Brent crude oil futures gained 0.7% to settle at $67.4 per barrel on Monday, extending last week’s gains as traders balanced escalating Ukrainian drone attacks on Russian energy facilities against forecasts of a looming supply surplus. Ukraine launched a major strike with more than 360 drones, briefly igniting a fire at the 355,000-barrel-per-day Kirishi refinery, just days after targeting the Primorsk export terminal, which handles about 1 million barrels per day. Pressure on Moscow intensified after US President Donald Trump reiterated his readiness to impose sweeping sanctions on Russian crude if NATO allies halt purchases, a step that could reshape global energy flows. Also, investors are watching US-China trade talks in Madrid, where Washington is pressing allies to impose tariffs on Chinese goods over Beijing’s continued buying of Russian oil. Still, gains were capped by concerns over softening US demand and expectations of a global surplus as OPEC+ ramps up production.

Brent Settles Above $67

WTI crude oil futures rose almost 1% to settle at $63.3 per barrel on Monday, extending last week’s gains as traders balanced escalating Ukrainian drone attacks on Russian energy facilities against forecasts of a looming supply surplus. Ukraine launched a major strike with more than 360 drones, briefly igniting a fire at the 355,000-barrel-per-day Kirishi refinery, just days after targeting the Primorsk export terminal, which handles about 1 million barrels per day. Pressure on Moscow intensified after US President Donald Trump reiterated his readiness to impose sweeping sanctions on Russian crude if NATO allies halt purchases, a step that could reshape global energy flows. Also, investors are watching US-China trade talks in Madrid, where Washington is pressing allies to impose tariffs on Chinese goods over Beijing’s continued buying of Russian oil. Still, gains were capped by concerns over softening US demand and expectations of a global surplus as OPEC+ ramps up production.

WTI Crude Climbs, Capped by Surplus Fears

Gold increased to an all-time high of 3676.00 USD/t.oz. Over the past 4 weeks, Gold gained 10.26%, and in the last 12 months, it increased 42.21%.

Gold Hits All-time High

Nuclear Energy Index increased to 43.50 USD, the highest since January 2013. Over the past 4 weeks, Nuclear Energy Index gained 11.04%, and in the last 12 months, it increased 69.83%.

Nuclear Energy Index Hits 12-1/2-year High

Silver increased to 42.46 USD/t.oz, the highest since September 2011. Over the past 4 weeks, Silver gained 11.66%, and in the last 12 months, it increased 38.06%.

Silver Hits 14-year High

Nuclear Energy Index increased to 43.19 USD, the highest since July 2025. Over the past 4 weeks, Nuclear Energy Index gained 10.22%, and in the last 12 months, it increased 68.58%.

Nuclear Energy Index Hits 7-week High

Copper increased to 4.65 USD/Lbs, the highest since July 2025. Over the past 4 weeks, Copper gained 4.25%, and in the last 12 months, it increased 10.45%.

Copper Hits 6-week High

Gold futures climbed toward $3,660 per ounce on Monday, approaching the all-time high of $3,674 set on September 9, as a softer US dollar and falling Treasury yields boosted demand for the metal. Markets are bracing for a pivotal Federal Reserve meeting this week, with policymakers widely expected to deliver the first interest rate cut since December — at least 25 bps — on Wednesday. The decision comes as officials balance a cooling labor market against tariff-driven inflationary pressures, amid ongoing concerns over the Fed’s independence. Updated FOMC projections are also expected to signal one or two additional cuts before year-end. Investors will keep a close eye on US retail sales and industrial production data due Tuesday for fresh clues on the economy’s resilience. Meanwhile, the US–China trade talks in Madrid, which began on Sunday, remain in focus as global trade tensions continue to shape market sentiment.

Gold Futures Near Record High Ahead of Fed Rate Decision

European natural gas futures slipped toward €32 per megawatt-hour, supported by abundant LNG inflows and mild, windy weather that curbed demand. EU storage now stands at 80.4% of capacity, compared with 93.2% a year earlier, with Germany at 75.1%, France at 89.9%, and Italy at 90.1%. Still, Germany’s Emden gas terminal will begin planned maintenance on Thursday, which could temporarily tighten supply. Meanwhile, geopolitical risks remain an upside factor. Russia’s sanctioned Arctic LNG 2 project continues to deliver cargoes to China, indirectly pressuring global prices, while US President Donald Trump warned that new sanctions on Russian energy could be imposed, if NATO allies also halt imports and adopt similar restrictions.

