Daily Commodities Highlights – Jun 04

VG Markets · 2026-06-04T08:35:46Z
Daily Commodities Highlights – Jun 04


🎯 Top Story


🛢️ US crude inventories post largest weekly draw since February


What happened: US crude inventories recorded their largest weekly draw since February 13, 2026. Strategic Petroleum Reserve stocks also hit their lowest level since January 19, 2024.


Why it matters: The data confirms that supply is tightening faster than expected. The SPR is being drained rapidly as the administration tries to manage prices.


Market impact: 🟢 Bullish for crude. The drawdown signals strong demand or supply constraints.


🔥 Quick Takes


⛽ Energy


  • 🇮🇳 Bharat Petroleum: May gasoline sales up 4.29% year-on-year; diesel sales up 6.72% → Strong demand in India. The world's third-largest oil consumer is still burning more fuel.
  • 🇮🇩 Indonesia mining ministry: Jan-April coal output at 234 million tons, exports at 150.9 million tons; nickel pig iron output at 198,970 tons → Indonesia remains a key global supplier. Coal and nickel production remain robust.
  • 🇺🇸 EIA: SPR at lowest since January 19, 2024; crude inventories post largest weekly draw since February 13, 2026 → See Top Story.


🥇 Metals & Mining


  • 🇷🇺 Russia gives first gold output assessment in years, beating expectations → More supply hitting the market. A potential bearish signal for gold.
  • 🇮🇩 Indonesia mining ministry: Jan-April copper concentrate output at 422,510 tons; cathode copper at 83,280 tons → Steady production. No major supply shocks.
  • 🇵🇱 Poland central bank governor Glapinski: Gold reserves rise to 613 tons; confirms 700-ton target → Central bank buying continues. Long-term support for gold.
  • 🇦🇺 ANZ: Expects copper prices to stay above $13,500 per ton in 2026, rising to $14,000 by year-end → A bullish call. Supply tightness and demand are driving the outlook.


🌾 Agriculture


  • 🇻🇳 Vietnam May rice exports up 19.3% to 925,000 tons → Strong demand. Global rice supply remains tight.
  • 🇷🇺 Russia farmers have planted about 7.1 million hectares of wheat as of May 26, down 12% from last year → Lower planting. A bullish signal for wheat prices.
  • 🇻🇳 Vietnam extends anti-dumping duties on Thai sugar imports to 2031 → Trade protection for local producers. Thai sugar faces headwinds.


📊 Key Data Snapshot


💡 Technical Analysis


🛢️ WTI Crude – $95.44


Resistance: $95.73 (R1) / $96.01 (R2) / $96.41 (R3) → Clear R1 for more upside


Support: $95.05 (S1) / $94.65 (S2) / $94.37 (S3) → Hold above S1 keeps bull case


Call: Neutral to Bullish – MAs: 11 Buy / 1 Sell (Strong Buy). Indicators: 1 Buy / 6 Sell (Strong Sell). Summary: NEUTRAL. RSI at 52.2.


🥇 Gold – $4,491.05


Resistance: $4,495.18 (R1) / $4,501.81 (R2) / $4,505.95 (R3) → Need to clear R1 for recovery


Support: $4,484.41 (S1) / $4,480.27 (S2) / $4,473.64 (S3) → Break below S1 opens more downside


Call: Strong Sell – MAs: 2 Buy / 10 Sell. Indicators: 6 Buy / 1 Sell (4 neutral). Summary: STRONG BUY on indicators but STRONG SELL on MAs.


Overall conflicting signals.

Source: Investing.com


🔮 Looking Ahead


  • 🇺🇸 EIA data next week – will the draw continue?
  • 🇮🇳 India fuel demand – can growth sustain?
  • 🇷🇺 Russia gold output – more supply surprises?
  • 🇦🇺 Copper prices – will ANZ's call prove right?
  • 🇷🇺 Russia wheat planting – weather developments