KEY POINTS
Oil prices rose Wednesday after Prime Minister Benjamin Netanyahu told CNBC that Israel and the U.S. are prepared to strike Iran again if necessary.
West Texas Intermediate futures gained nearly 2% to $95.43. International benchmark Brent crude advanced more than 1% to $97.54 per barrel.
President Donald Trump has warned Iran "there will be a full scale return to military action" if necessary, Netanyahu told CNBC's Sara Eisen in an exclusive interview.
"It's the president's decision," Netanyahu said. "Israel is ready and the U.S. forces are ready. I think Iran should take that into account. I think they are taking into account, but they're playing with fire."
When asked about Israel's military offensive in Lebanon, the prime minsiter said "we have to disarm Hezbollah and we have to demilitarize Lebanon." Trump also shares this goal, the prime minister said.
Netanyahu downplayed speculation his relationship with Trump is strained due to his actions in Lebanon. The prime minister said the U.S. and Israel have had tactical disagreements but they largely agree.
Iran has refused to agree to a deal with the U.S. to reopen the Strait of Hormuz, which is crucial for global oil supplies, until Israel halts its attacks in Lebanon and withdraws from the country.
Meanwhile, the U.S. and Iran traded military strikes again, demonstrating the fragility of the ceasefire between the two countries. U.S. Central Command said Tuesday that it had defeated multiple Iranian ballistic missiles and drones and launched defensive strikes following "attempted attacks" by Iran.
That followed Trump and Secretary of State Marco Rubio saying that Washington was still engaged in talks with Iran over a potential deal to halt the conflict, pushing back against Iranian media reports suggesting communications had broken down.
https://www.cnbc.com/2026/06/03/oil-prices-trump-pushes-back-on-reports-us-iran-talks-collapsed.html
Taipei [Taiwan], June 3 (ANI): Taiwan's Ministry of National Defence on Wednesday reported 18 sorties of PLA aircraft, 8 PLAN vessels and 6 official ships operating around its territory.
In a post on X, the MND said that 14 of the 18 sorties crossed the median line and entered Taiwan's northern and southwestern part ADIZ.
'Taiwan detected up until 6 a.m. (UTC+8) today. 14 out of 18 sorties crossed the median line and entered Taiwan's northern and southwestern part ADIZ. #ROCArmedForces have monitored the situation and responded', the post said.
https://x.com/MoNDefense/status/2061976162872754205?s=20
Taiwan on Tuesday recorded the presence of 8 PLAN vessels, 5 official ships and 7 sorties of PLA aircraft.
'7 sorties of PLA aircraft, 8 PLAN vessels and 5 official ships operating around Taiwan detected up until 6 a.m. (UTC+8) today. 7 out of 7 sorties entered Taiwan's southwestern part ADIZ. #ROCArmedForces have monitored the situation and responded', MND said.
Earlier, on Monday, it recorded the presence of seven PLAN vessels and four official ships around its territory.
Previously in May, US President Donald Trump, in his gaggle with the press at Joint Base Andrews en route to Groton, CT, said that the US will work on the 'Taiwan problem'.
'On Taiwan, I'll speak to everyone. We have that situation very well in hand. We had a great meeting with President Xi; it was amazing actually. We'll work on that Taiwan problem,' he said.
China's claim over Taiwan is a complex issue rooted in historical, political, and legal arguments. Beijing asserts that Taiwan is an inseparable part of China, a viewpoint embedded in national policy and upheld by domestic laws and international statements.
Taiwan, however, maintains a distinct identity, functioning independently with its government, military, and economy. Taiwan's status remains a significant point of international debate, testing the principles of sovereignty, self-determination, and non-interference in international law, as per the United Service Institution of India.
China's claim to Taiwan originates from the Qing Dynasty's annexation of the island in 1683 after defeating Ming loyalist Koxinga. (ANI)
By Charles Kennedy - Jun 04, 2026, 4:07 AM CDT
The House voted 215-208 on Wednesday to direct President Donald Trump to withdraw U.S. forces from the Iran conflict, with four Republicans crossing the aisle in the most significant congressional pushback on Operation Epic Fury since the war began Feb. 28.