TTF Prices Ease Toward €32/MWh

Heating oil futures in the US rose past $2.30 per gallon, as supply strains have started to outweigh a short lived stock build and demand for middle distillates is firming into the northern winter months. US crude inventories rose by roughly 3.9 million barrels in early September but that build did not translate into more distillate output. Refineries are running near capacity while a combination of seasonal maintenance and shifts in crude slates has limited distillate yields. At the same time exports of heating oil and diesel have increased as Europe and parts of Latin America draw on US supplies following disruptions to Russian and Middle Eastern refining and shipping. At the same time crude oil feedstock costs rose on fresh worries over Russian crude flows after intensified Ukrainian strikes hit major energy sites, and political pressure from Washington to stop Europe buying Russian oil has raised the prospect of further sanctions that would constrain available seaborne crude.

Heating Oil Rises Past $2.3

The Baltic Exchange's dry bulk sea freight index, which tracks rates for vessels transporting dry commodities, was up for a second day on Monday, rising about 1.3% to a new high since July 28 at 2,153 points, bolstered by the larger vessel segment. The capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, advanced by 2.7%nto its highest since August 18 at 3,154 points; and the supramax index edged up 0.1% to 1,493 points. Meanwhile, the panamax index, which usually carries 60,000-70,000 tons of coal or grain, fell by 0.2% to 2,003 points, after seven consecutive sessions of increases.

Baltic Dry Index Up for 2nd Day

Aluminum futures in the US slipped to around $2,680 per tonne in mid-September, but remained close to a six-month high amid persistent supply concerns. The 50% tariff on aluminum imports imposed by US President Trump prompted Canadian producers to divert shipments away from the US. Aluminum exports to the US accounted for 78% of Canada’s total in Q2, compared to 95% in Q1. Meanwhile, Chinese output is expected to slow due to the country’s annual limit of 45 million tons, limiting supply growth from the world’s largest producer. In addition, Guinea Alumina lost all of its mining licenses after the country’s military-led government transferred all leases to a newly created state-run company, potentially halting ore production that feeds major producer Emirates Global Aluminum. In the meantime, speculative bullish positions and quick demand for physical aluminum drove primary aluminum stocks in the LME to fall sharply by nearly 100,000 tonnes to 375,000 in the first third of the month.

Aluminum Remains Near 6-Month Highs

Zinc futures climbed above $2,960 per tonne in mid-September, hitting a near six-month high, continuing to find support from a weakening US dollar and tightening supply conditions in China. The greenback softened after the Fed signaled a likely rate cut at its upcoming meeting later this week, with markets pricing in a 96% chance of a 25 bps cut and a slim 4% chance of a 50-point move. This dovish shift boosted global liquidity expectations and weakened the dollar, lifting demand for dollar-priced commodities. In addition, China is expected to reduce output following Beijing’s renewed efforts to curb overcapacity in key industrial sectors—a move aimed at combating persistent deflationary pressures. Meanwhile, recent economic data out of China highlighted ongoing weakness. Industrial production in August fell to a one-year low, missing market expectations, while retail sales slowed to an eight-month low and also came in below forecasts.

Zinc Futures Hit Near 6-Month High

Iron ore futures slipped below CNY 800 per tonne on Monday, pulling back from multi-week highs as lackluster economic data from top consumer China underscored persistent property sector weakness. New home prices fell 0.3% in August from the prior month, extending a decline that began in May 2023 and reflecting subdued housing demand. Industrial output and retail sales also came in below forecasts amid soft domestic consumption and Beijing’s efforts to curb overcapacity, while the jobless rate edged higher. Separately, China’s seaborne imports totaled 25.6 Mt last week, well above the five-year average of 22.1 Mt, while August imports as a whole reached nearly 112.40 Mt, buoyed by record seasonal shipments from Brazil and the clearing of port backlogs after late-July typhoon disruptions.

Iron Ore Eases on Weak China Data

UK Gas decreased to 75.05 GBp/thm, the lowest since August 2025. Over the past 4 weeks, Natural Gas UK GBP lost 0.49%, and in the last 12 months, it decreased 6.77%.

