Gold decreased below 4500, according to trading on a contract for difference (CFD).

Gold traded below 4500 USD/t.oz

Gold decreased to 4483.00 USD/t.oz, the lowest since March 2026. Over the past 4 weeks, Gold lost 5.2%, and in the last 12 months, it increased 41.7%.

Gold Hits 6-week Low

Copper is down by 5%

Lumber increased to 593.50 USD/1000 board feet, the highest since April 2026. Over the past 4 weeks, Lumber gained 1.38%, and in the last 12 months, it decreased 2%.

Lumber Hits 5-week High

Natural Gas EU rose above 50, according to trading on a contract for difference (CFD).

Natural Gas EU traded above 50 EUR/MWh

The Baltic Exchange's dry bulk freight index, which monitors rates for ships carrying dry bulk commodities, fell about 1.4% to 3,151 points on Friday, after rising by 0.2% in the prior day, pressured by the bigger-size segment. The capesize index, which typically transports 150,000-ton cargoes including iron ore and coal, dropped 2.3% to 5,316, marking the biggest daily decline in a week. On the other hand, the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, rose 0.7% to 2,521 points; and the supramax index went up 0.5% to 1,565 points. The benchmark index posted a weekly rise of 5.8%.

Baltic Dry Index Retreats

Brent crude oil futures rose past $108 per barrel on Friday and were on track for a weekly gain of around 7% as the Strait of Hormuz remained effectively closed, keeping global supply concerns elevated. Efforts to end the conflict remain stalled, with disruptions continuing to impact energy markets and fuel inflation fears. President Donald Trump delivered mixed messages on the situation, first saying the US did not need the Strait open before later stating alongside Chinese President Xi Jinping that “we want the straits open.” The International Energy Agency warned this week that the oil market could remain severely undersupplied until October even if fighting ends next month. Oil inventories continue to tighten, while tanker traffic through Hormuz remains extremely limited, with only a small number of vessels managing to leave the Persian Gulf since the conflict began.

Brent Crude Up 7% This Week

WTI crude oil futures climbed more than 3% to above $104 per barrel on Friday and were on track for a weekly gain of over 9% as the Strait of Hormuz remained effectively closed, keeping global supply concerns elevated. Efforts to end the conflict remain stalled, with disruptions continuing to impact energy markets and fuel inflation fears. President Donald Trump delivered mixed messages on the situation, first saying the US did not need the Strait open before later stating alongside Chinese President Xi Jinping that “we want the straits open.” The International Energy Agency warned this week that the oil market could remain severely undersupplied until October even if fighting ends next month. Oil inventories continue to tighten, while tanker traffic through Hormuz remains extremely limited, with only a small number of vessels managing to leave the Persian Gulf since the conflict began.

Oil Heads for Strong Weekly Gain

TTF Gas increased to 49.23 EUR/MWh, the highest since April 2026. Over the past 4 weeks, Natural Gas EU gained 15.98%, and in the last 12 months, it increased 40%.

TTF Gas Hits 5-week High

Heating oil futures for delivery at the New York Harbor climbed above $4.0 per gallon, recouping losses from a two-day decline amid heightened concerns over longer supply disruptions in the Middle East. The rebound followed President Donald Trump’s more hardline stance toward Tehran, saying he would no longer wait on Iran and urging its leadership to reach a deal with the US. Exports of distilled products from the region have been largely halted since the start of the war in March, straining refineries and pushing heating oil futures to a record high of $4.6 during the month. Meanwhile, earlier this week, data from the EIA showed US distillate fuel stocks rose by 200,000 barrels in the first week of May, contrary to expectations for a 2.8 million barrel draw. The report also contrasted with a 4.1 million barrel decline in gasoline inventories, suggesting refineries prioritized diesel and jet fuel output amid tight global transportation supply conditions.

