Prime Research Commodity Daily Report: 09 September 2026

Global Market Round Up

Precious metals remained range-bound on Wednesday as investors adopted a cautious stance ahead of key U.S. inflation data. Rising tensions in the Middle East have increased concerns over higher energy prices and persistent inflation, reinforcing expectations that interest rates could remain elevated and limiting the upside in bullion.

Market attention is now focused on the U.S. PPI report due Thursday and CPI data on Friday, which could provide fresh clues on the inflation outlook and the Federal Reserve’s next policy move. Meanwhile, expectations of rate hikes by the European Central Bank and Bank of Japan this month, along with elevated crude oil prices, continue to weigh on non-yielding assets. Overall, gold remains caught between competing forces and is likely to stay in consolidation mode until the inflation data provides a clearer policy signal. Silver, meanwhile, continues to find support from strong industrial demand, particularly from the solar energy and electrification sectors.

Crude oil climbed to around $94 per barrel on Tuesday, its highest level in six weeks, as escalating Middle East tensions heightened concerns over potential supply disruptions. The U.S. military carried out strikes near Iran’s key oil infrastructure, including Kharg Island and the port city of Jask. Kharg Island is a major export hub, handling around 90% of Iran’s crude shipments, raising concerns over the potential impact on regional supplies. Supply risks were further elevated after Saudi Aramco facilities were targeted in fresh attacks, while Iran-backed Houthi militants claimed responsibility for strikes on the Jazan refinery and other energy infrastructure. The U.S. also struck three Iranian oil tankers over the weekend following Iran’s missile attacks on U.S. Navy vessels.

Adding to uncertainty around shipping through the Strait of Hormuz, Iran announced plans to establish a new shipping corridor with Oman, requiring vessels to coordinate with Tehran before entering a designated restricted maritime zone. The developments have kept the geopolitical risk premium elevated and provided further support to crude prices. Natural gas futures started the week lower as forecasts for cooler weather in late September pointed to weaker power-sector demand.

Copper pulls back on profit-taking after its recent record highs, although strong demand and persistent supply constraints continue to support the longer-term outlook.