Commodity

Adani Enterprises raised Rs 15,000 crore through a qualified institutional placement, drawing strong participation from global and domestic institutions. The company said it will use the proceeds to fund expansion across copper smelting, airports, roads, data centres and green energy, alongside debt repayment and general corporate purposes. Morgan Stanley forecasts copper EBITDA of Rs 3,670 crore by FY30.

Chile’s copper exports totaled US$30.236bn in the first half of 2026, up 11.5% from the same period in 2025, supported by an average price of US$5.94 per pound. Mining shipments reached US$36.888bn and made up 61.1% of total exports, a 20.4% year-on-year increase, according to a foreign affairs ministry report. At the same time, copper output declined, with the mining component of the Monthly Economic Activity Index (Imacec) falling 11.6% year on year in May. The drop reflects issues including lower ore grades, water shortages, unplanned maintenance, processing transitions and rising labor disputes that have affected major mines such as Escondida and Collahuasi.

Soybean futures ended higher, with the USDA reporting a private export sale of 136,000 MT of soybeans to China for 2026/27. NASS crop progress data showed 50% of the U.S. soybean crop was blooming as of 7/12 and 19% was setting pods, both 6 percentage points ahead of normal. NOAA’s 7-day QPF forecast showed little to no precipitation across a swath from the Dakotas south through KS and into parts of MN, IA, IL and MO.

U.S. wheat futures fell across the board on Monday, with the CBOT September contract down 5 cents to $6.3525 per bushel and the KCBT September contract down 10 cents to $6.6625 per bushel. NASS crop progress data showed winter wheat harvest reached 67%, running 6 percentage points ahead of the long-term average. USDA’s weekly export report showed wheat exports of 373,600 tonnes for the week, down 15.97% from the same period a year earlier. Cumulative exports for the current marketing year totaled 1.893 million tonnes, down 17.32% year over year.

ICE cotton futures ended mixed on Monday, with the Oct 26 contract settling at 79.83 cents/lb, down 9 points, while Dec 26 fell 3 points and Mar 27 rose 2 points. U.S. crop progress data showed 60% of the cotton crop squared and 22% setting bolls, while the good/excellent rating slipped to 44%. ICE certified cotton stocks fell 31,480 bales to 127,127 bales. In broader markets, crude oil jumped $6.54 and the U.S. dollar index gained 0.325, while spot cotton trading was light and The Seam’s online sale averaged 76 cents/lb.

The Alberta government said it will provide financial support to oilsands producers to encourage higher output and fill a proposed pipeline to the Pacific Coast capable of carrying a million barrels per day. The plan stems from a broader agreement between federal and provincial governments and five major oilsands companies—Suncor Energy, Canada Natural Resources, Cenovus Energy, Imperial Oil and ConocoPhillips. A central condition is the parallel development of the $16 billion Pathways carbon capture project. The pipeline is estimated to cost $35 billion to $44 billion and does not yet have final approvals or confirmed customers.

U.S. corn, soybean and wheat futures jumped, with SRW and HRW wheat touching six-week highs. December corn rose 9 cents to $4.61, November soybeans gained 9 1/4 cents to $11.90 3/4, September SRW wheat added 20 1/2 cents to $6.40 1/4, and September HRW wheat climbed 22 cents to $6.76 1/4. Prices were supported by hot, dry weather in the U.S. Midwest and parts of Europe, confirmed Chinese purchases of 264,000 MT of U.S. soybeans, and heightened Black Sea shipping risks. USDA’s monthly report also reduced old-crop corn carryover and slightly trimmed U.S. all-wheat production, reinforcing supply-tightening expectations.

Sugar futures in New York and London fell to 2-week lows as India’s monsoon rains improved, easing concerns about reduced output in the world’s second-largest sugar producer. India’s cumulative monsoon rainfall deficit narrowed to -19% from -42%, helping shift market focus toward looser supply expectations. A single-day surge of more than 8% in WTI crude oil could support ethanol production and limit sugar supply, but weather-driven supply optimism dominated trading. Several reports have lowered projected global sugar surpluses for 2025/26, while El Niño risks for 2026/27 remain.

September ICE arabica coffee futures (KCU26) settled down 1.27% on Monday, while September ICE robusta (RMU26) fell 0.47%. Prices weakened as forecasts for dry weather in Brazil’s key growing areas were expected to accelerate the harvest, adding to supply pressure. Liquidity also thinned after Intercontinental Exchange (ICE) raised margin requirements twice last week, prompting commodity funds to unwind long positions, according to COT data. Vietnam’s export gains and a USDA projection of a record 71.9 million-bag Brazil crop further weighed on sentiment.

Cotton futures were mostly lower on Monday, with contracts down 20 to 25 points, while the thinly traded October contract rose 16 points to 80.08 cents. ICE certified cotton stocks fell by 31,480 bales to 127,127 bales, and The Seam reported 131 bales sold online at an average of 76 cents. The Cotlook A Index was unchanged at 89.75 cents, while crude oil jumped $4.21 amid higher U.S.-Iran tensions and the U.S. dollar index rose $0.285.