Benchmark three-month copper on the London Metal Exchange gained 1.7% to $13,851 a metric ton by 0915 GMT for its strongest since June 15.

“Copper is being pulled higher by a tightening Chinese market. Stocks are falling, import premiums are surging and physical demand has remained stronger than expected despite the seasonal slowdown,” said ING commodities strategist Ewa Manthey.

The most traded copper contract on the Shanghai Futures Exchange gained 1.6% to 105,460 yuan ($15,589.29) a ton.

The premium paid over SHFE prices to buy copper in the spot market jumped to 435 yuan a ton, up from zero last week and the highest since May last year.

Copper stocks in SHFE-monitored warehouses have tumbled by 82% since early May while copper in LME-registered warehouses has slid by 28% in the same period.

The LME cash contract moved to a premium of $8 a ton over three-month prices from a discount of $66 on July 10, indicating short-term tighter supply.

“The rally will need continued evidence of tightness in the physical market to extend much further,” Manthey added.

Industrial metals also gained support from a new push by mediators to revive a ceasefire in the Middle East, which pushed down oil prices and buoyed equities.

The optimism prevailed despite news that Yemen’s Iran-aligned Houthis said they would impose a naval blockade on Saudi Arabia.

LME aluminium gained 0.7% to $3,161 a ton as the market digested lower global primary output in June and an adjustment to tariffs on imports of the metal into the United States.

LME zinc gained 1.4% to $3,569 a ton, lead added 0.5% to $1,889, nickel was up 1.3% at $17,155 and tin climbed 2.2% to $54,050.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange dropped 34 ringgit, or 0.73%, to 4,609 ringgit ($1,127.72) a metric ton at close.

“Today’s palm market opened lower, following the weakness seen in rival oilseeds during Asia trading hours. The benchmark traded within a narrow range while still managing to hold above the key psychological support level of 4,600 ringgit,” a Kuala Lumpur-based trader said.

Dalian’s most-active soyoil contract lost 0.55%, while its palm oil contract fell 1%. Soyoil prices on the Chicago Board of Trade eased 0.07%.

Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oil market. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Crude oil prices lost more than 1% on Tuesday as markets weighed reports of mediation efforts between the U.S. and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen’s Houthis.

Exports of Malaysian palm oil products for the July 1-20 period fell 0.9% from a month earlier, AmSpec Agri Malaysia said on Monday. According to Intertek Testing Services, exports rose 4.1%.

Malaysia is expected to see record-high temperatures next year as El Niño strengthens, its meteorological department told Reuters, stoking worries about lower palm oil production.

The benchmark three-month copper on the London Metal Exchange increased 0.29% to $13,661 a metric ton by 0300 GMT.

The most-traded copper contract on the Shanghai Futures Exchange gained 1.05% at 104,850 yuan ($15,490.65) a ton.

“Tight inventories, strong import demand and falling exchange stocks suggest copper fundamentals remain supportive in the near term,” analysts from ING said in a note.

The Yangshan copper premium, a gauge of China’s appetite for importing metal, increased to $103 a ton on Monday, its highest since May 2025.

The cash-to-three-month spread on the LME, which tracks short-term physical availability, narrowed close to backwardation, suggesting concerns about near-term availability.

Copper stocks in both LME-registered warehouses and SHFE-monitored warehouses have declined steadily since May.

Meanwhile, fighting between the US and Iran escalated, though mediation efforts offset the strikes’ impact on energy markets, and non-yielding gold edged up.

The war has weighed on copper by raising inflation and interest rate bets.

Higher interest rates weigh on growth-dependent industrial metals by dampening economic activity.

Elsewhere, aluminium edged up by 0.35% on the LME and ticked down by 0.37% on the SHFE, as the market digested lower primary production figures.

Global primary aluminium production fell 1.5% year-on-year in June, data from the International Aluminium Institute, released on Monday showed.

The light metal has been buffeted by the Middle East conflict, which disrupted supply from the region, which accounts for around 9% of global primary smelting capacity.

Among other LME metals, zinc added 0.45%, lead added 0.35%, nickel added 0.45% and tin gained 0.77%.

Elsewhere on SHFE, zinc ticked 0.14% higher, lead ticked 0.06% higher, nickel was little changed, down only 0.02% and tin added 0.33%.

Similarly, 10-gram gold was sold at Rs368,000 after it increased by Rs4,029, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Monday, gold price per tola reached Rs424,536 after a gain of Rs300 during the day.

The international rate of gold was up by $47 to reach $4,068 per ounce (with a premium of $20).

Meanwhile, the price of silver increased by Rs219 to reach Rs6,396 per tola.

Wheat prices inched up on worries about Black Sea shipments as escalating attacks on grain cargoes provided support.

“Crop ratings have come in better than what the market expected,” said one agricultural commodities trader.

“US weather remains the focus for the coming weeks as crops mature,” The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.4% to $4.71-1/4 a bushel, as of 0330 GMT, having climbed to its highest since May 20 on Monday, while soybeans gave up 0.3% to $12.23 a bushel, having reached their highest since May 13 in the last session.

Wheat rose 0.04% to $6.74-1/4 a bushel.

