Commodities

Copper is an industrial metal essential to electrification, construction, electronics and industrial machinery. Sometimes called "Dr Copper" for its ability to gauge economic health, its price is closely watched as a leading indicator of global manufacturing activity and infrastructure investment. The global energy transition — requiring vast amounts of copper for electric vehicles, wind turbines and power grids — is expected to drive strong demand growth.

Natural gas is a key fossil fuel used for heating, electricity generation and industrial processes. The Henry Hub benchmark in Louisiana sets the US reference price. Global demand is driven by seasonal heating needs and the increasing role of liquefied natural gas (LNG) in international energy trade, particularly following the European energy crisis triggered by Russia's invasion of Ukraine.

Gold (XAU) is the world's most important precious metal and a traditional store of value and safe-haven asset. Its price is quoted in US dollars per troy ounce. Central banks hold gold as a reserve asset; investors hold it as a hedge against inflation, currency debasement and geopolitical uncertainty. Major producers include China, Australia, Russia and the United States.

WTI (West Texas Intermediate) crude oil is the primary US oil benchmark and one of the three main global oil price benchmarks, alongside Brent crude and Dubai crude. It is a light, sweet crude oil extracted in Texas and delivered to the storage hub at Cushing, Oklahoma. WTI prices are closely tracked by investors, airlines, energy companies and central banks as a leading economic indicator.

Silver (XAG) is a precious metal traded both as an investment and for industrial use in electronics, solar panels, batteries and medical devices. Its price typically moves in correlation with gold but is more volatile due to its dual nature as a monetary and industrial metal. Major producers include Mexico, Peru, China and Russia.

Wheat is one of the world's most important staple crops, traded as a commodity on the Chicago Board of Trade (CBOT). Its price is influenced by harvests in the US, Canada, Russia, Ukraine and Australia, as well as transport costs, weather events and geopolitical factors. The Russian invasion of Ukraine in 2022 severely disrupted wheat supply, driving prices to 14-year highs.