Nuclear Energy Index increased to a 11-week high of 27.40 USD. Over the past 4 weeks, Nuclear Energy Index gained 26.19%, and in the last 12 months, it decreased 13.43%.

Nuclear Energy Index Hits 11-week High

Brent crude oil futures rose 1.7% to settle at $63.9 per barrel on Friday, marking a weekly gain of over 4% as easing trade tensions between the US and China lifted market sentiment. Optimism was fueled by news that US Treasury Secretary Scott Bessent is set to meet China’s Vice Premier in Switzerland on May 10, signaling possible progress in resolving trade disputes. Adding to the positive momentum, Chinese exports exceeded expectations in April, while crude oil imports rose 7.5% year-over-year, driven by stockpiling during refinery maintenance. A separate US-UK trade agreement further improved the global trade outlook. Despite these bullish factors, caution persists as OPEC+ plans to ramp up production, potentially weighing on prices. Additionally, tighter US sanctions on Iran may restrict supply, injecting fresh uncertainty into the market.

Brent Gains Over 1% on Trade Hopes

WTI crude oil futures rose 1.8% to settle at $61 per barrel on Friday, marking a weekly gain of over 4% as easing trade tensions between the US and China lifted market sentiment. Optimism was fueled by news that US Treasury Secretary Scott Bessent is set to meet China’s Vice Premier in Switzerland on May 10, signaling possible progress in resolving trade disputes. Adding to the positive momentum, Chinese exports exceeded expectations in April, while crude oil imports rose 7.5% year-over-year, driven by stockpiling during refinery maintenance. A separate US-UK trade agreement further improved the global trade outlook. Despite these bullish factors, caution persists as OPEC+ plans to ramp up production, potentially weighing on prices. Additionally, tighter US sanctions on Iran may restrict supply, injecting fresh uncertainty into the market.

Oil Prices Climb on Trade Hopes

Platinum increased to a 5-week high of 993.10 USD/t.oz. Over the past 4 weeks, Platinum gained 8.22%, and in the last 12 months, it decreased 1.26%.

Platinum Hits 5-week High

Steel rebar futures fell to CNY 3,050 per tonne from the one-month high of CNY 3,100 touched May 7th, as the poor demand outlook offset hints of lower steel supply. Reports indicated that Beijing may overhaul the country's laws to halt sales of homes before their completion. If done, the rule would remove a key source of financing for major property developers and magnify the financial stress for the debt-ridden sector, limiting steel buying from major source of global rebar demand. In the meantime, Baosteel signaled that Beijing will likely mandate a nationwide output cut in steel goods to combat overcapacity and weaker demand. While the government has not specified the magnitude of the cut, reports indicated that supply could fall by 50 million tonnes this year. This was after the NBS PMI suggested that Chinese manufacturing unexpectedly sank in April amid lower export orders, and mills attempting to front-run tariffs drove steel exports to a record-high year-to-date.

Steel Pulls Back from 1-Month High

Cocoa futures rebounded above $9,300 per tonne, their highest level since April 25, in part due to a weaker US dollar and concerns over weather patterns for crop development in major producing countries. The rainy season in Ivory Coast, the world's largest producer of the commodity, began with above-average rainfall in some producing areas, raising projections for the mid-crop harvest of 2025. However, lingering effects from last year’s adverse weather continue to raise quality concerns. Since the start of the 2024/25 season in October, Ivorian ports have received 1.536 million tonnes of cocoa beans—up 11.4% from the same period last year, but still 11.7% below the five-year average. Dealers note that continued rainfall will be critical for the development of the 2025/26 crop. In Ghana, the second-largest producer, favorable rainfall so far could support a partial recovery in global supply.

Cocoa Futures Bounce to 2-Week High

Wind Energy Index increased to a 22-week high of 16.11 USD. Over the past 4 weeks, Wind Energy Index gained 11.78%, and in the last 12 months, it decreased 3.08%.

