Commodity Tracker Fragile Calm

ANZ Research highlights that commodity markets remain in a 'fragile calm,' with critical supply risks in oil, gas, and aluminium currently underpriced by investors.

Key Takeaways

• 1.Global oil supply losses, particularly from the Middle East and Russia, are significantly underpriced despite a recent drop in price volatility.
• 2.Geopolitical tensions in the Persian Gulf and drone attacks on Russian facilities pose a sustained threat to energy and industrial metal supply chains.
• 3.Precious metals are facing short-term headwinds from rising USD and yields driven by inflation fears, though structural demand from central banks remains high.

Table of Contents

• Commodity market scoreboard
• Energy
• Precious metals
• Critical minerals
• Bulks
• Important notice

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