Report Type

Commodities Strategy Research Hub

The commodities sector is currently undergoing a broad correction, primarily driven by technical liquidations in precious metals and easing supply pressures in energy markets. Gold recently experienced its steepest one-day decline in 13 years following the nomination of Kevin Warsh as Fed chair, which bolstered the US dollar and triggered significant CTA and retail ETF exits. Despite extreme volatility reaching a 5-z-score extreme, analysts view this as a mid-cycle correction rather than a trend reversal, citing structural supports like central bank diversification and declining real rates. Technically, gold has tested its 50-day moving average near $4,600, though a breach could see prices test a secondary structural floor at $4,250. In the energy space, while Brent crude briefly spiked to $70/bbl due to transient weather disruptions, OPEC+ has committed to production pauses through 1Q26, with price forecasts trending toward $62/bbl by March 2026. Ultimately, high options theta costs and extreme volatility suggest a period of consolidation between $4,500 and $4,800/oz is necessary before the forecasted recovery toward $6,200/oz can materialize.

39 reports available

What's Next For US Copper Import Tariffs

ING·Jun 12, 2026

The US is nearing a decision on potentially imposing a 15% tariff on refined copper imports by 2027, which has already caused significant stockpiling in the US. This policy uncertainty has driven a $400/t spread between COMEX and LME copper prices.

CIO Active Commodity Strategy

UBS·Jun 4, 2026

UBS maintains a constructive outlook on commodities, citing structural demand and supply constraints, while transitioning to an active investment approach to optimize risk-adjusted returns.

CIO View: Silver

UBS Switzerland AG·Jun 11, 2026

UBS has lowered its silver price forecasts due to a shifting interest rate environment and reduced investment demand, leading to a balanced market forecast for 2026. The firm continues to favor a strategy of selling volatility for yield generation.

Higher In Steps

UBS·May 25, 2026

UBS remains bullish on copper, forecasting prices to reach USD 15,500/mt by mid-2027 driven by a widening 520,000 mt market deficit. Supply constraints in China, Chile, and Indonesia are offsetting mixed demand signals from global manufacturing.

The Commodities Feed: Supply Worries Remain as US Extends Russian Oil Waiver

ING·May 19, 2026

ING highlights significant oil price volatility driven by US-Iran tensions and the extension of a US waiver for Russian oil sales to June 17. Metals and agriculture face headwinds from weak Chinese demand and improved supply outlooks respectively.

Oil Analyst: Weaker Demand Offsets A Longer Hormuz Disruption

Goldman Sachs·Jun 11, 2026

Goldman Sachs maintains its $90/bbl Brent forecast for 2026Q4 as weaker global demand partially offsets the supply disruption in the Strait of Hormuz. The 2027 price outlook was lowered to $80/bbl reflecting higher supply projections in the UAE and the Americas.

Waiting for Demand to Return

UBS·May 25, 2026

Brent vs Copper

Goldman Sachs International·May 21, 2026

The Vault Short Term Headwinds

ANZ·May 15, 2026

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