UK Gas Hits 4-week Low

Silver traded above $42 per ounce on Monday, staying close to 14-year highs as investors braced for an expected US Federal Reserve interest rate cut this week. Markets are pricing in about a 96% chance of a 25 basis point cut on Wednesday and roughly a 4% probability of a larger half-point move, following US data that signaled a cooling labor market and subdued inflation. Central banks in Canada and China are also expected to ease policy this week, while counterparts in Japan and the UK are likely to stand pat. On the geopolitical front, US and Chinese officials began talks in Madrid on Sunday covering national security, trade and economic issues. Industrial demand from solar, electric vehicles and electronics has also kept the physical silver market tight, with supply constraints continuing to underpin prices.

Silver Holds Near 14-Year Peak

Gold dropped below $2,630 per ounce on Monday, retreating from last week’s record highs as investors booked profits ahead of a crucial US Federal Reserve decision. Traders are now pricing in a 25bps reduction this week amid signs of labor market weakness, with some expecting that easing could extend into next year. Before the Fed’s decision, attention will be on the retail sales and industrial production data, which could offer more signals on the strength of the US economy. Meanwhile, the Trump administration on Sunday renewed its request to a federal appeals court to fire Fed Governor Lisa Cook, heightening concerns about the US central bank’s independence. Elsewhere, market participants are also closely monitoring US–China talks, which enter their second day of negotiations in Madrid

Gold Falls as Profit-Taking Seen

Brent crude oil futures rose to $67.1 per barrel on Monday on concerns over Russian crude flows amid intensified Ukrainian strikes on energy infrastructure and stalled peace negotiations that heightened the risk of further Western sanctions. Over the weekend, Ukraine launched a large attack on Russia’s Kirishi refinery, one of the country’s three largest facilities with a capacity of about 355,000 bpd. Additionally, US President Donald Trump reiterated calls for Europe to halt Russian oil purchases, after earlier saying that he’s prepared to impose major sanctions on Russia if NATO countries do the same. However, gains in crude were capped by over slowing US demand as well as a looming global supply surplus amid increased production from OPEC+.

Brent Rises on Russian Supply Risks

WTI crude oil futures rose to $62.9 per barrel on Monday on concerns over Russian crude flows amid intensified Ukrainian strikes on energy infrastructure and stalled peace negotiations that heightened the risk of further Western sanctions. Over the weekend, Ukraine launched a large attack on Russia’s Kirishi refinery, one of the country’s three largest facilities with a capacity of about 355,000 bpd. Additionally, US President Donald Trump reiterated calls for Europe to halt Russian oil purchases, after earlier saying that he’s prepared to impose major sanctions on Russia if NATO countries do the same. However, gains in crude were capped by over slowing US demand as well as a looming global supply surplus amid increased production from OPEC+.

Oil Rises on Russian Supply Risks

Brent crude oil futures rose 0.9% to settle at $67 a barrel on Friday, booking a 2.3% gain on the week, driven by renewed concerns over Russian crude supply that outweighed worries about oversupply and weaker US demand.  The Kremlin announced a pause in peace talks with Ukraine, raising the risk of further Western sanctions, while a drone attack on Russia’s Primorsk port temporarily halted oil loading operations. Earlier losses on Thursday followed the IEA’s report predicting faster-than-expected oil supply growth due to OPEC+ output increases, with Saudi Arabia also set to boost shipments to China. In the US, rising consumer prices and higher jobless claims fueled expectations of an upcoming Fed rate cut, potentially boosting oil demand. Meanwhile, US crude inventories rose by 3.9 million barrels last week, highlighting ongoing balance concerns in the market.

Brent Posts 2.3% Weekly Gain

WTI crude oil futures rose 0.5% to settle at $62.7 a barrel on Friday, after earlier climbing as much as 2.6%, as US threats to sanction Russian crude failed to materialize, even as ongoing Ukrainian drone attacks raised concerns about potential disruptions to Moscow’s exports. Ukrainian strikes temporarily halted operations at Primorsk, Russia’s main Baltic oil-loading port, and targeted three pumping stations feeding the Ust-Luga hub. Meanwhile, the US signaled it may push G-7 allies to impose tariffs of up to 100% on Russian oil purchases by China and India, with Canada convening a finance ministers’ meeting to discuss additional measures. The lack of immediate sanctions led traders to unwind bullish positions ahead of the weekend. Adding to pressure, the International Energy Agency forecast a record oil supply surplus next year, while OPEC+ plans to return idled barrels to the market in October, though at a slower pace.

