In this Viewpoint, we discuss how supply disruptions, geopolitical risks and shifting trade flows are reshaping commodity markets, and what this means for energy, precious metals and copper.

 

Key takeaways:

  • Supply disruptions and geopolitical risks will keep energy markets volatile for some time. Over the longer term, trade flow adaptation points to lower oil prices, but European gas supply should remain tight through winter.
  • Precious metals retain diversification appeal, with central bank demand supporting gold. Silver offers potential upside from structural growth in some industries but expect volatility too.
  • Copper is likely to remain supported by electrification, AI infrastructure and constrained mine supply, despite still-weak Chinese construction and short-term uncertainty around US import tariffs.

The PERSPECTIVES Viewpoint is currently available and client-ready for the following regions: Germany, Americas, Europe, Middle East, Africa and Asia Pacific.

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