Futures for milling wheat on the Euronext exchange fell to their lowest level since mid-August following reports that Russia is considering proposals to ensure safe grain transport in the Black Sea.
Crude oil futures declined as multilateral talks involving Iran, Saudi Arabia, and other regional powers eased fears of a wider conflict, though market caution remains amid ongoing instability.
Gold prices recovered after briefly dipping below the $4,000 mark as investors await the Federal Reserve's monetary policy decision and monitor diplomatic efforts in the Middle East.
Soybean futures are trading within a narrow range, forming a classic bear flag pattern that suggests a potential continuation of the recent downtrend. Traders are closely watching the critical $1235 support level for a potential breakdown.
UBS has significantly reduced its 12-month price forecast for palladium to approximately $1,100 per ounce, citing diminished investor appetite and a sharp decline in Chinese imports. A widening price discount to platinum, however, could offer some support from the auto sector.
European natural gas prices retreated on Tuesday, ending a four-day rally, but critically low storage levels and ongoing supply disruptions from Norway and the Middle East continue to underpin the market.
UBS has significantly lowered its 12-month price forecast for palladium, citing weakening investor appetite, bearish options market activity, and a sharp decline in Chinese imports.
The United Arab Emirates has committed to supplying Indonesia with up to 30 million barrels of crude oil, an Indonesian energy official said, as the Southeast Asian nation seeks to secure alternative fuel sources.
India is poised to significantly increase its diesel exports starting in 2027 as state-owned refiners add new capacity, reinforcing the nation's growing importance as a key supplier to the global fuel market.