Heating Oil Futures Rebound

Rubber futures dropped over 4% to around 220 US cents per kilogram in May, as an earlier speculative-driven rally lost momentum. The rally had been fueled by concerns over tighter supply due to weather-related disruptions, with Thailand, the world’s largest producer, expected to see heavy rainfall in the coming week, raising risks of flash floods and river overflows in key southern rubber-growing regions. However, as prices climbed, elevated physical rubber prices began to squeeze margins for buyers and processors, weakening profitability and prompting end-users to scale back immediate purchases. This cooling spot demand fed back into futures pricing, with traders becoming more cautious on procurement and reassessing near-term demand strength, reinforcing downside pressure. Meanwhile, higher crude oil continued to provide support, as Middle East tensions kept it elevated. This lifted synthetic rubber costs, making natural rubber more attractive.

Rubber Futures Retreat

UK natural gas futures rose to 120 pence per therm, the highest level in more than five weeks, as concerns over further disruptions to shipping through the Strait of Hormuz persisted. President Donald Trump cautioned Iran to accept a deal or risk “annihilation,” adding that his patience with Tehran was wearing thin. His remarks came even as Iran said that around 30 vessels had been permitted to transit the Strait since Wednesday evening. Washington and Tehran failed to agree on a US-drafted peace proposal earlier this week, leaving the critical waterway largely closed. Around one-fifth of the world’s LNG supply has been disrupted since the conflict began in late February. Although most gas from the Persian Gulf goes to Asia, the disruption has tightened global supply and increased competition, fueling concerns in Europe as the region needs to replenish inventories before next winter. So far this week, UK gas prices have surged more than 11%.

UK Natural Gas Prices at Over 5-Week High

Silver dropped 6% to $79 an ounce on Friday, extending losses for a second consecutive session, as concerns over rising US inflation and potential rate hikes weighed on the market. Recent data revealed that US producer, import, and export prices rose at their fastest pace since 2022 in April, while annual inflation reached its highest level since 2023, due to the prolonged Iran war and the ongoing closure of the Strait of Hormuz. Markets have now fully priced out the chance of a Federal Reserve rate cut this year, with some traders even wagering on a potential hike by December. Adding to the pressure, UBS strategists slashed their full-year investment demand from over 400 million ounces to 300 million ounces, amid weaker industrial usage, and increased mine supply. The bank also expects the silver market’s supply deficit to shrink dramatically to around 60–70 million ounces, down from a previous estimate of 300 million ounces.

Silver Plunges as Rate Hike Fears Bite

UK Gas increased to 119.87 GBp/thm, the highest since April 2026. Over the past 4 weeks, Natural Gas UK gained 12.32%, and in the last 12 months, it increased 42.99%.

UK Gas Hits 4-week High

Brent crude futures climbed to around $107.5 per barrel on Friday and were on track for gains of more than 6% for the week, as risks in the Strait of Hormuz persisted amid stalled US-Iran peace talks. President Trump on Thursday warned Iran to make a deal or face “annihilation,” saying his patience with Tehran was running out. His remarks came even as Iran said that around 30 vessels had passed the Strait. The US and Iran failed to agree to a US-drafted peace proposal earlier this week, leaving the key waterway largely closed. Hopes for a durable ceasefire also faded. Meanwhile, the IEA reported that crude and fuel flows through the Strait dropped by around 4 million bpd in March and April, warning that the global oil market could stay materially undersupplied through October even if the conflict is resolved next month. Separately, Trump said China wants to buy oil from the US amid persistent challenges in reopening the strait, with ship attacks and seizures reported this week.

Brent Heads for Strong Weekly Gain

WTI crude futures rose above $103 per barrel on Friday and were on track for a weekly gain of more than 6%, as risks in the Strait of Hormuz persisted amid stalled US-Iran peace talks. President Trump on Thursday warned Iran to make a deal or face “annihilation,” saying his patience with Tehran was running out. His remarks came even as Iran said that around 30 vessels had passed the Strait. The US and Iran failed to agree to a US-drafted peace proposal earlier this week, leaving the key waterway largely closed. Hopes for a durable ceasefire also faded. Meanwhile, the IEA reported that crude and fuel flows through the Strait dropped by around 4 million bpd in March and April, warning that the global oil market could stay materially undersupplied through October even if the conflict is resolved next month. Separately, Trump said China wants to buy oil from the US amid persistent challenges in reopening the strait, with ship attacks and seizures reported this week.

