Energy: Oil prices are picking up again at the start of the year, against a backdrop of favorable demand in the USA, which is preparing to face a cold snap from the Arctic. Beyond the demand aspect, US oil supply could also be temporarily impacted, particularly in Texas. In terms of prices, Brent is trading at 77 USD, while WTI is trading at around USD 74. Still on the subject of energy, the price of natural gas has risen sharply in Europe. The Rotterdam TTF has risen from 40 to 50 EUR/MWh in 15 days. The flow of Russian gas via Ukraine came to a definitive end this week, following the expiry of a contract signed between the two countries.

Metals: The year has changed, but the central scenario remains the same... Financials are waiting for further economic stimulus from China to turn positive on industrial metals. The latest economic data and Beijing's growth target for 2025 are not generating any enthusiasm. A tonne of copper is trading at USD 8800 in London (spot price). As for gold, the precious metal is starting the year on an upward trend, despite the greenback's appreciation. An ounce of gold is currently trading at around USD 2640.

Agricultural products: The price of corn continues to climb in Chicago, supported by concerns over Russian supply, while US exports remain high according to data from the US Department of Agriculture. Corn reached 460 cents a bushel (March 2025 contract), a level not seen since June 2024.