WTI Crude Settles Higher Amid Geopolitical Risks

Sugar futures edged above 15.8 cents per pound as the USDA released its latest supply and demand report. For 2024/25, US sugar supply slipped to 14.716 million short tons, as a drop in beet sugar production outweighed higher imports. Beet sugar output fell 83,500 STRV due to a smaller-than-expected crop, while re-export and high-tier imports rose slightly. With sugar use unchanged, ending stocks increased modestly. Looking to 2025/26, US sugar supply is projected to decline 184,000 STRV, mainly from lower imports from Mexico, despite modest gains in beet and cane sugar production driven by higher yields in some regions. The Department of Commerce will use the outlook to set Mexico’s export limit starting October 1, projected at 219,638 STRV. Overall, the report points to tighter US sugar supplies, with production and import adjustments keeping the market balanced.

Sugar Futures Edges Higher on USDA Projection

Sunflower oil futures fell past $1,340 per tonne, easing from a nearly four-month high of $1,359 on September 1st, as the shortage that pushed prices up earlier has somewhat subsided. Global supplies of other vegetable oils have increased which gives buyers cheaper substitutes and so they are not bidding up sunflower oil as aggressively. Crushing activity for palm and soybeans has risen and stockpiles in key export hubs have recovered which loosens overall vegetable oil balances. Reports of a larger than feared autumn crop in the Black Sea region and smoother export flows from other origins have eased worries about Ukrainian and Russian shipments. At the same time demand for blending and biofuels has softened in important consuming regions so processors are cutting forward purchases. Logistics problems that briefly constrained deliveries are also easing which allows more oil to reach ports and refiners.

Sunflower Oil Drops from Near 4-Month High

Cotton futures were traded at 65.1 cents per pound as the USDA released its September 2025/26 outlook, showing slightly higher US production but little change in other supply and demand factors. The US crop is projected at 13.2 million bales, up 10,000 from last month, with a small decline in yield to 861 pounds per acre. With consumption, exports, imports, and ending stocks unchanged, the US stocks-to-use ratio remains just over 26 percent, and the season-average upland price stays at 64 cents per pound. Globally, production rises over 1 million bales, led by gains in China, India, and Australia, offsetting declines in Turkey, Mexico, and West Africa. World consumption increases by about 850,000 bales, while trade ticks up slightly. Beginning stocks fall roughly 1 million bales, and ending stocks drop 800,000 bales to 73.1 million, the lowest in four years.

Cotton Prices Little Changed

Corn prices climbed toward $4.30 per bushel, their highest since early July, as traders digested an unexpectedly tight supply and demand balance despite record US production. The September WASDE lifted 2025/26 US corn output to a record 16.81 billion bushels on larger acreage even as it trimmed the yield slightly, while exports were raised to a record 2.98 billion bushels and ending stocks were pegged at 2.11 billion, only marginally lower than August despite the production bump. Meanwhile,  wetter-than-ideal early-season conditions encouraged disease pressure (southern rust, tar spot) in key states such as Iowa, and intermittent heat and dryness in parts of the Eastern Corn Belt have raised the prospect that August crop-condition ratings, and thus final yields, could disappoint. At the same time, ethanol and feed/residual use remain firm and US export demand is running up against global competition.

Corn Rises to Early-July Highs

Rice futures were little changed at $11.48 per hundredweight as the USDA released its 2025/26 outlook, showing larger US supplies and higher ending stocks. US beginning stocks rose 3.4 million cwt to 53.9 million, the largest since 1987, while total production was slightly higher at 208.8 million cwt due to increased harvested area despite a lower yield of 7,559 pounds per acre. Exports were cut 3.0 million cwt to 94.0 million because of uncompetitive prices and slow sales, and domestic use was reduced, lifting US ending stocks to 53.4 million cwt, 8.7 million above last month’s forecast. The US season-average farm price was lowered $1.00 to $13.20 per cwt. Globally, rice supplies reached a record 729.5 million tons, supported by higher beginning stocks, while trade and consumption rose slightly. World ending stocks climbed to 187.3 million tons, led by increases in the US and Pakistan.

