September 2025 concluded with a stark divergence in the global commodity markets, painting a clear picture of winners and losers driven by a confluence of macroeconomic shifts, geopolitical uncertainties, and fundamental supply-demand dynamics. While precious metals staged an impressive rally, reaching multi-year and even all-time highs, the agricultural sector, particularly
Trump's comments about a possible switch to cane sugar for Coca-Cola could have major implications for commodity markets and ETF investors, causing turmoil and possible job losses.
The week so far has been a battle against broadly favorable Central U.S. and Brazilian weather against potential record-low old crop exporter stocks/use and unhindered near-term U.S. export demand.
Gold prices surged to fresh highs amid concerns about the US Federal Reserve’s independence. Oil and other risk assets, however, are under pressure amid heightened global uncertainty.
Remarkably, May Beans have managed to rally 90 cents (970-1050) this month despite the massive tariffs against China – as other countries have stepped up their exports.
Trump surprised markets with a 90-day pause in reciprocal tariffs for most trading partners. This provided a boost to risk assets, including commodities. However, there’s still plenty of uncertainty as the US again increased tariffs on China.
Cotton was lower in a further response to the Trump tariffs that threaten to greatly increase the costs of imports from China and Vietnam among other things.
