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Press Metal shares fell more than 6% as aluminium prices dropped to a three-month low, driven by easing Middle East tensions and the reopening of the Strait of Hormuz. The move signals a broader shift in the commodity cycle as supply risks unwind. The aluminium story is shifting from supply disruption to normalisation and that changes everything. What’s Happening Aluminium prices falling Down to ~US$3,122/tonne (3-month low) Supply concerns easing as shipping routes reopen Press Metal hit hard Share price dropped ~6–7% Highly sensitive to aluminium price movements Previously benefited from war-driven rally Strong earnings supported by higher prices Stock still up ~10% since Iran conflict began What’s Really Changing This is not just a price drop, it’s a  cycle transition : Before →  Geopolitical supply shock  (prices pushed higher) Now →  Supply normalisation  (prices easing) As Hormuz reopens, the market is moving away from scarcity pricing. Key Takeaway The ke...

Gold steadied near the $4,000 level after softer US inflation data reduced expectations of aggressive rate hikes. While the metal has pulled back from its recent highs, easing yields and a weaker dollar are helping to stabilise prices. Gold is no longer driven by fear alone, it is now highly sensitive to interest-rate expectations. What’s Happening Inflation came in softer than expected PCE rose 0.4% → below expectations Reduces urgency for rate hikes Rate-hike expectations easing Lower probability of near-term hikes Bond yields declined Dollar momentum slowing Recent rally paused Supports gold prices Gold stabilising near $4,000 After recent sharp pullback Still heading for a fourth weekly loss What Changed Gold’s recent weakness reflects a shift: Earlier rally driven by  geopolitics + debt concerns Now pressured by  “higher-for-longer” rate expectations The market is transitioning from: Fear-driven buying → Rate-driven pricing KeyTakeaway The key driver for gold is no longer...

China’s steel market is not collapsing despite the property downturn. Instead, demand is stabilising at a lower level as manufacturing, exports and new energy sectors gradually replace construction-driven demand. This is not a demand collapse, it’s a structural shift from property to industrial and export-driven demand. What’s Really Happening The sharp drop in construction activity has clearly hurt steel demand: Property-related steel (like rebar) has fallen significantly Construction’s share of demand is shrinking But the broader market tells a different story: Total steel demand is only slightly below past peaks Manufacturing, shipbuilding and energy transition sectors are absorbing demand Exports are acting as a key buffer Instead of a sudden crash, the industry is entering a  long plateau . Why This Matters The market had expected a sharp collapse but reality is more gradual: Demand is declining slowly, not falling off a cliff China is shifting from construction-led growth to ...

Malaysian energy stocks are hitting their peak, but the real shift is happening beneath the surface. Key Points Energy earnings likely peak in 2Q2026 Oil stabilising around  ~US$80/barrel Geopolitical risk premium is fading  after US-Iran deal Earnings to  gradually ease from July onwards Sector remains  overweight , but momentum is slowing The oil story is no longer about war risk, it’s about how quickly supply returns and whether demand is strong enough to keep prices near US$80. From War Rally to Normalisation The past few months were driven by: Supply disruptions Shipping constraints Risk premium from Middle East tensions Now, that narrative is shifting: Supply is  gradually returning Production is  coming back online Logistics are  normalising The energy sector is transitioning from a geopolitical-driven rally to a normalisation phase Why Oil Won’t Crash (Yet) Even with peace developments: Infrastructure repairs take time Tanker flows recover grad...

Oil prices are dropping on hopes of a US-Iran deal, but a deeper shift may be underway beneath the surface. Key Points Brent crude fell below US$83  after recent sharp declines Weak China demand (-29% imports)  signals slowing consumption High US exports  continue to flood global supply Hormuz reopening will be gradual , not immediate Markets are shifting focus from  supply shock → demand weakness Oil is no longer just reacting to geopolitics — demand softness is starting to dominate the narrative. The Real Shift: Supply Shock → Demand Weakness It is the combination of: Weak Chinese oil demand (-29%) High US exports Gradual Hormuz reopening Together, these suggest the oil market is transitioning: From a  war-driven supply shock story Toward a  global demand weakness story This is a much more important shift for investors. Why This Matters Even if geopolitical tensions ease: Supply will  increase steadily Demand may  not keep up Inventories could...

