Key Takeaways
- Copper prices reached an unprecedented weekly closing high as a supply crunch in the Democratic Republic of Congo and aggressive U.S. stockpiling drove futures to approximately $6.90/lb.
- Washington has warned Apple (AAPL) against using memory chips from the blacklisted Chinese firm ChangXin Memory Technologies (CXMT), citing national security risks and supply chain dependencies.
- U.S. energy production is hitting record levels, with crude oil projected to reach 13.83 million barrels per day (bpd) in August and natural gas production climbing to 122.6 billion cubic feet per day (Bcf/d).
- JPMorgan Chase (JPM) terminated its banking relationship with the prediction platform Polymarket due to mounting regulatory concerns surrounding the industry.
- Europe is facing a historic heatwave, resulting in drying river basins that have forced the suspension of nuclear energy operations and led to an estimated 25,000 heat-related deaths.
Commodities and Energy Markets
Copper prices spiked to record levels this week, with COMEX and LME benchmarks surging amid an escalating supply scare. The rally is primarily driven by an export ban on copper concentrates from the Democratic Republic of Congo, the world’s second-largest supplier, alongside structural demand from global electrification projects. Analysts note that copper is up more than 50% year-on-year, reflecting a tightening global market that favors producers capable of maintaining high margins.
U.S. energy output continues to expand, according to the latest Short-Term Energy Outlook from the EIA. Crude production is expected to average 13.83M bpd in August before a slight seasonal cooling to 13.77M bpd in September. Simultaneously, natural gas production is on track for a record year, projected to average 122.5 Bcf/d for the full year 2026, providing a significant inventory cushion ahead of the winter heating season.
Corporate and Regulatory Developments
Apple (AAPL) is under pressure from Washington to abandon plans to source DRAM chips from China’s CXMT. While Apple seeks to diversify its supply chain and mitigate a global memory shortage that has tripled RAM prices, lawmakers argue the move would deepen U.S. technological dependence on a firm linked to the Chinese military. Apple has already implemented price increases of up to $300 on certain MacBook models, citing "unsustainable" component costs driven by the AI data center boom.
JPMorgan Chase (JPM) has "debanked" Polymarket, ending its relationship with the leading crypto-based prediction platform. The move, which reportedly occurred in late 2025 but was recently detailed, underscores the increasing regulatory scrutiny on prediction markets. Despite the banking severance, the platform remains a dominant force in the sector, which has seen over $250 billion in notional trading volume so far in 2026.
International Affairs and Geopolitics
Brazil’s presidential race has tightened significantly, with a new Quaest poll showing incumbent Lula da Silva leading Flavio Bolsonaro 43% to 40% in a simulated runoff. The three-point gap sits at the edge of statistical significance, marking a sharp narrowing from previous surveys. Flavio Bolsonaro, the eldest son of the former president, has centered his platform on judicial reform and a pro-U.S. foreign policy as the official campaign period begins.
In the Middle East, regional tensions remain elevated following fresh Israeli airstrikes on the Lebanese town of Al-Mansouri. Simultaneously, a Houthi missile attack on Yemen’s Al-Makha port resulted in eight deaths, including six port workers. These developments have reignited fears of a broader regional conflict, disrupting maritime trade and impacting global energy supply chains already strained by the closure of the Strait of Hormuz.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.