Commodity

Gold futures fell 0.85% on Thursday to $4,116.50 an ounce, while silver futures slipped 0.83% to $59.795 an ounce. The retreat was attributed to profit-taking after the recent rally, even as geopolitical tensions in West Asia lifted oil prices to a six-week high. Higher crude prices pushed up U.S. Treasury yields and the dollar index, with markets now focused on next week’s Federal Reserve meeting for signals on the interest-rate path.

Brent crude futures rose 2% to $96 a barrel in early trading as the U.S. launched a new round of strikes on Iran and Yemen’s Houthis targeted oil tankers in the Red Sea, widening the Middle East conflict. Analysts warned that a simultaneous closure of the Strait of Hormuz and Bab el-Mandeb in the Red Sea would disrupt shipping routes for more than a quarter of the world’s oil and gas. Nearly five months of war have depleted global stockpiles and stoked inflation worldwide.

Dangote Petroleum Refinery resumed selling petrol in naira on 22 July 2026 and lifted its ex-depot price by N140 per litre to N1,215 per litre. The move ends a one-week switch to dollar pricing that tightened supply and pushed private depot prices to about N1,275 per litre. Retail pump prices have climbed to around N1,300 per litre as oil prices hovered near $94 per barrel amid renewed tension in the Middle East.

U.S. lean hog futures posted broad gains on Wednesday, with the October and December contracts up 22.5 cents and 57.5 cents, respectively. USDA’s national base hog cash price was $101.08 per cwt, up 86 cents from the prior day. The CME Lean Hog Index rose to $96.64 per cwt. Federally inspected hog slaughter for the week to date totaled 1.38 million head, down 17,913 head from the same week last year.

Comex gold futures rose above $4,170 per ounce to a record high, while silver futures extended their winning streak. The move was driven mainly by rising safe-haven demand as markets reacted to heightened geopolitical or macro uncertainty. The article describes this as spot commodities trading activity that fed directly into gold and silver futures prices through a clear asset-price transmission path.

Improving monsoon rains in India eased fears of a smaller sugar crop, after the cumulative rainfall deficit narrowed to -19% by July 22 from -42% at the end of June. New York and London raw sugar futures fell 1.28% and 1.11%, respectively. WTI crude oil jumped more than 2%, supporting ethanol economics, but funds’ sugar net-long positions are at historical highs, adding to near-term downside pressure. The market faces a tighter short-term supply-demand tug-of-war, while longer-term risks remain tied to the potential impact of El Niño.

Cocoa futures sank nearly 6%, sending both New York and London contracts to their lowest levels in two months. The selloff followed a 4.6% year-on-year drop in Europe’s Q2 cocoa grindings to a six-year low, alongside signs of ample near-term supply including a 21% jump in Ivory Coast port arrivals and ICE stocks at a two-year high. North American and Asian grindings rose more than expected, and longer-term risks tied to El Niño and early crop checks remain in view. Still, the latest demand and inventory data dominated market pricing, reinforcing a clear bearish catalyst.

Russia has temporarily barred vessels from entering or leaving the Black Sea port of Novorossiysk at night due to the threat of Ukrainian drone attacks. The port, which handles nearly one-third of Russia’s grain exports, is currently operating only during daytime hours and no formal notice has been issued. The move has raised concerns over a sudden supply-chain disruption that could affect global wheat export expectations. Euronext September wheat futures rose 4.5% after the news of the nighttime restriction.

Newmont (NEM.N) and Barrick (ABX.TO) are expected to deliver combined net profit of nearly $3.5 billion for the second quarter, up about 46% year on year, as gold prices rose 37% from a year earlier. Higher energy costs linked to the Iran war are expected to offset part of the earnings boost from stronger bullion. Analysts also expect the two miners to launch large-scale share buybacks.

December soybean meal (ZMZ26) futures have climbed to a nine-week high, with the technical trend pointing higher and the MACD turning bullish. Fundamentals also point to tighter global grain supplies, driven by restricted shipping in war-torn regions and drought and heat in key growing areas, alongside strong U.S. soybean demand. The analysis says a move above $330.00 per ton would create a buying opportunity, with an upside objective of $360.00 and support at $315.00.