Commodity markets dominated by supply uncertainties and inflationary pressures

Following the production disruptions caused by hurricanes in the Gulf of Mexico last week, market attention in the energy sector has shifted to attacks on Russian and Ukrainian energy infrastructure, including the strike on Russia's Ryazan refinery, one of the country's major refining facilities. These tensions have been compounded by the European Union's new sanctions against Russia, which have targeted additional companies linked to the so-called shadow fleet,^[1] further fuelling concerns about the continuity of supply. Taken together, these factors have led to a significant increase in Brent crude oil prices, prompting the IEA (International Energy Agency) to accelerate the release of strategic reserves at its 15 October meeting, with the aim of easing supply-side pressures.

The United States has also urged European countries to increase their releases of strategic diesel reserves, arguing that the planned volumes are insufficient. Washington is seeking to contain domestic fuel prices ahead of the midterm elections and is reportedly considering a further easing of sanctions on certain Russian shadow fleet tankers, following the temporary suspension of restrictions on Russian diesel last week.
The urgency of these measures reflects the sharp rise in diesel prices on the Chicago Mercantile Exchange (CME), which are approaching record highs, nearing $5 per gallon.

The precious metals sector continues to experience falling prices, with the decline accelerating following the release of new US inflation data that came in above expectations.
In September, consumer prices rose by 3.7% year on year, up from 3.4% in August, while core inflation, excluding food and energy, reached 2.6%.
These figures have strengthened expectations of a possible interest rate hike by the Federal Reserve as early as late October, increasing the opportunity cost of holding gold and silver compared with government bonds, whose yields tend to rise in a higher-interest-rate environment.

In the industrial metals sector, ferrous metals prices remain virtually unchanged, while non-ferrous metals prices are declining. The most significant decreases have affected tin, weighed down by sell-offs in technology stocks on financial markets, and nickel, which continues to be affected by oversupply.
By contrast, copper remains relatively stable, supported by demand linked to the twin green and digital transitions, the concentration of inventories in US warehouses, and recent operational disruptions at Chile's El Teniente mine, where a new accident has led to the suspension of activities in the affected areas.

Among food commodities, prices of cereals have fallen across the board following more optimistic USDA crop forecasts. Tropical commodities have edged up slightly, while edible oils have remained broadly stable.

ENERGY

The PricePedia financial index for energy products has risen, driven by supply-side tensions.

PricePedia Financial Index of Energy Prices in US Dollars

The energy price heatmap shows increases in the prices of oil, propane, butane and natural gas.

Heatmap of Energy Prices in Euros

PRECIOUS METALS

The financial index for precious metals continues its downward trend.

PricePedia Financial Index of Precious Metals Prices in US Dollars

The precious metals heatmap shows a decline in silver prices.

Heatmap of Precious Metals Prices in Euros

FERROUS METALS

Ferrous metals indices show daily fluctuations that do not alter the underlying trend.

PricePedia Financial Indices of Ferrous Metals Prices in US Dollars

INDUSTRIAL NON-FERROUS METALS

Non-ferrous metals indices are undergoing a downward correction.

PricePedia Financial Indices of Industrial Non-Ferrous Metals Prices in US Dollars

The non-ferrous metals heatmap shows a decline in tin and nickel prices.

Heatmap of Non-Ferrous Metals Prices in Euros

FOOD COMMODITIES

Despite weekly fluctuations, the three financial indices for food commodities remain broadly stable.

PricePedia Financial Indices of Food Commodity Prices in US Dollars

CEREALS

With the exception of rough rice, the cereals heatmap shows a widespread decline in prices.

Heatmap of Cereal Prices in Euros

TROPICAL COMMODITIES

The tropical commodities heatmap shows weekly increases in arabica coffee, cocoa and sugar prices.

Heatmap of Tropical Food Commodity Prices in Euros

OILS

The edible oils heatmap shows an increase in rapeseed oil prices, alongside a decline in canola oil prices.

Heatmap of Edible Oil Prices in Euros