European natural gas futures rose further to around €48.2 per MWh and were on track for strong weekly gains, amid heightened fears of more prolonged supply disruptions. President Donald Trump warned Iran to agree to a deal or face “annihilation,” saying his patience with Tehran was wearing thin. Meanwhile, Iran said that around 30 vessels had managed to pass through the Strait of Hormuz. These developments came after the US and Iran failed to reach an agreement on a US-drafted peace proposal, keeping tensions around the key waterway. Roughly one-fifth of the world’s LNG supply has been disrupted since the conflict began in late February. While most gas exports from the Persian Gulf typically head to Asia, the disruption has tightened global supply and intensified competition for cargoes. This has raised serious concerns for Europe, particularly as the region needs to rebuild gas stocks ahead of winter. European gas prices have surged more than 9% so far this week.

European Gas Prices Climb Further

Copper futures dropped below $6.4 per pound on Friday, marking a second straight session of losses as elevated prices discouraged buying activity in China. The metal also faced pressure from accelerating US inflation, which reinforced expectations for a Federal Reserve interest rate hike later this year. Despite the recent decline, analysts continue to view Chinese copper demand as broadly resilient this year, with consumption from clean energy and technology-related industries helping offset weakness in the property and construction sectors. Copper also remains supported by a constructive long-term outlook driven by artificial intelligence-related infrastructure expansion, power grid modernization, and the broader global energy transition. On the supply side, China’s export restrictions on sulfuric acid, combined with disruptions to sulfur production in the Middle East, could tighten global supply conditions and provide additional structural support for prices.

Copper Falls for Second Consecutive Session

Soybean futures held below $12 per bushel, after a nearly 3% drop in the prior session as traders remained cautious despite potential large-scale Chinese purchases of American agricultural goods. US Trade Representative Jamieson Greer said China is expected to make “double-digit billion” annual purchases of US farm products over the next three years, while President Donald Trump said Beijing would buy “a lot of soybeans” from US farmers. Greer also pointed to an existing agreement for China to purchase 25 million tons of US soybeans annually over the coming years. Still, sentiment remained restrained as markets awaited concrete details on the timing and scale of purchases, after the first day of talks between Trump and Chinese President Xi Jinping failed to produce confirmed trade commitments. Meanwhile, the USDA projected US soybean stocks to decline to 310 million bushels by the end of the 2026 to 2027 marketing year, down from 340 million expected at the end of the current season.

Soybeans Pressured Despite US-China Optimism

Corn futures rose above $4.70 per bushel, recovering some of the prior session’s losses, as the US signaled potential large-scale Chinese purchases of American agricultural goods. US Trade Representative Jamieson Greer said China is expected to make “double-digit billion” annual purchases of US farm products over the next three years, reinforcing expectations of stronger export demand. The corn market had previously fallen nearly 3% from a one-year peak, after the first day of high-stakes talks between President Trump and Chinese counterpart Xi Jinping failed to deliver any concrete details, including volumes, timing, and product breakdown. Meanwhile, the latest USDA outlook signaled ample US corn supplies extending into 2027, projecting production at around 16 billion bushels, still near record levels. Ending stocks were forecast at roughly 1.96 billion bushels, remaining comfortable despite a modest decline, while exports are expected to ease to about 3.15 billion bushels.

Corn Rises on US-China Trade Optimism

Malaysian palm oil futures strengthened, hovering above MYR 4,400 per tonne and rebounding from the downside since early May. Sentiment was supported by a weaker ringgit, alongside firmer soyoil prices in Chicago and a sharp rise in crude oil prices amid concerns over ship attacks and seizures in the Strait of Hormuz. Markets also monitored a second day of talks between the U.S. and Chinese presidents in Beijing, with investors hoping for signs of easing trade tensions. However, palm oil contracts were still on track for a third straight weekly decline, down roughly 1.7% so far, pressured by softer demand from key buyer India. The country’s palm oil imports plunged 26% in April from March to hit the lowest level in four months, as institutional buying softened and palm oil’s price discount against rival edible oils narrowed. Meanwhile, export data for the first ten days of May remained mixed, with AmSpec Agri reporting shipments fell 10.8%, while Intertek estimated an 8.5% growth.

