Energy: Crude prices are treading water, much like the talks between Moscow and Washington on Ukraine, which have so far not resulted in significant progress. Ukraine is also keeping up pressure on the Russian energy infrastructure. After targeting two tankers in the Black Sea last week, the Ukrainian army says that it has struck Russia's Syzran oil refinery. Also on the geopolitical front, tensions between the United States and Venezuela are rising, which could disrupt Venezuelan oil exports in the event of US intervention. Finally, OPEC+ is maintaining its production target for early 2026. Discussions over members' maximum production capacity remain a source of internal conflict. As for prices, Brent is trading at around $62.60 per barrl, versus $59 for WTI.
Metals: Copper set a new record on the London Metal Exchange (LME), reaching $11,635 a ton. The rise is due to a weaker dollar and lower output in Chile, the world's leading producer. Since January 1, copper has risen by over 30%. Gold is also gained ground at $4,205 per ounce. The yellow metal is supported by central bank buying, with a net purchase of 53 tonnes in October, according to the World Gold Council. Poland and Brazil stand out with large purchases. In the nearer term, gold benefits from two major supports: a weaker greenback and widespread expectations of Fed rate cuts. Silver is also extending its rally and is trading at $58.60.
Agricultural products: Wheat prices are steady in Chicago. The market is closely watching developments in Black Sea tensions while, on the production side, global supply remains abundant. A bushel of wheat (March 2026 contract) is trading around 539 cents. Soybeans are giving up a bit of ground (1,128 cents a bushel, January 2026 contract), hurt by the absence of new Chinese orders. Finally, corn is edging up to 445 cents (March 2026 delivery).Â
