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: Large scale nuclear scored a key victory in late October after the U.S. announced a partnership with Westinghouse to deploy $80 billion in new large-scale reactors. Meanwhile, two new reactor restarts hit the pipeline while the U.S. Geological service added uranium to the list of critical minerals.
- Copper: Copper prices rallied to record highs, hitting nearly $11,200 per tonne (three-month LME) at the end of October.1 Supply side disruptions ruled the day, even as easing trade tensions between the U.S. and China boosted positive sentiment for copper miners. An uncertain short-term demand outlook muddies the waters into year-end.
- Precious Metals: Currency tailwinds receded as interest rates remained rangebound, weighing on precious metals performance in late October. The macro-outlook remains partially contingent on further confirmation of economic weakness, even as central banks persist in their strategic purchases of gold reserves.
- Critical Minerals, Battery Tech, & Lithium: The United States and its allies continued their efforts to diversify critical mineral supply chains, even as a détente in trade rhetoric led Chinese Rare Earths exports to rebound. Lithium continued its rally, as a positive demand shift in China fueled momentum.
Category:Commodities