Chicago soybeans, corn fall on improving US crop conditions

The US Department of Agriculture on Monday kept condition ratings for the nation’s corn and soybean crops mostly steady from the previous week, surpassing analyst expectations from a Reuters poll of 11 analysts.

The agency pegged condition ratings for the US corn crop at 67%, one percentage point below the previous week’s rating.

Analysts had expected the agency would peg corn ratings at 66%. It said 66% of the US soybean crop is in good-excellent condition, up a percentage point from the previous week and above analyst expectations.

Wheat prices rose to a two-year high last week after attacks on grain ships and ports in the Black Sea and the Sea of Azov by Ukraine and Russia.

Russian wheat export prices surged amid difficult shipping conditions in the Black Sea and a new wave of attacks in the Strait of Hormuz, analysts said on Monday.

A Russian missile strike on a ship carrying corn near Ukraine’s southern port of Odesa killed 10 people, Ukrainian officials said on Monday, in the deadliest attack in a weeks-long flare-up of violence in the Black Sea.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange dropped 40 ringgit, or 0.86%, to 4,603 ringgit ($1,126.81) a metric ton by the midday break.

“Today’s palm market opened lower, following the weakness seen in rival oilseeds during Asia trading hours.

The benchmark traded within a narrow range while still managing to hold above the key psychological support level of 4,600 ringgit,“ a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract lost 0.45%, while its palm oil contract fell 0.79%.

Soyoil prices on the Chicago Board of Trade eased 0.07%.

Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oil market.

Palm rises on bargain buying, high stocks cap gains

Oil prices softened, with markets weighing reports of mediation efforts between the US and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen’s Houthis.

Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Exports of Malaysian palm oil products for the July 1-20 period fell 0.9% from a month earlier, AmSpec Agri Malaysia said on Monday.

According to Intertek Testing Services, exports rose 4.1%.

Malaysia is expected to see record-high temperatures next year as El Niño strengthens, its meteorological department told Reuters, stoking worries about lower palm oil production.

Palm oil may retrace into a range of 4,580 ringgit to 4,600 ringgit per ton, following its failure to break a resistance at 4,665 ringgit, Reuters technical analyst Wang Tao said.

Port Hedland is a major artery for Australia’s iron ore, through which $80 million of BHP’s iron ore transits each day.

The world’s largest listed miner has been in negotiations for more ​than seven months with unions representing approximately 450 operators and maintenance workers for ​a four-year enterprise agreement.

On Thursday, “well over” 100 workers at its Port Hedland ⁠iron ore operations downed their tools for an eight-hour stoppage, according to a ​union estimate. BHP had no immediate comment.

“It hasn’t seemed to have disrupted operations too much ​at the moment,” said portfolio manager Andy Forster of Argo Investments, which holds BHP shares.

“It’s clearly concerning if it starts to lead to further action and more interruptions,” he said, adding that for ​now, any impact appeared to be contained, and that BHP appeared hopeful an agreement ​could be reached.

The Electrical Trades Union, which represents electrical workers at Pilbara port, estimated that on average ‌it ⁠was asking for an extra A$25,000 per worker for the 450 workers employed at the port.

Fly-in-fly-out roles, where workers commute by plane to remote mine sites, missing family time, could no longer compete with city conditions, the ETU said in a statement. “In the ​past, workers could double ​Perth wages if they ⁠worked in the Pilbara … This is no longer the case.”

Iron ore range-bound amid concerns over supply disruption

Its analysis found that wages for long-standing employees across BHP’s iron ore ​operations remained largely stagnant over the last five to six years, ​despite consistent ⁠corporate growth and rising living costs in regional and remote areas.

“In contrast, new hires are being offered higher rates to attract them to site, often creating a two-tiered workforce where ⁠experience ​is undervalued and equity is undermined,” it said.

Last week, ​electricians maintaining BHP’s high-voltage power network in Western Australia’s Pilbara region overwhelmingly backed strike action, escalating labour unrest. They ​will meet with BHP for talks on Thursday.

London cocoa futures on ICE were seen ending 2026 at £4,450 a metric ton, up 7.2percent from Friday’s close and 1.8percent higher than levels seen at the end of 2025, according to the median forecast of poll participants. New York cocoa was seen ending the year at USD6,000 per ton, up 5.7percent from Friday’s close but 1.7percent lower than end-2025 levels.

London and New York cocoa prices fell sharply in the first quarter of this year as weak global demand led to a build-up in stocks in West Africa. Both markets, however, gained some 50percent in the second quarter and have proceeded higher so far this month. “Not only are crops poorer already but a Super El Nino will also likely have a negative impact on production,” a veteran industry analyst said.

The US Climate Prediction Center has forecast an 81percent chance of a very strong El Nino during October-December that would rank among the largest on record.

El Nino is worrisome for the chocolate ingredient as it disrupts weather patterns in top grower West Africa, where 70percent of the world’s beans are grown.

Cocoa futures nearly tripled in 2024 after the West African harvest failed amid an El Nino weather pattern that was considered a moderate-to-strong occurrence. This time, the weather pattern is expected to wipe out the current surplus.