Palm Oil Bounces Back, Yet Weekly Losses Persist

Platinum futures fell back to around $2,000 an ounce, retreating from a two-month peak of nearly $2,200 hit on May 13, tracking broader weakness across precious metals amid rising concerns over US inflation. Expectations of a Fed rate hike this year strengthened and the dollar firmed due to mounting inflationary pressures driven by the prolonged Iran war and the ongoing closure of the Strait of Hormuz. Elsewhere, markets watched ongoing diplomatic talks between President Trump and Chinese counterpart Xi Jinping, which included discussions on keeping the key shipping route open to support energy trade. Despite the pullback, platinum had rallied earlier in the week and outperformed other precious metals, due to stronger industrial demand expectations tied to autocatalyst use and hybrid vehicle demand. The market also remains structurally tight, as production in South Africa and Russia, the two largest suppliers, faces ongoing challenges, including aging mines, high costs, and sanctions.

Platinum Retreats from 2-Month Peak

Palladium futures slipped below $1,450 per ounce, touching their lowest level in five weeks amid a broader selloff across precious metal markets. The decline came as rising US inflation, fueled by escalating geopolitical tensions and higher energy prices, strengthened expectations that the Fed will keep interest rates elevated for longer. Producer prices recorded their fastest annual increase since 2022 in April, while consumer inflation posted its strongest rise since 2023. The stronger inflation outlook lifted the dollar and drove 10-year Treasury yields higher, reducing the appeal of non-yielding assets. Despite the recent pullback, supply conditions remain relatively tight. Production disruptions in South Africa and continued uncertainty surrounding Russian exports, still affected by sanctions and shifting trade routes, have kept the market sensitive to supply-side risks. Palladium has declined 8.54% over the past four weeks, though prices remain up 50.36% compared with a year ago.

Palladium Hits 5-week Low

US natural gas futures climbed to $2.93 per MMBtu, reaching a seven-week high, following an in-line storage injection and a continued decline in output. The EIA reported an injection of 85 bcf of gas into storage for the week ended May 8, matching forecasts, below the 109 bcf build a year earlier and close to the five-year average increase of 84 bcf. On the supply side, production continued to fall as some energy companies, such as EQT, scaled back activity in response to persistently weak spot prices, with daily production dropping to a 15-week low. Meanwhile, flows to major US export facilities eased from a monthly record of 18.8 bcfd in April to around 17.0 bcfd so far in May, with daily volumes slipping to a 15-week low amid seasonal maintenance at plants including Golden Pass and Freeport LNG. Weather forecasts point to mostly normal conditions through late May, limiting near-term upside demand from cooling needs.

US Natgas Prices Hit 7-Week High

Silver dropped below $82 an ounce on Friday, marking a second consecutive session of declines as weakness across the broader metals complex intensified amid rising concerns over US inflation and potential rate hikes. Data released earlier this week showed US wholesale inflation accelerated at its fastest pace since 2022 in April, while consumer prices recorded their sharpest increase since 2023. Inflation pressures have been fueled largely by the prolonged Iran war and the ongoing closure of the Strait of Hormuz, which has significantly disrupted global energy flows. Markets have now fully priced out the possibility of a Fed rate cut this year, while some are betting on a potential rate hike by December. Despite the recent pullback, silver had rallied earlier in the week and outperformed other precious metals, supported by stronger industrial demand expectations tied to electronics, solar panels, and other applications that rely on the metal’s high electrical conductivity.

Silver Falls for Second Straight Session

Palladium decreased to 1444.00 USD/t.oz, the lowest since April 2026. Over the past 4 weeks, Palladium lost 8.54%, and in the last 12 months, it increased 50.36%.

