Energy: Oil markets are navigating between prospects of increased OPEC+ production and hopes of easing Sino-US tensions, which is keeping price movements mixed but positive. Trade talks in London between the US and China have revived optimism about economic growth and, by extension, oil demand. Brent rose 4.5% last week. OPEC+ is sticking to its strategy of increasing production in July, set at 411,000 barrels per day. Finally, uncertainty remains over a possible nuclear deal between the US and Iran. Earlier this week Tehran announced that it will soon submit its proposal for a potential agreement on its nuclear program to the US.
Metals: In London, copper is also benefiting from the dialogue between China and the US. In addition, stocks are falling on the LME, a trend linked to expectations of the application of possible tariffs after the trade truce. These two factors are pushing copper to $9,756 (spot price). Copper is thus approaching its annual record high of around $10,000 reached at the end of March. In precious metals, the price of gold rebounded to over $3,360 per ounce last week, supported by trade concerns and geopolitical tensions, including the escalation of conflicts in Ukraine and the failure of peace talks in Turkey. Although the pace of gold purchases by central banks slowed in April, overall demand remains strong for the barbarous bargain, which has risen by around 27% since the beginning of the year.
Agricultural products: Coffee and cocoa prices rebounded last week. And not just a little, with respective gains of 7% and 5%. In Chicago, wheat prices are recovering (542 cents per bushel) due to supply difficulties in the Black Sea. In contrast, corn prices have lost ground (436 cents per bushel), undermined by the slowdown in US exports.