The median forecast of poll participants was for a balanced market in the 2026/2027 season, which runs from October to September, compared with a surplus of 400,000 tons for the current 2025/2026 season. Cocoa output in top producer Ivory Coast was expected to fall to 1.8 million tons in 2026/2027 from 1.98 million in the current season. Ghana, the current number two producer, is seen losing that position to Ecuador with output forecast to fall to 580,000 tons from 675,000 while the South American country’s output is seen steady at 600,000 tons.

The highest activity was recorded in Gold (PKR 20.916 billion) followed by NSDQ100 (PKR 5.408 billion), COTS (PKR 3.861 billion), SP500 (PKR 1.614 billion), Silver (PKR 1.195 billion), DJ (PKR 701.586 million), Crude Oil (PKR 691.349 million), Platinum (PKR 609.700 million), Copper (PKR 288.392 million), Brent (PKR 260.551 million), Japan Equity 225 (PKR 251.693 million), Cotton (PKR 229.807 million), Palladium (PKR 69.312 million), Soybean (PKR 66.497 million), Corn (PKR 61.018 million), Natural Gas (PKR 52.173 million) and Aluminium (PKR 33.469 million).

In Agricultural commodities, a total of 72 lots were traded, amounting to PKR 357.322 million.

Copyright Business Recorder, 2026

Spot gold was little changed at USD4,018.75 per ounce, as of 0911 GMT. US gold futures for August delivery gained 0.1percent to USD4,023.20. “Gold remains negatively correlated to oil prices, with market participants closely tracking developments in the Middle East,” UBS analyst Giovanni Staunovo said.

US forces hit Iran for a ninth consecutive day as concerns grew over shipping through the Strait of Hormuz after Iran said two oil tankers had exploded and been immobilised.

Oil prices pared gains, after rising to an over one-month high earlier in the session, as Iran’s foreign ministry spokesperson said negotiations with US could be pursued based on national interests.

Elevated oil prices stoke inflation fears and add to bets of higher-for-longer interest rates. While gold is typically seen as an inflation hedge, high interest rates tend to diminish the appeal of the non-yielding asset.

Cleveland Fed President Beth Hammack added her voice to a growing chorus of policymakers arguing interest rates may need to rise to beat back persistent inflation, setting up a charged debate at the Fed’s next meeting and the possibility of dissents at Chairman Kevin Warsh’s second meeting at the helm.

Traders are now pricing an 80percent chance of a December interest-rate hike, versus 73percent last week, according to the CME FedWatch tool.

“We expect a weaker dollar to support gold prices in 6-12 months, with the yellow metal expected to move again above the USD5,000/oz mark,” Staunovo said.

Elsewhere, spot silver gained 1.6percent to USD56.79 per ounce, platinum was up 0.2percent at USD1,595.08, and palladium rose 1.3percent to USD1,264.62.

Benchmark three-month copper on the London Metal Exchange rose 0.06percent to USD13,533.5 a metric ton by 0710 GMT. The most-traded copper contract on the Shanghai Futures Exchange rose 0.2percent to 104,020 yuan (USD15,361.44) a ton.

The losses were limited by ongoing supply concerns, Daniel Hynes, ANZ senior commodity strategist, said in a note. “BHP cut its copper production guidance for the year ahead after a mechanical failure at a South Australian mine and lower ore grades in Chile. This comes following data showing growth in Chile’s copper production remains elusive,” said Hynes.

Mining major BHP Group last week flagged an expected decline in Chilean copper production next year. Australian miner South32 missed fourth-quarter copper production on Monday, as inclement weather hampered mining operations at a Chilean project. More broadly, Goldman Sachs said on Monday it expects the ex-US copper market to remain tight in the near term.

It added that if the Middle East conflict escalated further, adding to inflation and rate hike concerns, prices could face pressure. Fighting between the US and Iran over the weekend fanned fears that higher inflation could lead to higher-for-longer interest rates, which could weigh on growth-dependent industrial minerals. Meanwhile, copper inventories are waning.

Available copper stocks on the LME have sharply declined amid a spree of warrant cancellations. More than half of the copper in LME-registered warehouses was under cancelled warrants - indicating metal earmarked for withdrawal - as of Friday, exchange data showed. The red metal has also been pulled into the US ahead of potential tariffs on refined copper.

Among other LME metals, aluminium dipped 0.24percent, zinc lost 0.35percent, lead lost 0.42percent, nickel ticked 0.14percent higher and tin gained 0.5percent. SHFE aluminium lost 0.95percent, zinc lost 0.9percent, lead dipped 0.16percent, nickel lost 0.74percent and tin gained 0.95percent.

Coal stocks at power plants stood at 42.8 million tonnes as of July 12, enough for 14 days of operation at an 85% plant load factor, the power ministry said in a reply to parliament on Monday.

Utilities are also getting sufficient coal supplies to meet their daily requirements, it added.

India’s peak power demand surged last week to nearly 270.1 gigawatts (GW), driven by higher cooling demand as an El Nino pattern contributed to weaker rainfall.

India’s peak power demand had reached 270.2 GW in May, and the government expects it to touch 280 GW this year due to the absence of stronger monsoon rains.

Coal remains the backbone of India’s power system despite the country’s aggressive renewable energy expansion.

