Commodities Tracker

The May 2026 Commodities Tracker highlights a global pivot toward energy security via nuclear power and rare earth supply chain diversification amid persistent geopolitical tensions in the Strait of Hormuz. While Chinese demand for critical minerals remains robust in tech sectors, broader commodity markets face headwinds from higher-for-longer interest rates and regional supply disruptions.

Key Takeaways

• 1.The prolonged closure of the Strait of Hormuz is driving global energy security concerns, accelerating nuclear energy plans in Asia and Africa.
• 2.China's demand for copper remains bifurcated, with strong grid and EV consumption offset by property sector weakness and cautious macro sentiment.
• 3.Global rare earth supply chains are intensifying ex-China integration, exemplified by USA Rare Earths' acquisition of Brazilian miner Serra Verde.

Table of Contents

• Nuclear Energy & Uranium
• Base Metals and Copper
• Gold and Silver
• Critical Minerals, Battery Tech, and Lithium
• Oil and Gas
• Charts & Graphs
• Disclosures
• Footnotes

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