Each commodity is responding to a different mix of supply, demand, monetary policy and geopolitical risk. LME copper inventories fell from around 238,350 tonnes on 4 August to approximately 214,550 tonnes by 11 August. The overall picture is therefore unusual: global growth signals remain mixed, yet the physical copper market is tight. For now, the most important point is that platinum combines improving macro conditions with a physical market that remains in deficit. Crude Oil: Hormuz is driving the marketCrude oil is currently the most headline-sensitive of the major commodity markets.