Global Commodity Markets Update

Insights into gold, silver, oil, and more

Commodity markets might not share as much time in the spotlight as equities or fixed income do, but they are, nevertheless, critically important to economic activity and financial performance. Explore the latest insights into precious metals, oil, water, and more in our selection of content below.

WATER

Quantifying Water Risks in the Apparel Supply Chain (Planet Tracker)

The availability of water is expected to be increasingly stressed in many key apparel manufacturing regions as a result of climate change, inefficient usage, and untreated disposal.

The Global Water Challenge: Risks and Opportunities (Manulife IM)

For compliance reasons, this paper is only accessible in certain geographies

Today, more than 50% of the world’s cities and 75% of all irrigated agricultural areas experience water shortages on a recurring basis.

Why Are We Running out of Fresh Water? (LGIM)

For compliance reasons, this paper is NOT accessible in the United States and Canada

Pressure on the planet’s supply of clean water, exacerbated by a growing population and rising industry use, is drawing increasing public and political focus.

OIL

Three-Pronged Approach to Analyzing the Crude Oil Market (CME Group)

How can allocators spot great opportunities in today's volatile oil market? With this tried-and-trusted approach.

Indian Oil Market: Outlook to 2030 (IEA)

India’s role in global oil markets is expected to expand substantially over the remainder of the decade.

Predicting Oil’s Next Moves amid Global Uncertainties (PIMCO)

For compliance reasons, this paper is only accessible in the UK & Europe

While diplomatic relations between Iran and Saudi have improved, Iran’s ability to disrupt the Strait of Hormuz is not in doubt.

GOLD & SILVER

The Gold Rush (BNP Paribas AM)

Historically, gold has been an asset that is inversely correlated with real rates. Data shows that this trend has broken down in recent months, however.

Outflows Narrowed in March (World Gold Council)

For compliance reasons, this paper is only accessible in certain geographies

Outflows from global gold ETFs continued in March, but at a much slower pace than previous months as North American and Asian inflows cushioned European losses.

Factors that Determine the Silver Price (The Silver Institute)

The silver price over the first ten months of 2023 averaged $23.29/oz. This is a solid improvement on 2022's full-year figure of $21.73/oz.

GLOBAL COMMODITY MARKETS

Inflation Bites into Income as Commodities March Higher (S&P Dow Jones Indices)

Fueled by hedge fund speculation, cocoa prices surged over 32% during the month to an all-time high. Will this trend continue?

Factor Momentum in Commodity Futures Markets

This paper explores the time-series factor momentum in commodity futures markets. It provides thought-provoking insights for allocators interested in this space.

Ole Hansen | Green Shoots in The Commodity Markets (Macro Voices)

This conversation focuses on which commodities are hot and what’s driving various rallies, from softs to AGS to metals to energy.