Daily Commodities Highlights – Jun 08

📌 Top Story

OPEC+ raises July output target by 188,000 b/d starting this month

What happened: OPEC+ will raise its July crude output target by 188,000 barrels per day. The increase takes effect this month.

Why it matters: A symbolic move. The market has already priced it in. Too small to ease tight supply.

Market impact: 🟡 Neutral. No real change to the supply-demand balance.

🔥 Quick Takes

Energy

- 🇸🇦 Saudi Arabia cuts official crude prices for Asia for second straight month → A sign of weaker Asian demand or a move to keep market share.

- 📉 Survey: OPEC crude output fell to lowest level in at least 37 years in May → Supply is being crushed. A bullish signal.

- 📊 Fitch: Oil shock is spreading as Iran conflict hits day 100. Asia-Pacific credit risks are rising. → The war is hurting regional economies. More downgrades may follow.

- 🇷🇺 Russian Foreign Minister Lavrov: Russian oil output has fallen by 1.5 million b/d under OPEC+ limits → A large drop. Russia is complying with cuts.

Metals & Mining

- 🇮🇩 Indonesia issues technical regulation to centralize exports of coal, palm oil and ferroalloys → Tighter control over key commodities. Global buyers face more uncertainty.

- 🇮🇩 Indonesia mining minister: May loosen production quotas if prices remain favorable → A potential supply increase. Bearish signal for prices.

Iran Situation

- 🇮🇷 Iranian official confirms Israel struck Iranian petrochemical facilities → Energy infrastructure is now a target. Supply risks rising.

- 🇮🇷 Iran Revolutionary Guard strikes Israeli air base, prepares for large-scale operation → A major escalation. Full-scale conflict is closer.

- 🇾🇪 Houthis launch missiles at Israel, announce complete ban on Israeli navigation in the Red Sea → Another front opening. Shipping risks expanding.

- 🇮🇱 Israeli defense officials say Monday's clashes could escalate into a campaign with "days of war" between Israel and Iran → Markets bracing for prolonged conflict.

💡 Technical Analysis

Data source: Investing.com – All prices as of Jun 08, 2026 02:52-02:53 AM (GMT-4:00)

Gold – $4,325.07

Resistance: $4,340.67 (R1) / $4,363.86 (R2) / $4,387.47 (R3) → Need to clear R1 for any recovery

Support: $4,293.87 (S1) / $4,270.26 (S2) / $4,247.07 (S3) → Break below S1 opens more downside

WTI Crude – $94.46

Resistance: $94.85 (R1) / $95.21 (R2) / $95.58 (R3) → Clear R1 for more upside

Support: $94.12 (S1) / $93.75 (S2) / $93.39 (S3) → Hold above S1 keeps bull case strong

Call: MAs: 12 Buy / 0 Sell. Indicators: 7 Buy / 0 Sell (1 neutral). RSI at 68.4. STOCH and STOCHRSI are overbought.

*Source: Investing.com*

🔮 Looking Ahead

- 🛢️ OPEC+ July output hike – any actual supply increase?

- 🇸🇦 Saudi crude prices – further cuts in July?

- 🇮🇷 Israel-Iran conflict – will it escalate into full-scale war?

- 🇾🇪 Red Sea shipping – impact on global trade routes

- 🇮🇩 Indonesia export controls – implementation details