Energy : The wait-and-see attitude is palpable on the oil markets, torn between the latest increase in weekly US inventories, the fourth in a row, and the risk appetite of financiers. This appetite has been galvanized by a cascade of record highs on the equity markets. Against this backdrop, Houthi attacks in the Red Sea continued, without disrupting global oil supplies. European Brent crude fell back to 81.40 USD, while US WTI gave up some ground to 77 USD a barrel. In Europe, despite more wintry weather, natural gas prices continue to fall, to 22-23 EUR/MWh.

Metals : Industrial metal prices generally followed an upward trajectory last week on the London Metal Exchange. This suggests that operators are welcoming China's new measures to support its real estate sector. Copper is trading at around USD 8580 per metric ton, zinc is up to USD 2380 and aluminum is around USD 2200. Gold is also gaining ground, at USD 2025. Despite the prevailing risk appetite and rising bond yields, the golden metal has managed to make headway - a fine performance that should be applauded!

Agricultural products: One week follows another in the soft commodities segment, as grain prices continue to languish in Chicago. The only exception is cocoa, whose price continues to soar.