28th April 2026
Energy markets remained firmly bid, with ongoing supply disruptions continuing to dominate sentiment across the complex.
Prices at 16h30 GMT
API2 (April): _ $102.40/mt
API4 (April): $104.00/mt
Brent Crude: $104.25/bll up 2.53%
SGX Iron Ore 62%Fe: $107.05/mt down 0.09%
LME 3-Month Copper: $13,029.50/mt down 1.38%
LME 3-Month Lead: $1,958/mt down 0.10%
Coal
Energy markets opened stronger, with Brent crude and European gas both rising by around 2%, providing early support to coal prices.
However, gas reversed sharply through the afternoon, with prompt contracts ending close to 3% lower, while oil remained firm, with front-month Brent finishing the day up approximately 3%. This divergence weighed on coal, with API2 coal reversing from gains of over $2 to close lower, while NEWC coal held on to more modest gains after earlier rising by more than $3.
Brent Crude
Oil prices extended their rally, with Brent crude rising towards $108/bl, marking a seventh consecutive day of gains. The move continues to be driven by persistent disruption through the Strait of Hormuz, where restricted flows are tightening global supply.
With both Iranian shipping curbs and the ongoing US blockade limiting exports, the market is increasingly focused on physical supply rather than political rhetoric. Tanker traffic remains significantly below pre-conflict levels, with several vessels reportedly forced to turn back, reinforcing the perception of a sustained supply shock.
Even in the event of a ceasefire, logistical constraints such as port congestion and rerouting are expected to take months to resolve, maintaining a structural risk premium in prices. Ongoing diplomatic discussions have yet to produce a breakthrough, while broader developments, including shifts in OPEC dynamics, continue to add complexity to the outlook.
Iron Ore
Iron ore markets were volatile, with prices weakening overall. The most active DCE contract closed down 0.89% at 700.5 RMB/t, while spot prices declined by 2–5 RMB/t.
Rising seaborne arrivals and increasing port inventories are expected to cap any near-term upside, while tightening environmental restrictions on steel production are weighing on demand. Despite some intraday stability, the broader balance suggests continued downside pressure in the short term.
Copper
Copper prices retreated to a two-week low, with LME three-month copper falling 0.9% to around $13,090/t. A stronger dollar, combined with ongoing geopolitical uncertainty and concerns over global growth, weighed on sentiment.
The market remains caught between weaker demand expectations—particularly in China—and underlying supply constraints. With macroeconomic signals and central bank policy in focus, price direction is likely to remain sensitive to broader financial conditions as well as developments in the Middle East.
Lead
Lead markets remained relatively stable, with LME prices closing marginally higher after fluctuating through the session. Supply conditions tightened slightly due to maintenance at secondary smelters and limited availability of spot material in key regions.
Demand remained subdued ahead of the Labour Day holiday, with downstream buyers maintaining a cautious, just-in-time procurement approach. Overall, the market continues to reflect a soft supply-demand balance, with prices expected to trade within a narrow range in the near term.
Commodity markets remain highly reactive to developments in the Middle East, with supply-side risks continuing to underpin energy prices while broader industrial metals show a more mixed and cautious tone.