Rice Prices Hold Steady After WASDE Report

Wheat futures were around $5.20 per bushel as the USDA updated its 2025/26 outlook, showing higher exports and lower US ending stocks. US wheat exports were raised 25 million bushels to 900 million, driven by continued strong sales and shipments of Hard Red Winter wheat, while ending stocks were trimmed by the same amount to 844 million bushels, slightly below last year’s level. The season-average farm price was lowered $0.20 to $5.10 per bushel based on reported NASS prices and market expectations. Globally, wheat supplies are projected higher at 1,078.6 million tons, supported by stronger production in Australia, the EU, Russia, and several other major exporters. Global consumption is up 5 million tons to 814.5 million, primarily due to higher feed and residual use across multiple regions. World trade is also slightly higher at 214.7 million tons, with gains for the US and Australia offsetting declines for Russia and Ukraine.

Wheat Futures Steady After USDA Report

Soybean futures eased to $10.35 per bushel following the September WASDE on Friday, after hitting a nine-week high of $10.41 earlier in the session. The report outlined a 2025/26 outlook with higher US production, higher crush, lower exports, and larger ending stocks compared to August. Production was estimated at 4.3 billion bushels, with gains in harvested area offsetting a slight yield reduction to 53.5 bushels per acre. Crush was raised by 15 million bushels on stronger soybean meal exports, while exports were trimmed by 20 million bushels due to greater competition from Russia, Canada, and Argentina. Ending stocks rose to 300 million bushels, up 10 million from last month, signaling more comfortable supplies. The season-average farm price was lowered by 10 cents to $10.00 per bushel, reinforcing a slightly bearish tone for futures despite global adjustments that reduced overall soybean ending stocks.

Soybean Futures Slip after WASDE Projects Higher Stocks

The Baltic Exchange's dry bulk sea freight index, which tracks rates for vessels transporting dry commodities, rose about 0.7% to its highest since July 28 at 2,126 on Friday, after decreasing by 0.1% in the prior session. The capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, rose about 1% to 3,070 points; and the panamax index, which usually carries 60,000-70,000 tons of coal or grain, went up 0.4% to its highest in over a year at 2,006 points. Among smaller vessels, the supramax index rose about 0.5% to 1,492 points. For the week, the benchmark index advanced by 7.4%, its strongest weekly performance since July 21.

Baltic Dry Index Edges Up, Posts Weekly Gain

Soybeans increased to 1041.00 USd/Bu, the highest since July 2025. Over the past 4 weeks, Soybeans gained 1.52%, and in the last 12 months, it increased 3.31%.

Soybeans Hits 9-week High

Platinum climbed toward $1,410 per ounce, marking the highest since the beginning of this month as persistent supply deficits continue to support the market. The World Platinum Investment Council expects the global platinum market to face a structural deficit of around 850 koz in 2025, with supply potentially hitting a five-year low. Current prices remain high but are insufficient to boost future supply. On the demand side, industrial demand is under pressure from the global economic slowdown, but investment and jewelry demand—especially for small bars and platinum coins in China—is climbing. Compared with gold, platinum is relatively more affordable, offering price advantages. On the macro side, weaker dollar trends and growing expectations of Federal Reserve rate cuts are providing additional support for platinum prices, while geopolitical tensions are driving safe-haven demand, including US calls for EU tariffs on India and China and Poland’s downing of a Russian drone.

Platinum Prices Climb on Supply Constraints and Macro Support

Lead increased to 2010.00 USD/T, the highest since August 2025. Over the past 4 weeks, Lead gained 1%, and in the last 12 months, it decreased 1.74%.

Lead Hits 4-week High

Corn increased to 422.75 USd/BU, the highest since July 2025. Over the past 4 weeks, Corn gained 12.94%, and in the last 12 months, it increased 2.21%.

