Energy: Volatility has risen a notch, even two, on oil prices, which are particularly sensitive to growing tensions in the Middle East. Traders fear possible Israeli reprisals against Iran. The United States is working to ensure that Iran's oil infrastructure and nuclear program are not targeted, fearing that this could prompt Iran to target oil facilities in the Gulf in return. At the same time, supply disruptions caused by Hurricane Milton helped to sustain buying initiatives. On the price front, crude prices advanced last week, with Brent and WTI trading at 77.50 (after reaching a weekly peak of USD 81) and 73.50 USD respectively. Nevertheless, as we have repeatedly stated in this section, the oil market is adequately supplied, despite OPEC+'s policy. Against this backdrop, OPEC has once again lowered its forecast for global oil demand. This is the third downward revision, which could put a damper on prices this week.

Metals: It's hard to know which way to turn in the industrial metals segment, which vibrates to the rhythm of announcements from Beijing. It's clear that the market is still hungry for more. As a result, copper lost ground this week on the LME, at USD 9723 per metric ton (cash price). Nickel (USD 17541), aluminum (USD 2586) and zinc (USD 3086) followed suit. In precious metals, gold has to contend with a sharp rise in bond yields, which is limiting its upside potential. The golden metal is trading at around USD 2,650.

Agricultural products: Wheat and corn prices diverged last week in Chicago. Wheat gained height to 602 cents (contracts expiring December 2024), while corn lost ground to 418 cents. Still in the soft commodities segment, volatility remains high in cocoa prices, which jumped nearly 10% this week, after losing nearly 20% last week.