Wind Energy Index Hits 22-week High

US heating oil futures climbed above $2.05 per gallon, rebounding from the near four-year low of $1.975 touched on May 7th, as energy markets balanced improving demand prospects with supply-side uncertainty. Optimism surrounding upcoming US–China trade talks and the newly announced US–UK deal eased fears of a global slowdown, lifting consumption expectations across major economies. Additionally, China’s April crude imports unexpectedly surged 7.5% from a year earlier, pointing to vigorous refinery activity. In the US, a larger-than-expected draw of over two million barrels from crude inventories reinforced views of tightening domestic demand. While OPEC+ reiterated plans to raise output, a mix of voluntary cuts and ongoing disruptions in Libya, Venezuela, and Iraq kept supply concerns in focus. Meanwhile, US distillate fuel stocks fell 1.11 million barrels in the week ending May 2nd— below forecasts—while heating oil inventories posted a modest 123,000-barrel gain.

Heating Oil Rebounds on Trade Optimism

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry commodities, was down for a third day on Friday, falling about 1.3% to its lowest since April 22 at 1,299 points. The capesize index, which transports 150,000-ton cargoes like iron ore and coal, slumped about 2.5% to 1,709 points; and the panamax index, which usually tracks vessels carrying 60,000-70,000 tons of coal or grains, decreased by 0.7% to 1,353 points. On the other hand, the supramax index edged up one point to 969 points. The benchmark index logged a weekly loss of 8.6%.

Baltic Dry Index Eases for 3rd Day, Posts Weekly Loss

Brent crude oil futures rose toward $64 per barrel on Friday, set for a weekly gain, driven by signs of easing trade tensions between major economies. Investors are hopeful that upcoming US-China talks in Switzerland could lead to progress in resolving the trade dispute, which has weighed on global oil demand. President Trump hinted at reducing tariffs on China, despite suggesting an 80% levy “seems right,” indicating internal debate within his administration. At the same time, a newly announced US-UK trade deal, described as a "breakthrough," has lifted broader market sentiment. Chinese trade data also provided some optimism, with exports rising more than expected in April and oil imports up 7.5% from a year earlier, as refiners took advantage of low prices during plant maintenance.

Brent Crude Oil Approaches $64

WTI crude oil futures rose toward $61 per barrel on Friday, set for a weekly gain, driven by signs of easing trade tensions between major economies. Investors are hopeful that upcoming US-China talks in Switzerland could lead to progress in resolving the trade dispute, which has weighed on global oil demand. President Trump hinted at reducing tariffs on China, despite suggesting an 80% levy “seems right,” indicating internal debate within his administration. At the same time, a newly announced US-UK trade deal, described as a "breakthrough," has lifted broader market sentiment. Chinese trade data also provided some optimism, with exports rising more than expected in April and oil imports up 7.5% from a year earlier, as refiners took advantage of low prices during plant maintenance.

Oil Heads for Weekly Gain on US-China Trade Talks

Arabica coffee futures hovered around $3.95 per pound, consolidating below two-month highs of nearly $4.15 hit on April 28, as the ongoing harvest in Brazil takes center stage amid tight stock levels. State-owned Conab has revised Brazil’s 2025 coffee harvest forecast, now expecting a 2.7% increase to 55.7 million 60 kg bags, up from an earlier estimate of a 4.4% decline to 51.8 million bags. This new projection is also 2.7% higher than the 2024 crop and marks an all-time high for an "off-year" in the biennial arabica coffee cycle.

Arabica Coffee Futures Below $4

European natural gas futures jumped over 9% to €35.7/MWh this week as easing gas-storage rules helped ease some supply concerns for the coming winter. Lawmakers in the EU voted to lower the gas storage target to 83% by November 1 from the current 90%, a move seen as more realistic given depleted inventories after a colder winter. This shift has boosted sentiment, suggesting storage facilities might now be easier to refill despite ongoing challenges. Still, the broader market remains on edge due to trade tensions and uncertain demand. While hopes for partial trade deals are providing some relief, volatility persists. EU gas stocks remain relatively low—at just 41.84% full—raising questions about Europe’s ability to prepare for next winter without heavy Russian imports. The EU’s goal of phasing out Russian gas by 2027 adds urgency to secure alternative sources, such as US LNG. However, global competition, especially from Asia during heatwaves, continues to pose upside risk to prices.

