Commodity Compass Weekly

This week commodity markets were dominated by a mix of geopolitical risk, macroeconomic signals, and shifting expectations about inflation and growth. Oil prices were especially reactive to unfolding events in Venezuela, where U.S. intervention and moves to potentially redirect Venezuelan oil exports into global markets injected volatility into crude benchmarks. At the same time, U.S. economic dat...

Commodity markets were genuinely mixed this week as a new batch of U.S. economic data exposed growing discrepancies in inflation signals, complicating expectations for monetary policy in 2026. While headline CPI and PPI continued to cool, components tied to shelter, services, and food prices remained sticky—keeping real-asset investors cautious rather than aggressive. Markets also reacted to renew...

This week’s commodity price action was dominated by central-bank policy and government intervention headlines, starting with the Federal Reserve’s decision to cut rates and resume short-dated Treasury purchases, which markets interpreted as a renewed liquidity backstop. That move initially supported precious metals and energy, but also reinforced concerns that economic momentum is slowing faster t...

Hopes for a December rate cut from the Federal Reserve (given soft inflation and weak hiring trends) buoyed non-yielding assets, but the broader tone remained cautious as traders weighed soft demand against still-ample supply. The result: demand-sensitive commodities — base metals, energy and industrial minerals — came under pressure, while safe-haven assets saw sporadic bouts of interest.

This week’s macro backdrop was dominated by sharp volatility across global equity markets as investors reacted to mixed economic signals and concerns over the capex spend on the AI buildout. Risk appetite swung day-to-day, with investors unwinding positions in growth-sensitive assets and rotating defensively into cash and short-duration instruments. The recent U.S. government shutdown compounded t...

It was a volatile week across global markets as the U.S. government shutdown finally ended, but worries about growth, stretched tech valuations, and policy uncertainty kept investors cautious. Commodities traded defensively ... gold and silver fluctuated on shifting Fed expectations, while platinum, palladium, and copper softened on weak demand signals from China. Matt Geiger of MJG Capital joined...

This week, commodity prices slid broadly as global equity markets de-risked and traders grew cautious about growth prospects. The ongoing U.S. government shutdown — now the longest in history — continued to cloud economic visibility, with consumer sentiment plunging to its lowest levels in years. Private-sector jobs data further whispered caution: the latest surveys showed significant weakness and...

The headlines this week were dominated by politics and trade: In Argentina’s mid-term elections, Javier Milei’s party secured a decisive win, boosting market confidence in Argentina’s reform agenda, lifting the peso, and energizing investment-interest in Latin American mining and agricultural export sectors. At the same time, the United States and China announced a trade truce: China agreed to res...

The commodity narrative this week shifted from metals volatility to policy and geopolitics in the Americas. Washington moved to quadruple low-tariff beef imports from Argentina to curb grocery inflation, alarming U.S. ranchers and signaling a deeper strategy to pull Argentina out of China’s orbit in soy and critical minerals. At the same time, Beijing advanced new barriers to foreign access in rar...

This week, the dominant headline driving the metals and broader markets was again the escalating U.S.–China battle over rare earth export controls. Beijing unveiled its most aggressive export restrictions yet — expanding the list of controlled elements from seven to twelve, adding rules on processing equipment and forcing exporters to apply for licenses. In Washington, U.S. officials blasted the m...

The dominant narrative pushing commodities this week was the escalating U.S.–China quarrel focused on rare earth export controls. China, citing national security, expanded restrictions on rare earth metals, magnets, and the technology associated with processing and refining, tightening its grip on key materials essential for aerospace, and defense. In response, President Trump threatened to impose...

Markets shrugged off the US government shut down this week. Job and private sector employment data showed a decaying labor market, but investors saw it as more fuel for cheaper capital. As the major boards found new all-time highs this week, precious metals extended their rally as well—gold briefly surged to a new record as concerns about a U.S. government shutdown and sticky inflation elevated sa...

We started the week riding some momentum in oil, but by midweek WTI and Brent gave back gains after a deal to reopen the Kurdish-Iraq pipeline. The demand for precious metals continued throughout the week with gold making new all-time highs, silver closing in on its all-time highs. Both were exceptional, yet were outdone this week by platinum and palladium on percentage moves. On the ag side, grai...

The Federal Reserve offered its first rate cut since December last week and spurred heavy buying into the precious metals complex later in the week. WTI and Copper and still in their own trading ranges. Harvest in the US kicks off while prices get a bounce.

President Trump also ratcheted up pressure on the Fed Chair to enact a “big rate cut now,” citing weakening producer prices and arguing that inflationary risks are receding. These dovish cues helped push the U.S. dollar lower this week, improving the outlook for commodities whose prices are dollar-sensitive.

Markets began September on edge, with investors highly attuned to U.S. inflation data and momentum toward a possible rate cut. Risk appetite was buoyed by an unexpectedly soft dollar into Friday, as rising expectations that the Federal Reserve could ease policy kept equities buoyant and sought to support commodity prices—particularly gold, which notched its strongest weekly gain in three months.

As the Executive Branch of the US Government continues to put pressure on the FOMC, markets are betting on easier money and lower rates. This pushed gold and silver into higher territory this week. Corn finally some a bounce this week while cattle continued to rise. The oil shale patch is worried about over-supply.

The markets awaited patiently all week for Jerome Powell's Jackson Hole comments on Friday. The dovish tone sent physical markets higher and the US Dollar lower. Cattle hit another new all-time high and we have reason to believe the move is not over.

Strong U.S. jobs data, sticky inflation, firming yields, and mixed global growth signals contributed to a choppy week for commodity markets, while a strengthening dollar and buoyant equities encouraged investors to rotate between safe‑haven metals and riskier assets. Grain prices remain under pressure and we saw this in the market reaction to one of the top Ag equities this week.

Gold futures get a boost, and then the fade, from tariff announcements out of the White House. Grains continue to get hit while the cattle market continues its magnificent bull run. However, Friday's move in cattle push caution into the weekend.

Gold gets a Friday boost. Comex Copper Corrects on tariffs clarifications. And agriculture saw mostly red throughout last week.

A stronger U.S. dollar and a raft of economic data set the tone for commodities last week. Solid U.S. jobless‑claim figures bolstered confidence in the labour market and reinforced expectations that the Federal Reserve would leave rates unchanged, curbing demand for safe‑haven metals. However, durable goods orders slid and Chinese fiscal revenue contracted, raising concerns about a slowdown in ind...

The commodity markets last week were decidedly quieter than previous weeks, with the exception of some key news out of soybean demand and biofuel production in the United States. We also have some analysis on the news out of the DoD on their position with MP Materials and the Mountain Pass rare earth operation.

We take a look at the shortened week last week before President Trump signed into law his One Big Beautiful Bill. The metals continued to rise, oil shook off geopolitical risk premium and the grains may have found a floor.

We have a look at last week's move within the commodity sector, with gold and oil correcting after de-escalation in Iran. The grains continue to show weakness while PGMs continue their winning streaks.