Week in Review
July 12, 2026
Written by Edward Meir
After we published our comments on a rather dormant week last weekend, things changed abruptly less than 24 hours later.
Outside of energy, base metals had a mixed week. Tin lost almost 4% on the week, finishing at $53,000/ton. Prices dropped to a low of $51,259/ton at one point. Aluminum was another loser, off by about 1.6% on the week. Investors are expecting more aluminum supply going forward, especially out of China and Indonesia.
Investor focus last week remained on the ongoing correlation between US treasury yields and oil prices, especially now that 10-year rates have reached fresh highs.
Despite the recent attacks in the Gulf, we were surprised to see Saudi shipments have increased substantially. In fact, Saudi oil flows are running at their highest levels since the war began.
What's playing into the economy this week
We had another choppy week in the various markets leading to the Labor Day holidays.