Global markets turned cautious as a  sharp tech selloff and escalating US-Iran tensions  weighed on sentiment, while Malaysia’s palm oil sector faced rising pressure from  weak exports and intensifying regional competition . Wall Street Slides on Tech Weakness and Geopolitics US equities declined sharply, led by heavy selling in technology stocks: S&P 500 -1.62% ,  Nasdaq -1.98% ,  Dow -1.87% Super Micro Computer  plunged  28%  after a dilutive share placement Broad declines across chipmakers including  NVIDIA ,  Advanced Micro Devices  and  Taiwan Semiconductor At the same time, oil prices surged  3% to US$90+ , as renewed military strikes heightened fears of  inflation and prolonged high interest rates . KLCI Holds Ground but Breadth Signals Weakness Despite global volatility, Malaysia’s  KLCI edged up 0.21% , supported by selective buying. However, underlying sentiment remained fragile: Losers outpaced gai...

China’s latest inflation data reveals a clear shift beneath the surface,  the AI-driven industrial cycle is now feeding into price pressures , even as consumer demand remains subdued. Key Takeaway China's producer prices rose at the fastest pace in nearly four years, driven by stronger demand for AI-related electronics, computing infrastructure and industrial metals. However, soft consumer inflation suggests domestic demand remains weak, highlighting a growing divergence between industrial activity and consumer spending. AI Demand Is Driving Factory Inflation Producer prices (PPI) rose  3.9% YoY Strong demand from: AI infrastructure buildout Electronics and semiconductors Industrial metals like copper and aluminium The global AI spending wave,  especially data centre expansion is now directly influencing China’s upstream pricing power. Consumer Demand Still Lagging CPI grew only  1.2% YoY , below expectations Core inflation softened to  1.1% Weak consumption rem...

The latest developments in oil markets point to a clear trend:  China is buying less crude , raising concerns about demand strength in the world’s largest energy importer. Chinese Refiners Cut Back on Purchases China’s independent refiners who the main buyers of Iranian crude are  reducing operating rates  as profitability weakens. Key pressures include: Negative refining margins Slower domestic fuel demand Ongoing  economic headwinds These factors are forcing refiners to  cut crude intake , leading to a visible drop in demand. Import Volumes Show Clear Decline The slowdown is reflected in trade flows: Iranian crude shipments to China dropped to  ~1.1 million barrels per day This is the  lowest level since early 2025 Given that these refiners typically account for  around 90% of Iran’s exports , the decline has a  significant impact on global oil demand . Rising Floating Storage Signals Oversupply With demand weakening, excess crude is buildi...

Gold prices edged lower as  a stronger US dollar and rising expectations of interest rate hikes  reduced the appeal of the non-yielding metal. Gold Under Pressure from Dollar Strength Spot gold declined  0.3% to US$4,527 per ounce , extending a modest weekly loss. The weakness comes as the  US dollar holds near a six-week high , making gold: More expensive for foreign investors Less attractive relative to  yield-bearing assets Rising Rate Expectations Weigh on Sentiment Markets are increasingly pricing in tighter monetary policy: ~60% probability of a Fed rate hike by December Elevated oil prices are fueling  inflation concerns , which may force the  Federal Reserve  to  keep rates higher for longer . Higher interest rates typically: Increase  opportunity cost of holding gold Strengthen the  US dollar , further pressuring prices Oil and Geopolitics Drive Inflation Risks Oil prices remain elevated amid uncertainty in  US-Iran ne...

Oil prices eased modestly on Tuesday after recent sharp gains, as signs emerged that the US is  loosening Iran’s control over the Strait of Hormuz , offering limited relief to global supply concerns. Oil Prices Slip After Strong Rally Crude benchmarks declined following a surge in the previous session: Brent crude  fell  1.1% to ~US$113/barrel WTI crude  dropped  1.9% to ~US$104/barrel The pullback comes after  multi-day gains driven by supply disruption fears , suggesting short-term  profit-taking  rather than a shift in fundamentals. Limited Progress in Reopening Hormuz The US has begun efforts to restore shipping access: US Navy escorted vessels through the  Strait of Hormuz A Maersk-operated ship successfully exited the Gulf However, analysts stress this remains: A  one-off development , not a full reopening Insufficient to eliminate broader supply risks The Strait typically carries  ~20% of global oil supply , making it a criti...