India coal-fired power output in June rises to highest since November 2023

Coal and lignite-fired plants accounted for 69.5% of electricity supplied during April-June and generated about 75% of power during non-solar peak-demand hours, according to the ministry.

The government has intensified coordination among the coal, power and railway ministries to monitor supplies and prioritize coal transportation to power stations, the power ministry said.

India added 9.47 GW of coal-fired generation capacity in 2025-26 and a further 2.26 GW between April and July, helping support record electricity demand, the government said.

Benchmark copper on the London Metal Exchange was up 0.5% to $13,593.5 a metric ton at 0937 GMT.

Traders said import data showing China’s imports of refined copper hitting a nine-month high in June boosted sentiment for the metal used in the power and construction industries. Part of the reason for higher imports is declining domestic supply due to smelter maintenance.

A gauge of China’s appetite for importing metal, the Yangshan copper premium, jumped to a 14-month high of $100 a ton on July 17, data from consultancy Shanghai Metals Market showed. The premium has soared 133% this year.

At 79,909 tons, stocks of copper in warehouses monitored by the Shanghai Futures Exchange are at their lowest since August last year and down more than 80% since the middle of March.

Meanwhile, copper inventories in LME-approved warehouses have dropped 24% since end-May to 295,275 tons.

Cancelled warrants, or metal earmarked for delivery, at 56% indicate another 166,025 tons is due to leave the LME system.

Much of the copper that has left the LME system since February last year, when U.S. President Donald Trump first mooted import tariffs on the metal, has been shipped to the United States.

“We expect the ex-U.S. copper market to remain tight near term, with the continued U.S. import pull on tariff expectations drawing units away from an already thin ex-U.S. market, and low Chinese inventories and limited scrap substitution cushioning the downside,” analysts at Goldman Sachs said in a note.

Worries about copper availability on the LME have created a backwardation or premium for most nearby contracts against longer-dated forwards.

In other metals, aluminium firmed 0.2% to $3,158 a ton, zinc rose 0.5% to $3,542, lead slipped 0.3% to $1,876, tin advanced 0.3% to $53,375 and nickel advanced 0.4% to $17,030.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 45 ringgit, or 0.98%, at 4,642 ringgit ($1,134.96) a metric ton at close.

“BMD CPO futures opened gap higher following bullish rally in energy prices and in CBOT Soy oil futures,”  said Anilkumar Bagani, commodity research head at brokerage Sunvin Group, adding that “talks of a super strong El Nino have once again started gaining traction, helping palm oil prices move higher.”

Dalian’s most-active soyoil contract gained 0.58%, while its palm oil contract rose 1.56%. Soyoil prices on the Chicago Board of Trade increased 0.26%.

Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.

Brent oil prices rose 2% to more than $90 per barrel on Monday, as escalating U.S.-Iran hostilities in the Middle East restricted oil shipments through the Strait of Hormuz, before reversing early gains on comments from Iran’s foreign ministry saying negotiations with the U.S. could be pursued based on national interests.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Exports of Malaysian palm oil products for the July 1 – 20 period fell 0.9%, AmSpec Agri Malaysia said on Monday, while according to Intertek Testing Services, exports rose 4.1%.

Meanwhile, Malaysia is expected to see record high temperatures next year as El Niño strengthens, its meteorological department told Reuters, stoking worries about lower palm oil production.

The U.S. Climate Prediction Center says El Nino has strengthened over the past month and is forecast to intensify through 2026 and continue through early 2027.

The deadline for submission of price offers in the tender is Tuesday, July 21.

Chicago corn, soybeans jump 3% on weather risks and China demand hopes

Arrival of the corn in South Korea is sought in two consignments of 45,000 to 69,000 tons in November and December.‑Reuters

The world’s largest copper consumer brought in 281,307 metric tons of the metal in June, up 0.5% from the prior month and the highest for a single month since last September, data from the General Administration of Customs showed on Monday.

The Yangshan copper premium, a gauge of China’s appetite for importing the metal, jumped to a 14-month high of $100 a ton on July 17, data from consultancy Shanghai Metals Market showed.

The premium has soared 133% this year.

Domestic supply contracted, with May output falling for a second consecutive month to the lowest since November, as some smelters kicked off equipment maintenance partly due to the acute shortage of copper concentrate.

Copper, industrial metals fall as Middle East war weighs on demand outlook

The Democratic Republic of Congo, Russia and Chile are the top three suppliers of refined copper to China, posting monthly gains of 18%, 21% and 57%, respectively. Imports in the second quarter surged 42% from the first quarter and were 3% higher than a year earlier.

Reuters reported in May that China’s imports of refined copper are set to rise in the second quarter of this year, driven by strong demand and potentially lower domestic output because of smelter maintenance.

In the first half of 2026, total imports slid by 14.3% from the year before to 1.41 million tons.

France has suffered from extreme heatwaves since May, adding to a dry spring that followed excessive winter rain in the western half of the country.

Argus estimated the French soft wheat yield at 6.67 tons per hectare, 6.5% below the 10-year Olympic average, which excludes the highest and lowest values in the period.

Plantings recovered after favourable autumn sowing conditions but remained below average.

