Oil prices face fresh headwinds as geopolitical tensions ease. A ceasefire between the US and Iran appears to be holding despite recent Persian Gulf escalation, reducing immediate supply concerns and weighing on crude valuations. Saudi Arabia's decision to cut oil prices signals softer demand expectations in the global market. Meanwhile, copper remains dependent on headline-driven catalysts, with stronger physical demand and inventory drawdowns needed to sustain any meaningful price recovery. In agricultural commodities, London cocoa surged over 15 percent, breaking back above GBP3,000 per tonne as supply risks for the upcoming season captured market attention. The commodity complex continues to face mixed signals, with energy markets pressured by geopolitical stabilization while softer economic outlook concerns persist across sectors.
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