Soybeans decreased to 1048.00 USd/Bu, the lowest since October 2025. Over the past 4 weeks, Soybeans lost 6.62%, and in the last 12 months, it increased 7.56%.

Soybeans Hits 8-week Low

Rapeseed decreased to 453.75 EUR/T, the lowest since September 2024. Over the past 4 weeks, Rapeseed lost 6.23%, and in the last 12 months, it decreased 12.04%.

Rapeseed Hits 15-month Low

The Baltic Exchange’s dry bulk index, which tracks rates for vessels transporting dry commodities, eased for a third session on Friday, down 2.3% to its lowest since November 5 at 2,023 points, amid seasonal low demand. The capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, also decreased for a third day, falling about 1.4% to a one-month low of 3,624 points;  and the panamax index, which usually carries 60,000-70,000 tons of coal or grain, declined for the 17th straight session, dropping 4.8% to its lowest since June 10 at 1,323 points. Among smaller vessels, the supramax index shed 36 points at 1,222 points. For the week, the benchmark index was down over 8%.

Baltic Dry Index at Over 1-Month Low, Posts Weekly Loss

Soybean futures fell toward $10.5 per bushel, hitting their lowest level since late October, as weaker-than-expected US exports and abundant global supply weighed on the market. The US had initially planned to sell 12 million tons of soybeans to China, but purchases have amounted to less than 5 million tons so far. Although Chinese state-owned enterprises, including Cofco and Sinograin, have increased purchases in recent weeks, overall progress remains behind commitments. Delayed USDA weekly export sales data show that as of November 27, total US soybean exports reached 21.829 million tons, down 39.3% year-on-year. At the same time, favorable weather in South America is supporting ample supply. Inexpensive Brazilian soybeans are expected to enter the market starting in late January, adding further downward pressure. Amid the ongoing downtrend, short-covering activity has been active.

Soybean Futures Drop to October Lows

Palm Oil decreased to 3918.00 MYR/T, the lowest since June 2025. Over the past 4 weeks, Palm Oil lost 5.66%, and in the last 12 months, it decreased 11.64%.

Palm Oil Hits 27-week Low

Aluminum increased to 2926.00 USD/T, the highest since May 2022. Over the past 4 weeks, Aluminum gained 3.66%, and in the last 12 months, it increased 15.9%.

Aluminum Hits 3-1/2-year High

Silver strengthened above $65.5 per ounce on Friday, hovering near record levels, supported by the ongoing debasement trade and strong underlying fundamentals. The metal is on track for a fourth consecutive weekly gain and is up more than 120% year-to-date. Investor demand for silver and other precious metals has surged this year as falling interest rates, rising fiscal concerns and broader economic uncertainty drove a search for safe havens and higher-return assets. This trend has been reflected in record inflows from both institutional and retail investors into silver exchange-traded funds. Additional support has come from robust industrial demand, particularly from the rapidly expanding solar, electric vehicle and data center sectors. On the supply side, silver has faced a squeeze in the London market this year, with tight conditions expected to persist through 2026.

Silver Hovers Near Record Highs

Malaysian palm oil futures slid about 1% to below MYR 3,950 per tonne on Friday, halting two sessions of gains as a firmer ringgit and weaker rival edible oils on the Dalian and Chicago exchanges weighed on sentiment. Prices fell to their lowest level since early June and were on track for a second consecutive weekly decline, down roughly 2% so far, amid growing concerns over export demand. Cargo surveyors estimated Malaysian palm oil shipments for December 1–15 dropped between 15.9% and 16.4% from the previous month. Separately, official data showed palm oil exports in November fell 9.3% year-on-year, reversing a sharp 24% increase in October. Meanwhile, Malaysia lowered its January 2026 crude palm oil reference price, cutting the export duty to 9.5%, a move that could help support shipments in the coming months. Still, losses were partly capped by industry reports showing palm oil imports by top buyer India rose around 5% in November from October, helped by more attractive prices.

