Energy:
1. A Qatari LNG carrier made a rare transit through the Red Sea, aiming to transport natural gas to Europe.
2. Trafigura's chief economist, Rahim, stated that Middle Eastern crude oil flows are down by 5 to 7 million barrels per day compared to pre-war levels.
3. Data shows that the Asian LNG benchmark price, JKM, jumped above $30 per million British thermal units (MMBtu), the first time since December 2022.
4. Market news: India has shelved its plan to address declining coal inventories through imports.
5. According to the Iraqi state news agency, Iraq's average daily oil exports so far in October have exceeded 3.4 million barrels, up from 3 million barrels in September.
6. Preliminary plans indicate that Angola will increase its average daily oil exports in December to 993,000 barrels.
7. Qatar's Energy Minister met with Iran's acting Oil Minister in Doha to discuss energy cooperation.
8. A draft power plan indicates Qatar will build two power plants for Lebanon and sign a 20-year liquefied natural gas (LNG) supply agreement with Lebanon.
9. South Korean and Indian refiners purchased US crude oil for November shipment.
Agriculture/Mining:
1. CME Group: Will launch tungsten futures to meet growing market demand for the key mineral. Trading is expected to begin in early Q1 2027 after all relevant regulatory reviews are completed.
2. Sources say India's National Mineral Development Corporation has postponed its plans for overseas nickel mining and nickel asset acquisitions.
3. The International Lead and Zinc Study Group forecasts that global refined lead metal demand will grow by 0.9% this year to 13.79 million tons, and by 1% to 13.92 million tons in 2027. Global lead ore supply will decline by 2.8% to 4.44 million tons in 2026. Global refined lead metal supply will exceed demand by 90,000 tons in 2026. The surplus is expected to widen to 163,000 tons in 2027.
4. The International Lead and Zinc Study Group: Global refined zinc demand is projected to grow by 1.4% to 14.02 million tons in 2026 and by 1.2% to 14.19 million tons in 2027.
5. US Secretary of State Marco Rubio and the Uzbek Foreign Minister agreed to deepen cooperation in key mineral sectors.
6. Goldman Sachs: Global central bank gold purchases are expected to reach 79 tons in August, significantly higher than the pre-2022 average of 17 tons. We still believe central bank demand is a structural support for gold.
7. Goldman Sachs: Raised its year-end 2026 copper price forecast from $13,735 per ton to $14,700. Raised its 2027 average copper price forecast from $13,800 per ton to $15,400. The copper supply gap outside the US is projected to widen to approximately 950,000 tons in 2026 and approximately 220,000 tons in 2027.
8. Financial Times: Japan's stockpile of the critical rare earth element yttrium may run out within months.
Global Shipping Situation:
1. US Department of Energy: Plans to convert sanctioned oil tankers into compliant vessels for transporting unsanctioned crude oil, potentially numbering in the dozens or even hundreds.
2. Iran warns it may extend its blockade to the Suez Canal.
3. Russian Ministry of Defense: Russia attacked three cargo ships at the port of Reni, Ukraine.
Others:
1. Houthi rebels: Launched multiple attacks on Saudi Arabian energy facilities, airports, and military targets, including the Saudi Aramco facility in Yanbu.