The resolution, introduced by Rep. Gregory Meeks (D-N.Y.), invokes the 1973 War Powers Actand directs Trump to remove U.S. armed forces from hostilities with Iran unless Congress formally declares war or authorizes the use of military force. Under the Act, Trump now has 30 days to comply, unless he challenges it, which the White House has already signaled it will.
Reps. Brian Fitzpatrick (R-Pa.), Thomas Massie (R-Ky.), Tom Barrett (R-Mich.), and Warren Davidson (R-Ohio) voted with Democrats. Fitzpatrick was direct about why: "We have to follow the law. We're past the 60 days, so you have two choices. You either follow the law or you change the law. You can't violate the law. That's not an option."
The vote came after House Speaker Mike Johnson (R-La.) moved to block it two weeks ago, sending members home early for recess when it appeared the measure had enough support to pass. If anything, that delay hardened opposition. Johnson's office didn't immediately respond to requests for comment on next steps, though the speaker said publicly this week that Trump is "laser-focused" on reopening the Strait of Hormuz for commerce.
A Three-Month War With No Clear Endgame
The conflict has now stretched past 95 days, and the economic toll has become a central argument for critics of both parties. Iran has largely kept the Strait of Hormuz, which carries roughly 20% of the world's oil supply, disrupted for the duration of the war. U.S. gas prices are now averaging close to $5 per gallon nationwide, according to AAA data, a pressure point Democrats have hammered and one that's increasingly resonating with Republican constituents.
Saudi Aramco CEO Amin Nasser warned earlier this month that if the strait stays blocked beyond mid-June, oil market normalization could stretch into 2027. At its peak this spring, Macquarie Group modeled oil reaching $200 a barrel if the conflict extended into Q2 with no resolution.
The administration's position is that the conflict is effectively over. Secretary of State Marco Rubio told the House Foreign Affairs Committee hours before the vote that "Epic Fury is over" and that Washington had achieved its objectives, specifically the degradation of Iran's ability to project large-scale missile and drone power across the region. "We're no longer conducting sustained strikes inside of Iran to degrade their military," Rubio said.
Iran's state media has offered a different account. Fars News Agency reported earlier this week that the two sides had stopped exchanging messages several days ago, a claim both Trump and Rubio disputed publicly on Tuesday.
The Nuclear Deal That Isn't Done
In testimony to the Senate Foreign Relations Committee on June 2, Rubio laid out the administration's position on what a deal would require: Iran must reopen the strait, stop charging tolls on commercial shipping, help remove mines and commit to not firing on vessels. That gets the U.S. to lift its maritime blockade.
Sanctions relief is a separate, harder ask. Rubio was unambiguous: "They are not going to get any sanctions relief of any kind unless they get rid of enrichment and get rid of the highly enriched uranium." He described the nuclear talks as a two-phase process, with the second phase involving technical negotiations on "severe and long-term limitations and/or cancellation of enrichment", talks he said could take 30 to 90 days of expert-level engagement just to work out the mechanics.
There has been some movement. Rubio acknowledged that compared to "a few months ago," when Iran refused to discuss enrichment at all, the topic is now on the table in documents exchanged between the two sides. But "we still don't have final sign-off from their system," he said as of Tuesday morning.
What Happens Next
The resolution now heads to the Senate, where a separate war powers measure has already advanced. Even if both chambers pass legislation, Trump would almost certainly veto it or contest its constitutionality, the White House has maintained since early May that a ceasefire reached April 7 already "terminated" the hostilities that triggered the War Powers Act's 60-day clock, making congressional intervention moot.
Congressional legal observers disagree. CNN reported Wednesday that House watchdogs believe the law's clock is still running from Feb. 28 and that the administration never sought congressional authorization for Operation Epic Fury, a position that will almost certainly end up in court if the standoff between the branches continues.
For now, the immediate story is political. Four Republicans voted against their own party's leadership on a war that started with broad support and has since become a financial and diplomatic liability. Whether that number grows in the Senate, and whether it gets anywhere close to a veto-proof majority, is the question that matters.