Gold traded near $4,650 an ounce on Friday and was on track to fall more than 1% for the week, pressured by accelerating US inflation that fueled concerns the Federal Reserve may need to keep interest rates elevated or even hike them. Data released earlier this week showed US wholesale inflation surged at its fastest pace since 2022 in April, while consumer prices posted their largest increase since 2023. Inflationary pressures have been driven largely by the prolonged Middle East conflict and the near-shutdown of the critical Strait of Hormuz, which has severely disrupted global energy shipments. Markets have now fully ruled out a Fed rate cut this year, with some traders increasingly pricing in the possibility of a rate hike by December. Meanwhile, President Trump met with Chinese President Xi Jinping, discussing efforts to keep Hormuz open to preserve energy trade. Separately, India tightened gold import regulations further as authorities intensified measures to support the rupee.

Gold Poised for Weekly Loss

Brent crude futures hovered above $106 per barrel on Friday and were on track to rise roughly 5% for the week, as diplomatic attempts to end the US-Iran conflict continued to stall, leaving the strategically crucial Strait of Hormuz effectively closed. The key shipping route remains under a dual blockade that has emerged as a central obstacle in negotiations, with President Donald Trump saying the current ceasefire was on “massive life support” after dismissing Tehran’s latest response to his peace proposal. Meanwhile, the IEA reported that crude and fuel flows through the Strait of Hormuz dropped by around 4 million barrels per day in March and April, warning that the global oil market could stay materially undersupplied through October even if the conflict is resolved next month. Separately, President Trump held talks with Chinese President Xi Jinping, with both leaders discussing efforts to keep the strait open to safeguard energy trade and improve US oil exports to China.

Brent Set for Strong Weekly Gain

WTI crude futures hovered above $101 per barrel on Friday and were on track to rise roughly 7% for the week, as diplomatic attempts to end the US-Iran conflict continued to stall, leaving the strategically crucial Strait of Hormuz effectively closed. The key shipping route remains under a dual blockade that has emerged as a central obstacle in negotiations, with President Donald Trump saying the current ceasefire was on “massive life support” after dismissing Tehran’s latest response to his peace proposal. Meanwhile, the IEA reported that crude and fuel flows through the Strait of Hormuz dropped by around 4 million barrels per day in March and April, warning that the global oil market could stay materially undersupplied through October even if the conflict is resolved next month. Separately, President Trump held talks with Chinese President Xi Jinping, with both leaders discussing efforts to keep the strait open to safeguard energy trade and improve US oil exports to China.

Oil Set for Strong Weekly Gain

Cocoa futures fell toward $4,220 per tonne, pulling away from a 3.5-month high of $4,709 per tonne hit on May 11, as the market reacted to forecasts of higher Ivory Coast cocoa deliveries. The top grower now projects cocoa output of 2.2 MMT for the 2025/26 season, up from a previous projection of 1.8-1.9 MMT, citing favorable weather. Still, the outlook remains clouded by concerns over fertilizer shortages and potential El Niño effects on West African crops. Irregular rainfall in the Ivory Coast has once again raised alarm bells in the global cocoa market. Farmers in the country's main producing regions reported growing concern about the possibility of a smaller, lower-quality mid-season crop, just as the harvest is entering its crucial phase. In the meantime, early surveys of the 2026/27 West African cocoa crop showed below-average cherelle formation on cocoa trees, signaling a weak outlook for the main cocoa harvest, which begins in October.

Cocoa Futures Ease

Cotton futures dropped over 4% to near 83.3 cents per pound, the lowest in a week, as traders weighed the lack of agricultural announcements from the US-China summit and also signs of weaker demand. The latest US weekly export sales report showed net sales of Upland cotton totaling 47,700 running bales for 2025/26, a marketing-year low, down from 61% in the previous week and 66% from the prior four-week average. Meanwhile, the USDA’s May WASDE report showed that the 2025/26 global balance sheet was revised upward, with higher estimates for production, consumption, and both beginning and ending stocks. Global production was raised nearly 1% to 122.6 million bales, with the 2026/27 production seen at 116.04 million bales. US all-cotton production for 2025/26 was reduced by 21,000 bales to 13.90 million, while 2026/27 output was projected at 13.30 million bales.