Wheat set for third weekly gain on Black Sea export concerns

The French farm ministry on Wednesday pegged the country’s 2026 soft wheat production at 32.0 million tons, down 4% from last year.

Persistently dry and extremely hot weather accelerated crop maturity and supported crop quality, with protein levels, very high specific weights and low moisture expected to help French wheat meet export requirements, Argus said.

The estimate by the commodity market analysis firm was based on a field survey carried out from July 13-17 covering more than 90% of France’s soft wheat area.

Following the summit, Beijing bought around 12 million tons of US beans.

China also began purchasing new-crop US soybeans after a May 14–15 summit this year between Presidents Donald Trump and Xi Jinping, which left unchanged China’s commitment to buy 25 million metric tons of soybeans annually through 2028.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 39 ringgit, or 0.85%, at 4,636 ringgit ($1,134.33) a metric ton by the midday break.

“BMD CPO futures opened gap higher following bullish rally in energy prices and in CBOT Soy oil futures from Friday and in Chinese vegetable oil futures in Asian hours today.

Talks of a super strong El-Nino have once again started gaining traction, helping palm oil prices move higher,“ said Anilkumar Bagani, commodity research head at brokerage Sunvin Group.

Dalian’s most-active soyoil contract gained 0.51%, while its palm oil contract rose 1.16%. Soyoil prices on the Chicago Board of Trade increased 0.06%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.

Brent oil prices rose 2% to more than $90 per barrel on Monday, as escalating US-Iran hostilities in the Middle East restricted oil shipments through the Strait of Hormuz.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Meanwhile, Malaysia is expected to see record high temperatures next year as El Niño strengthens, its meteorological department told Reuters, stoking worries about lower palm oil production.

The US Climate Prediction Center says El Nino has strengthened over the past month and is forecast to intensify through 2026 and continue through early 2027.

Palm oil may retest a resistance at 4,613 ringgit per metric ton, a break above could lead to a gain to the July 9 high of 4,630, Reuters technical analyst Wang Tao said.

No change in prices of live chicken/meat, vegetables and other food items was witnessed, according to the weekly market survey conducted by Business Recorder here on Sunday.

The survey noted the price of live chicken has touched a new peak in the retail market as one kilogramme was being sold at Rs370 per kilogramme against the price of Rs360 per kilogramme in the previous week, showing an increase from Rs10 per kilo in the retail market.

According to the survey, a one kilogramme cow meat with bone is being sold at Rs1350 and cow meat without bone at Rs1500 per kilogramme against the official rates of Rs900 per kilogramme announced by local authorities concerned, the survey said. Mutton beef was being sold from Rs2800 to Rs3000 per kg in the open market.

The provincial government of Khyber Pakhtunkhwa blamed the federal and Punjab governments for escalating prices of wheat flour and other products due to unconstitutional ban on movement of wheat from Punjab to Khyber Pakhtunkhwa. No change was witnessed in prices of wheat flour, maida and other products. A 20-kg flour bag has increased at Rs3000 and Rs2900 in the wholesale and retail market which was selling at Rs2700 and Rs2500 respectively in the previous week, the survey said.

The price of a 80-kg sac has gone up at Rs13000 in the wholesale market.

Prices of tomatoes have become dearer in the open market as one kilogramme high-quality tomato is being sold at Rs350per kilogramme while low-quality tomato was available at Rs200-250 per kilogramme, the survey said.

A one kilogramme onion is being sold at Rs100-120 per kilogramme whereas ginger available at Rs400-500 per kilogramme and garlic was available at Rs200-250 and Rs300 per kilogramme. Lemon, which demand increases due to rising temperature in the city, was available at Rs800 per kilogramme while green chili was being sold at Rs100-150 per kilogramme.

Cooking oil and ghee remained high despite the announcement to cut prices in other parts of the country after gradual decrease in fuel prices.

Prices of LPG gas also remained high in the open market, the survey said.

One kilogramme sugar was being sold at Rs150 against the price of Rs 160 per kilogramme, the survey said.

Prices of pulses remained unchanged in the retail market, according to the survey. The survey said good quality rice (sela) was available at Rs 360 per kilogramme, while low quality rice was available at Rs 300-320 per kilogramme, while toota rice was available at Rs 200-220 per kilogramme.

Similarly, the survey furthermore said dal mash was available at Rs 480, dal masoor at Rs 320 per kilogramme, dal chilka (black) at Rs 320 per kilogramme, dal chilka (green) at Rs 260 per kilogramme, moonge at Rs 400 per kilogramme, dhoti dal at Rs 400 per kilogramme, dal Channa at Rs 450 per kilogramme, red bean at Rs 440 per kilogramme, Gram flour (baisen) at Rs 420 per kilogramme against Rs 280 per kilogramme, big-size white Channa at Rs 380 per kilogramme, small-size white channa from Rs 360 per kilogramme.

Apple was available at Rs 400-500 per kilogramme, banana at Rs200 per dozen, garma at Rs300-400 per piece, mangoes at Rs200 and Rs300 per kilogramme, leechi at Rs1000 per kilogram, Jaman at Rs800 per kilogramme.