Crude oil inventories in the United States decreased by 8.0 million barrels during the week ending May 29, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 433.7 million barrels, according to government data, which is now 3% below the five-year average for this time of year.
The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 6.75 million barrels in the period.
Crude prices were rising in early morning trading. At 7:12 a.m. in New York, Brent was trading at $98.24 per barrel—up $2.21 (+2.30%) on the day, and up $1.50 per barrel from this time last week. WTI was also trading up on the day, by $2.13 per barrel (+2.27%) in early morning trade at $95.99.
For total motor gasoline, the EIA reported that inventories had increased by 3.4 million barrels after sinking by 2.6 million barrels in the week prior. The most recent figures showed that average daily gasoline production decreased to 9.4 million barrels. For middle distillates, inventories increased by 1.5 million barrels with production increasing to an average of 5.2 million barrels daily. Distillate inventories are now 3% below the five-year average.
Total products supplied—a proxy for U.S. oil demand—averaged 20.4 million barrels per day over the last four weeks, up 3.0% compared to the same period last year. Gasoline demand averaged 8.8 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.6 million barrels—up 1.2% percent year over year.
By Julianne Geiger for Oilprice.com
https://oilprice.com/Energy/Crude-Oil/US-Crude-Oil-Inventories-in-Freefall-EIA.html
Some gas stations in Moscow and regions in northern Russia have begun introducing limits on fuel purchases following months of sustained Ukrainian drone attacks against major oil refineries across the country.
Msk1.ru, a Moscow-based news outlet, reported that Lukoil gas stations in the Russian capital and surrounding region have capped gasoline sales at 100 liters (26.42 gallons) per driver.
Gazprom’s gas stations are also restricting customers to purchases of 100-150 liters (26.42-39.63 gallons) for both regular gasoline and diesel, a customer service representative said.
The measures would appear to be aimed more at preventing panic buying and hoarding given that the fuel tanks of most passenger vehicles hold less than that limit.
ORTK, which operates 36 gas stations across Moscow and the Moscow region, limited gasoline sales to 60 liters (15.85 gallons) per driver and diesel to 100 liters (26.42 gallons) as of Saturday. ORTK told Msk1.ru that the restrictions will remain in place until further notice.
“We aren’t the only ones doing this,” a spokesperson for the company was quoted as saying.
On Monday, the General Fueller gas station chain introduced 20-liter purchase limits at all of its 23 locations in Moscow, the Moscow region and the neighboring Tver and Yaroslavl regions.
Drivers in St. Petersburg reported similar sale caps ranging from 50 to 95 liters per driver, according to the local news outlet Fontanka. Industry experts told Fontanka that “supply chain disruptions” were to blame for the rationing measures.
Purchases of 20 liters per driver were also introduced in the nearby republic of Karelia, according to the exiled news outlet Govorit NeMoskva. Some drivers returning from the neighboring Murmansk region reported long lines at gas stations.
The Moscow Times could not verify that report.
Meanwhile, the western exclave of Kaliningrad has seen gasoline prices rise by nearly 4 rubles to 69.9 rubles per liter ($3.6 per gallon) over the past two months. Govorit NeMoskva reported price increases of less than 1 ruble in Moscow and some Ural Mountain regions, suggesting that while rationing is being introduced at some gas stations, prices remain largely unchanged.
Annexed Crimea has seen some of the strictest gasoline rationing in recent weeks, with Kremlin-backed authorities there introducing hard caps and vouchers in late May. One of the peninsula’s largest gas station chains temporarily suspended the distribution of gasoline vouchers on Monday, with local officials claiming they would resume on Wednesday afternoon.
Amid a fuel shortage in southwestern Russia’s Belgorod region, the regional economic development minister defended a ban at Rosneft gas stations on filling portable containers with AI-92 gasoline, describing it as a “safety measure.”
Kuwait could return to its pre-Iran war oil production within three months once the Strait of Hormuz reopens, according to a managing director at Kuwait Petroleum Company.
The country could ramp up 70 percent of its production within six to eight weeks, Shaikh Khaled Ahmad Al-Sabah told the S&P Global Energy Middle East Petroleum and Gas Conference in London.