Corn Hits 9-week High

Brent crude oil futures rose 2% to $67.7 a barrel on Friday, after a Ukrainian drone strike halted loadings at Russia’s Primorsk port, its largest oil terminal. Operations at Primorsk and pumping stations to Ust-Luga were suspended, though claims remain unverified. Satellite data showed two tankers still moored at the port, while officials reported a fire on a vessel was quickly contained. The attack, among Ukraine’s largest, heightened supply risks. Meanwhile, the IEA projected stronger global supply this year as OPEC+ boosts output, with Saudi Arabia increasing exports to China to 1.65 mbpd in October. OPEC maintained solid demand forecasts for 2025–26. Russia’s oil revenues hit near-record lows in August, and loadings at Kozmino port are set to decline. Broader sentiment was also supported by expectations of Fed rate cuts after soft US data, which could bolster demand, even as US crude stocks rose by 3.9 million barrels.

Oil Rises as Ukrainian Drones Strike Oil Hubs

WTI crude oil futures rose over 1.5% to $63.5 a barrel on Friday, after a Ukrainian drone strike halted loadings at Russia’s Primorsk port, its largest oil terminal. Operations at Primorsk and pumping stations to Ust-Luga were suspended, though claims remain unverified. Satellite data showed two tankers still moored at the port, while officials reported a fire on a vessel was quickly contained. The attack, among Ukraine’s largest, heightened supply risks. Meanwhile, the IEA projected stronger global supply this year as OPEC+ boosts output, with Saudi Arabia increasing exports to China to 1.65 mbpd in October. OPEC maintained solid demand forecasts for 2025–26. Russia’s oil revenues hit near-record lows in August, and loadings at Kozmino port are set to decline. Broader sentiment was also supported by expectations of Fed rate cuts after soft US data, which could bolster demand, even as US crude stocks rose by 3.9 million barrels.

Oil Rises as Ukrainian Drones Srike Oil Hubs

Platinum futures advanced toward $1,400 per ounce in mid-September, rebounding after a subdued week as firm expectations of a Federal Reserve rate cut next week underpinned demand. US data on Thursday showed consumer prices rising 0.4% in August, the fastest pace in seven months, while earlier figures revealed an unexpected drop in producer prices. Jobless claims also pointed to labor market weakness, climbing 27K to 263K, the highest since 2021. Markets are now pricing in about a 93% chance of a 25 basis point cut at the Fed’s September 17 meeting, with odds of a larger half-point move edging higher. On the supply side, platinum remains in structural deficit as demand consistently outpaces production. The World Platinum Investment Council forecasts a global shortfall of 966,000 ounces in 2025, marking the third straight year of deficit.

Platinum Climbs on Fed Cut Expectations

Steel rebar futures rose to around CNY 3,060 per tonne in mid-September, recovering from a two-month low as improved global risk sentiment lifted commodity markets. The move followed signs of a cooling US labor market and mild inflation, which strengthened expectations for deeper Federal Reserve rate cuts and supported risk assets. Still, demand concerns in China continued to weigh, with the property sector and construction activity under sustained pressure. Rising iron ore costs, driven by supply risks at Guinea’s Simandou mine and seasonal restocking demand in China, further squeezed steelmakers’ margins. On the trade side, China’s steel product imports climbed 11.1% to 0.50 million tonnes, while exports fell 3.4% to 9.51 million tonnes. Meanwhile, inventories of major steel products have been trending higher since mid-August, highlighting sluggish consumption tied to the prolonged property downturn.

Steel Rebounds as Risk Appetite Improves

Copper futures climbed above $4.6 per pound in mid-September, the highest in six weeks, as tightening global supply underpinned prices. China reported around a 5% drop in September production, cutting about 500,000 tonnes of refined copper from the global market. The decline comes as inventories remain near multi-year lows, with London Metal Exchange stockpiles about 40% below their five-year average. Supply pressures deepened after major producer Freeport-McMoRan confirmed its Grasberg mine in Indonesia will stay shut while rescue efforts continue for seven missing workers. On the macro side, sentiment was further lifted by expectations of looser US monetary policy, with softer labor data and moderate inflation fueling bets on deeper Federal Reserve rate cuts. Markets are currently pricing in roughly a 93% chance of a 25 basis point cut at the Fed’s September 17 meeting, with odds of a larger half-point move edging higher.

