH¢5.31 billion of the six-month total. The figures point to stronger gold-mining activity and a closer link between physical gold output and revenue performance.

Concerns over Ghana’s cocoa production outlook helped lift September ICE cocoa futures in New York and London by more than 9% in a single session. Early crop assessments for the new season starting in September 2026 put expected output at 1.8 MMT, down 18% year over year. Ivory Coast port arrivals for the current season are up 20% year over year and Nigeria’s June exports rose 30%, but supply worries continued to drive sentiment. The shift in perceived supply conditions is feeding directly into cocoa futures pricing.

Refined copper is flooding into the US as traders position for President Donald Trump’s pending decision on tariffs for refined imports. About 200,000 metric tons arrived in July, the largest monthly inflow in IHS Markit shipping data going back to 2014. Comex inventories have risen more than 40% this year to a record, and total US copper stockpiles are widely estimated at well above 1 million metric tons. The Comex-LME spread averaged more than $350 a metric ton in July, keeping an arbitrage that is drawing metal into US warehouses.

Gold and silver prices in Pakistan rose across the board on Monday, tracking gains in international markets. The price of 24K gold increased by Rs1,700 to Rs428,436 per tola, while 10 grams of 24K gold rose by Rs1,457 to Rs367,314. Silver gained Rs54 to Rs6,291 per tola, as international gold and silver prices climbed to $4,060 and $58.12 per ounce, respectively.