🎯 Top Story

🛢️ Japan intervenes with record 11.7 trillion yen in FX market

What happened: Japan's finance ministry reported FX intervention of 11.7 trillion yen during the April 28 to May 27 period.

Why it matters: This is a massive intervention – the largest on record. Tokyo is serious about defending the yen.

Market impact: 🟢 Bullish for the yen in the near term. The sheer size of the intervention sends a strong signal to speculators.

🔥 Quick Takes

⛽ Energy

• 🇮🇳 India raises commercial LPG prices → Higher energy costs for businesses. Inflationary pressure.
• 🇫🇷 Macron says French navy intercepted a tanker in the Atlantic → Geopolitical tensions are not limited to the Gulf. Shipping risks are global.
• 🇯🇵 Japan FX intervention: 11.7 trillion yen in April 28-May 27 period → See Top Story.
• 🇯🇵 Japan April naphtha output down 22.8% year-on-year; crude imports hit record low → Demand destruction from high prices is real. Japanese industry is pulling back.
• 🇮🇳 India has asked state fuel retailers to build 30-day LPG storage facilities → Building strategic buffers. A sign of supply security concerns.
• 🇳🇬 Nigeria July crude exports to average 847,000 barrels per day, up from 827,000 in June → A slight increase. African supply is creeping higher.

🥇 Metals & Mining

• 📈 Goldman raises 2026 year-end LME copper forecast to $13,735 per ton → A bullish signal. Copper demand expectations are rising.

🌽 Agriculture

• 🇪🇸 Spain calls on EU to allocate billions to ease fertilizer price shock for farmers → Input costs are crushing European agriculture. Policy response may come.
• 🇺🇦 Ukraine grain association: 2026/27 exports seen at 17 million tons of wheat, 2.2 million tons of barley, 27 million tons of corn → Massive export volumes. Ukraine is shipping grain despite the war

📊 Key Data Snapshot

💡 Technical Analysis

🥇 Gold – $4,526.70

Resistance: 4,543.54(R1)/

4,543.54(R1)/4,555.22 (R2) / $4,561.69 (R3) → Break above R1 would need strong catalyst

Support: 4,525.39(S1)/

4,525.39(S1)/4,518.92 (S2) / $4,507.24 (S3) → Break below S1 opens downside

Call: Strong Sell – MAs: 1 Buy / 11 Sell. Indicators: 1 Buy / 8 Sell. RSI at 37.9. Both STOCHRSI and Williams %R are oversold.

🛢️ WTI Crude – $90.50

Resistance: 90.66(R1)/

90.66(R1)/91.15 (R2) / $91.62 (R3) → Clear R1 for more upside

Support: 89.70(S1)/

89.70(S1)/89.23 (S2) / $88.74 (S3) → Holding above S1 keeps bull case

Call: Strong Buy – MAs: 10 Buy / 2 Sell. Indicators: 9 Buy / 0 Sell. RSI at 65.2. STOCHRSI is overbought at 100.

(data from investing.com)

🔮 Looking Ahead

• 🇯🇵 More FX intervention – will Tokyo step in again?
• 🇫🇷 Atlantic tanker incident – diplomatic fallout?
• 🇮🇳 India LPG storage build – how fast?
• 📈 Copper prices – will Goldman and Citi's calls prove right?
• 🇺🇦 Ukraine grain exports – Black Sea shipping risks?