Cotton Futures Slip

Wheat futures fell more than 3% to around $6.5 per bushel, down from a two-year high of $6.8 reached on May 12, as traders took profits and reacted to the lack of new agricultural details from the US-China summit. Markets were disappointed that the first day of talks did not bring any concrete updates on grain trade. Attention also shifted back to fundamentals, including weather and supply concerns in the United States. Drought conditions have worsened in parts of Nebraska and Oklahoma, which is affecting winter wheat and newly planted corn and soybeans, even as some rainfall is expected in other growing areas. Crop scouts in Kansas also reported lower than expected yields for hard red winter wheat, estimating 39.3 bushels per acre compared with 53.3 last year. The USDA has also projected US wheat production at 1.561 billion bushels, the lowest level since 1972, highlighting ongoing supply pressure linked to dry conditions in the Great Plains.

Wheat Futures Fall from 2-Year High

Cocoa is down by 5.06%

The Baltic Exchange's dry bulk freight index, which monitors rates for ships carrying dry bulk commodities, rose about 0.2% to its highest since December 5 at 3,195 points. The panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, advanced 2% to 2,503 points; and the supramax index increased by 0.3% to 1,558 points. On the other hand, the capesize index, which typically transports 150,000-ton cargoes including iron ore and coal, fell 0.5% to 5,316 points.

Baltic Dry Index Hits Over 5-Month High

Soybean futures fell nearly 3% to below $12 per bushel, retreating from a two-year high of $12.3 reached on May 13, as traders took profits following recent gains linked to Tuesday’s WASDE report and reacted to the lack of concrete agricultural announcements from the US-China summit. Market sentiment was weighed down by indications that no fresh Chinese soybean purchases are imminent, with traders noting that China is unlikely to go beyond its existing commitment to buy 25 million metric tons. China has reduced US soybean imports significantly in recent years, increasingly sourcing from Brazil due to lower prices and strong supply availability. According to the US Department of Agriculture, US agricultural exports to China fell to $8.37 billion last year from $24.41 billion in 2024. The USDA also projected US soybean stocks to decline to 310 million bushels by the end of the 2026 to 2027 marketing year, down from 340 million expected at the end of the current season.

Soybeans Fall Sharply

US natural gas futures trimmed earlier losses to trade around $2.83 per MMBtu on Thursday after the EIA reported a storage build broadly in line with expectations, while LNG feedgas flows continued to weaken during the spring maintenance period. Energy firms injected a near-normal 85 billion cubic feet of gas into storage last week, matching forecasts and close to the five-year average increase of 84 billion cubic feet. Total inventories rose to 2.290 trillion cubic feet, about 2.3% above year-ago levels and 6.5% above the seasonal average. LNG feedgas to major US export facilities has dropped from an April record of 18.8 billion cubic feet per day to around 17.0 bcfd in May, with further declines to a 15-week low near 15.9 bcfd due to maintenance at plants including Golden Pass and Freeport LNG. Domestic production has also eased slightly to 109.2 bcfd so far in May, while weather forecasts point to mostly normal conditions through late May.

US Natgas Pares Losses After EIA Data

Palladium decreased 5.01% to 1458.5 USD/t.oz

Palladium is down by 5.01%

US natural gas futures fell to $2.8116 per MMBtu ahead of the weekly federal storage report, with markets expecting energy firms to have added a near-normal 85 billion cubic feet of gas into storage last week. That compares with an injection of 109 billion cubic feet during the same week last year and a five-year average build of 84 billion cubic feet. If confirmed, total stockpiles would rise to 2.290 trillion cubic feet, around 2.3% above year-ago levels and 6.5% above the five-year average. Production has softened in recent weeks as some producers, including EQT, curtailed output due to persistently weak spot prices. Meanwhile, gas flows to major US export facilities declined from a monthly record due to seasonal maintenance work at several plants, including Freeport LNG in Texas and Cameron LNG in Louisiana.

US Natgas Prices Fall Ahead EIA Data

Russian Urals crude traded around $100 per barrel, moving closer to international benchmark prices as the closure of the Strait of Hormuz tightened global oil supply. Additional support came from a temporary US sanctions waiver allowing international buyers to receive Russian cargoes in an effort to stabilize energy markets. Although Ukrainian drone strikes continued targeting Russian refineries and Baltic ports, Moscow partly offset the disruption through stronger pipeline exports, including resumed Druzhba flows to Hungary and Slovakia. Russia’s oil export revenues continued to climb despite lower production levels, helped by elevated global oil prices and supply disruptions linked to the Iran conflict. According to the IEA, Russia earned $19.18 billion from oil exports in April, up $6.28 billion from a year earlier, even as oil output fell by 460,000 barrels per day to 8.8 million bpd and exports declined to 7.03 million bpd.