Palm Oil Snaps Two-Session Gains, Faces Second Weekly Decline

Gold traded around $4,320 per ounce on Friday, near its October record high and on track for a second weekly gain, as softer-than-expected US inflation strengthened expectations of further interest-rate cuts. November inflation slowed to 2.7%, below forecasts of 3.1%, with core CPI at 2.6%, its slowest pace since March 2021. This reinforced expectations that price pressures are easing and strengthened the case for potential Federal Reserve rate cuts. However, the data was limited by the federal shutdown, which disrupted the BLS’s collection of October prices and month-over-month analysis. Markets currently assign about a 25% chance of a rate cut in January, with near certainty by April. Geopolitical tensions have also supported the metal, with the US halting sanctioned Venezuelan oil shipments following a tanker seizure and President Putin reaffirming territorial claims in Ukraine. Bullion has surged roughly 65% this year, marking its strongest annual gain since 1979.

Gold on Track for Weekly Rise

Brent crude oil futures dipped below $60 per barrel on Friday, on track for a second straight weekly decline, as oversupply concerns outweighed geopolitical risks. Prices earlier this week fell to their lowest level in nearly five years, driven by expectations of ample supply as OPEC+ gradually restores shut-in capacity and non-OPEC producers boost output. Early signs of demand weakness are also emerging among major consumers, including China and the US, leaving oil down about 20% for the year. Rising geopolitical tensions have tempered losses, sparking fears of potential supply disruptions. The US has suspended all maritime activity involving sanctioned oil tankers linked to Venezuela after seizing a blacklisted vessel last week and is also moving to tighten sanctions on Russia’s energy sector to support Ukraine peace efforts. The UK has likewise imposed sanctions on three smaller Russian oil producers.

Brent Set for Second Weekly Drop

WTI crude oil futures dipped below $56 per barrel on Friday, on track for a second straight weekly decline, as oversupply concerns outweighed geopolitical risks. Prices earlier this week fell to their lowest level in nearly five years, driven by expectations of ample supply as OPEC+ gradually restores shut-in capacity and non-OPEC producers boost output. Early signs of demand weakness are also emerging among major consumers, including China and the US, leaving oil down about 20% for the year. Rising geopolitical tensions have tempered losses, sparking fears of potential supply disruptions. The US has suspended all maritime activity involving sanctioned oil tankers linked to Venezuela after seizing a blacklisted vessel last week and is also moving to tighten sanctions on Russia’s energy sector to support Ukraine peace efforts. The UK has likewise imposed sanctions on three smaller Russian oil producers.

Oil Set for Second Weekly Drop

Cheese decreased to 1.51 USD/Lbs, the lowest since June 2020. Over the past 4 weeks, Cheese lost 12.96%, and in the last 12 months, it decreased 16.54%.

Cheese Hits 5-1/2-year Low

US natural gas futures dropped 3% to $3.9/MMBtu, nearing a seven-week low, as forecasts for above-average temperatures across much of the country ahead of Christmas suggested weaker heating demand. Prices remain under pressure from record-high production and ample storage, with Lower-48 output estimated at 109.7 Bcf/d in December, broadly in line with the record levels seen in November. EIA data showed withdrawals of 167 bcf from storage for the week ended Dec 12, slightly below expectations, indicating inventories remain 0.9% above the current five-year average. At the same time, deliveries to the eight major US LNG export facilities averaged 18.6 Bcf/d, surpassing November’s record of 18.2 Bcf/d, reflecting strong export flows.

US Natgas Prices Fall 3% Toward 7-Week Low

Rapeseed decreased to 461.00 EUR/T, the lowest since October 2025. Over the past 4 weeks, Rapeseed lost 4.61%, and in the last 12 months, it decreased 12.02%.

Rapeseed Hits 10-week Low

Silver edged down to $65.8 per ounce, after a 3.8% surge to a new all-time high of $66.175 in the previous session, as investors reacted to softer-than-expected US inflation data. Core CPI rose at the slowest YoY pace since early 2021, reinforcing expectations that the Federal Reserve could continue cutting interest rates next year. Markets are pricing about a 25% chance of a cut in January and are almost fully expecting one by April. Geopolitical risks also lifted demand, with tensions rising around Venezuela after the US ordered a blockade of sanctioned oil tankers. Silver has surged about 130% this year, its strongest annual gain since 1979, driven by a supply squeeze. Market deficits are expected to persist in 2026, fueled by rebounding industrial demand, ongoing strength in solar applications, and modest supply growth.