“The other 30 [percent] might take us a month or so after that,” he said.
This is sooner than a previous timeline put forward by KPC’s chief executive Sheikh Nawaf Saud Al-Sabah, who said it could take as long as four months.
The bullish comments came shortly after Kuwait said Iranian drone and missile strikes had hit a terminal at its international airport, causing “significant material damage”. The strikes killed one person and wounded more than 60 others.
Kuwaiti oil facilities were targeted by Iran multiple times before Washington and Tehran agreed to a ceasefire in mid-April. This included attacks on its Mina Abdullah and Mina Al-Ahmadi refineries.
Analysts estimate it could take years to repair the Mina Al-Ahmadi site, but Al-Sabah said on Wednesday that Kuwait could return to full refining capacity within two to three weeks.
Kuwait pumped around 2.7 million barrels of crude a day in February, before the conflict began.
This had plunged to around 1.2 million barrels a day in March. Leaked documents reported by Bloomberg showed the country has declared an open-ended force majeure on shipments.
The Gulf state is almost entirely dependent on the strait for oil exports.
It has around 5,000km of domestic pipelines but no international connections.
The strait has effectively been closed since the conflict began on February 28 and has become a focal point in negotiations for a peace deal between the US and Iran.
Al-Sabah said Kuwait was “in dialogue with many friendly countries” and is “revisiting” ideas to build international pipelines.
“A lot of people thought, why build a pipeline without using it? Now [this] shows the use of a pipeline,” he said.
He added that the country is likely to open more storage facilities once the war is over.
Austrian oil firm OMV echoed the comments, Reuters reported, with general manager Mikael Berthod telling the conference that Middle Eastern refiners must become more commercially agile and invest in pipelines and storage over the next two to three years.
Earlier on Wednesday Kuwait announced it would speed up a long-delayed $10 billion petrochemicals project after merging two state-owned oil companies.
https://www.agbi.com/oil-and-gas/2026/06/kuwait-could-return-to-full-oil-production-in-three-months/
FILE PHOTO: Rotor blades and other parts for for the ongoing construction of the Revolution Wind in New London"
New York's attorney general sued the Trump administration Tuesday over one of its deals to end an offshore wind project.
Under a deal made public in March, French company TotalEnergies is getting $1 billion — essentially a refund of its leases for offshore wind projects off New York and North Carolina — if it invests the money in fossil fuel projects instead.
State attorneys general from Connecticut, Maine, Massachusetts, New Jersey, Rhode Island and Vermont joined New York in challenging the cancellation of the lease off New York, the larger of the two projects and the bulk of the payout. They say it will harm their states' economies, energy grids and climate goals.
"This administration cooked up a sham deal to pay a foreign energy company hundreds of millions of taxpayer dollars to abandon offshore wind and invest in oil and gas instead," New York Attorney General Letitia James said in a statement. "We are fighting back to stop this illegal agreement that threatens to erase over a thousand union jobs and cheat millions of New Yorkers out of clean, affordable energy."
New York Gov. Kathy Hochul said she and James will continue to aggressively fight back against President Donald Trump's "overt and never-ending hostility toward offshore wind." Trump, who often talks about his hatred of wind power, has said his goal is to not let any "windmills" be built.
The complaint filed in District Court for the District of Columbia names administration officials, including Interior Secretary Doug Burgum, as defendants, and argues that they canceled the lease without following proper procedures. The states are asking a federal judge to vacate the lease cancellation and settlement agreement with TotalEnergies' subsidiary, Attentive Energy.
Separately, a coalition of renewable energy groups filed a complaint in District Court in Oregon on Sunday over Pentagon officials not completing national security reviews for new onshore wind farms on private lands. They say this inaction has brought a total halt to all wind project development. The Pentagon has said its siting clearinghouse is actively evaluating land-based wind energy projects and it's a complex, time-consuming process.
Silver July (SI=F) futures opened at $75.49, essentially flat compared to Wednesday’s closing price. The price of silver slid lower as of 7:12 a.m. ET to $74.62.
