Oil prices dropped over 1.6% despite Trump’s threat of 100% secondary tariffs on Russia. The lack of immediate action and skepticism on Trump following through explain the market reaction. If implemented, the tariffs could disrupt the oil market with Russia exporting over 7m b/d. OPEC’s spare production may not be able to fill the shortfall.

China’s crude oil imports rose over 7% in June, driven by refinery operations post maintenance. OPEC’s monthly oil market report will be released soon, revealing demand growth estimates. The IEA revised its demand outlook, OPEC’s report will show if any revisions are made.

LME copper prices fell below $9,600/t as copper withdrawal requests from LME warehouses dropped significantly. The decline comes ahead of a 50% tariff on US copper imports starting August 1st. This shift in metal to the US will impact LME prices negatively as US buyers work through their inventories.

UNICA reported a 12.9% decrease in sugar cane crushing in Central-South Brazil over the second half of June. Sugar production also fell 13% YoY. China’s soybean imports rose 10.4% YoY in June, mainly from increased shipments from Brazil. The publication from ING serves for information purposes only.

Read more at Investing.com: Oil Price Drops as Market Shrugs Off Trump’s Russia Tariff Threat