Commodity

Based on a single provider’s active/rolling futures reference, Brent crude oil rose 7.91% to USD 90.74 per barrel on July 29, 2026 as renewed Middle East escalation and a reported U.S. crude inventory draw renewed supply-risk pricing. Read the daily analysis of Brent crude oil's supply-risk outlook, momentum risk and key technical levels.

WTI crude oil futures rose 6.56% to USD 84.46 per barrel on July 29, 2026 as renewed Middle East supply-risk concerns coincided with a large reported U.S. crude inventory draw. Read the daily analysis of WTI crude oil's supply-risk outlook, momentum risk and key technical levels.

China’s steel industry remained under earnings pressure in the first half of 2026, even as crude steel output fell 3% year on year to 500 million mt. Industry revenue slipped 0.6% while operating costs eased just 0.4%, sending total profits down 25% to RMB 31.77 billion. Production restraint provided only limited relief as weak demand and elevated costs continued to weigh on profitability.

Vedanta Aluminium reported June-quarter net profit of ₹5,629 crore, up 33.8% from the March quarter, while revenue rose 12% to ₹21,393 crore. EBITDA increased 23.3% quarter-on-quarter to ₹10,299 crore and the EBITDA margin widened to 48.14%. Aluminium production rose 5% year-on-year and 3% sequentially, marking the company’s highest-ever quarterly output.

ArcelorMittal reported second-quarter 2026 revenue of $16.76 billion, up 8.4% quarter on quarter. EBITDA rose 22.9% to $2.06 billion, while net income increased 18.8% to $683 million. The gains were supported by a 4.4% rise in average steel selling prices and a 4.1% increase in steel shipments. Crude steel output climbed 7.5% quarter on quarter to 14.3 million mt, but was slightly below the level a year earlier.

India’s total gold demand fell 6% year on year to 131.4 tonnes in the April–June quarter, but the value of purchases jumped 50% to a record Rs 1,98,100 crore as prices stayed at historic highs, the World Gold Council said. Jewellery demand dropped 15% to 75.1 tonnes, while bar and coin demand rose 9% to 50.3 tonnes. Gold ETF demand increased 49% to 4.2 tonnes.

Shell reported second-quarter net profit of $8.92 billion, more than double the level a year earlier and well ahead of market expectations. The company said higher oil and gas prices, stronger LNG and oil trading, and improved chemicals margins lifted earnings, partly offsetting lower sales volumes tied to disruptions to its Qatar operations during the conflict in the Middle East. Shell also said it would keep its share buyback programme at $3 billion per quarter.

Brent crude futures fell 1.42% to US$89.45 a barrel, while U.S. West Texas Intermediate (WTI) slipped 0.66% to US$83.90. Both contracts had surged nearly 8% in the previous session on escalating Iran-related fighting. Shipping data showed 39 commodity vessels entered the Red Sea via the Bab el-Mandeb strait on Tuesday, the highest since July 19, while only a few transited the Strait of Hormuz. The traffic suggested key routes were not severely disrupted, easing near-term concerns over supply interruptions.

Tasmania is facing renewed concern that the closure of major industrial users could push up household power bills, with Bell Bay Aluminium seen as a key risk. Bell Bay Aluminium is estimated to pay A$25 million a year in network charges and about A$100 million in energy costs. If the smelter shut, average bills could rise by 2% and TasNetworks could trigger an additional A$120 million investment in the George Town substation. The company is an aluminium smelter, and any shutdown would directly reshape local supply capacity and industrial electricity demand.

Resolute Mining (ASX: RSG) reported fiscal Q2 2026 results including gold sales of 54,599 ounces at an average realised price of $4,526 per ounce. The group posted all-in sustaining costs of $2,484 per ounce, operating cash flow of $77.4 million, and net cash of $317.4 million at quarter-end. In Togo, construction of the Doropo project remained on schedule, with $36.7 million of capital spending for the quarter.