Energy : Despite a slight upturn at the end of the week, enabling Brent crude to return to USD 80 a barrel, oil has suffered. OPEC+'s decision to pave the way, by the end of the year, for an easing of production cuts, put black gold under pressure. The European gas market was marked by high volatility. Dutch TTF futures jumped over 10% following a fault on the Langeled pipeline linking Norway to the UK. The disruption highlighted Europe's dependence on Norwegian supplies, exacerbating fears of price volatility.

Metals : The week's biggest swings were in industrial metals. Fears over global growth, following a series of lower-than-expected indicators in the USA, weighed heavily on nickel (-9%) and zinc (-6%) prices. Copper prices in London headed for a third weekly fall, dropping below the symbolic level of USD 10,000 per tonne. China's trade data, with encouraging exports overshadowed by weak imports, helped maintain copper's bearish trend.

Agricultural commodities : Cocoa rebounded by 5% after its recent consolidation. Cotton and soybean prices came under pressure, while wheat stabilized. Precious metals lost ground early in the week, before rebounding later. The ounce of gold even recovered 1.5% on the weekly sequence.