Commodity Compass Newsletter Weeks 04–05, 2026
Between Weeks 04 and 05 of 2026, the global commodity markets showed a combination of slow recovery, some price corrections in individual commodities, and a stronger push in metals and energy sectors. The main reason for market fluctuations during this period was changes in industrial demand, inventory rebalancing, and supply adjustment by the major producing areas. Such changes resulted in different price trends among the commodity groups, with some sectors becoming stable whereas others experienced renewed upward pressure.
Food and drink commodities showed a relatively mixed performance. US beef prices gradually went up from $423.3/lb in Week 04 to $426.9/lb in Week 05 which is a signal of greater protein segment demand. However, US chicken prices dropped from $119.2/lb to $118.4/lb thus indicating lowered demand pressure. UK cocoa prices sharply fell during the period, dropping from GBP 3,285/MT to GBP 2,993/MT as a reflection of a correction that followed the earlier price spikes. The price of European coconut oil has risen marginally from $2,150/MT to $2,188/MT, despite temporary drops. UK coffee prices have been on a steady rise, going from $3,955/MT to $4,048/MT.
US maize prices fell initially but recovered modestly, going down from 424.9 to 429.0 US cents per bushel by Week 05. China palm oil prices gained significantly from $1,257/MT to $1,317/MT, and US rice prices were also up from $10.71/CWT to $11.02/CWT. On the other hand, soybean meal prices were down a little from $294.8/MT to $295.5/MT, soybean oil jumped dramatically from 53.4 to 54.1 US cents per lb. Soybeans rose from 1,062 to 1,069 cents per bushel. Global sugar prices dropped marginally from 14.79 to 14.76 US cents per lb, while US wheat prices surged from 516.3 to US 533.0 cents per bushel.
Prices of metals and minerals have overall been rising, particularly during Week 05. Copper prices in the UK have risen from $12,891/MT to $13,283/MT. At the same time, aluminum prices have broadly increased from $3,144/MT to $3,214/MT. Additionally, nickel prices have gone up from $18,064/MT to $18,224/MT. Conversely, iron ore prices in China have dipped only slightly from $106.45/MT to $105.95/MT. Lead prices have also dropped a bit from $2,037/MT to $2,023/MT. Tin prices in the UK demonstrated a remarkable rally, rising from $51,642/MT to $54,865/MT, and zinc prices also went up from $3,217/MT to $3,384/MT.
Chemical markets were in better shape than expected with several commodities trending upward. In China, ammonia prices dropped from $335.6/MT to $324.4/MT, benzene witnessed a significant increase from $821/MT to $869/MT. Caustic soda prices went down from $97.1/MT to $93.4/MT, ethylene also came down from $686/MT to $679/MT. Methanol prices increased from $320.2/MT to $328.9/MT. Propylene has shown a strong jump from $883/MT to $920/MT. Soda ash has been stable with a slight dip from $173.4/MT to $173.8/MT.
The precious metals exhibited their continuous momentum and continued their upward trend. Gold prices surged from $4,838/oz to $5,231/oz during the period of Week 04 to Week 05. Platinum prices climbed from $2,548/oz to $2,632/oz while silver price largely reflected the hike in investor demand and appreciated from $96.35/oz to $111.14/oz.
The energy sector continued with a steady momentum and strengthened during Week 05. Netherlands coal prices edged up slightly from $98.3/MT to $98.7/MT. European crude oil price rose as well from $64.1/bbl to $67.3/bbl, resulting mainly from the market's perception that crude oil supply will tighten in the future. US natural gas price rose from $4.14/MMBtu to $5.80/MMBtu mainly as a result of higher demand for the product and the necessity to replenish stocks.
Overall, Weeks 04–05 of 2026 featured a sustained rise in metals, precious metals, and energy markets. In contrast, food commodities and chemicals showed a mixture of commodity-specific price movement patterns.
