Commodities held their ground through a volatile quarter — energy stabilized, metals strengthened, and agriculture showed mixed trends. This Insight highlights the key cross-sector forces shaping the market, while our full Quarterly Report offers a deeper analysis of Energy, Metals, and Agriculture — complete with data, charts, and strategic outlooks.
Spotlights
Gold – From Hedge to Core Asset
Persistent central-bank accumulation and renewed institutional inflows are redefining gold’s role in portfolios — moving it from a defensive hedge toward a strategic reserve asset.
Copper – Electrification Meets Scarcity
Global electrification and grid expansion continue to lift demand just as mine disruptions and underinvestment constrain supply – a textbook setup for tightening balances.
Energy – Addition, Not Replacement
The energy transition is additive, not substitutive. Rising global power demand ensures that fossil fuels remain part of the mix, even as renewables and nuclear expand.
The three forces
- Electrification & AI – The New Demand Engine
Data centers, EVs, and industrial electrification are transforming energy use – driving a structural increase in power and materials demand. - Metal Intensity of Renewables – The Hidden Constraint
Wind and solar require five to fifteen times more metals per megawatt than gas, placing copper, aluminium, rare earths, nickel, and zinc at the center of the transition. - Supply Discipline & Underinvestment – Seeds of a Supercycle
A decade of low capex, regulatory friction, and long project lead times have left supply inflexible – setting the stage for persistent tightness and potential price upside.