Silver Slips from Record High

Gold climbed to around $4,370 an ounce on Thursday, recovering earlier losses and moving closer to record highs as fresh data strengthened expectations that the Federal Reserve could deliver further rate cuts. US inflation eased to 2.7% in November, below forecasts, while core inflation fell to 2.6%, its lowest since March 2021. Markets are pricing about a 25% chance of a cut in January and are almost fully expecting one by April. Geopolitical risks also lifted demand, with the US halting sanctioned Venezuelan oil shipments following last week’s tanker seizure and military deployment, while Russian President Vladimir Putin reaffirmed firm territorial demands in Ukraine despite intensified US diplomatic efforts. Bullion is up about two-thirds this year, marking its strongest annual performance since 1979.

Gold Nears Another Record High

Gold increased to 4354.00 USD/t.oz, the highest since October 2025. Over the past 4 weeks, Gold gained 6.68%, and in the last 12 months, it increased 67.76%.

Gold Hits 8-week High

Cotton futures rose slightly above 63.5 cents per pound, up from an over two-week low of 63.1 cents per pound hit on December 16, propelled primarily by short covering, with fundamentals providing underlying support. At the same time, rising oil prices increase the cost of polyester fiber, which is a petroleum-based alternative, lifting cotton's appeal. Meanwhile, the USDA’s December 2025 WASDE report has projected a weaker global cotton outlook for 2025–26, with production, consumption and exports all revised lower. Global cotton production for 2025–26 was slashed by nearly 300,000 bales to 119.79 million bales. US cotton production was raised to 14.27 million bales from 14.12 million, reflecting higher yields for most States in the Southeast and Delta. Global consumption was also lowered by almost 300,000 bales to 118.61 million bales, reflecting weaker mill use in Brazil, the United States and several Central American countries.

Cotton Futures Edge Higher

Sugar futures eased toward 14.4 cents per pound, their lowest since mid-November, partly due to a weakening Brazilian real stimulating increased exports from Brazil. News that major producer India may export more than initially planned this season also weighed. Prices have been under pressure amid improved supply prospects. The Indian Sugar Mills Association (ISMA) reported on December 15 that India's production in the period from October 1st to December 15th, 2025/26, increased by 28% compared to the previous year, reaching 7.83 million tons. This is consistent with the USDA’s forecast, which projects a 26% rise in Indian production for 2025-26, citing “favorable weather and expanded planting areas." The USDA expects global sugar output to reach 189.3 million tons in the 2025/26 season, an 8.3-million-ton jump that should help ease recent supply jitters.

Sugar Futures at Over 1-Month Low

Palladium futures rose toward $1,720 an ounce, the highest level since Jan 2023, on prospects of EU policy easing and tight supply fundamentals. The European Commission has proposed easing its 2035 combustion-engine ban, reducing the emissions reduction target from 100% to 90% and allowing some non-electric vehicles to remain on sale beyond 2035. Elsewhere, China’s Guangzhou Futures Exchange drew strong investor interest after launching platinum and palladium futures on Nov 27. On the supply side, Russia’s largest palladium producer, Nornickel, forecasts a 200,000-ounce market deficit for 2025 including investment demand, while the market is expected to remain broadly balanced excluding it. For 2026, it anticipates a 100,000-ounce supply shortfall, excluding investment demand.

Palladium Hits Near 3-Year High

The Baltic Exchange’s dry bulk index, which tracks rates for vessels transporting dry commodities, was down for a second session on Thursday, falling about 2.4% to its lowest since November 12 at 2,071 points, pressured by all vessel segments. The capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, also decreased for a second day, falling 0.5% to a near one-month low of 3,675 points; and the panamax index, which usually carries 60,000-70,000 tons of coal or grain, eased for the 16th straight session, slipping 6.2% to its lowest since June 24 at 1,389 points. Among smaller vessels, the supramax index declined 50 points to 1,258 points.

