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Copper Imports Hit 9-Month High, Hormuz Oil Slows, French Maize Drops to 41%
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China's refined copper imports reached a nine-month peak of 281,307 metric tons in June as domestic smelter maintenance tightened supply, driving the Yangshan premium up 133% this year to $100 per ton. Middle Eastern crude exports briefly rose to 12 million barrels per day before renewed Strait of Hormuz hostilities disrupted shipping, while U.S. power grid congestion in PJM incurred $777.8 million in June costs driven by surging AI data center demand. Meanwhile, French maize condition ratings plummeted to 41% under severe drought, and Zimbabwe reaffirmed its January 2027 raw lithium export ban despite critical local processing capacity bottlenecks.
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