European Natural Gas Prices Climb Amid Bullish Shift

Silver prices steadied around $32.50 per ounce on Friday, following a volatile week as investors adopted a cautious stance ahead of high-stakes US-China trade negotiations scheduled for this weekend in Switzerland. The upcoming talks will see Chinese Vice Premier He Lifeng meet with US Treasury Secretary Scott Bessent , as both sides seek to ease escalating tariff tensions. The market is closely watching for any signals of de-escalation that could impact the broader commodity landscape. Meanwhile, US President Donald Trump announced a preliminary trade deal with the UK—the first since the imposition of sweeping tariffs last month. Elsewhere, US Federal Reserve Chair Jerome Powell reinforced a cautious monetary policy stance, warning of mounting risks to inflation and employment while dismissing calls for a preemptive rate cut to offset the economic fallout from tariffs.

Silver Holds Steady Ahead of Key US-China Trade Talks

TTF Gas increased to a 4-week high of 36.02 EUR/MWh. Over the past 4 weeks, Natural Gas EU Dutch TTF gained 7.85%, and in the last 12 months, it increased 20.5%.

TTF Gas Hits 4-week High

Malaysian palm oil futures fell below MYR 3,800 per tonne, reversing a strong rally in the prior session as bets of a production rebound raised concerns about a potential inventory build-up. Prices were near their lowest in eight months, amid growing caution ahead of monthly data from the Malaysian Palm Oil Council due next week. Reuters estimated that April stocks likely rose for the second month, while production surged 16.9%—the highest since November. For the week, futures were down over 2%, potentially marking a second straight weekly drop. Still, losses were capped by trade data from key buyer China, which showed resilient exports despite a slight drop in imports. Meanwhile, the first official U.S.-China trade negotiations are set for the weekend in Switzerland. President Trump said that tariffs on Chinese goods could be reduced if the talks proceed smoothly. In top consumer India, buyers may take advantage of low prices to rebuild stocks after five months of subdued demand.

Palm Oil Set for Second Straight Weekly Decline

Gold slipped to around $3,290 per ounce on Friday, falling for the third consecutive session, as optimism over US-China trade talks dented the appeal of safe-haven assets. Officials from both nations are scheduled to meet this weekend, raising hopes of progress in resolving trade disputes. The announcement of a US-UK trade agreement further eased concerns over global trade tensions. Adding to the downward pressure on the non-yielding metal, the Federal Reserve kept its key interest rate unchanged, as expected, while warning of rising risks tied to both inflation and unemployment—reinforcing its cautious stance on future policy moves. Fed Chair Jerome Powell also emphasized that the central bank is not considering a preemptive rate cut in response to potential economic fallout from tariffs. Despite recent losses, bullion remains on track for a weekly gain.

Gold Slips for Third Session

Brent crude oil futures rose toward $63 per barrel on Friday, modestly extending gains from the previous session and remaining on track for a weekly advance, supported by optimism over US-China trade talks. Officials from both countries are set to meet this weekend, raising hopes of progress in resolving trade tensions between the world’s two largest oil consumers—and ease concerns over global crude demand. The announcement of a US-UK trade agreement added to the upbeat sentiment. Earlier in the week, a larger-than-expected drop in US crude inventories and early signs of a potential supply correction also lent support to prices. However, gains remain limited by several headwinds, including OPEC+ plans to boost production, rising US economic uncertainty, and the potential impact of a US-Iran nuclear deal on global oil supply.

Brent Set for Weekly Gain

WTI crude oil futures rose to around $60 per barrel on Friday, modestly extending gains from the previous session and remaining on track for a weekly advance, supported by optimism over US-China trade talks. Officials from both countries are set to meet this weekend, raising hopes of progress in resolving trade tensions between the world’s two largest oil consumers—and ease concerns over global crude demand. The announcement of a US-UK trade agreement added to the upbeat sentiment. Earlier in the week, a larger-than-expected drop in US crude inventories and early signs of a potential supply correction also lent support to prices. However, gains remain limited by several headwinds, including OPEC+ plans to boost production, rising US economic uncertainty, and the potential impact of a US-Iran nuclear deal on global oil supply.

Oil Set for Weekly Gain

Copper decreased to a 4-week low of 4.46 USD/Lbs. Over the past 4 weeks, Copper gained 2.35%, and in the last 12 months, it decreased 4.29%.