Urals Oil Supported by Hormuz Closure

Silver fell to $85.6 an ounce Thursday as investors focused on the meeting between US President Donald Trump and Chinese President Xi Jinping. Trump stated that Xi had agreed to assist with Iran "with whatever" he needs, while Xi noted progress in trade talks but warned that disputes over Taiwan could strain relations and even risk conflict. Investors also digested US data showing both import and export prices surged more than expected last month, driven by rising fuel import costs and nonagricultural export prices. Following earlier hot consumer and producer price data, markets have priced out US interest rate cuts for this year, with a near 30% chance of a hike by December. Despite India raising import tariffs on gold and silver to 15% from 6%, industrial demand prospects for silver, used in electronics, solar panels, and other applications due to its high electrical conductivity, remain supportive. The metal also continues to serve as a traditional investment asset alongside gold.

Silver Drops 2% Amid US-China Talks

Gold hovered around $4,700 an ounce on Thursday, halting a two-day decline, as investors focused on the meeting between US President Donald Trump and Chinese President Xi Jinping. Trump stated that Xi had agreed to assist with Iran "with whatever" he needs, while Xi noted progress in trade talks but warned that disputes over Taiwan could strain relations and even risk conflict. Investors also digested US data showing both import and export prices surged more than expected last month, the largest increase since March 2022, driven by rising fuel import costs and nonagricultural export prices. Retail sales rose 0.5%, in line with forecasts. Following earlier hot consumer and producer price data, markets have priced out US interest rate cuts for this year, with a near 30% chance of a hike by December.

Gold Pauses Two-Day Slide at $4,700

Brent crude futures were little changed at around $105 per barrel on Thursday, as traders monitored developments in the Middle East and the summit between US President Trump and Chinese President Xi. Reports from Iran indicated that around 30 vessels had crossed the Strait of Hormuz in recent hours, while Tehran has reportedly begun allowing transit for some Chinese ships. Meanwhile, US Secretary of State Marco Rubio urged China to use its influence on Iran to help reopen the Strait of Hormuz. According to the White House, Xi also expressed interest in increasing purchases of US crude oil. Meanwhile, the IEA said crude and fuel shipments through the Strait of Hormuz fell by nearly 6 million barrels per day in the first quarter and warned that the global oil market is likely to remain significantly undersupplied until October, even if the conflict ends next month. Adding to supply concerns, Saudi Arabia informed OPEC that its oil production had dropped to its lowest level since 1990.

Brent Crude Futures Hover at $105

WTI crude futures were little changed at around $100 per barrel on Thursday, as traders monitored developments in the Middle East and the summit between US President Trump and Chinese President Xi. Reports from Iran indicated that around 30 vessels had crossed the Strait of Hormuz in recent hours, while Tehran has reportedly begun allowing transit for some Chinese ships. Meanwhile, US Secretary of State Marco Rubio urged China to use its influence on Iran to help reopen the Strait of Hormuz. According to the White House, Xi also expressed interest in increasing purchases of US crude oil. Meanwhile, the IEA said crude and fuel shipments through the Strait of Hormuz fell by nearly 6 million barrels per day in the first quarter and warned that the global oil market is likely to remain significantly undersupplied until October, even if the conflict ends next month. Adding to supply concerns, Saudi Arabia informed OPEC that its oil production had dropped to its lowest level since 1990.

Oil Prices Stabilize

Rubber futures surged more than 4% to above 230 US cents per kilogram in mid-May, hitting a fresh high in more than nine-years, propelled by expectations of tightening supply due to weather-related disruptions. Thailand, the world’s leading producer, is expected to see heavy rainfall over the coming week, according to the national meteorological agency, which also warned of possible flash floods and river overflows in the southern regions where most of the country’s rubber plantations are located. Prices were also supported by higher oil prices, as fading hopes of a quick resolution to the Middle East conflict kept crude elevated. Natural rubber prices tend to track oil, since higher crude costs increase synthetic rubber production expenses, making natural rubber more competitive.

