Jul 9, 2026
$77.1 billion burned in a single month — steepest drawdown since Japan started keeping records in 2000. The yen is back at 162. Every dollar bought weeks. None of it bought direction.
Jul 8, 2026
Samsung's revenue miss landed in the middle of a $28B book build. Forty-eight hours left before pricing. Neither option for the underwriters is clean.
Jul 7, 2026
July 3. GFEX quietly opened lithium carbonate futures to overseas traders — first internationally accessible product in the exchange's history. The sell-side notes were about a safety permit in Jiangxi.
Jul 6, 2026
One market is pricing what the Fed does next quarter. The other is pricing what the dollar looks like next decade. Only one of those clocks has a stop button.
Jul 4, 2026
The heat was the match. Two decades of coal retirements, 55 GW of incoming data-center load, and one fuel doing every job built the gasoline.
Jul 2, 2026
Models say 9.5 million bags of surplus. The Santos loading docks have 377,465 certified bags and a Minas Gerais harvest drowning in rain. The market prices whichever one it can actually touch.
Jul 1, 2026
The 18% monthly selloff has a tidy macro narrative attached to it. The less tidy detail: the price-setting mechanism for a metal mined at one-nineteenth the rate of gold changed administrators while nobody was looking at the plumbing.
Jun 30, 2026
Q1 2026 wafer shipments: strongest year-on-year growth this cycle, published 35 days before tin's record — then quietly forgotten when the SOX dropped 10%.
Jun 29, 2026
The paper market is trading the headline. The physical market is counting pot lines. One of them is wrong, and it isn't the pot lines.
Jun 27, 2026
Heat-stressed wheat doesn't grow to full kernel size — it dies fast and harvests fast. USDA's June WASDE set HRW at 497M bushels. The July revision has more field data to work with, and the field data is worse.
Jun 25, 2026
Four percentage points of global wafer output shifted from your laptop to an AI accelerator. That's not sentiment. That's a valve — and it doesn't turn back without retooling the packaging line.
Jun 24, 2026
The regulator approved the products in May, regretted them in June, and the market priced that regret at ten percent in a single session.