Copper Hits 4-week Low

Wheat futures declined toward $5.1 per bushel, on Thursday, driven by improved harvest prospects in the U.S. Plains and weakness in related grain markets. Recent rainfall in key wheat-producing areas has delivered much-needed moisture, significantly boosting crop conditions and yield expectations. This weather development has eased concerns about potential supply shortfalls and contributed to bearish sentiment among traders.  The USDA also reported that U.S. new-crop wheat sales for the week ended May 1 reached 493,000 metric tons, exceeding trade expectations and reinforcing supply optimism. Traders also looked ahead to the USDA's May supply and demand report, due next Monday, which is expected to show steady wheat stock levels. Additionally, Canadian wheat stocks fell 1.2% from a year earlier to 15.4 million metric tons, but the decline failed to counter price pressure from favorable U.S. weather and strong sales.

Wheat Slides as U.S. Crop Outlook Brightens

Brent crude oil futures jumped 2.8% to settle at $62.8 per barrel on Thursday, lifted by renewed hopes for progress in upcoming trade talks between the US and China—key players in global oil demand. Optimism stemmed from news that US Treasury Secretary Scott Bessent would meet China’s top economic official on May 10 in Switzerland to negotiate an end to the trade conflict. The prolonged US-China trade tensions have raised concerns about reduced global crude consumption, but signs of diplomatic engagement helped ease market fears. Meanwhile, the announcement of a US-UK trade agreement added to the positive sentiment. On the supply side, OPEC+ plans to increase production, which could limit further price gains. Additionally, oil markets remain sensitive to geopolitical developments, including the potential impact of a US-Iran nuclear deal on supply levels.

Brent Crude Rallies on Renewed US-China Trade Optimism

WTI crude oil futures climbed nearly 3.2% to settle at $59.9 per barrel on Thursday, lifted by renewed hopes for progress in upcoming trade talks between the US and China—key players in global oil demand. Optimism stemmed from news that US Treasury Secretary Scott Bessent would meet China’s top economic official on May 10 in Switzerland to negotiate an end to the trade conflict. The prolonged US-China trade tensions have raised concerns about reduced global crude consumption, but signs of diplomatic engagement helped ease market fears. Meanwhile, the announcement of a US-UK trade agreement added to the positive sentiment. On the supply side, OPEC+ plans to increase production, which could limit further price gains. Additionally, oil markets remain sensitive to geopolitical developments, including the potential impact of a US-Iran nuclear deal on supply levels.

WTI Oil Jumps as US-China Talks Rekindle Trade Hopes

Cotton futures fell below 67 cents per pound, pressured by a stronger dollar and weak sentiment across the broader grains market. The dollar gained strength against a basket of currencies after President Trump announced a tariff agreement with the UK, making U.S. cotton more expensive for international buyers. Still, the USDA’s latest weekly report showed a moderate rise in exports, with upland cotton shipments totaling 394,900 running bales—an 8% increase from the previous week and 16% above the prior four-week average. The report also indicated net sales of 65,800 running bales for the 2024/2025 marketing year and 37,400 for 2025/2026. Rogers Varner, president of Varner Brokerage, described the sales as solid for old crop but weak for new crop, ultimately calling the report “neutral.”

Cotton Futures Drop 1% as Stronger Dollar Weighs

Sugar futures climbed to near 17.5 cents per pound, their highest in over a week, benefiting from surging prices of  crude oil. On the supply side, the weather remains favorable in the main producing regions, and Brazil has seen a positive start to the harvest, with a forecast production of 45 million tons of sugar. In India, the outlook is also optimistic: the United States Department of Agriculture (USDA) projects a 26% increase in production for the 2025/26 harvest, driven by good monsoon rains.

Sugar Futures Up to Over 1-Week High

Cocoa futures declined toward $8,900 per tonne, retreating from a two-week high of $9,200 reached on May 7th, with dealers pointing to the upcoming expiry of the May contract as a key short-term driver, noting a sharp narrowing of its premium over the July contract. Additionally, a steady flow of cocoa arrivals, most recently from Nigeria, was seen boosting deliverable supply levels. Meanehilw, traders remained focused on the mid-crop outlook in key producing countries. Local reports indicated that above-average rainfall in top grower Ivory Coast last week should improve the size of the mid-crop, which is currently being harvested, although there remain significant concerns about the quality of the beans. Cocoa processors have rejected truckloads of Ivory Coast beans, reporting 5–6% of mid-crop cocoa as poor quality, compared to just 1% in the main crop.

