Written Commentary
ADM Reports Q1 2025 Results
May 6, 2025
COPPER
December copper futures are higher and are close to the $4.46 per pound level, marking a second consecutive day of gains, partially recovering from a nearly four-week low reached last week. This uptick follows the People’s Bank of China’s decision to cut benchmark lending rates to record lows, which has improved the economic outlook for the world’s largest copper consumer.
Last week, various economic data from China exceeded expectations. Meanwhile, rising demand for copper, driven by the transition to cleaner energy, has increased concerns about potential supply shortages as miners struggle to ramp up production.
GOLD
On Monday, December gold futures surged to $2755 per ounce, driven by strong global demand for safe-haven assets and the expectation of further interest rate cuts from major central banks. Investors remain attentive to escalating tensions in the Middle East. Additionally, the uncertainty surrounding the upcoming U.S. presidential election is boosting the allure of safe-haven investments.
SILVER
December silver futures are sharply higher, advancing to near the $34.50 per ounce level due to heightened tensions in the Middle East, which spurred increased demand for safe-haven assets, including precious metals. Silver has now reached its highest point in nearly 12 years. This surge in prices is also being fueled by concerns over the U.S. elections and speculation about additional monetary easing, all of which increased demand for safe-haven investments.
Additionally, expectations of increasing silver demand is linked to the global transition to cleaner energy, since silver is a key component in solar panel production.
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