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3 · 6 · 9 · 12 month lookbackApril – July 2026 · Whiplash in energy, records in metals
Energy swung violently. June's energy index fell 17.7% — Brent alone dropped 20.6% — as the war-risk premium unwound, before rebounding roughly 4.7% in a week in early July on renewed US–Iran tensions around the Strait of Hormuz. Brent trades near $76/bbl; 2026 forecasts still average about $86. US natural gas moved the other way, gaining 7.3% in June, with Henry Hub seen averaging ~$3.60/MMBtu this year.
Metals cooled but stayed historically elevated. Base metals slipped 2.4% and precious metals 9.2% in June as haven demand eased — yet copper and tin remain on track for record nominal highs on persistently tight supply.
January – July 2026 · The record-setting half
Gold, silver and platinum all printed all-time highs in Q1 2026. Spot gold now sits near $4,100/oz, with bank consensus for the year clustering at $4,500–4,700 for gold and $56–65 for silver. North American stainless steel turned the corner, recovering ~3.9% in Q1 to about $2.89/kg after a 10.8% slide across 2025.
Beverages broke down. Cocoa and coffee unwound their supply-crunch spikes — arabica is down ~14% year-to-date on a record Brazilian crop — while sugar carries one of the largest speculative net-short positions in two decades on surplus conviction.
October 2025 – July 2026 · From glut forecast to war shock
The regime changed completely. In October 2025 the World Bank projected commodity prices would hit a six-year low in 2026 as an oil glut expanded. The Middle East conflict reversed that outlook: overall commodity prices are now forecast to rise ~16% in 2026 — the first annual increase since 2022.
Energy leads the shock. Energy prices are projected up ~24% this year to their highest level since Russia's 2022 invasion of Ukraine, with Strait-of-Hormuz shipping risk the key swing factor for oil, LNG and freight.
July 2025 – July 2026 · Tight metals, diverging food
Copper and aluminum defined the year. Supply constraints, low inventories and electrification demand pushed the metals index toward a record — seen +17% in 2026 — with tightness expected to persist through 2027. The outlier is iron ore, set to fall below 2019 levels as Simandou and other low-cost supply ramps up.
Food diverged. Agricultural prices are seen ~6% lower in 2026: grains broadly stable (wheat ~$6.45–6.79/bu, corn ~$4.35, soybeans ~$11.84) while high oil prices lift biofuel-linked inputs — corn, palm oil, sugar, soybeans. El Niño is the key weather risk. McKinsey flags shorter, sharper volatility cycles; Deloitte sees OEMs locking tier-2/3 supply through long-term contracts and equity partnerships.
Strategic Sourcing Signals
derived from current trends⚡ Copper & aluminum — lock long
Markets stay tight through 2027. Secure multi-year volume with index-plus-cap pricing; for critical inputs consider JV or equity-type supplier stakes, as OEMs are doing for tier-2/3 security.
🧲 Iron ore & carbon steel — stay short
Simandou supply is pushing ore below 2019 levels. Buy spot or 1–3 month cover and demand index-linked steel contracts that pass falling ore through.
🛢️ Energy — collar the chaos
Hedge 50–70% of 12-month exposure with collars, not fixed swaps — June's −20.6% Brent move punishes full locks. Add Hormuz-disruption clauses to freight contracts.
🥫 Stainless & nickel — buy the dips
Q1 2026 marked the turn (+3.9%). Layer 6–12 month cover on pullbacks and qualify a second mill before the recovery firms.
🌾 Agri — split the book
Extend coffee/cocoa cover into the supply normalization; stay hand-to-mouth in surplus sugar; keep routine 3–6 month grain cover with El Niño force-majeure clauses.
🌐 Structure — dual-source across blocs
Trade is re-concentrating along geopolitical lines. Qualify suppliers in each major bloc, buffer chokepoint lanes by 4–8 weeks, and replace annual tenders with quarterly mini-tenders.