Cocoa Futures Off 2-Week Highs

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry commodities, was down for a second day on Thursday, slipping 4.2% to its lowest since April 23 at 1,316 points, amid low demand for the larger segment. The capesize index, which transports 150,000-ton cargoes like iron ore and coal, plunged about 9.5% to a more than two-week low of 1,752 points. Meanwhile, the panamax index, which usually tracks vessels carrying 60,000-70,000 tons of coal or grains, edged up one point to 1,363 points; and the supramax index increased seven points to 968 points.

Baltic Dry Index Eases for 2nd Day

US natural gas futures climbed above $3.70/MMBtu, reaching a four-week high, as reduced supply and record LNG exports supported prices. Output is projected to drop by around 5.5 billion cubic feet per day (bcfd), hitting a 10-week low of 102.6 bcfd. Also, flows to the Freeport LNG plant in Texas are rebounding sharply after an outage on Tuesday. Deliveries to the facility surged from 0.3 bcfd Tuesday to a projected 1.8 bcfd Wednesday. In April, LNG exports averaged a record 16.0 bcfd, reaffirming the US as the world’s top exporter. Meanwhile, analysts estimate that gas in underground storage rose by 101 billion cubic feet (Bcf) last week, far above the 5-year average of 79 Bcf, due to mild weather and soft demand. This would push the surplus to 27 Bcf versus the average, though inventories remain 415 Bcf below last year.

US Natgas Prices Rise to 4-Week High

Copper futures in the US fell to $4.55 per pound on Thursday, extending its volatile momentum to a near one-month low and underperforming other base metals as weaker global demand coincided with increasing domestic supply. Manufacturing PMIs in China, the US, and Europe all reflected contracting factory activity in manufacturing hubs, limiting the outlook on demand for base metals. In the meantime, ample ore output from South America amplified the backdrop of oversupply, with the International Copper Study Group doubling its forecast on this year's surplus to nearly 300,000 tonnes. Consequently, increasing risks of a glut drove Chinese traders to close long positions on US copper futures, which were mostly open after Trump announced a probe to tariff copper imports. This coincided with the sharp increase in US copper inventories as metal flowed back into the United States for factories to avoid shield themselves from levy risks.

Copper Pulls Back to 1-Month Low

Natural gas increased to a 4-week high of 3.69 USD/MMBtu. Over the past 4 weeks, Natural gas lost 3.58%, and in the last 12 months, it increased 59.91%.

Natural gas Hits 4-week High

Iron ore futures in China fell to CNY 700 per tonne in May, testing the lowest level in seven months, as macroeconomic headwinds and regulatory overhauls are expected to dent demand for ferrous metals in China. Reports suggested that Beijing may prohibit property developers from selling homes before their completion, removing a key source of financing for firms. This would add to cash pressures on the debt-ridden sector, risking large-scale liquidations and removing a major source of bidding for global steel markets. If confirmed, the overhaul would add to the oversupply of ferrous metal in China and drive Beijing to cut output. Baosteel signaled that the central government will likely mandate a nationwide output cut in steel goods to combat overcapacity and weaker demand. While the government has not specified the magnitude of the cut, reports indicated that supply could fall by 50 million tonnes this year.

Iron Ore Tests 7-Month Low

Steel rebar futures eased to CNY 3,070 per tonne from the one-month high of CNY 3,100 touched May 7th, as the poor demand outlook for ferrous metals offset signals of lower steel supply. Reports indicated that Beijing may overhaul the country's laws to halt sales of homes before their completion. If done, the rule would remove a key source of financing for major property developers and magnify the financial stress for the debt-ridden sector, limiting steel buying from major source of global rebar demand. In the meantime, Baosteel signaled that Beijing will likely mandate a nationwide output cut in steel goods to combat overcapacity and weaker demand. While the government has not specified the magnitude of the cut, reports indicated that supply could fall by 50 million tonnes this year. This was after the NBS PMI suggested that Chinese manufacturing unexpectedly sank in April as the exchange of tariffs between Beijing and Washington drove export orders to fall to an over two-year low.

