Energy – OPEC+ Goes with Another Large Supply Hike for September
OPEC+ agreed on a 547k b/d supply hike for September, as expected. Concerns arise over US penalties on India for buying Russian energy, risking 1.7m b/d of supply. Speculators bullish on oil market, with managed net long positions increasing. US rig activity down despite rising oil prices.

Metals – Copper Drops After Trump’s Tariff Surprise
LME down 1.4% after Trump exempts refined copper from US import tariffs. New York futures plunge over 20%, erasing premium over London. US sees surge in copper stockpiles, highest in 21 years. Trump imposes 50% tariffs on semi-finished copper products, exempting less-processed goods.

Agriculture – Ukraine Grain Harvest Declines
Ukraine’s grain harvest down 39% year over year at 15.5mt, due to decreased area harvested. Wheat harvest at 11.4mt, from 19.4mt last year. Money managers increase net short position in CBOT and corn. Decline in harvest may impact global grain prices and supply.

Read more at Investing.com: Oil Falls After Latest OPEC+ Supply Hike