Continued clashes between the U.S. and Iran and Israel and Hezbollah are erasing the hopeful sentiments that existed in the market that a finalized truce was coming and a ceasefire truly meant an end to the fighting. Both gold and silver prices have remained quite steady this week and last, but are sliding this morning as oil prices are back on the rise and inflation continues to be front-page news for the Fed, which meets for a rate-setting meeting in a couple of weeks.
Current price of silver
The opening price of silver futures on Wednesday was basically flat compared to Tuesday’s closing price. Here’s how the opening silver price has changed versus last week, month, and year:
One week ago: +1.2%
One month ago: +1.4%
One year ago: +120%
For context, silver’s year-over-year growth was 173.3% on May 14.
Silver vs. gold: Which made investors more money over the years?
Over the past 50 years, gold outperformed silver, delivering higher long-term returns. Since the 1970s, silver and gold prices have dramatically increased, but their roles in the economy and their long-term performance are very different.
Governments and investors view gold as a store of value, and central banks hold large gold reserves to protect their economies against global inflation or geopolitical crises. It's also widely used to produce jewelry.
Silver is much more abundant in supply than gold, but it also has more uses. Silver plays a significant role in manufacturing and industrial production; companies use silver to make solar panels, electronics, and medical devices. The industrial demand can affect silver's prices, causing more drastic changes.
Key Points:
Gold (XAU) prices remain under pressure as higher oil prices fuel new inflation worries. Crude oil prices have risen with renewed tensions in the Middle East. This is bad news for gold in the short term, as investors could anticipate a continued period of higher interest rates from the Fed. The higher rates keep the gold prices under pressure. That is the reason spot gold prices remain below the 50-day SMA and look for the next move.
The market is now waiting for the US jobs data which may impact the Federal Reserve decision. If jobs come in solid, it will bolster the argument for a rate increase and continue to exert pressure on gold. But geopolitical risk remains a factor of support for gold, as investors may flock to safe-haven assets if the conflict escalates. This creates a mixed setup. The downside in gold may persist if oil prices remain higher and expectations about rate hikes continue to increase. But any significant escalation in the Middle East situation could reignite the safe haven demand.
By Sean Brodrick
In mid-April, I wrote a column titled The Perfect Storm for Copper Prices.
Turns out I was too pessimistic about copper prices and too optimistic about copper supply.
The coming copper supply/demand crunch is going to be so much worse!
I’ve told you that copper is a critical metal, sitting at the center of virtually every major industrial trend shaping the global economy.
It is the metal of electrification, artificial intelligence, power grids, electric vehicles, renewable energy and modern infrastructure.
Every one of those trends is growing.
The problem is that copper supply is not.
According to the International Energy Agency, the current project pipeline of this critical metal is nowhere near sufficient to meet future demand.
If nothing changes, the world could face an implied copper supply shortfall of roughly 30% by 2035.
That’s a picture of a copper supercycle in the making.
Traditional commodity markets move through booms and busts.
High prices encourage new production, supply catches up and prices eventually fall.
Copper is increasingly breaking that model because the industry cannot keep up with rising demand.
Demand-Side Drivers
Demand driver #1: The global power grid overhaul now underway.
Utilities around the world are investing hundreds of billions of dollars to modernize aging transmission networks, connect renewable generation projects and expand capacity to meet rising electricity consumption.
High-voltage transmission lines, transformers, substations and distribution equipment all require enormous amounts of copper.
Demand driver #2: The rapid AI infrastructure buildout.
Data centers are becoming some of the largest consumers of electricity on the planet, forcing utilities to build new generation, transmission and backup power systems.
Every new gigawatt of electrical capacity ultimately translates into more copper demand.
Demand driver #3: The broader electrification trend.
Wind turbines, solar farms, battery storage systems and electric vehicles all require substantially more copper than their conventional counterparts.
Taken together, these trends are expected to push global copper demand from roughly 27 million tonnes in 2024 to approximately 34 million tonnes by 2040.
https://weissratings.com/en/weiss-ratings-daily/bite-into-profits-in-the-coming-copper-crunch
Gabon has successfully completed its multi-tranche public bond offering "EOG 2026," raising 173.5 billion CFA francs ($307.1 million) on the financial market of the Economic and Monetary Community of Central Africa (CEMAC).
