Energy markets settled lower yesterday as hopes of a Trump-Putin meeting to discuss a Russia-Ukraine peace deal grew. ICE settled almost 0.7% lower, with uncertainty over Ukrainian President Zelenskyy’s participation. Indian state refiners are holding back on buying Russian crude oil due to tariff uncertainty, potentially shifting to Middle Eastern oil grades.

China’s crude oil imports in July averaged 11.2m b/d, up 11.5% YoY but down over 8% MoM. China’s central bank continues to increase gold reserves, adding 60,000 troy ounces in July. Preliminary data shows strong demand for industrial metals, with copper concentrate imports rising 18% YoY in July.

Coffee prices rose 1.5% on falling Brazilian exports, with green coffee exports down 20% YoY in July. Soybean imports in China rose 18.5% YoY in July, driven by strong Brazilian flows. Iron ore imports in China rose 1.8% YoY in July, while exports of steel products surged 25.6% YoY.

Read more at Investing.com: Crude Oil: Potential Trump-Putin Meeting Weighs on Prices