HSL Prime Research Commodity Daily Report: 08 September 2026

Global Market Round Up

Precious metals edged higher in Asian trading on Tuesday, supported by a softer U.S. dollar and bargain buying. The dollar index slipped to around 98.8, extending its decline for a second consecutive session as the Japanese yen strengthened on expectations of tighter monetary policy from the Bank of Japan and continued unwinding of carry trades.

However, gains remained limited as expectations of higher interest rates from major central banks continued to cap the upside. Markets are pricing in around a 60% probability of a 25-basis-point Fed rate hike next week following the recent strong jobs data, with upcoming U.S. inflation figures expected to provide further clues. The ECB and Bank of Canada are also widely expected to raise rates this month, keeping the broader rate outlook restrictive.

Crude oil rose above $92 per barrel on Tuesday, reaching its highest level in three months as renewed tensions around the Strait of Hormuz continued to support prices. Concerns over Tehran’s growing control of the key shipping route intensified after Iran said an agreement with Oman to manage traffic through the strait was nearing completion, while markets also assessed the potential U.S. response after strikes on Iranian tankers over the weekend.

Market attention now turns to this week’s key monthly oil-market reports from the EIA, OPEC and IEA, which are expected to provide fresh insights into global supply, demand and inventory trends. These reports could offer further direction to crude prices after the recent sharp rally.

Natural gas prices consolidate in upper end range, holding near two-month highs as stronger cooling demand and rising LNG exports offset plentiful domestic supplies.

Copper extended gains for a second consecutive session, reaching a record high on tight near-term supplies and expectations of U.S. tariffs on refined copper imports. Prices are up around 17% this year, supported by constrained mine supply and rising demand from data centers, renewable energy and power grids.

Supply tightness has intensified as refined copper flows into the U.S. ahead of potential tariffs, draining LME inventories and keeping the futures curve in steep backwardation. Meanwhile, improving seasonal demand from China could provide further support to prices.