Global Commodity Market Wrap-Up

Global metals remained under pressure last week, with gold declining 3.68%, silver falling 6.77%, copper easing 2.58%, lead declining 4.79%, and zinc losing 4.99%. The stronger U.S. dollar and elevated Treasury yields remained important headwinds for precious metals, while weaker industrial sentiment and concerns over Chinese demand weighed on base metals. However, copper continues to receive supply-side attention, with China’s refined copper output growth expected to slow sharply amid concentrate shortages and planned smelter maintenance.

Energy markets were mixed, with Light Sweet Crude Oil gaining 0.81%, while natural gas declined 5.46%. Oil markets continued to track developments across the Middle East, particularly the Strait of Hormuz, where changing shipping conditions and supply concerns remained important for price direction. Meanwhile, expectations surrounding emergency oil stock releases and recovering regional exports helped moderate supply concerns. In agriculture, soybean declined 3.09%, corn fell 5.77%, while US Sugar No. 11 advanced 7.73%. Crop harvest progress, weather conditions, export activity, inventories and global demand have remained key drivers across agricultural markets.

Past performance is not a reliable indicator of future performance.