Commodity prices are soaring, from cocoa to zinc, marking the biggest rally in two years and capturing everyone’s attention.
The U.S. barbecue season kicks off with Memorial Day, driving up meat demand. Meanwhile, OPEC+ will meet on June 2 to discuss oil production limits.
This meeting coincides with the Atlantic hurricane season, which can disrupt U.S. oil production.
Let’s dive into five key charts to watch in global commodity markets this week.
Commodities
Commodity prices keep rising due to supply constraints, high demand, and speculation.
The Bloomberg Commodity Index shows 34 commodities with over 25% returns in three months, the highest since mid-2022.
Top performers include cocoa, copper, nickel, orange juice, silver, tin, and zinc. The broad rise in industrial metals suggests possible future inflation concerns.
Meat
Memorial Day marks the start of the U.S. grilling season, boosting meat demand. Beef packaging profits surpassed pork for the first time since September.
The U.S. has abundant pork supplies, but beef is scarce and costly.
These volatile beef profits could challenge pork during the barbecue season. Americans prefer grilling steaks and burgers over pork chops.
Oil
OPEC+ meets online on June 2 to discuss supply cuts. This year’s Atlantic hurricane season could see 17 to 25 named storms, according to NOAA.
Storms pose a risk to U.S. oil and natural gas production. Hurricanes disrupt offshore crude production in the Gulf of Mexico and refinery operations.
They can also reduce gas production from Gulf platforms.
Cobalt
China plans to stockpile 15,000 tons of refined cobalt for its state reserve this year. Cobalt prices are near five-year lows.
Used in electric vehicle batteries, cobalt is crucial for many industries. Western nations consider cobalt a “critical” metal and aim to reduce reliance on China.
China refines about 80% of the world’s cobalt. These stockpiles could significantly impact commodity prices.
Renewable Energy
The U.S. power grid will get a major boost from renewable energy. Generation capacity will increase by 80% by 2035, driven by nearly a terawatt of new solar and wind energy.
BloombergNEF forecasts 737 gigawatts of new solar capacity, over four times last year’s total.
Wind energy will add 200 gigawatts, more than doubling current turbine capacity.
Utilities rush to decarbonize the grid and meet growing energy demand from factories, AI, and electric vehicles.
These trends matter because they shape the future of global markets. Understanding them helps investors and policymakers make informed decisions.
Live Market IntelligenceCommodities — Live Market Board
Rio Times · Live Market Intelligence
Commodities — Live Market Board
+0.03%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 4,075 | -0.94% | +1.62% | 4,114 | 4,116 | 4,035 | 166,431 |
| SILVER | 51.94 | -0.56% | +8.17% | 52.23 | 52.38 | 51.20 | 45,936 |
| BRENT | 98.32 | +0.03% | +54.52% | 98.29 | 100.92 | 96.65 | 38,993 |
| WTI | 90.83 | +0.34% | +52.02% | 90.52 | 92.53 | 89.07 | 253,859 |
| COPPER | 6.24 | -0.18% | +26.33% | 6.25 | 6.29 | 6.19 | 72,116 |
| LITHIUM | 60.91 | +1.21% | +0.03% | 60.18 | 61.25 | 60.27 | 204,575 |
| IRON ORE | 161.91 | — | +56.68% | 161.91 | 161.91 | 1 | |
| SOY | 1,194 | +1.08% | +8.35% | 1,181 | 1,196 | 1,184 | 121,591 |
| CORN | 441.50 | +0.34% | +3.34% | 440.00 | 442.50 | 438.50 | 202,229 |
| WHEAT | 591.25 | -1.34% | +12.03% | 599.25 | 602.25 | 585.00 | 119,111 |
| COFFEE | 280.15 | +1.08% | -31.30% | 277.15 | 282.50 | 276.00 | 24,446 |
| SUGAR | 18.25 | -1.67% | +29.43% | 18.56 | 18.60 | 18.13 | 83,842 |
| COCOA | 5,119 | -1.20% | -14.87% | 5,181 | 5,400 | 5,192 | 26,530 |
| ORANGE JUICE | 130.55 | +1.63% | -22.48% | 128.45 | 140.35 | 135.75 | 440 |
| COTTON | 78.54 | -0.22% | +23.45% | 78.71 | 78.38 | 77.73 | 15,128 |
| BEEF | 214.05 | -0.16% | -3.30% | 214.40 | 214.60 | 210.85 | 34,881 |
| CATTLE | 318.38 | -2.05% | -2.46% | 325.05 | 320.35 | 312.05 | 14,677 |
| USD/BRL | 5.50 | -0.17% | +2.56% | 5.51 | 5.50 | 5.50 | — |
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error
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