Baltic Dry Index Falls for 2nd Day

Gold hovered near $4,340 on Thursday, staying close to October’s record highs, as fresh data strengthened expectations that the Federal Reserve could deliver further rate cuts. U.S. inflation eased to 2.7% in November, below forecasts, while core inflation fell to 2.6%, its lowest since April 2021. Meanwhile, geopolitical risks remained in focus, adding further upside momentum, as the U.S. moved to halt sanctioned Venezuelan oil shipments following last week’s tanker seizure and military deployment, while Russian President Vladimir Putin reaffirmed firm territorial demands in Ukraine despite intensified U.S. diplomatic efforts.

Gold Stable After CPI

Canola decreased to 592.90 CAD/T, the lowest since March 2025. Over the past 4 weeks, Canola lost 8.74%, and in the last 12 months, it decreased 0.56%.

Canola Hits 38-week Low

Sugar decreased to 14.47 USd/Lbs, the lowest since November 2025. Over the past 4 weeks, Sugar lost 0.64%, and in the last 12 months, it decreased 25.05%.

Sugar Hits 4-week Low

Wheat futures traded below $5.10 per bushel, hovering near the lowest level since October 22, pressured by ample supply prospects and rising expectations of a ceasefire in Ukraine. In its December WASDE report, the US Department of Agriculture projected global wheat supplies to increase by 7.5 million tons to 1,097.8 million, driven by higher production in several major exporters. Argentina's 2025/26 wheat crop is expected to reach a record 25.5 million tons, up from the previously estimated 24 million tons.  Australia is expecting to harvest its third-largest wheat crop on record in the current season. EU production rebounded from last season’s poor harvest, while higher yields boosted output in Russia. Further downward pressure came from policy actions, as Russia eliminated the wheat export tax and Argentina reduced export duties on key crops. On the demand side, the USDA increased its global 2025/26 consumption projection by 4.1 million tons to 823.0 million.

Wheat Futures Hover Around 2-Month Lows

Coal prices held below $110 per ton, hovering near multi week lows after the International Energy Agency projected that global coal demand will weaken toward the end of the decade amid intensifying competition from alternative power sources. In its 2025 annual coal report, the IEA said global coal demand in 2025 is likely to rise by about 0.5% to a record 8.85 billion tonnes, before leveling off in subsequent years and declining toward 2030 as structural shifts in energy usage take hold. These include rapid expansion in renewable energy capacity, growth in nuclear power generation and increased use of liquefied natural gas. China, by far the world’s largest coal consumer, producer and importer, has reiterated its goal of reaching peak coal consumption before 2030. The IEA forecasts that Chinese coal demand will gradually decline over the next five years, reinforcing the longer term downward outlook for the market.

Coal Pressured by Weak Demand Forecast

Steel rebar futures climbed above CNY 3,080 per ton, reaching a two-week high as expectations of improving steel margins among Chinese producers lifted sentiment. Falling input costs, including coal and coke, are expected to support profitability among steelmakers, potentially encouraging some mills to increase output. Industry data showed that only 35% of Chinese steel mills were profitable in November, down from 45% in late October, underscoring ongoing pressures in the sector. As domestic demand remains weak due to the prolonged property market downturn, China’s steel industry has become increasingly reliant on exports. Meanwhile, steel prices came under pressure earlier in the week after China’s Ministry of Commerce announced that certain steel products would be placed under an export licensing regime starting January 1.

Steel Rises on Improving Profitability

Iron ore futures climbed above CNY 770 per ton, reaching a two-week high as improving profitability among steelmakers and expectations of restocking in top consumer China supported prices. Lower input costs, including coal and coke, are expected to lift steel margins, potentially prompting some mills to increase production. Chinese steelmakers are also likely to begin restocking ahead of the Lunar New Year holiday in February to sustain output levels during the period, when logistics activity typically slows. Mills generally secure cargoes in advance to cover production needs through the holiday. Meanwhile, iron ore prices had come under pressure last week, briefly falling to five-month lows after China’s Ministry of Commerce announced that certain steel products would be placed under an export licensing regime starting January 1.