Copper Rises to 6-Week High on Supply Concerns

Malaysian palm oil futures fell below MYR 4,450 per tonne, reversing the prior session’s gains as a stronger ringgit and expectations of peak output in September–October amid favorable weather weighed on sentiment. For the week, contracts are edged down 0.2% so far, on track to snap last week’s advance, as demand prospects looked less firm. Cargo surveyors reported that Malaysia’s palm oil shipments during September 1–10 dropped between 1.2% and 8.4% from the same period in August, underscoring weak export momentum. At the same time, industry data earlier this week showed end-August stocks rose 4.2% from July to 2.2 million tonnes, adding supply pressure. In broader energy markets, crude oil extended declines amid concerns over softening U.S. demand and a persistent global supply glut. Still, hopes for stronger buying from India ahead of the mid-October festive season, when demand for edible oils typically rises, helped limit steeper losses.

Palm Oil Poised for Modest Weekly Drop

Silver climbed 1% toward $42 per ounce on Friday, marking a new 14-year high as firm expectations of a Federal Reserve rate cut next week supported buying. US data on Thursday showed consumer prices rising 0.4% in August, the fastest pace in seven months, while producer prices unexpectedly declined earlier in the week. Jobless claims also pointed to labor market weakness, climbing 27K to 263K, the highest since 2021. Markets are now pricing in about a 93% chance of a 25 basis point cut at the Fed’s September 17 meeting, with odds of a larger half-point move edging higher. Safe-haven demand further underpinned precious metals amid ongoing geopolitical tensions. On the industrial side, strong demand from solar, electric vehicles and electronics has kept the physical silver market tight against a backdrop of persistent supply constraints.

Silver Hits Fresh 14-Year High

Gold rose to around $3,640 per ounce on Friday, moving toward its record high and on track for a fourth consecutive weekly gain, as expectations of looser US monetary policy held firm. US data showed that the annual inflation rate remained steady as expected, following an unexpected drop in producer prices, while jobless claims climbed to their highest level in four years, underscoring labor market weakness. Markets have already priced in a 25bps rate cut at the Federal Reserve’s upcoming meeting, with growing speculation about the possibility of a larger move. Gold also continued to draw safe-haven support from geopolitical uncertainties. The US is reportedly pressing G7 allies to impose higher tariffs on India and China for their purchases of Russian crude. Meanwhile, conflict in the Middle East has intensified, and Poland announced it intercepted Russian drones that violated its airspace during heavy attacks in western Ukraine.

Gold Approaches Record High

Brent crude oil futures fell to around $66 per barrel on Friday, extending a nearly 2% decline in the last session, pressured by concerns over softening US demand and a supply glut. US crude inventories unexpectedly rose by 3.9 million barrels last week, defying expectations for a draw, while the IEA projected that global oil supply will expand more quickly than previously expected as OPEC+ ramps up production. In contrast, OPEC’s own report, released shortly after the IEA’s, kept its non-OPEC supply and demand outlook unchanged, citing steady consumption. Meanwhile, the US is reportedly pressing G7 allies to impose higher tariffs on India and China for their purchases of Russian crude. Despite the recent pullback, oil prices are still on track for a modest weekly gain, supported by earlier strength tied to supply risks amid geopolitical tensions in the Middle East and Ukraine.

Brent Extends Losses

WTI crude oil futures fell to around $62 per barrel on Friday, extending a 2% decline in the last session, pressured by concerns over softening US demand and a supply glut. US crude inventories unexpectedly rose by 3.9 million barrels last week, defying expectations for a draw, while the IEA projected that global oil supply will expand more quickly than previously expected as OPEC+ ramps up production. In contrast, OPEC’s own report, released shortly after the IEA’s, kept its non-OPEC supply and demand outlook unchanged, citing steady consumption. Meanwhile, the US is reportedly pressing G7 allies to impose higher tariffs on India and China for their purchases of Russian crude. Despite the recent pullback, oil prices are still on track for a modest weekly gain, supported by earlier strength tied to supply risks amid geopolitical tensions in the Middle East and Ukraine.

