J.P. Morgan Global Commodities Research: Strait of Hormuz Situation Pushes Up Agricultural Costs and Updates Base Metals Outlook

J.P. Morgan's Global Commodities Research team analyzes the impact of the Strait of Hormuz situation on commodity markets, noting that the situation not only affects the energy sector but also pushes up agricultural costs through high freight rates, elevated fuel costs, and logistical disruptions. The team also updated its base metals outlook ahead of LME Week. The related podcast was recorded on October 16, 2026, and institutional clients can access the corresponding research report.