Spot gold fell below $4,030 per ounce, down 0.74% on the day.

Energy 1. Japan will receive its first shipment of Mexican crude oil since the start of the conflict with Iran. 2. Sources: A major Russian petrochemical plant shut down on July 14 following a drone attack. 3. Azerbaijan's natural gas exports rose 0.5% year-on-year to 12.4 billion cubic meters in the first half of the year. 4. Escalating tensions in the Strait of Hormuz prompt Pakistan to purchase spot LNG at its highest price in four years. 5. Bank of Canada: Brent crude oil prices are expected to fall to around $70 by the end of 2027; the outlook for oil prices is highly uncertain. 6. Libya's Akkakus Oil Operations Company stated that its daily crude oil production reached 332,056 barrels in July, the highest daily production since 2014. 7. International Monetary Fund: The global economy's ability to buffer against oil supply disruptions is weakening. A swift restoration of oil supplies is needed to avoid further economic losses. 8. Total Energy: The impact of the Middle East conflict on the second quarter was approximately 210,000 barrels of oil equivalent per day, lower than the guidance of 360,000 barrels of oil equivalent per day announced in the previous quarter. Agriculture/Mining 1. Chilean Government: Copper prices are expected to average $5.90 per pound in 2026. 2. Fidelity International plans to increase its gold holdings, believing the long-term bullish logic remains unchanged. 3. Indonesian Ministry of Trade: Indonesia's refined tin exports in June were 2,999.54 metric tons. 4. MPOB: Raised the reference price for Malaysian crude palm oil exports in August. 5. According to AmSpec, a Malaysian independent inspection agency, Malaysia's palm oil exports from July 1-15 were 646,438 tons, an increase of 3.98% compared to 621,704 tons exported in the same period last month. Iran Situation 1. Iran says it will respond in kind to the attack on its infrastructure. 2. The US military claims to have hit an oil tanker attempting to reach an Iranian port. 3. India suspends sending seafarers to vessels transiting the Strait of Hormuz. 4. Two oil tankers carrying Iranian crude oil changed their destination to Pakistan, possibly to circumvent a US maritime blockade. 5. According to the Iranian Students' News Agency, Iran stated that the strait will remain closed until the US accepts Iranian law. Other: 1. The Indian government plans to promote an import substitution program to strengthen its supply chain. 2. The US imposed a 25% tariff on some Brazilian goods; Brazil stated it will appeal to the WTO and implement reciprocal measures.

US President Trump: General Dynamics is progressing a bit slower than we hoped.