Global Commodity Technical Analysis Report

Commodities Show Mixed Performance Last Week as Aluminium Breaks 21-SMA

Feb 02, 2026

| Read Time :10 Mins

CMALH26
Investment Type

Commodity
Risk Level
Action
Rec. Price (US$)

Global Commodity Market Wrap-Up

Global commodities ended the week on a mixed and cautious note, marked by sharp corrections in precious metals and selective strength in base metals. Gold fell 5.40%, and silver slumped 22.50%, as aggressive profit-taking followed recent rallies amid rising policy uncertainty. In contrast, base metals exhibited uneven performance, with copper rising 0.14% and zinc surging 6.50%, while lead declined 1.11%, reflecting mixed industrial demand conditions. Overall sentiment remained guarded, with markets turning data-dependent ahead of the upcoming U.S. non-farm payrolls and key macroeconomic releases.

Natural gas recorded a moderate rebound, rising 15.02% as demand conditions showed tentative signs of stabilization. Crude oil advanced 2.92%, supported by geopolitical developments linked to Iran, though steady export flows from Venezuela continued to cap upside momentum. In agricultural markets, U.S. sugar fell 3.12%, reflecting renewed pressure after recent consolidation. Overall, commodity performance remained mixed, with strength concentrated in energy markets while agriculture lagged. Near-term trends are likely to remain data-driven, shaped by upcoming macroeconomic releases and evolving policy signals.

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