Energy: OPEC+ continues to gradually increase production, with another increase planned for September. This adjustment could create a surplus in the fourth quarter, putting some downward pressure on prices. In addition, the International Energy Agency (IEA) and the US Energy Information Administration (EIA) have adjusted their forecasts. The IEA has trimmed its demand expectations for this year, while the EIA has lowered its growth estimates for US crude oil production, anticipating slower growth due to reduced drilling activity. Against this backdrop, trade tensions remain a concern and call for caution. Trump's fluctuating tariff policy is causing continued uncertainty in the oil market, impacting global economic growth expectations and, consequently, oil demand. This context explains why oil is struggling to regain ground. Brent is trading at $70 per barrel and its US equivalent, WTI, is trading around $68.
Metals: Copper was badly hit by Donald Trump's announcement of a 50% tariff on copper imports. US futures contracts surged by a record 17% after the announcement. In contrast, prices fell in London, where copper is trading down at $9,660 per tonne (spot price). Gold is stabilizing above $3,300 per ounce. The precious yellow metal remains buoyed by rising international trade tensions.
Agricultural products: Traders are awaiting forecasts from the US Department of Agriculture, which are expected to confirm exceptional harvests thanks to favorable weather conditions in the Midwest. These forecasts come on top of significant Brazilian production, reinforcing the idea of oversupply in the grain market. This is having an impact on prices. Corn fell to 398 cents a bushel in Chicago (September 2025 contract), while wheat stabilized at 550 cents.
