Industrial metals. Copper prices retreated at the end of the week in a context of risk aversion, in the run-up to new US tariff measures. Although copper posted a 12% rise over the quarter, its best performance in four years, uncertainties surrounding Washington's trade sanctions are holding back buyers. The risk of taxation on imported copper could lead to an influx into LME warehouses, weighing on prices. Aluminum remained stable, while zinc, lead and nickel fell slighty, with the exception of tin, up 3%.

Oil. Oil prices eased slightly on Friday but remain close to their monthly highs, supported by tighter global supply. Washington imposed sanctions on Venezuelan crude importers and tightened its control over Iranian oil, upsetting the market balance. Trade tensions are fuelling uncertainty, but an unexpected drop in US crude inventories has limited the price correction. However, analysts expect price gains to remain limited against a backdrop of global economic turbulence.

Precious metals. Gold broke through an all-time record at over $3100 per ounce, buoyed by strong demand for safe-haven assets in a tense climate. The yellow metal thus set its 17th annual record, supported by central bank purchases and flows into ETFs. Silver, platinum and palladium also advanced. Goldman Sachs is now forecasting a gold price of $3,300 by the end of 2025, betting on structurally strong demand.

Agricultural commodities. Agricultural commodities were mixed. Coffee gained 0.7%, but remained down on the week, reflecting more favorable weather in Brazil and fears about demand. Raw sugar remained stable. Cocoa continues to soar, with a weekly gain of 4%, due to an expected drop in the intermediate harvest in Côte d'Ivoire.