According to a statement published on Tuesday by Emrald Securities Services (ESS) Bourse, the lead arranger and bookrunner, the offering had an initial target of 85 billion CFA francs. It closed with total proceeds of 173.523 billion francs, representing an oversubscription of 88.523 billion francs. The issue was 204.15% subscribed, reflecting strong demand from regional investors.
The bond is structured in two tranches to accommodate different investor profiles. The first tranche matures in three years and carries a net interest rate of 6%, while the second matures in four years and offers a net yield of 6.5%. Interest earned on the bonds is exempt from taxes and duties in Gabon, a feature that helped boost investor interest.
Funding for strategic development projects
The funds raised will finance several major projects included in the 2026 budget. The government plans to build 1,960 kilometres of roads, carry out works on the Boulevard de la Transition, and increase water and electricity production and distribution capacity, particularly in the Greater Libreville area. Investments are also planned in education and healthcare, including the construction of classrooms and specialist medical facilities.
The projects form part of the "Gabon Nouvel Édifice" programme, which aims to accelerate the country's economic transformation and support growth projected at 7.9% in 2026. Gabonese authorities said the bond issue would help finance priority public investments without crowding out private-sector borrowing.
Despite the success of the bond offering, Gabon continues to face challenges regarding its international financial credibility. In December 2025, Fitch Ratings downgraded the country's sovereign rating to "CCC-", citing persistent payment arrears owed to some external creditors and domestic suppliers. The government has pledged to gradually clear those arrears during the 2026 fiscal year.
Sandrine Gaingne
Jun 4, 2026 at 08:01 GMT+13 min read
Copper prices have pulled back from recent highs, slipping below $14,000 per tonne on the London Metal Exchange as geopolitical uncertainty in the Middle East and macroeconomic concerns weigh on sentiment. ‘
While structural demand drivers remain supportive, near-term risks from potential US tariffs and shifting inventory patterns are creating a complex trading environment for the red metal.
The three-month copper contract on the London Metal Exchange was last at $13,731.58 a ton, down 0.5% from the previous close.
Recent price action and market pressures
Base metals, including copper and aluminum, extended their retreat this week amid ongoing Middle East tensions and a pullback in technology stocks.
Despite earlier gains fueled by supply concerns and tariff expectations, copper has given up some of its recent momentum as traders reassess demand risks from higher energy costs and slower global growth.
Ewa Manthey, commodities strategist at ING Economics, highlighted the mixed signals emanating from the copper market at present.
"Despite ongoing supply risks, concerns over weaker global growth, higher energy costs and inflation weighed on sentiment. The move also reflects profit-taking after the recent rally, driven by expectations of tighter supply ahead of potential US import tariffs." - Ewa MantheyCommodity strategist at ING Economics
US tariff decision creates nervousness
Market attention is now firmly focused on an upcoming decision by the US Department of Commerce regarding the possible extension of import tariffs to refined copper.
Thu Lan Nguyen, Head of FX and Commodity Research at Commerzbank AG, noted rising anxiety in the market.
“Nervousness in the copper market is on the rise again. The US Commerce Secretary is expected to decide at the end of this month on extending US import tariffs to refined copper,” Nguyen said.
Last year, speculation around tariffs led to pre-emptive inventory building in the US, which tightened supply elsewhere.
While initial tariffs targeted semi-finished products, the Department of Commerce has proposed gradually extending duties to refined copper from 2027.
The final decision, expected in the coming weeks, could trigger significant volatility.
"In anticipation of the decision, inventories on COMEX are already rising again, while LME stocks are noticeably declining. This trend could intensify in the coming weeks… In that case, strong price swings in the copper market would be likely in the second half of the year." - Thu Lan NguyenHead of FX and commodity research at Commerzbank AG
Diverging inventory trends
The contrasting movements between COMEX (rising) and LME (declining) inventories reflect ongoing trade distortions caused by tariff expectations.
US copper production has shown limited recovery despite earlier tariffs, suggesting that any extension could accelerate pre-emptive stocking in the United States and further tighten availability elsewhere.
