HSL Prime Research Commodity Daily Report: 04 August 2026

GLOBAL MARKET ROUND UP

Gold traded around $4,050 per ounce on Tuesday, while silver steadied near $58 per ounce, as investors adopted a cautious stance amid ongoing U.S.-Iran diplomatic developments and uncertainty over the Federal Reserve’s policy outlook. Precious metals remained range-bound as markets awaited greater clarity on geopolitical risks and the direction of U.S. interest rates.

Market sentiment remained focused on negotiations surrounding the Strait of Hormuz after President Donald Trump described his latest offer of talks as Tehran’s “final opportunity” to reach an agreement and expressed confidence that the strategic waterway could reopen soon. Iran denied that direct negotiations with the United States were underway but confirmed that discussions with Oman aimed at improving shipping through the Strait of Hormuz were making progress.

On the macro front, U.S. manufacturing activity expanded for a seventh consecutive month in July, reaching its strongest level in more than four years and highlighting the resilience of the economy. Investors will now focus on today’s JOLTS Job Openings report for further insight into labor market conditions ahead of Friday’s nonfarm payrolls data. The U.S. trade balance and factory orders reports will also be closely watched for fresh signals on economic momentum and manufacturing demand.

Crude oil prices recovered on Tuesday, with WTI trading above $81 per barrel after tumbling nearly 5% in the previous session. The rebound was modest as investors continued to monitor renewed U.S.-Iran negotiations for signs of a potential agreement that could pave the way for the full reopening of the Strait of Hormuz, easing concerns over global oil supply disruptions.

Meanwhile, OPEC+ approved another modest production increase, completing the planned restoration of output cuts introduced in 2023. The prospect of higher supply is expected to limit further upside in crude oil prices despite the day’s recovery.

Natural gas remained subdued as ample inventories offset expectations of stronger electricity demand from warmer weather next week.

Copper remained well supported as tight concentrate supplies and strong U.S. import demand continued to tighten the global market. Increased shipments to the U.S. reduced metal availability elsewhere, helping sustain prices despite lingering macroeconomic uncertainty.