Copyright Business Recorder, 2026

COCOA

ICE London cocoa rose 6% to £4,270 a metric ton by 1111 GMT.

Cocoa processing in North America rose in the second quarter to 109,659 tons, up 7.7% from the same period last year, National Confectioners Association data showed on Thursday.

Dealers had expected the grind to be little changed.

The news followed a stronger than expected 25.1% increase in Asia’s second-quarter grind, though bullish sentiment was tempered by a 4.6% fall in Europe.

A total of 37,370 tons of cocoa was tendered against the ICE July London cocoa contract, exchange data showed on Friday.

New York cocoa gained 5.8% to $5,822 a ton.

SUGAR

Raw sugar rose 1.5% to 14.66 cents per lb, with a rise in energy prices providing some support.

White sugar gained 1.5% to $461.20 a ton.

A total of 293,050 tons of mostly Thai white sugar has been tendered against the August contract on ICE Futures Europe, exchange data showed on Friday.

COFFEE

ICE arabica coffee was up 0.7% at $3.1490 per lb.

Dealers said the market continues to derive support from El Nino weather conditions.

“El Nino’s confirmed persistence into early 2027 has drawn attention to the flowering and cherry-setting stages of the 2027 crop, where hotter, drier conditions in Brazil’s arabica regions pose a risk to yields,” BMI analysts said in a note.

Robusta coffee gained 1.8% to $3,867 a ton.

FUNDAMENTALS

Spot gold gained 0.5% to $3,988.57 per ounce by 0103 GMT, having touched its lowest since July 1 earlier in the session. U.S. gold futures for August delivery were steady at $3,992.70.

Iran and the United States exchanged intensifying fire on Thursday in a week-long escalation that has largely unravelled last month’s truce.

Oil prices have jumped about 12% so far this week as the escalating U.S.-Iran conflict stoked supply concerns.

Non-yielding gold typically struggles when interest rates are high because investors favour investments that offer better returns. The metal is down over 3% for the week so far.

Dallas Federal Reserve President Lorie Logan became the first of Fed Chairman Kevin Warsh’s new colleagues to call publicly for a rate hike.

Fed Vice Chair Philip Jefferson also suggested he would be open to raising rates if there is no near-term improvement in inflation.

Inflation is proving persistent across a broad range of goods and services, and remains the focus of monetary policy given a stable labour market, Kansas City Fed President Jeff Schmid said.

The number of Americans filing claims for unemployment benefits fell last week.

U.S. retail sales increased marginally in June as lower gasoline prices weighed on receipts at service stations.

China can stabilise economic growth this year by accelerating already-budgeted national infrastructure investment projects, economists and one government adviser said, reducing the likelihood of large-scale fiscal stimulus.

Britain on Thursday targeted what it said were illicit gold and finance networks fuelling Sudan’s war, imposing sanctions on 11 individuals and entities.

Elsewhere, spot silver gained 0.2% to $55.60 per ounce, platinum eased 0.1% to $1,616.10 and palladium rose 0.4% to $1,254.62.

All three metals were headed for a weekly loss.

Front-month CBOT August soybeans settled up 9-1/2 cents, or 0.8 percent, at USD 12.04-1/2 per bushel.

Most-active CBOT November soybeans ended up 8 cents, or 0.7 percent, at USD 12.03 per bushel.

CBOT August soyoil rose 2.38 cents, or 3.3 percent, to 74.81 cents per pound, after reaching its highest level since June 5.

CBOT August soymeal ended lower on oil/meal spreading, settling down USD 2.70, or 0.8 percent, at USD 320.20 per short ton.

The US Department of Agriculture confirmed private sales of 340,000 metric tons of US soybeans to China, as well as 110,000 tons to undisclosed destinations and 256,634 tons to Mexico.

CBOT soyoil futures climbed on tightening stocks and strong usage prospects after Washington announced new tariffs this week on imports of Brazilian goods, including beef tallow, which competes with soyoil as a feedstock for biodiesel.

Traders also noted monthly data released on Wednesday by the National Oilseed Processors Association showing a drawdown in US soyoil stocks in June to an eight-month low.

After a week of searing heat in the US Midwest crop belt, some analysts expect the USDA to lower its weekly soy and corn condition ratings on Monday.

However, forecasts called for less-threatening temperatures next week and chances for rain, particularly in the eastern Midwest.

Brazil’s 2026/27 soybean crop is expected to total 180.1 million metric tons, up from 178.3 million tons in the previous season, consultancy Safras & Mercado said.

Soybeans and corn were also headed for weekly gains, drawing support from strength in wheat. Soybeans were underpinned by renewed Chinese buying, while corn was supported by expectations of tighter global stocks.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade (CBOT) slipped 0.3% to $6.72-3/4 a bushel by 0119 GMT, but was up 4.8% for the week.

Soybeans gained 0.19% to $11.97-1/4 a bushel, while corn remained unchanged at $4.64 a bushel. Both contracts were up 0.3% for the week.

Ukraine and Russia launched missile and drone attacks on Thursday on vessels in the Black Sea and the Sea of Azov, escalating hostilities in a region critical to grain exports and helping lift global wheat prices.

