Every week, the commodities overview allows you to review the news on the commodities markets in order to better understand variations in the prices of energy, metals and agricultural raw materials. Overall, a depressed atmosphere still reigns over oil prices, forcing OPEC to postpone increasing its supply. Metals are roaring with pleasure after a series of good news from Beijing. Finally, the great price disorder continues for coffee and cocoa, victims of an overly concentrated global supply and at the mercy of climatic conditions.
Energy : The oil market remains under pressure. Despite a rebound in recent sessions, crude oil prices remain depressed and are moving close to their floor level (around USD 71 for Brent) while OPEC has postponed an increase in its production for the umpteenth time. The enlarged cartel will only be able to ease its quotas in April 2025. This decision was expected and reflects continued caution, in the face of demand prospects which are struggling to reassure. In this regard, OPEC yesterday reduced its forecasts for global demand growth for the fifth consecutive month. Brent, a market barometer, is stabilizing around USD 73 per barrel, while WTI is moving at nearly USD 69.
Metals : On the metals front, a glimmer of hope seems to be emerging from China. November's manufacturing PMI indices reveal renewed activity, giving copper a breath of fresh air. Still in China, Beijing is paving the way for a more accommodating monetary policy, and this too is conducive to an improvement in the prices of industrial metals. In London, a tonne of copper is now trading at a price of around USD 9,216 (cash price). Is this a real improvement or a simple start? Difficult to say at the dawn of Donald Trump taking office, who promises a new trade war against Beijing. On the gold side, there is not much to report. The golden metal stagnated last week before resuming its upward trend. The latest data on American inflation are unlikely to undermine the monetary easing process initiated by the Fed.
Agricultural products : Agricultural markets are lively, particularly those for coffee and cocoa which are reaching new heights. Concerns about supply, particularly due to unfavorable climatic conditions in West Africa, the cradle of these crops, are fueling the upward trend.
