Global Commodity Technical Analysis Report

Mixed Commodity Action Last Week, but Nickel Maintains Its Support Base

Jan 05, 2026

| Read Time :10 Mins

CMNIH26
Investment Type

Commodity
Risk Level
Action
Rec. Price (US$)

Global Commodity Market Wrap-Up

Global commodities ended the week on a mixed note, with precious metals under pressure as risk appetite weakened. Gold fell 4.88%, while silver declined 8.01%, reflecting heightened nervousness across the precious metals space. In contrast, base metals posted gains, with copper rising 2.44%, lead up 0.36%, and zinc advancing 1.13%. Overall sentiment remained cautious. Following the recent rate cut, market focus has shifted to the upcoming U.S. non-farm payrolls data, which is expected to be key in shaping expectations for the next interest-rate decision.

Natural gas plunged 7.96% last week, sliding sharply despite colder U.S. weather and higher demand. Light sweet crude oil posted a modest 0.99% gain, supported by geopolitical tensions and ahead of the OPEC meeting. In the agricultural sector, U.S. sugar prices declined 3.76%, extending their downward trend amid improving global supply prospects. Overall, the commodities complex reflected mixed conditions, with upcoming economic data releases and policy decisions expected to guide near-term market sentiment.

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