Global Commodity Technical Analysis Report

Commodities Show Mixed Performance Last Week as Natural Gas Defends 21-SMA

Jan 26, 2026

| Read Time :10 Mins

NGH26
Investment Type

Commodity
Risk Level
Action
Rec. Price (US$)

Global Commodity Market Wrap-Up

Global commodities ended the week on a mixed but cautious footing, with gains concentrated in select metals rather than broad-based strength. Precious metals outperformed, as gold rose 8.36% and silver surged 14.45%, supported by safe-haven positioning amid elevated policy uncertainty. Base metals exhibited divergent trends, with copper rising 2.85% and zinc increasing by 2.19%, while lead declined by 0.29%, reflecting uneven industrial demand. Overall sentiment remained guarded, with markets awaiting the upcoming U.S. rate decision and key economic data for clearer near-term direction.

Natural gas posted a sharp rebound, rising 33.77% as demand conditions showed early signs of stabilization. Crude oil gained 2.92%, supported by geopolitical developments linked to Iran, although steady export flows from Venezuela capped further upside. In agricultural markets, U.S. sugar declined 1.54%, pointing to short-term consolidation after recent weakness. Overall, commodity performance remained mixed, with selective strength in energy and pockets of softness in agriculture. Near-term trends are likely to stay data-driven, shaped by upcoming macro releases and evolving policy signals.

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