Commodities H2 2026 outlook: navigating the intersection of AI, cleantech, policy and geopolitics
Oil, natural gas, copper, silver and gold will be in the spotlight in the second half of the year amid shifting fundamental drivers.
Commodities are the objects of trade in commerce around the world. Gold, silver, oil: Commodities are the goods exchanged raw, rather than in a manufactured state. Commodities can be traded in physical states, as in gold bars, using futures and spot prices. Many traders, however, use electronic trading, as in EFTs, in lieu of physical shares, focusing instead on the spread of the buy and sell price. Dive deeper into commodity markets.
Oil, natural gas, copper, silver and gold will be in the spotlight in the second half of the year amid shifting fundamental drivers.
Macro headwinds are weighing on commodities, but structural growth themes continue to underpin the sector.
USOIL drops after the two sides spoke of progress in their first post-MoU talks, but uncertainty over a lasting deal does not go away.
President Trump expects to sign a settlement with Iran, raising optimism around the global economy and copper consumption, but risks still loom.
USOIL slips as markets monitor conflicting signals, following Wednesday's jump due to fresh US-Iran hostilities.
XAU/USD falls deeper into bear territory on lingering geopolitical tensions and higher-for-longer Fed prospects, with the US CPI update looming today.
Copper (Comex) prices rise to new all-time highs amid the ongoing AI boom and mining disruptions, but the Middle East conflict weighs on consumption.
USOIL jumps after the US President deemed Iran's counterproposal unacceptable, dousing hopes for a peace deal and raising fears of an escalation in the conflict.
USOIL softens as the US aims to free ships stranded in the region, but the blockade remains in place while uncertainty around a resolution to the conflict lingers.
The UAE’s exit highlights weakening OPEC unity, reducing its control over oil supply and pointing to a more volatile market where geopolitics, not coordination, increasingly drives prices.
XAU/USD rises as the risk of immediate escalation is removed after President Trump extended the ceasefire, renewing hopes for an eventual deal.
These materials constitute marketing communication and do not take into consideration your personal circumstances, investment experience or current financial situation. The content is provided as general market commentary and should not be construed as containing any type of investment advice, investment recommendation and/or a solicitation for any investment transactions. This market communication does not imply or impose an obligation on you to perform an investment transaction and/or purchase investment products or services. These materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and are not subject to any prohibition on dealing ahead of the dissemination of investment research.
FXCM, and any of its Affiliates, shall not in any way be liable to you for any inaccuracies, errors or omissions, regardless of cause, in the content of these materials, or for any damages (whether direct or indirect) which may arise from the use of such materials, services and their content. Consequently, any person acting on them does so entirely at their own risk. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.