Iron Ore Gains on Demand Prospects

Platinum surged above $1,950 per ounce, extending a record rally to its highest levels since 2008 as investors continued to pile into precious metals amid the roaring debasement trade. The latest US labor market data also pointed to rising unemployment, fueling market uncertainty and supporting bets for further Federal Reserve interest rate cuts. Additionally, comments from Fed Governor Christopher Waller, a leading candidate for the central bank’s chair, supported the rally, as he suggested that US borrowing costs could be up to one percentage point lower in response to a weakening job market. Supply concerns further bolstered platinum prices, with several South African mines, the world’s largest producer, reporting weaker-than-expected output. The World Platinum Investment Council forecasts a supply deficit of 69,200 ounces in 2025, marking a third consecutive annual shortfall.

Platinum Hits Over 17-Year High

Malaysian palm oil futures climbed around 1% to slightly above MYR 4,000 per tonne on Thursday, up for a second straight session as bargain hunting continued after prices slid to a 5-1/2-month low earlier in the week. Prices were also lifted by a weaker ringgit and firmer Chicago soyoil, which improved palm oil’s relative competitiveness. Demand signals added to the upbeat tone, with November palm oil imports by top buyer India rising about 5% from October amid attractive prices. However, the contract was still down about 0.3% for the week, marking a second consecutive weekly decline, as concerns over export demand persisted. Cargo surveyors estimated Malaysian palm oil shipments for December 1–15 fell between 15.9% and 16.4% from the previous month. Meanwhile, Malaysia lowered its January 2026 crude palm oil reference price, reducing the export duty to 9.5%, according to a circular on the Malaysian Palm Oil Board website, a move that could help support exports in the coming months.

Palm Oil Rises for a Second Session to Above MYR 4,000

Gold dipped to around $4,330 per ounce on Thursday but stayed near the record highs reached in October, as expectations of further US rate cuts and ongoing geopolitical risks supported the metal’s appeal. Fed Governor Christopher Waller expressed backing for additional interest rate reductions while stressing that policymakers can move cautiously. The comments follow US labor data showing further signs of cooling, with the unemployment rate rising to its highest level in four years, and November job gains were insufficient to offset October’s slowdown. Market attention now turns to the delayed CPI report due later today. Meanwhile, geopolitical tensions are mounting, as the US moved to halt all sanctioned Venezuelan oil shipments following last week’s tanker seizure and military deployment, while in Ukraine, Russian President Vladimir Putin reiterated his firm stance on territorial demands, even as Washington intensifies efforts to broker a diplomatic resolution.

Gold Remains Close to Record Highs

Platinum increased to 1954.00 USD/t.oz, the highest since July 2008. Over the past 4 weeks, Platinum gained 25.58%, and in the last 12 months, it increased 111.65%.

Platinum Hits 17-1/2-year High

Brent crude oil futures climbed more than 1% toward $61 per barrel on Thursday, extending their rebound from a nearly five-year low, supported by rising geopolitical tensions. The US has ordered a full shutdown of maritime traffic involving sanctioned oil tankers operating to and from Venezuela, following last week’s escalation in which US forces seized a blacklisted tanker off the country’s coast. Simultaneously, Washington is moving toward tougher sanctions on Russia’s energy sector in an effort to advance peace talks over Ukraine, raising concerns over potential global supply disruptions. Meanwhile, EIA data showed that US crude inventories fell by 1.27 million barrels last week, marking a second consecutive decline and slightly exceeding expectations for a 1.1 million barrel draw. Stocks at the Cushing, Oklahoma hub also posted their largest drop in nearly two months, although gasoline and distillate inventories increased.

Brent Extends Gains as Geopolitical Risks Mount

WTI crude oil futures climbed more than 1% toward $57 per barrel on Thursday, extending their rebound from a nearly five-year low, supported by rising geopolitical tensions. The US has ordered a full shutdown of maritime traffic involving sanctioned oil tankers operating to and from Venezuela, following last week’s escalation in which US forces seized a blacklisted tanker off the country’s coast. Simultaneously, Washington is moving toward tougher sanctions on Russia’s energy sector in an effort to advance peace talks over Ukraine, raising concerns over potential global supply disruptions. Meanwhile, EIA data showed that US crude inventories fell by 1.27 million barrels last week, marking a second consecutive decline and slightly exceeding expectations for a 1.1 million barrel draw. Stocks at the Cushing, Oklahoma hub also posted their largest drop in nearly two months, although gasoline and distillate inventories increased.