Oil Extends Losses

Sugar futures fell around 15.8 cents per pound, pressured by rising global supply prospects. In Brazil, production in the center-south region jumped 17.3% in the second half of August to 3.8 million metric tons, driven by a 9.5% increase in sugarcane crushing, though recoverable sugar per ton declined 4.1%. Ethanol output, including corn ethanol, dropped 2.5% to 2.4 billion liters, signaling weaker diversion of cane to fuel. Meanwhile, India is expected to produce a sugar surplus in the 2025/26 marketing year starting October 1, leading industry leaders to request permission to export 2 million metric tons. Indian mills may also divert up to 5 million tons of sugar toward ethanol production, potentially balancing domestic supply and global trade. These combined developments from the world’s top two sugar producers are weighing on sugar prices and could influence futures in the coming months.

Sugar Futures Fall on Rising Global Supply

Cocoa futures rose above $7,300 per tonne, supported by concerns over crop health in West Africa. While the market may have been oversold amid weak demand, worries about black pod disease in Ivory Coast—the world’s top producer—have added upward pressure. Farmers reported that the fungal disease, triggered by cool and overcast weather in August, is spreading in central regions, though many said it is too early to assess the full impact. Uneven rainfall, with some areas receiving below-average precipitation, has also raised concerns about properly drying harvested beans. Despite these risks, some farmers in western and eastern regions remain optimistic, expecting stronger harvest activity in the coming weeks. Overall, the combination of disease threats and weather uncertainty has fueled volatility and lifted cocoa futures.

Cocoa Prices Rise on Disease, Weather Concerns

Arabica coffee futures dipped below $4 per pound, retreating from a four-month high touched earlier. Prices, however, remain elevated due to US tariff-driven market tightness, declining certified stocks, and downward revisions to Brazil’s 2025 arabica harvest outlook. Weather continues to play a critical role, with a likely shift from El Niño to La Niña later this year potentially affecting growing conditions. US consumer coffee prices rose in August at the fastest pace in seven months, reflecting the impact of tariffs. Brazil’s coffee exports to the US fell 46% year-on-year in August, pressured by the 50% tariff on Brazilian imports. Traders are closely watching both weather patterns and trade policy developments for their potential to influence future price movements.

Arabica Coffee Retreats From 4-Month High

Soybean futures climbed toward $10.15 per bushel ahead of Friday’s USDA world supply-and-demand report. The report is expected to show modest cuts to US soybean yield forecasts due to dry conditions in the Midwest, where about 14% of an 11-state area—including Iowa and Illinois—was in drought last week, up from 4.5% a week earlier. Despite the anticipated decline in production, gains were limited as weak demand from China, the world’s largest soybean importer, continues to weigh on the market amid ongoing trade tensions with the United States. USDA last month projected soybean production at 4.292 billion bushels on a yield of 53.6 bushels per acre, down from 4.366 billion bushels a year earlier, with exports expected to fall to 1.705 billion bushels. Overall, lower yield expectations have supported prices, but demand-side challenges remain a significant headwind for the market.

Soybean Futures Rise Ahead of USDA Report

Brent crude oil futures fell 1.7% to settle at $66.4 per barrel on Thursday, snapping a three-day rally as demand concerns in the US and fears of global oversupply outweighed geopolitical risks in the Middle East and Ukraine. The International Energy Agency flagged stronger-than-expected supply growth, driven by higher OPEC+ output, while the group confirmed plans to lift production from October. Adding to the pressure, US crude inventories unexpectedly rose by 3.9 million barrels last week. Saudi exports to China are also set to climb to 1.65 million barrels per day in October, intensifying supply concerns, though questions remain about the sustainability of China’s buying pace.

Brent Retreats After 3-Day Gains

WTI crude oil futures dropped over 2% to settle at $62.4 per barrel on Thursday, snapping a three-day rally as demand concerns in the US and fears of global oversupply outweighed geopolitical risks in the Middle East and Ukraine. The International Energy Agency flagged stronger-than-expected supply growth, driven by higher OPEC+ output, while the group confirmed plans to lift production from October. Adding to the pressure, US crude inventories unexpectedly rose by 3.9 million barrels last week. Saudi exports to China are also set to climb to 1.65 million barrels per day in October, intensifying supply concerns, though questions remain about the sustainability of China’s buying pace.

Oil Drops on Oversupply and Demand Concerns

Lumber decreased to 517.00 USD/1000 board feet, the lowest since October 2024. Over the past 4 weeks, Lumber lost 16.39%, and in the last 12 months, it increased 9.13%.

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