Copper is down by 2%

Solar Energy Index increased to a 5-week high of 30.06 USD. Over the past 4 weeks, Solar Energy Index gained 14.5%, and in the last 12 months, it decreased 29.34%.

Solar Energy Index Hits 5-week High

Gold extended its recent decline to around $3,360 per ounce on Thursday, as a cautious outlook on US interest rates weighed on the appeal of the non-yielding asset. The Federal Reserve held its benchmark rate steady as expected and warned of rising risks of both inflation and unemployment, reinforcing its cautious stance on future rate changes. Fed Chair Jerome Powell also stated that the central bank is not considering a preemptive rate cut in response to potential economic fallout from tariffs. Meanwhile, uncertainty surrounding US-China trade talks helped limit further losses. President Trump said he would not consider reducing the US’s 145% tariffs on China to advance negotiations with Beijing, ahead of a scheduled meeting between US and Chinese officials in Switzerland—dampening hopes for a breakthrough.

Gold Extends Losses

Silver prices rose over 1% to approach $33 per ounce on Thursday, recovering losses from the previous session as investors sought refuge in safe-haven assets amid persistent economic and trade uncertainties. The rebound followed the Federal Reserve’s decision on Wednesday to hold interest rates steady, as expected. However, Chair Jerome Powell adopted a cautious tone, highlighting rising risks to both inflation and employment, and dismissing the possibility of a preemptive rate cut to mitigate potential economic fallout from new tariffs. On the trade front, President Donald Trump announced via Truth Social that he would hold a news conference Thursday to unveil a deal with a “big” country, reportedly the United Kingdom. Meanwhile, he reiterated that he would not roll back tariffs on China as a precondition for starting trade talks, ahead of this weekend’s scheduled U.S.-China negotiations in Switzerland.

Silver Prices Climb on Safe-Haven Demand

Copper futures rose above $4.60 per pound on Thursday, recouping some losses from the previous session as signs of robust demand in China, the world’s largest consumer of the metal, boosted market sentiment. Analysts pointed to strong procurement activity from State Grid Corp of China, which has driven increased orders among wire and cable manufacturers. Additional support came from data showing that home appliance sales in China surged nearly 16% during the five-day holiday at the start of May, signaling healthy consumer demand. Meanwhile, representatives from the US and China are set to meet in Switzerland this weekend to discuss trade issues, raising optimism around a potential deal. Elsewhere, China's central bank reinforced stimulus momentum earlier this week by announcing a 10 basis point cut to key lending rates and a 50 basis point reduction in banks’ reserve requirement ratio, further supporting the demand outlook.

Copper Rises on Signs of Robust Demand

Malaysian palm oil futures were little changed, hovering near MYR 3,730 per tonne after a seven-session losing streak that pushed prices to an almost eight-month low. Traders assessed reports that U.S. President Trump may soon announce a major trade deal, possibly with the U.K., helping ease global trade concerns. At the same time, market participants awaited key data from China, including trade figures and CPI/PPI readings. Meanwhile, a monthly report from the Malaysian Palm Oil Council (MPOC) is due next week. Reuters projects that April inventories rose for a second consecutive month, while production likely jumped 16.9%, the highest since November. So far this week, futures are down nearly 4%, marking a second straight weekly decline, as bets of a production rebound fueled concerns about a potential stock build-up. Supporting this view, a palm oil millers' association reported a 60% surge in output during May 1–5 compared to the previous month.

Palm Oil Stabilizes After Seven-Session Decline

Brent crude oil futures rose above $61 per barrel on Thursday, paring losses from the previous session, supported by a larger-than-expected drop in US crude stocks and early signs of a potential supply correction. Government data showed crude stockpiles fell by over 2 million barrels last week, surpassing the anticipated 1.7 million-barrel draw. However, a rise in gasoline prices raised concerns that demand may not be picking up as the US heads into the summer driving season. Despite the modest rebound, oil prices remained near multi-year lows, pressured by ongoing uncertainty surrounding the US-China trade talks—the world’s two largest oil consumers. Additional headwinds came from OPEC+ plans to accelerate production increases, while the Federal Reserve left interest rates unchanged as expected and cautioned that economic uncertainty continues to rise.

