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The latest commodities coverage from the TrustFinance editorial desk.
The national average price for diesel fuel surpassed $6.00 per gallon for the first time on record, according to GasBuddy, as critically low inventories and a rally in crude oil futures squeeze the market.
Chile's state-owned copper giant Codelco reported a 5% year-over-year decline in its July copper production, contributing to a broader 9.4% drop in the nation's total output for the month.
ICE canola futures closed higher on Thursday, drawing support from a broad rally in the soybean complex and a sharp increase in crude oil prices amid geopolitical tensions.
Chilean state mining company Codelco reported a 5% year-over-year drop in copper production for July, reaching 112,800 metric tons, as operational issues persist. The decline is part of a broader 9.4% decrease in Chile's total copper output for the month.
The U.S. national average price for diesel fuel has surpassed $6.00 a gallon for the first time on record, according to GasBuddy, signaling rising transportation costs and potential inflationary pressure on the economy.
A senior Iranian official warned that recent 'political moves' by the UN's nuclear watchdog could lead nations to exit the nuclear non-proliferation treaty. The statement on Thursday followed an IAEA resolution to report Iran to the UN Security Council over its nuclear program.
Gold prices advanced on Wednesday, buoyed by a softer U.S. dollar and heightened geopolitical risk in the Middle East, though gains were capped as investors weighed the prospect of another Federal Reserve interest rate hike.
Oil prices surged in after-hours trading Tuesday following reports of escalating military clashes between the United States and Iran, fueling concerns over potential supply disruptions from the Middle East.
Oil prices surged Wednesday, with the global benchmark Brent crude breaking the $100 per barrel threshold for the first time since July, as direct military strikes between the U.S. and Iran stoked fears of a wider conflict and significant energy supply disruptions.
