China's Crude Buying Pause Has Helped Cushion the Market. That Might Be Changing. — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 0.1% at $84.62 a barrel.

--European benchmark gas is up 3.2% at 54.85 euros a megawatt-hour.

--Copper futures are up 0.2% at $13,631.50 a metric ton.

--Gold futures are flat at $4,069.90 a troy ounce.

TOP STORY:

China's Crude Buying Pause Has Helped Cushion the Market. That Might Be Changing.

A prolonged slump in China's crude buying might be nearing an end, removing a key cushion for the global oil market just as renewed U.S.-Iran tensions put Gulf supplies at risk once again.

Chinese refiners largely stepped back from the market during the Iran war, leaving more barrels available for Europe and other Asian buyers at a time when traders were grappling with one of the worst supply shocks in modern history.

The world's top crude importer was able to cut purchases because it had built up large inventories before the conflict. The U.S. Energy Information Administration estimates China added an average of 1.1 million barrels a day to strategic reserves in 2025, pushing stockpiles to nearly 1.4 billion barrels by the end of the year.

OTHER STORIES:

Rio Tinto 2Q Iron Ore Shipments Rise; Copper Cost Guidance Lowered

Rio Tinto reported a 7% rise in second-quarter iron-ore sales from its Australian mining operations to the highest since 2020, while reducing annual cost guidance for its copper business.

The company, which is one of the world's biggest iron-ore producers and makes most of its money from sales of the steel ingredient, said it shipped 85.3 million metric tons of iron ore from its Pilbara operations in the three months through June.

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Europe's Scramble for Gas Ahead of Winter Gets Harder

Europe's race to refill natural-gas stockpiles has become increasingly challenging as the Iran war drives up prices, making it less profitable for traders to buy and store the fuel ahead of winter.

The conflict has severely disrupted flows through the Strait of Hormuz, which used to carry around 20% of global liquefied natural gas flows, while Iranian attacks have wiped out 17% of Qatar's LNG export capacity. European gas prices have jumped more than 70% since the war started.

Gas storage sites across the European Union are now about 52% full, while injection rates are running below last year's pace and the 10-year summer average, raising concerns that some countries could struggle to rebuild reserves.

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Silvercorp 1Q Revenue Jumps as Gold Output Rises, Silver Output Falls

Silvercorp Metals logged a jump in revenue in the latest quarter as silver production declined but gold output rose.

The Canadian mining company said revenue was strong in the three months through June, rising 70% on last year to $138 million.

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Conagra Swings to 4Q Loss, Cuts Dividend Under New CEO

Conagra Brands swung to a loss in the fiscal fourth quarter and cut its dividend, as its new chief executive aims to strengthen the company with a more conservative spending strategy.

The food manufacturer, which owns Orville Redenbacher's popcorn and Slim Jim meat sticks, on Wednesday posted a loss of $1.62 billion, or $3.37 a share, compared with a profit of $256 million, or 53 cents a share, a year earlier.

MARKET TALKS:

U.S. Natural Gas Futures Edge Down in Early Trading -- Market Talk

0950 ET - U.S. natural gas futures are modestly lower as soft LNG feedgas flows due to terminal maintenance partially offset demand to meet summer cooling needs. Demand remains strong in the coming days due to high pressure over much of the U.S. with highs of upper 80s to 100s, NatGasWeather.com says in a note. But power-sector use has been underperforming this summer as renewables take a greater share of supply, the forecaster adds. "Overall, weather patterns lean to the bullish side, although would be more impressive if it was a little hotter over the East in the 6-15 day period." Nymex natural gas is off 0.9% at $2.878/mmBtu.(anthony.harrup@wsj.com)

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Oil Futures Gain as U.S. Reinstates Iranian Blockade

0914 ET - Crude futures are moderately higher after the U.S. resumed its blockade of ships in and out of Iranian ports, although President Trump withdrew his plan for the U.S. to charge a 20% fee for protecting other ships through the Strait of Hormuz. Short of another major U.S. bombing campaign, or use of ground troops, "we are viewing this closure of the strait as simply setting back the clock to where it was prior to the Memorandum of Understanding," Ritterbusch & Associates says in a note. While the $120 a barrel levels reached at the start of the war are probably out of reach, "additional price gains of as much as 8%-10% cannot be ruled out," the firm adds. WTI is up 0.5% at $79.74 a barrel, and Brent is up 0.1% at $84.83.(anthony.harrup@wsj.com)

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Gold Risks Further Declines if Fed Tightening Bets Hold, ANZ Says -- Market Talk

0822 GMT - Gold could fall further if expectations for higher U.S. interest rates remain entrenched, as weakening investment demand strips away one of the metal's strongest sources of support, according to ANZ. Rising Treasury yields have made risk-free assets more attractive relative to nonyielding bullion. At the same time, Fed Chairman Kevin Warsh's hawkish stance has boosted confidence in the central bank's independence, prompting investors to unwind trades that favored gold as a hedge against currency debasement. "If expectations for Fed tightening stay firm, gold is likely to remain under pressure until lower price levels reinvigorate retail and institutional investment flows and jewelry demand," ANZ analysts say. "Until that occurs, a drop towards $3,500 an ounce is a possibility." (giulia.petroni@wsj.com)

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Gold Falls After Tuesday's Climb as Investors Weigh Inflation Outlook -- Market Talk

0808 GMT - Gold slips after climbing more than 2% in the previous session as investors balance a softer-than-expected U.S. inflation print and risks stemming from higher energy prices linked to the Iran war. "Lower gasoline prices helped ease inflationary pressures, prompting investors to scale back bets on tighter monetary policy and supporting a rebound in gold prices," analysts at MUFG say. "However, renewed U.S.-Iran tensions and higher oil prices continue to pose upside risks to inflation, while Fed Chairman Kevin Warsh reiterated that further policy tightening remains an option if price pressures persist." In early trading, New York gold futures are down 1% to $4,030.50 a troy ounce. (giulia.petroni@wsj.com)

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Antofagasta's Miss to Copper Production Raises Caution -- Market Talk

0733 GMT - Antofagasta's second-quarter copper production miss should raise caution, RBC Capital Markets analysts Ben Davis and Marina Calero say. Production missed expectations on temporary maintenance at the Los Pelambres mine, although delayed volumes should be recognized in the second half of the year, the analysts say. While the company maintained its annual production guidance, the analysts highlight higher cost pressures from diesel and other consumables. The analysts also remain wary of uncertainty surrounding copper prices, citing global growth risks and potential U.S. tariff decisions. Despite key growth projects progressing on schedule, the stock's valuation remains demanding relative to the risks, RBC says. Shares trade 2.5% lower at 3,745 pence. (nina.kienle@wsj.com)

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Palm Oil Falls on Softer Soybean Oil Prices -- Market Talk

0248 GMT - Palm oil falls in early Asian trading, weighed by lower soybean oil prices on the Chicago Board of Trade overnight. Technical analysis suggests that CPO futures' bullish momentum has moderated. As long as price holds above 4,525 ringgit a ton, the market bias remains cautiously positive, AmInvestment Bank says in a note. A sustained breakout above 4,612 ringgit a ton could pave the way for a retest of the 4,630 ringgit-4,650 ringgit a ton range, it adds. The Bursa Malaysia Derivatives contract for September delivery is 19 ringgit lower at 4,554 ringgit a ton.(yingxian.wong@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

July 15, 2026 10:29 ET (14:29 GMT)

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