
Tuesday's June 2 session: COMEX Copper HGN6 hit an all-time record $6.6765/lb (+1.89%) on a Section 232 tariff amendment and the CopperTech Metals NYSE IPO filing; Cleveland Fed President Hammack issued the first explicit rate-hike signal under Chair Warsh, flipping futures pricing toward tightening; WTI settled at $93.76/bbl (+1.74%) as the Iran ceasefire stalemate deepened with no US-Iran communication for days; gold recovered to ~$4,535.50 (+0.6%); CBOT grains fell a third straight session as debut crop ratings (corn 67% G/E, soybeans 66%) missed estimates without triggering a reversal.
| Contract | Settlement | Change | % Change | June 1 close | Data status |
|---|---|---|---|---|---|
| NYMEX WTI Jul (CLN6) | $93.76/bbl | +$1.60 | +1.74% | $92.16 | Confirmed |
| Brent (BRN00/ICE) | $96.00/bbl | +$1.02 | +1.07% | ~$94.98 | ⚠ Single source (BRN00 continuous) |
| COMEX Gold Jun (GCM6) | ~$4,535.50/oz | +$60.30 | +~0.6% | $4,475.20 | ⚠ Likely (GCM6 = expiry month, low liquidity; Aug GCQ6 active at $4,519.50) |
| COMEX Copper Jul (HGN6) | $6.6765/lb | +$0.1240 | +1.89% | $6.5525 | Confirmed (HG00 cross-check: $6.6760) |
| CBOT Corn (C00) | 440.50¢/bu | −3.50¢ | −0.79% | 444.00¢ | Confirmed |
| CBOT Soybeans (S00) | 1,165.25¢/bu | −15.50¢ | −1.31% | 1,180.75¢ | Confirmed |
Data notes: (1) GCM6 is the June expiry contract, carrying only 1,527 contracts of open interest vs. 261K+ in August GCQ6; settlement price is a Dow Jones/MarketWatch estimate (~$4,535.50 per Morningstar Data Talk roundup) — treat as directionally confirmed but subject to CME end-of-day revision. Use GCQ6 $4,519.50 for active-market analysis. (2) Brent uses the BRN00 ICE continuous contract as the sole available source; BZCN26 and BZ00 returned no data. (3) Copper HGN6 confirmed against HG00 continuous ($6.6760 vs. $6.6765, within rounding).
| Crop | G/E rating | Analyst estimate | Year-ago G/E |
|---|---|---|---|
| Corn | 67% | 70% | 69% |
| Soybeans | 66% | 67-68% | 67% |
| Winter wheat | 26% | — | ~26% (at all-time low) |

| Indicator | Reading | Change | Prior |
|---|---|---|---|
| JOLTS job openings (Apr) | 7.618M | +731K | 6.887M (Mar, revised) |
| DXY | 99.22 | +0.02% | 99.37 (Jun 1 close) |
| 10Y Treasury yield | 4.455% | −2 bps | 4.475% |
| 2Y Treasury yield | 4.050% | −0.1 bps | 4.051% |
| S&P 500 | 7,609.90 | +0.13% | ATH (9th straight) |
| Dow Jones | 51,307.79 | +0.45% | — |
| Nasdaq | 27,093.90 | +0.03% | — |
| Philadelphia SOX (semiconductors) | — | +5.9% | — |
| Fed funds rate (current) | 3.50%-3.75% | — | unchanged |
| Next FOMC | June 16-17 (Warsh's first) | — | — |
| Date | Release | Commodity relevance |
|---|---|---|
| Wed Jun 3 | EIA weekly petroleum status | Crude draw pace; gasoline buffer |
| Wed Jun 3 | ADP employment; ISM Services PMI | Inflation persistence; Fed path |
| Wed Jun 3 | EIA weekly ethanol production | Corn crush demand check |
| Thu Jun 4 | Weekly jobless claims | Labor market; Fed |
| Thu Jun 4 | USDA weekly export sales | Corn, soybeans |
| Sat Jun 7 | OPEC+ Ordinary Ministerial Meeting | Crude output policy |
| ~Jun 5 | Saudi Aramco July OSP | Crude benchmarks; Asia pricing |
| Jun 8 | Section 232 tariff amendment effective | Copper derivative imports |
| Jun 16-17 | Warsh's first FOMC meeting | Rates; gold; DXY; all commodities |
Data flags: (1) GCM6 (June gold) is an expiring contract with 1,527 contracts of open interest; the settlement figure of ~$4,535.50 is a Dow Jones/MarketWatch estimate, and GCQ6 ($4,519.50) is the market's active benchmark. (2) Brent settlement of $96.00 is sourced from the BRN00 ICE continuous contract only — no cross-validation available as BZCN26 and BZ00 returned no data. (3) Corn and soybean settlements use MarketWatch continuous contracts (C00, S00) pending CME official confirmation. (4) EIA official inventory data for the week ending May 29 will be released Wednesday June 3; Tuesday's API figure (−6.75M bbl) is an industry-source estimate.
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