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.

65 reports available

Gold Outlook thumbnail

Gold Outlook

HSBC·Jul 9, 2026

Gold prices have retreated from record highs following a hawkish shift in Federal Reserve policy and a strengthening USD. Despite this, HSBC maintains a positive outlook, supported by structural fiscal and geopolitical risks.

Futures Commodities CTA Market Update thumbnail

Futures Commodities CTA Market Update

Goldman Sachs·Jul 6, 2026

This report provides a summary of simulated CTA market flows and conditional projections for various commodity sectors as of July 6, 2026. It highlights recent net outflows in Energy and Metals, contrasted by inflows in Softs.

How Will The Iran Conflict Impact Commodities thumbnail

How Will The Iran Conflict Impact Commodities

UBS·Jun 22, 2026

UBS maintains a positive view on commodities as a diversification tool following the US-Iran deal to reopen the Strait of Hormuz. Despite the fading geopolitical risk premium, structural supply shortages in metals and potential energy inventory rebuilding support the asset class.

CIO Active Commodity Strategy thumbnail

CIO Active Commodity Strategy

UBS·Jun 17, 2026

UBS maintains a constructive outlook on commodities driven by structural demand and macroeconomic support. The strategy shifts to an overweight stance on industrial metals while moderating energy exposure.

What's Next For US Copper Import Tariffs thumbnail

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 thumbnail

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.

Broaden Commodity Exposure

UBS·Jun 19, 2026

Oil Markets: Gulf Barrels Return And Mini-Glut Emerges

HSBC·Jun 26, 2026

Hormuz Fertilizer Disruption Eases But Risks Remain

Goldman Sachs·Jul 1, 2026

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