04/02/2026 Daily Reports
Oil & Metals rising as US-Iran tensions re-emerge
- Middle East Tensions Re-ignite: Oil prices jumped after the US shot down an Iranian drone and Iran threatened to seize a US tanker. While Friday’s diplomatic talks are still on, the “risk premium” is officially back on the menu.
- The Iraq Wildcard: A political standoff is brewing. The US is opposing the potential appointment of Nouri Al-Malaki as Iraq’s PM due to his ties with Iran. With Iraq being OPEC’s second-largest producer (4.1m b/d), any sanctions or instability there would be a massive shock to supply.
- Huge Inventory Drawdown: The API reported a massive 11.1 million barrel drop in US crude stocks—far exceeding market expectations. If the EIA confirms this today, it will be the largest weekly decline since mid-2025.
- The “Winter Storm” Ripple Effect: Recent storms in the US disrupted infrastructure but spiked heating demand, causing a sharp 4.8m barrel drop in distillate fuel oil stocks.
- China’s Copper Play: Copper prices surged 5% following news that Chinese industry groups are urging the government to boost strategic reserves. This “buy the dip” signal from China helped copper recover from its recent 11% plunge.
- Precious Metals Find Support: After the recent bloodbath, Gold and Silver are licking their wounds. Spot Gold rose 6% and Silver 8% as the US Dollar softened, proving that the structural “safe-haven” story is far from over.
Account Opening
Open A Live Account
CDO has wide range of tools, professional and friendly support for clients to achieve their financial markets trading goals. Open a live account now to enjoy this experience with virtual deposit.
Forex Mobile & Desktop App
CDO TRADER
CDO TRADER, our cutting-edge trading platform, follows the technology from the forefront with new features added continuously. Moreover, CDO TRADER is now available for Android and iOS! So it allows you to trade on the go!
