Energy: There is a new downtrend for oil as it remains under pressure due to ongoing US efforts to negotiate a peace agreement between Russia and Ukraine. The peace plan proposed by the US largely favors Russia, which does not have a neutral impact on oil prices. Indeed, this orientation of the talks eases some fears about new sanctions or the strict application of existing sanctions against Russia. Moreover, the strength of the dollar, supported by the prospect of a pause in the Federal Reserve's monetary easing policy, has also contributed to exert downward pressure on oil prices. A stronger dollar makes oil, priced in dollars, more expensive for buyers using other currencies. In terms of prices, Brent trades around $62.70 per barrel, versus $58.40 per barrel for WTI.
Metals: Three-month copper delivery in London stabilises around $10,777. The upside momentum struggles to regain its footing due to the strength of the US dollar and especially weak Chinese demand. Note that Chile, the world's largest copper producer, has raised its price forecasts for this year and next. This revision factors in supply disruptions as well as lower interest rates. Gold prices also fell last week, down about 0.60% to $4,070 per ounce. This decline came after robust US jobs data.
Agricultural Commodities: Wheat futures in Chicago broadly declined. The price of December 2025 wheat delivery slipped to 537 cents a bushel. This retreat is attributed to expectations of ample global supply. Corn also registered a decrease to 436 cents. Coffee continues its retreat this week following the US president's decision to remove the 40% tariff on Brazilian coffee.