The International Grains Council left its 2026/27 world wheat production forecast unchanged at 821 million metric tons, but noted increased uncertainty in supplies from the Black Sea region.

Concerns over tightening global grain supplies also supported corn futures. The IGC cut its 2026/27 global corn production forecast by 4 million tons to 1.306 billion tons, citing recent heatwaves in Europe.

After a week of sizzling heat in the U.S. Midwest, forecasts called for less-threatening temperatures next week and increased chances of showers.

Commodity funds were net sellers of CBOT corn, soybeans and wheat futures, traders said on Thursday.

Asian stocks got off to a rocky start on Friday as the drag from chipmakers weighed on global equity indexes, while oil prices were set for their sharpest weekly rise in three months as tensions in the Middle East erupted anew.

The Osaka Exchange (OSE) rubber contract for December delivery was down 2.4 yen, or 0.56%, at 424.7 yen ($2.61) per kg, as of 0150 GMT.

The contract has gained 1.17% so far this week.

The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery dropped 240 yuan, or 1.41%, to 16,810 yuan ($2,482.06) per metric ton.

The most active September butadiene rubber contract on the SHFE fell 165 yuan, or 1.2%, to 13,595 yuan per metric ton, its first decline in 10 sessions.

Natural rubber’s decline was largely a function of butadiene rubber’s retreat, rather than a shift in its own fundamentals, with raw material costs for butadiene little changed even as its futures had climbed sharply in recent sessions, said a Singapore-based trader.

Butadiene’s rally through the week had been driven more by escalating U.S.-Iran tensions pushing up costs along the crude-to-butadiene chain than by a shift in demand, analysts from Chinese broker Tianfeng Futures said in a note.

The move was event- and cost-driven rather than a trend reversal, with a risk of profit-taking once geopolitical tensions ease, cautioned the analysts.

Oil prices inched higher on Friday after the U.S. and Iran stepped up attacks across the Gulf, with their broken truce limiting oil flows out of the Strait of Hormuz and with Tehran asking the Houthi movement to stand ready to shut the Red Sea export route.

The front-month rubber contract on Singapore Exchange’s SICOM platform for August delivery was flat at 216 U.S. cents per kg.

Fresh US soybean sales to China and other destinations lent support. Wheat and corn futures firmed on fears of grain export disruptions from the Black Sea region. Chicago Board of Trade November soybeans settled up 8 cents, or 0.7 percent, at USD12.03 per bushel while December soyoil ended up 1.86 cents, or 2.6 percent, at 72.43 cents per pound.

CBOT September wheat settled up 8 cents, or 1.2 percent, at USD6.82-3/4 per bushel and December corn finished up 3-1/2 cents, or 0.75 percent, at USD4.67-1/2 a bushel. Soybeans firmed after the US Department of Agriculture confirmed private sales of 340,000 metric tons of US soybeans to China, as well as 110,000 tons to undisclosed destinations and 256,634 tons to Mexico.

Chinese buyers were seeking bids for more US soybeans on Friday, said Dan Basse, president of Chicago-based AgResource, a day after US President Donald Trump alleged Chinese interference in US elections.

“Even though Trump was alleging China (was) interfering with our elections, the Chinese aren’t bothered by it, and they are continuing with their business,” Basse said. Soyoil futures climbed after Washington announced new tariffs this week on imports of Brazilian goods, including beef tallow, which competes with soyoil as a feedstock for biodiesel. The news followed monthly data from the National Oilseed Processors Association, released on Wednesday, showing a drawdown in US soyoil stocks to an eight-month low.

“We have got a very strong demand profile for soybean oil,” Basse said. Wheat and corn futures rallied but hovered below multi-week highs set a day earlier. Prices have been supported in the past week by drone attacks on vessels in the Black Sea and the Sea of Azov as Russia and Ukraine stepped up hostilities in a zone vital for grain exports.

“A third of wheat exports could be at risk if the mutual attacks continue. The slight fall in prices since yesterday is therefore unlikely to last,” Commerzbank said in a note.

Market players continued to monitor weather in the US Midwest crop belt following a week of searing heat.

“We’ve had heat this week, which has probably done damage to the crop,” said Don Roose, president of Iowa-based US Commodities.

Forecasts called for milder temperatures next week and chances for rain in the eastern Midwest.

Under the deal signed by U.S. President Donald Trump and Australian Prime Minister Anthony Albanese, the countries pledged to invest at least $1 billion each over the next six months in mining and processing projects and to set a price floor for critical minerals, a step long sought by Western miners.

The U.S. Export-Import Bank (EXIM) said it sent seven Letters of Interest (LOIs) totalling more than $2.2 billion to advance U.S.-aligned critical minerals projects in Australia.

The LOIs went to Arafura Rare Earths, Northern Minerals, Graphinex, Latrobe Magnesium, VHM, RZ Resources and Sunrise Energy Metals. They

represent the next phase in securing the minerals that power American manufacturing, national security, and other strategic industries, EXIM said in a statement.

Shares of Arafura were up 8% in morning trading, while shares of Northern Minerals, Latrobe Magnesium, and VHM jumped 11%, 15% and 20% respectively, although Sunrise was trading lower. That compared with a broader market gain of 0.7%.