Oil prices rebounded sharply after suffering their  largest one-day decline since 2020 , as ongoing disruptions in the  Strait of Hormuz  and fragile ceasefire conditions kept supply concerns elevated. Oil Prices Bounce Back Amid Supply Uncertainty Brent crude climbed above US$97 per barrel , while  WTI rose near US$98 , recovering part of Wednesday’s steep  13% selloff . The rebound reflects continued uncertainty over whether  global energy flows can normalise , as conflicting reports emerge on the status of tanker movements through the Strait. While Iran signaled that  shipping had halted , US officials indicated  early signs of reopening , leaving markets caught between optimism and risk. Hormuz Disruption Remains Critical Risk The  Strait of Hormuz , which accounts for roughly  20% of global oil and LNG flows , remains the key pressure point. Even if transit resumes, supply recovery is expected to be gradual due to: Reduced output at...

Oil markets are expected to remain elevated despite a temporary ceasefire in the Middle East, as  structural supply disruptions continue to constrain global energy flows . Supply Damage Keeps Oil Prices Elevated According to UOB Global Economics and Markets Research,  Brent crude is likely to hover around US$100 per barrel in the near term , even after a  two-week ceasefire . The reason:  extensive damage to energy infrastructure  across the region. Key assets including  refineries, pipelines, and ports  have been impacted Repairs could take  months or even years Supply chains remain  severely disrupted Brent previously surged to  US$119.50 in late March , before easing to around  US$93.69  following ceasefire news. Strait of Hormuz Bottleneck Persists The  Strait of Hormuz , which handles roughly  20% of global oil and LNG flows , remains a major constraint. Hundreds of  oil tankers are stranded  on both si...

Global fuel markets are tightening rapidly as  diesel prices spike to multi-year highs , reflecting severe supply disruptions caused by the ongoing Middle East conflict. Diesel Futures Hit Highest Since 2022 European diesel futures surged to  $1,493 per ton (above $200 per barrel) , rising as much as  9.4% , marking the  highest level since 2022 . The rally highlights growing concerns that  fuel shortages could emerge in the coming weeks , particularly if disruptions persist. Strait of Hormuz Disruption Chokes Supply The sharp price increase is largely driven by the  near shutdown of the Strait of Hormuz , a critical global energy artery. Flows of  refined fuels like diesel are heavily constrained Crude supply disruptions  are forcing refiners to reduce output Global trade routes are being rerouted, increasing  transport time and costs This has triggered a scramble among traders to secure supply, with shipments being diverted across longer an...

Singapore is exploring plans to expand its gold storage capacity as it seeks to position itself as a  major global bullion trading hub , targeting central bank reserves and institutional flows. Strategic Push Into Bullion Market Authorities are evaluating potential sites — including areas near  Changi Airport  — to enhance  vaulting infrastructure for gold storage , according to sources familiar with the discussions. The  Monetary Authority of Singapore  confirmed it is  considering the use of existing facilities for gold vaulting , though it stopped short of confirming expansion plans. The move aligns with Singapore’s broader ambition to strengthen its role in  precious metals trading and financial services . Targeting Central Banks and Institutional Demand A key objective is to attract  central banks , which collectively hold around  39,000 tonnes of gold , accounting for roughly  18% of global supply , according to the World Gold...

The ongoing Middle East conflict is not just an oil story — it is triggering a  structural shift in global energy investment , with capital rotating toward  energy security-driven sectors . Energy Crisis Exposes Structural Weakness The disruption of the  Strait of Hormuz (≈20% of global oil flows)  has reinforced a critical reality: energy dependence = geopolitical risk . As highlighted in the report  , governments are no longer optimising for cost, they are prioritising  energy independence and supply resilience . This marks a shift from  “energy economics” to “energy security” , fundamentally changing investment flows. Clean Energy Becomes Strategic, Not Optional Rising oil prices and supply uncertainty have flipped the equation: Expensive oil →  renewables become economically viable faster Supply risk →  policy acceleration toward domestic energy sources This mirrors the  post-Ukraine war shift in 2022 , but on a broader scale. Key Se...