Brent Pares Losses

WTI crude oil futures rose above $58 per barrel on Thursday, paring losses from the previous session, supported by a larger-than-expected drop in US crude stocks and early signs of a potential supply correction. Government data showed crude stockpiles fell by over 2 million barrels last week, surpassing the anticipated 1.7 million-barrel draw. However, a rise in gasoline prices raised concerns that demand may not be picking up as the US heads into the summer driving season. Despite the modest rebound, oil prices remained near multi-year lows, pressured by ongoing uncertainty surrounding the US-China trade talks—the world’s two largest oil consumers. Additional headwinds came from OPEC+ plans to accelerate production increases, while the Federal Reserve left interest rates unchanged as expected and cautioned that economic uncertainty continues to rise.

Oil Pares Losses

Gold rose to around $3,390 per ounce on Thursday, trimming losses from the previous session, as uncertainty surrounding US-China trade talks boosted the metal’s safe-haven appeal. President Trump stated he would not consider reducing the US’s 145% tariffs on China to advance trade-war negotiations with Beijing, ahead of a scheduled meeting between US and Chinese officials in Switzerland—dampening hopes for a breakthrough. Meanwhile, exerting pressure on the non-yielding asset, the Federal Reserve held its benchmark interest rate steady as expected and warned of rising risks of both inflation and unemployment, reinforcing a cautious stance on future rate changes. Fed Chair Powell also noted that the central bank is not considering a preemptive rate cut in response to the potential economic impact of Trump’s tariffs.

Gold Gains on Trade Talk Doubts

Soybeans decreased to a 4-week low of 1028.00 USd/Bu. Over the past 4 weeks, Soybeans gained 1.61%, and in the last 12 months, it decreased 13.78%.

Soybeans Hits 4-week Low

Brent crude oil fell roughly by 1.7% to above $61.1 per barrel on Wednesday, pressured by rising economic uncertainty and cautious optimism ahead of US-China trade talks. Both oil benchmarks hit four-year lows this week, pressured by OPEC+ speeding up output increases, raising fears of oversupply amid waning demand from the U.S.-China trade war. The trade talks, set to take place in Switzerland, are seen as a potential first step in easing the trade dispute that has disrupted global markets, though expectations for a breakthrough remain low. The Federal Reserve’s decision to hold rates steady underscored concerns about rising inflation and unemployment, adding to market caution. Fed Chair Powell signaled a patient approach, saying it's too early to determine which risk—inflation or unemployment—will dominate. Meanwhile, EIA data showed U.S. crude inventories fell by 2.032 million barrels last week, surpassing expectations.

Brent Retreats as Uncertainty Mounts

WTI crude oil futures dropped 1.7% to above $58 per barrel on Wednesday, pressured by rising economic uncertainty and cautious optimism ahead of US-China trade talks. Both oil benchmarks hit four-year lows this week, pressured by OPEC+ speeding up output increases, raising fears of oversupply amid waning demand from the U.S.-China trade war. The trade talks, set to take place in Switzerland, are seen as a potential first step in easing the trade dispute that has disrupted global markets, though expectations for a breakthrough remain low. The Federal Reserve’s decision to hold rates steady underscored concerns about rising inflation and unemployment, adding to market caution. Fed Chair Powell signaled a patient approach, saying it's too early to determine which risk—inflation or unemployment—will dominate. Meanwhile, EIA data showed U.S. crude inventories fell by 2.032 million barrels last week, surpassing expectations.

Oil Slides on Fed Caution and Trade Talk Uncertainty

Silver prices extended losses toward $32.50 per ounce on Wednesday, pulling back from a two-day rally after the Federal Reserve left its key interest rate unchanged. The Fed maintained its cautious stance as it monitors the impact of shifting trade policies under the Trump administration on a slowing economy. Citing elevated uncertainty and market volatility, officials highlighted growing risks of both inflation and unemployment. Silver, like other safe-haven assets, came under pressure as improved risk sentiment weighed on demand. The decline was triggered by news that U.S. and Chinese officials will meet in Switzerland later this week to discuss trade, fueling optimism over potential tariff negotiations. Global market sentiment was further lifted by the People’s Bank of China’s decision to cut interest rates to support growth, reinforcing the risk-on mood.