This dynamic is playing out against a backdrop of strong structural demand for copper driven by global electrification, renewable energy expansion, and data center growth.
However, near-term headwinds from geopolitical risks and potential economic slowdowns are keeping prices in check.
Geopolitical and macro risks
Uncertainty surrounding the Iran conflict continues to influence sentiment across commodities.
While a recent Israel-Lebanon ceasefire agreement offered some hope, broader regional tensions remain unresolved, affecting investor risk appetite.
Higher energy prices stemming from Middle East disruptions are also raising input costs for copper mining and processing, while contributing to broader inflationary pressures that could delay monetary easing in major economies.
Medium-term outlook
Fundamentals for copper remain broadly constructive. Manthey pointed to supportive factors including “tariff-driven trade distortions and structural demand linked to electrification and grid investment.”
Yet she cautioned that “the near-term price direction is likely to remain sensitive to macro risks, with uncertainty in the Middle East acting as a headwind.”
Analysts expect increased volatility in the second half of 2026 if the US proceeds with refined copper tariffs.
Stronger US imports could widen the price spread between US and international markets, creating arbitrage opportunities but also logistical challenges.
Investment and policy implications
For investors, copper continues to offer exposure to the global energy transition, but tactical positioning will be crucial amid tariff uncertainty and geopolitical swings.
Mining companies may benefit from higher prices in a supply-constrained environment, while downstream manufacturers face margin pressure.
Policymakers in the US and Europe are balancing efforts to secure critical mineral supplies with domestic industry protection.
Any escalation in trade measures could accelerate supply chain shifts and encourage faster adoption of recycling and alternative materials.
Overall, the copper market is entering a period of heightened sensitivity.
While long-term demand from green technologies and AI infrastructure supports a bullish structural case, near-term developments around US tariffs, Middle East stability, and global growth will dictate price direction in the coming months.
Traders and consumers alike are bracing for potential sharp moves as the US tariff decision approaches and summer demand patterns evolve.
The coming weeks could prove decisive in setting the tone for copper through the remainder of 2026 and into 2027.
Posted on 03 Jun 2026
Shagang Group (Shagang), China's leading privately-owned steel firm and the country's largest electric-arc-furnace steelmaker, has decided to roll over its long-product list prices for sales for the June 1-10 period from the last eleven days of May, the company announced on June 1.
The Zhangjiagang-based steel group updates its list prices for long products such as rebars three times a month to better reflect market dynamics, as reported.
With its latest pricing policy, Shagang continues to keep its price for HRB400 16-20mm rebar at Yuan 3,400/tonne ($503/t), its HPB300 6-10mm wire rods stay priced at Yuan 3,440/t, and its HRB400 8-10mm bar-in-coil price remains at Yuan 3,530/t, according to its announcement. All prices are EXW and include the 13% VAT.
Shagang's decision to hold seems to reflect the prevailing sentiment of most major Chinese mills, now cautious about lifting rises with the usual summer lull in the country's steel consumption quickly approaching. Weather events including heavy rains in southern China are disrupting building projects, weakening longs demand there.
Mysteel's recent survey showed that the trading of long steel items including rebar, wire rod and bar-in-coil among the 237 trading houses under its tracking averaged 87,622 tonnes/day over late-May, lower by 9% or 8,593 t/d from May 11-20.
Against this background, spot long steel prices edged lower in late-May, with the spot price of HRB400E 20mm rebar in Shanghai – Shagang's key sales market – being assessed by Mysteel at Yuan 3,270/t including the 13% VAT on May 29, down by a small Yuan 20/t from May 20.
On the other hand, rising prices of blast furnace raw materials such as iron ore and coking coal are apparently behind Shagang's decision to raise prices for all hot-rolled coil products by Yuan 100/t and those of plates by Yuan 150/t for June sales.
As a result, the mill's prices for Q235 5.5*1500mm and SPHC 4.0*1250mm hot-rolled coils are at Yuan 3,700/t and Yuan 3,710/t respectively this month, both including the 13% VAT. In early April, Shagang had raised prices of all its HRC products by Yuan 100/t, as reported, its first rise for hot coil prices in eight months.
Source:Mysteel Global