Energy: Small weekly gain for oil, which is back on the rise after two weeks of declines. Operators are coming to terms with geopolitical tensions and believe that the recent events between Iran and Israel are over. Other catalysts are taking over, notably the Fed's monetary policy. The threat of higher interest rates for a long time to come weighs on oil. Meanwhile, the latest US inflation data, the PCE index, in line with economists' expectations, alleviates this danger somewhat. In terms of prices, Brent is trading at around USD 87, while WTI is trading at around USD 82.50.

Metals: Copper remains on an uptrend in London, where it is trading at around USD 9965 (spot price). This strong momentum is partly due to the weakening of the greenback, and partly to a less rosy outlook for supply. Chile, a heavyweight in copper production, has revised downwards its outlook for production growth this year. Its national production is expected to reach 5.51 million tonnes, compared with the previous estimate of 5.63 million tonnes. Anglo American rejected a takeover bid from rival BHP Group, a failed attempt at sector concentration. In precious metals, the ounce of gold caught its breath and lost ground at USD 2,335.

Agricultural products: The price of wheat rebounded significantly in Chicago, rising from 570 to 640 cents in one week (for the July 2024 contract). The latest report from the US Department of Agriculture (USDA) is rather mixed for this crop, pointing to both a slowdown in US wheat exports and a deterioration in crop conditions. Corn was also up, but by a more modest 450 cents per bushel.