Silver Holds Losses as Fed Holds Rates

Gold trimmed earlier losses and hovering around $3,400 per ounce on Wednesday after the Federal Reserve held its benchmark interest rate steady, resisting mounting political pressure to ease monetary policy. The central bank kept rates in the 4.25%–4.5% range, citing ongoing economic uncertainty and increased market volatility. In its post-meeting statement, the Fed highlighted rising risks of both inflation and unemployment, reinforcing a cautious stance on future rate adjustments. Earlier in the session, gold came under pressure as news emerged that U.S. and Chinese officials are set to meet this week—a development that weighed on demand for safe-haven assets. The talks are viewed as a potential breakthrough in easing trade tensions, which escalated sharply last month when President Trump raised tariffs on Chinese imports to 145% while reducing them for most other U.S. trading partners. In retaliation, China imposed steep tariffs of its own, further straining global trade dynamics

Gold Trims Losses After Fed Decision

Cocoa futures climbed above $9,100 per pound, touching their highest level since April 25th, as traders remained focused on the mid-crop outlook in key producing countries. Dealers said that above-average rainfall in top grower Ivory Coast last week should improve the size of the mid-crop, which is currently being harvested, although there remain significant concerns about the quality of the beans. Cocoa processors have rejected truckloads of Ivory Coast beans, reporting 5–6% of mid-crop cocoa as poor quality, compared to just 1% in the main crop. Still, prices have fallen more than 20% so far this year, weighed down by concerns about weak demand and improving crop outlook.

Cocoa Futures at Near 2-Week High

Brent crude oil futures fell 1% to $61.5 per barrel, following a 3.4% rebound the previous day, despite data from the EIA showing a larger-than-expected draw in US crude oil inventories. Stocks dropped by 2.032 million barrels last week, surpassing the market expectation of a 1.7 million barrel decrease. However, oil markets continue to face pressure after OPEC+ announced plans to accelerate production increases, raising oversupply fears at a time when US tariffs have dampened the global demand outlook. Despite the recent price slump to four-year lows, signs of a potential supply correction are emerging. Some US producers, including Diamondback Energy and Coterra Energy, are responding by reducing drilling activity, which analysts believe could tighten supply and help lift prices over time. Meanwhile, traders are also awaiting the Federal Reserve’s rate decision, with expectations that it will hold rates steady amid growing economic uncertainty linked to ongoing trade tensions.

Oil Resumes Fall

WTI crude oil futures fell 1% to $59.5 per barrel, following a 3.4% rebound the previous day, despite data from the EIA showing a larger-than-expected draw in US crude oil inventories. Stocks dropped by 2.032 million barrels last week, surpassing the market expectation of a 1.7 million barrel decrease. However, oil markets continue to face pressure after OPEC+ announced plans to accelerate production increases, raising oversupply fears at a time when US tariffs have dampened the global demand outlook. Despite the recent price slump to four-year lows, signs of a potential supply correction are emerging. Some US producers, including Diamondback Energy and Coterra Energy, are responding by reducing drilling activity, which analysts believe could tighten supply and help lift prices over time. Meanwhile, traders are also awaiting the Federal Reserve’s rate decision, with expectations that it will hold rates steady amid growing economic uncertainty linked to ongoing trade tensions.

US heating oil futures fell below $2 per gallon, approaching the nearly four-year low of $1.977 reached on May 5th, as energy markets continued to face pressure from persistent supply-demand imbalances. OPEC+’s decision to raise output by 411,000 barrels per day in June—matching May’s increase and adding over 800,000 barrels of additional daily supply over two months. This uptick in production has heightened oversupply concerns, particularly as President Trump’s tariffs fuel fears of a global economic slowdown that could curb fuel demand. Further pressuring prices, U.S. distillate fuel inventories dropped by 1.11 million barrels in the week ending May 2nd—short of the expected 1.4 million-barrel draw—while heating oil stocks rose by 123,000 barrels, marking a second consecutive weekly build.

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