The Global X Research Team is pleased to announce the release of its Monthly Commodities Tracker. This commentary covers the latest developments across several commodities markets, from precious metals to uranium, copper, and the disruptive materials that are powering next-generation technologies. Click the banner below to view the report.
Key Takeaways
- Nuclear Energy & Uranium: Uranium term contracting ticked up in July, even as spot markets pulled back on the seasonal summer lull. Regulatory momentum persists, as the Michigan-Based Palisades Nuclear Plant received its approval to return to operating status, paving the way for the first successful restart of a U.S. nuclear plant after decommissioning.1
- Base Metals & Copper: The announcement of Section 232 tariffs collapsed COMEX-LME (Chicago vs. London Exchange) price spreads following the surprise exclusion of refined copper input materials, which make up most U.S. imports. The targeted action aims to encourage investment in domestic copper processing capacity.2
- Precious Metals: Tailwinds from tariff uncertainty and rising inflation expectations were counterbalanced by the drag on metal pricing from dollar strength, leading gold and silver to finish the month flat. Favorable supply/demand dynamics and yet unresolved trade frictions may argue for a supportive environment into the second half of the year.
- Critical Minerals, Battery Tech, & Lithium: Lithium prices jumped in July and early August as potential Chinese mine closures drew global attention. As many as eight lithium mines across China’s prolific Jiangxi Provence remain under investigation for potential permitting issues, further supporting strong positive price momentum amid a potential tightening of the market.3