The governments said they would also help advance a plan by U.S. aluminium producer Alcoa to build a gallium plant alongside its alumina refinery in Western Australia that could provide up to 10% of global gallium supply.

That announcement pushed Alcoa’s Australian-listed shares 8% higher.

Gallium, recovered as a byproduct during the alumina refining process, is a critical mineral for the technology sector, especially the semiconductor and defense industries.

Australia said in a statement that it would provide up to $200 million in concessional equity financing for the project, which includes offtake rights for the Australian government, while the U.S. would also make an equity investment with offtake rights.

Alcoa in August signed a joint development agreement with Japan Australia Gallium Associates (JAGA), a venture between the Japanese government and Sojitz Corp, for the project.

The company said that once it finishes feasibility work, a special purpose vehicle owned by the U.S. and Australian governments and Alcoa is expected to enter a joint venture with JAGA to construct the plant, which Alcoa would operate.

Volume dropped to 250,000 metric tons, according to data from the General Administration of Customs. Imports during the first half of 2026 totalled 1.88 million tons, down 5.1 percent from a year earlier.

The data includes primary metal and unwrought, alloyed aluminium.

An unfavourable import arbitrage made overseas aluminium more expensive than domestically produced metal, as higher prices on the London Metal Exchange and physical premiums widened losses for Chinese importers during the second quarter, traders said.

The benchmark three-month aluminium on the LME hit a four-year high of $3,724 a ton in early June due to Middle East supply concerns before eventually ending the month down almost 16 percent.

Russian producer Rusal, meanwhile, had sought to redirect some cargoes from China to Japan and other Asian markets, where buyers were paying higher premiums.

Japan aluminium buyers agreed to pay a premium of $395 a ton over the benchmark price for shipments coming in the third quarter, up 13 percent from the already high around $350 premium in the second quarter.

Meanwhile, China’s unwrought aluminium and product exports climbed to a record high in June.

Imports of bauxite, a key raw material for aluminium, rose 12.6 percent year-on-year to 20.32 million tons in June. First-half 2026 imports reached 120.93 million tons, up 17.4 percent year-on-year.

China produced 3.98 million tons of primary aluminium in June, up 4.7 percent from a year earlier, data from the National Bureau of Statistics showed.

Volume dropped to 250,000 metric tons, according to data from the General Administration of Customs. Imports during the first half of 2026 totalled 1.88 million tons, down 5.1% from a year earlier.

The data includes primary metal and unwrought, alloyed aluminium.

An unfavourable import arbitrage made overseas aluminium more expensive than domestically produced metal, as higher prices on the London Metal Exchange and physical premiums widened losses for Chinese importers during the second quarter, traders said.

The benchmark three-month aluminium on the LME hit a four-year high of $3,724 a ton in early June due to Middle East supply concerns before eventually ending the month down almost 16%.

Aluminium rises on Middle East tensions

Russian producer Rusal, meanwhile, had sought to redirect some cargoes from China to Japan and other Asian markets, where buyers were paying higher premiums.

Japan aluminium buyers agreed to pay a premium of $395 a ton over the benchmark price for shipments coming in the third quarter, up 13% from the already high around $350 premium in the second quarter.

Meanwhile, China’s unwrought aluminium and product exports climbed to a record high in June.

Imports of bauxite, a key raw material for aluminium, rose 12.6% year-on-year to 20.32 million tons in June. First-half 2026 imports reached 120.93 million tons, up 17.4% year-on-year.

China produced 3.98 million tons of primary aluminium in June, up 4.7% from a year earlier, data from the National Bureau of Statistics showed.

The PBS has further reported hikes in the prices of petrol, 4.40 percent; garlic, 3.72 percent; eggs, 2.15 percent; tea Lipton, 1.56 percent; onions, 1.53 percent; potatoes, 0.85 percent; prepared tea, 0.42 percent and firewood, 0.18 percent.

On a year-on-year (YoY) basis, the SPI recorded an increase of 13.09 percent, driven by sharp rises in the prices of tomatoes (210.18 percent), onions (75.93 percent), wheat flour (71.81 percent), electricity charges for Q1 (49.14 percent), LPG (42.50 percent), gas charges for Q1 (29.85 percent), gents sponge chappal (16.69 percent), mutton (16.02 percent), chilies powder (15.20 percent), beef (13.60 percent), bananas (10.82 percent) and bread plain (9.69 percent).

READ MORE: SPI drops 0.45pc WoW

According to PBS, on YoY basis, major reductions were observed in the prices of potatoes (36.28 percent), pulse gram (21.71 percent), sugar (21.10 percent), chicken (16.71 percent), salt powder (14.09 percent), pulse masoor (13.19 percent), eggs (12.42 percent) and pulse moong (8.08 percent).

During the week, of 51 items in the SPI basket, the prices of 27 items (52.94 percent) recorded an increase, 4 items (7.84 percent) recorded a decline, and the prices of 20 items (39.22 percent) remained unchanged.

According to PBS, on weekly basis, a reduction in the prices of bananas (0.80 percent), pulse moong (0.70 percent), sugar (0.36 percent) and pulse masoor (0.10 percent).

Copyright Business Recorder, 2026