Global | Commodities do not escape economic uncertainty

Summary

The new administration's announcements in the United States on trade policy have led to significant alterations in global production and value chains. One reflection of these variations was the performance of commodity markets.

Key points

• Key points:
• Commodity markets have seen significant adjustments due to tariff policies and secondary effects associated with economic activity, inflation expectations, and various geopolitical conflicts around the world.
• Possibly, the price of gold best sums up the feeling of uncertainty that has governed the global economy in the last year. This has had a strong increase, about 30% in the last year.
• Conversely, oil is trending downward in 2025, albeit with sharp fluctuations, partly as a result of an expectation of lower activity, especially among large global buyers.
• The cereal markets have experienced a period of significant oscillations at the beginning of the year, with uncertainty about the conflict between Russia and Ukraine, and due to specific climatic factors.
• In the end, the first months of 2025 in the commodity markets have been a true reflection of the general sentiment of the economy: uncertainty.

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