Commodity Compass Weekly

Strong U.S. jobs data, sticky inflation, firming yields, and mixed global growth signals contributed to a choppy week for commodity markets, while a strengthening dollar and buoyant equities encouraged investors to rotate between safe‑haven metals and riskier assets. Grain prices remain under pressure and we saw this in the market reaction to one of the top Ag equities this week.

Gold futures get a boost, and then the fade, from tariff announcements out of the White House. Grains continue to get hit while the cattle market continues its magnificent bull run. However, Friday's move in cattle push caution into the weekend.

Gold gets a Friday boost. Comex Copper Corrects on tariffs clarifications. And agriculture saw mostly red throughout last week.

A stronger U.S. dollar and a raft of economic data set the tone for commodities last week. Solid U.S. jobless‑claim figures bolstered confidence in the labour market and reinforced expectations that the Federal Reserve would leave rates unchanged, curbing demand for safe‑haven metals. However, durable goods orders slid and Chinese fiscal revenue contracted, raising concerns about a slowdown in industrial activity and dragging on oil markets.

The commodity markets last week were decidedly quieter than previous weeks, with the exception of some key news out of soybean demand and biofuel production in the United States. We also have some analysis on the news out of the DoD on their position with MP Materials and the Mountain Pass rare earth operation.

We take a look at the shortened week last week before President Trump signed into law his One Big Beautiful Bill. The metals continued to rise, oil shook off geopolitical risk premium and the grains may have found a floor.

We have a look at last week's move within the commodity sector, with gold and oil correcting after de-escalation in Iran. The grains continue to show weakness while PGMs continue their winning streaks.

Before the weekend, commodity markets experienced notable fluctuations. But on Saturday evening, the United States, in coordination with Israel, launched airstrikes on three key Iranian nuclear facilities: Fordow, Natanz, and Isfahan. Markets remain fluid, as speculators await any type of response from the Iranian government.

This week on The Commodity Compass, we break down a volatile rally across precious metals, energy, and agriculture. Gold and silver surged as geopolitical tensions and safe-haven demand drove prices to multi-year highs. WTI crude jumped over 13% following escalating conflict between Israel and Iran, while a sixth straight decline in U.S. rig counts added fuel to the fire. Meanwhile, wheat and soybeans climbed on adverse weather and export demand, rounding out a week of broad-based commodity strength.

Silver, platinum and palladium had big weeks this past week. Oil saw a big bounce as US rig counts continue to drop. And we talk about the stagnation in the uranium spot market.