Oil Extends Gains as Geopolitical Risks Mount

Gold rose above $4,340 an ounce on Wednesday, nearing October’s record highs, as investors bet on further Fed easing and sought safe havens amid renewed geopolitical tensions. Fed Governor Waller said rates could be up to a percentage point lower, citing near-stalled job growth and a cooling labor market. Earlier in the week, US labor data reinforced signs of a cooling job market. The unemployment rate climbed to 4.6%, its highest level since 2021, while a larger-than-expected increase in payrolls in November failed to fully offset October’s sharp slowdown. Meanwhile, geopolitical risks resurfaced after President Donald Trump ordered a “total and complete” blockade of sanctioned Venezuelan oil tankers, following last week’s seizure and a US military buildup. Adding further pressure, Russian President Putin signaled clearly on Wednesday that he has no intention of easing his demands for Ukraine to surrender territory, even as US President Trump steps up efforts to broker peace.

Gold Nears Record Highs

Silver surged more than 4% to above $66 per ounce on Wednesday, hitting fresh all-time highs as investors increasingly price in two interest rate cuts in early 2026. Support came from comments by Fed Governor Christopher Waller, a leading contender for the Fed chair role, who said US borrowing costs should be up to one percentage point lower. Waller warned that job growth has slowed to near zero and called for measured rate cuts next year to help support employment. Earlier in the week, US labor data reinforced signs of a cooling job market. The unemployment rate climbed to 4.6%, its highest level since 2021, while a larger-than-expected increase in payrolls in November failed to fully offset October’s sharp slowdown. Silver’s rally this year, up nearly 130% year to date, has also been underpinned by tightening inventories and strong retail and industrial demand, particularly from the rapidly expanding solar, electric vehicle, and data center sector.

Silver Notches Another Record High

US natural gas futures climbed more than 3% to trade above $4 per MMBtu, rebounding from seven-week lows as traders stepped in to take profits and LNG export flows strengthened. Average gas deliveries to the eight major U.S. LNG export facilities rose to 18.6 Bcf/d so far this month, exceeding November’s record monthly average of 18.2 Bcf/d. Meanwhile, Freeport LNG’s export terminal in Texas was set to take in higher volumes on Wednesday, suggesting that one of its three liquefaction trains has returned to service after shutting down a day earlier. The advance, however, may be short-lived. Weather forecasts across much of the U.S. point to above-average temperatures heading into Christmas, potentially curbing heating demand. At the same time, record-high production and ample storage supplies continue to pressure prices. LSEG estimates Lower-48 natural gas output at around 109.7 Bcf/d so far in December, broadly in line with the record levels seen in November.

Natural Gas Prices Rise 3%

The Baltic Exchange’s dry bulk index, which tracks rates for vessels transporting dry commodities, dropped about 3.8% to its lowest since November 13 at 2,121 points on Wednesday, reversing the previous day's slight rebound. The capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, snapped its two-day winning streak, slipping 3.7% to a near one-month low of 3,694 points; and the panamax index, which usually carries 60,000-70,000 tons of coal or grain, eased for the 15th straight session, slumping 6.2% to its lowest since June 26 at 1,480 points. Among smaller vessels, the supramax index shed 27 points to 1,308 points.

Baltic Dry Index Slips to Over 1-Month Low

Cocoa futures pushed beyond $6,050 per tonne, on expectations of a smaller global cocoa surplus and continued speculative buying ahead of the contract’s inclusion in the Bloomberg Commodity Index (BCOM) next year. Citigroup on December 16 cut its 2025/26 global cocoa surplus estimate to 79,000 metric tons from 134,000 metric tons in September. This comes after Rabobank on December 10 cut its 2025/26 global cocoa surplus forecast to 250,000 MT, down from 328,000 MT in November. At the same time, shrinking ICE cocoa inventories are also supportive. ICE-monitored cocoa inventories held in US ports fell to a 9-month low of 1,651,199 bags as of December 16.

