Gold prices are facing near-term pressure from higher U.S. interest rates, but UBS maintains a constructive 12-month outlook, citing persistent fiscal deficits, a weaker dollar outlook, and strong central bank demand.
Copper prices gained as key indicators showed renewed physical demand from China, the world's top consumer, following a recent price correction from record highs.
JPMorgan stated it can no longer establish a clear baseline for oil prices due to the unpredictable nature of the Middle East conflict, which has pushed Brent crude far above the bank's estimated fair value.
European diesel refining margins pulled back nearly 3% from a record high on Thursday, pressured by a dip in crude oil prices and stable regional inventories.
The U.S. Department of Agriculture has confirmed a new case of the flesh-eating screwworm parasite in a New Mexico horse, raising questions about the planned reopening of a key border crossing for Mexican livestock next week.
Chicago wheat futures declined on Thursday, pressured by a lack of fresh bullish catalysts and reports of a new Turkish proposal aimed at securing Black Sea grain shipments.
Chicago wheat futures closed lower on Thursday as traders weighed reports of a potential shipping truce in the Black Sea, while U.S. export sales data offered no bullish surprises.
The U.S. State Department will allow a delegation of top Iranian officials, including President Masoud Pezeshkian, to attend the UN General Assembly in New York, despite the ongoing military conflict between the two nations.
JPMorgan Chase no longer holds a clear baseline view for oil markets, citing an inability to model the endgame of ongoing Middle East conflicts that have driven Brent crude above $100 per barrel.
