Global Commodity Technical Analysis Report

Last Week’s Commodity Strength Continues with Zinc Above 50-SMA

Jan 12, 2026

| Read Time :10 Mins

CMZNH26
Investment Type

Commodity
Risk Level
Action
Rec. Price (US$)

Global Commodity Market Wrap-Up

Global commodities ended the week on a mixed note with a positive bias, supported by broad-based gains in metals. Precious metals outperformed, with gold up 3.95% and silver surging 11.72%, driven by safe-haven demand amid elevated policy uncertainty. Base metals also advanced, led by copper rising 4.15%, while lead gained 2.06% and zinc added 0.66%, reflecting steady industrial demand. Energy markets were mixed, with crude oil higher and natural gas weaker. Overall sentiment stayed cautious but constructive after U.S. prosecutors opened a criminal investigation into Federal Reserve Chair Jerome Powell, with focus shifting to upcoming U.S. CPI data.

Natural gas fell 6.52%, extending its decline despite seasonal demand support. Crude oil advanced 3.19%, aided by geopolitical tensions surrounding Iran, while stabilizing export flows from Venezuela limited sharper gains. In the agricultural segment, U.S. sugar slipped 0.53%, continuing its soft bias amid comfortable global supply conditions. Overall, the commodities complex showed mixed but steady conditions, with near-term direction likely guided by upcoming macroeconomic data and policy-related developments.

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