S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
Copper futures in the US were above $6.3 per pound, halting the slide from the record high of $6.6 touched on June 2nd as supply risks from the war in the Middle East toggled against the macroeconomic headwinds stemmed by the conflict. The first exchange of strikes between Iran and Israel since their fragile ceasefire dimmed expectations of a broader deal between Tehran and the US. The prolonged conflict has halted exports of sulfur and sulfuric acid from key GCC producers, which in turn have driven China to halt their exports of the commodities and triggered shortages in major copper producer Chile. Tight supply of sulfuric acid limits copper refining capacity, challenging Codelco’s ongoing campaign to reduce operating costs. Meanwhile, macroeconomic pressure on manufacturers due to the war limited the increase in prices. These were also capped by expectations of a hawkish Federal Reserve following the release of robust jobs numbers in the US, strengthening the dollar.
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