Rubber Futures Climb Over 4%

Zinc increased to 3589.00 USD/T, the highest since August 2022. Over the past 4 weeks, Zinc gained 5.62%, and in the last 12 months, it increased 31.5%.

Zinc Hits 3-year High

Iron ore futures slipped below CNY 815 per ton, pulling back from their highest levels in nearly two years as a seasonal slowdown in steel demand pressured feedstock prices. Domestic steel consumption in China continued to face headwinds from sluggish construction activity and broader economic uncertainty, while demand for Chinese steel exports also weakened as overseas buyers showed limited willingness to purchase at elevated prices. On the supply side, industry data indicated that iron ore inventories at Chinese ports stood at roughly 167 million tons in March, up 14.2% from a year earlier and remaining at record-high levels. Meanwhile, the massive Simandou iron ore project reported record shipments of 1.2 million tons in April. Globally, iron ore shipments increased 7% in April 2026 compared with the same month last year, adding further pressure to the market.

Iron Ore Retreats on Weak Steel Demand

Copper futures declined nearly 2% toward $6.5 per pound on Thursday, easing from record highs as traders took profits while reassessing underlying supply and demand conditions. The metal has posted a strong rally this month, supported by a bullish long-term outlook tied to artificial intelligence-driven infrastructure buildouts, grid modernization, and the broader global energy transition. Ongoing strength in AI-related equities has also reinforced expectations for sustained investment in data center expansion, further underpinning copper demand prospects. On the supply side, China’s export restrictions on sulfuric acid and disruptions to sulfur production in the Middle East could tighten global supply conditions and provide a structural tailwind for prices. Meanwhile, markets are closely watching the meeting between US President Donald Trump and Chinese President Xi Jinping, where discussions may include trade relations, rare earths, and artificial intelligence.

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Gold traded below 4500 USD/t.oz

Gold Hits 6-week Low

Copper is down by 5%

Copper is down by 5%

Lumber Hits 5-week High

Copper is down by 5%

Natural Gas EU traded above 50 EUR/MWh

Baltic Dry Index Retreats

Brent Crude Up 7% This Week

Oil Heads for Strong Weekly Gain

Copper is down by 5%

TTF Gas Hits 5-week High

Heating Oil Futures Rebound

Rubber Futures Retreat

UK Natural Gas Prices at Over 5-Week High

Silver Plunges as Rate Hike Fears Bite

UK Gas Hits 4-week High

Brent Heads for Strong Weekly Gain

Oil Heads for Strong Weekly Gain

European Gas Prices Climb Further

Copper Falls for Second Consecutive Session

Soybeans Pressured Despite US-China Optimism

Corn Rises on US-China Trade Optimism

Palm Oil Bounces Back, Yet Weekly Losses Persist

Platinum Retreats from 2-Month Peak

Palladium Hits 5-week Low

US Natgas Prices Hit 7-Week High

Silver Falls for Second Straight Session

Palladium Hits 5-week Low

Gold Poised for Weekly Loss

Brent Set for Strong Weekly Gain

Oil Set for Strong Weekly Gain

Cocoa Futures Ease

Cotton Futures Slip

Wheat Futures Fall from 2-Year High

Cocoa is down by 5.06%

Baltic Dry Index Hits Over 5-Month High

Soybeans Fall Sharply

US Natgas Pares Losses After EIA Data

Palladium is down by 5.01%

US Natgas Prices Fall Ahead EIA Data

Urals Oil Supported by Hormuz Closure

Silver Drops 2% Amid US-China Talks

Gold Pauses Two-Day Slide at $4,700

Brent Crude Futures Hover at $105

Oil Prices Stabilize

Rubber Futures Climb Over 4%

Zinc Hits 3-year High

Iron Ore Retreats on Weak Steel Demand

Copper Pulls Back as Investors Lock in Profits