Commodity Markets Swing: Gold and Copper Rise, Oil Plunges, Lithium Output Expands

에너지/원자재 | Sat Jul 04 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 5 sources

Gold and copper rose on softer Fed rate expectations, oil fell sharply on OPEC output gains, and SQM-Codelco planned a 70% lithium production increase.

Analysis

[Gold] posted first weekly gain since May ^[2]

• Reflected weak U.S. employment data
• Fed rate hike expectations pulled back

[Copper] rose in step with weaker dollar ^[1]

• Reacted sensitively to U.S. monetary policy outlook
• Industrial metals strengthened together

[OPEC] sharply increased June crude oil production ^[4]

• Resumed exports through the Strait of Hormuz
• U.S.-Iran peace agreement signed
• Normalized exports from Persian Gulf member states

[WTI Crude] plunged to pre-Iran war levels ^[5]

• WTI futures hit new lows
• Returned to price levels seen before the Iran war

[SQM-Codelco] planned to boost Chile lithium production by over 70% ^[3]

• Betting on long-term battery demand
• Expanding joint venture partnership

Sources

• [1] Copper Tracks Dollar Swings as Traders Weigh US Rate Outlook - Bloomberg Markets
• [2] Gold Heads for First Weekly Gain Since May on Easing Fed Outlook - Bloomberg Markets
• [3] SQM-Codelco Venture Maps Path to Higher Lithium Output in Chile - Bloomberg Markets
• [4] OPEC Output Surged in June as Hormuz Flows Jumped, Survey Shows - Bloomberg Markets
• [5] Will Oil Prices Keep Falling? WTI Futures Hit Pre-Iran War Lows - Yahoo Finance