Cocoa Futures on the Rise

European natural gas prices hovered around €27 per megawatt-hour in December, near their lowest levels since April 2024, and were down roughly 45% for the year. Prices have remained supported by record US LNG exports and steady supply from Norway. The US is set to export around 14.9 billion cubic feet per day of LNG this year, up 25% from 2024 levels, according to the EIA’s latest Short-Term Energy Outlook. Meanwhile, Norwegian pipeline gas nominations to Europe stand at around 347 million cubic metres per day, the highest level since August 2024. However, the latest weather forecasts point to colder temperatures and less windy conditions in Europe heading into January, which is expected to lift heating demand. At the same time, EU gas storage sites were last reported to be 69.92% full, compared with 77.91% at the same point last year. Adding potential pressure to the LNG market, one of the three liquefaction trains at the Freeport LNG export plant in Texas was shut down on Tuesday.

Natural Gas Prices in Europe Remain Around €27

WTI crude oil futures rose more than 2% to above $56 per barrel on Wednesday, recovering from near a five-year low in the previous session after President Donald Trump ordered a “total and complete” blockade of sanctioned oil tankers linked to Venezuela. The move follows last week’s seizure of blacklisted oil tankers off Venezuela’s coast and a buildup of US military presence in the region. Still, broader downward pressures, including soft demand and positive news on Ukraine peace talks, may restrain any rally. Progress toward a Russia–Ukraine peace agreement raised the prospect of easing restrictions on Russian oil flows at a time when markets are bracing for oversupply. Oil prices have struggled this year on ample supply, as OPEC+ steadily restores shut-in capacity and non-OPEC producers ramp up output. Meanwhile, early signs of demand weakness are emerging across China, the Middle East, and the US. Oil remains on track for its worst annual performance in seven years.

Crude Prices Jump After US Blocks Venezuela

Brent crude oil futures rose more than 2% to above $60 per barrel on Wednesday, recovering from near a five-year low in the previous session after President Donald Trump ordered a “total and complete” blockade of sanctioned oil tankers linked to Venezuela. The move follows last week’s seizure of blacklisted oil tankers off Venezuela’s coast and a buildup of US military presence in the region. Still, broader downward pressures, including soft demand and positive news on Ukraine peace talks, may restrain any rally. Progress toward a Russia–Ukraine peace agreement raised the prospect of easing restrictions on Russian oil flows at a time when markets are bracing for oversupply. Oil prices have struggled this year on ample supply, as OPEC+ steadily restores shut-in capacity and non-OPEC producers ramp up output. Meanwhile, early signs of demand weakness are emerging across China, the Middle East, and the US. Oil remains on track for its worst annual performance in seven years.

Brent Oil Rises More Than 2%

Palladium increased to 1668.00 USD/t.oz, the highest since February 2023. Over the past 4 weeks, Palladium gained 18.45%, and in the last 12 months, it increased 87.64%.

Palladium Hits 34-month High

Nickel futures fell to $14,270 per tonne in December, marking its lowest level in over eight months and approaching the four-year low seen in April, as the market weighed abundant supply and soft Chinese industrial activity. Russian producer Nornickel, the world’s largest palladium producer and a major refined nickel supplier, sharply raised its surplus forecasts to 240,000 tonnes for 2025 and 275,000 tonnes for 2026, while LME stocks topped 250,000 tonnes, highlighting persistent oversupply pressures. Slower Chinese factory output and declining property prices weighed on stainless steel demand, the metal’s largest daily end-use, while nickel pig iron and battery-grade nickel sulfate also declined amid cautious restocking. Global smelting activity eased in November, led by a 2.4% drop in Indonesia, but production of higher-grade Class 1 nickel remained resilient, keeping LME-eligible inventories elevated.

