Crude Oil Surges Over 5%, Metals Broadly Rise Amid Uncertainty

The global commodities market saw significant gains overnight, with crude oil surging over 5% and metals broadly rising.

LME aluminum, zinc, and tin all gained more than 1%, while precious metals continued to advance. COMEX gold rose 1.11% and COMEX silver jumped 3.75%. On the domestic market, SHFE gold rose 0.66% and SHFE silver gained 1.89%.

Cleveland Fed President Hammack said inflation has yet to return to target and the Fed may need to raise rates multiple times. The probability of a cumulative 25bp rate hike in September is 51.2%, while for October it's 50.5%. The US dollar index rose 0.21% to 99.81.

The release of China's July M2 money supply YoY and the US July NFIB Small Business Optimism Index are among today's key macroeconomic indicators. In the crude oil market, WTI up 5.27% and Brent up 5.18%, with analysts citing uncertainty over when normal commercial shipping would resume in the Strait of Hormuz.