Global Commodities: The Week in Commodities

Research evidence excerpt

Global Commodities: The Week in Commodities

J P M O R G A N Global Markets Strategy

10 July 2026

Global Commodities

The Week in Commodities

Global Commodities Research

Natasha Kaneva

(1-212) 834-3175

natasha.kaneva@jpmorgan.com

JPMorgan Chase Bank NA

This is a summary note that consolidates the latest views of our global commodity Gregory C. Shearer

(44-20) 7134-8161

strategists published over the week; to read detailed reports, refer to the hyperlinks. gregory.c.shearer@jpmorgan.com

It also contains hyperlinks to other related research/podcasts on the global J.P. Morgan Securities plc

commodities market. Tracey Allen

(44-20) 7134-6732

Global Commodities Podcast: A sense of déjà vu tracey.l.allen@jpmorgan.com

J.P. Morgan Securities plc

Just as markets embraced an open Strait of Hormuz, a sense of déjà vu has washed Otar Dgebuadze, CFA

over the commodities world when vessels were attacked this week. At the same (44-20) 3493-8246

otar.dgebuadze@jpmorgan.com

time, Russian refineries continue to be targeted by drones, copper is again J.P. Morgan Securities plc

consumed by tariff uncertainty and the gas situation in Europe is setting up for a

Ali A. Ibrahim

difficult winter. (44-20) 3493-6438

ali.ibrahim@jpmorgan.com

Oil Markets Weekly: Meanwhile in Russia ... J.P. Morgan Securities plc

Lyuba Savinova

Hormuz remains primarily a crude story. The next challenge for the market, (1-212) 270-3781

however, may increasingly be a refining story, and that story runs through Russia. lyuba.savinova@jpmchase.com

The latest round of strikes exchanged between the US and Iran has pushed Hormuz

Ananyashree Guptaflows sharply lower again, reversing much of the recovery seen over recent weeks.

(91-22) 6157 3627