Nickel Falls to Over 8-Month Low

Platinum rallied above $1,900 per ounce, reaching its highest levels since 2008 as rising economic and policy uncertainty in the US drove investors toward alternative assets offering higher returns and diversification. The delayed November US labor report showed the unemployment rate increased to 4.6%, the highest since 2021, even as payrolls rose more than expected. Markets are pricing in roughly a 75% probability that the Federal Reserve will keep interest rates unchanged at its January meeting, little changed from before the data release. Platinum prices have also been supported by supply-side concerns, with several mines in South Africa, the world’s largest producer, reporting weaker-than-expected output. The World Platinum Investment Council forecasts a 2025 supply deficit of 69,200 ounces, marking a third consecutive annual shortfall, before the market is expected to move broadly into balance in 2026 with a modest surplus of around 20,000 ounces.

Platinum Soars to 18-Year High

Malaysian palm oil futures fell for a fourth straight session on Wednesday, hovering below MYR 3,960 per tonne to a 5-1/2-month low, amid weaker rival edible oils on the Dalian exchange. Sentiment was further dampened by lower export prospects, with cargo surveyors estimating shipments for December 1–15 dipped 15.9–16.4% from a month earlier. On the supply side, end-November inventories hit a 6-1/2-year high, as strong output is on track to exceed 20 million tonnes in 2025 for the first time. Europe added pressure, with palm oil imports falling 12% to 1.35 million tonnes in the 2025/26 season, according to European Commission data as of December 14. Limiting the downside, reports said India’s November palm oil imports rose about 5% from October amid lower prices. Meanwhile, Malaysian crude palm oil production slipped 5.3% mom to 1.94 million tonnes. Separately, the U.S. Environmental Protection Agency said it expects to finalize biofuel blending mandates for 2026–27 in Q1 next year.

Palm Oil Slides for 4th Session, Hits 5-1/2-Month Low

Copper futures steadied around $5.35 per pound, remaining near multi-month highs as strong demand from China and the US, the world’s two largest economies, continued to support prices. Analysts cited solid growth in key Chinese sectors, including electric vehicles and energy infrastructure, while an artificial intelligence-driven investment boom in the US further boosted copper consumption. Markets also remained wary of potential US tariffs on refined metals, prompting traders to continue redirecting shipments into the country and tightening supply conditions elsewhere. On the supply side, ongoing disruptions at major global mining operations, particularly in Chile and Peru, reinforced the bullish outlook. However, uncertainty surrounding the US interest rate trajectory and the absence of stronger policy support from China tempered investor sentiment.

Copper Stabilizes on Robust Demand

Silver climbed toward $66 per ounce on Wednesday, reaching new all-time highs as a mixed US jobs report prompted investors to seek alternative assets offering higher returns to manage risk. The November US labor data showed the unemployment rate rose to 4.6%, the highest since 2021, although payrolls increased more than expected. Markets are pricing in roughly a 75% probability that the Federal Reserve will hold interest rates steady at its January meeting, largely unchanged from prior to the report. Investors are now awaiting remarks from key Fed officials on Wednesday, as well as the highly anticipated November consumer inflation report on Thursday for further guidance. Silver’s rally this year, currently up nearly 130% year-to-date, is also supported by tightening inventories and robust retail and industrial demand, particularly from the expanding solar, electric vehicle, and data center sectors.

Silver Rallies to Fresh Record High

Gold rose above $4,320 per ounce on Wednesday, testing levels near all-time highs last seen in October, as investors continued to see scope for additional easing by the Federal Reserve next year. The US labor market showed further signs of cooling, with the unemployment rate unexpectedly rising to 4.6% in November, the highest since 2021, while wage growth slowed to its weakest pace in more than two years. This has reinforced expectations for up to two interest-rate cuts in 2026, with around 59 basis points of easing priced in for next year. Markets now await November’s CPI data due on Thursday, followed by PCE figures on Friday, for further insight into inflation pressures. Meanwhile, geopolitical risks resurfaced after President Donald Trump ordered a “total and complete” blockade of sanctioned Venezuelan oil tankers, following last week’s seizure and a US military buildup, partly offsetting easing risks tied to progress in Russia–Ukraine peace talks.

Gold Tests Record Highs

Silver increased to an all-time high of 64.66 USD/t.oz. Over the past 4 weeks, Silver gained 27.43%, and in the last 12 months, it increased 120.36%.

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