Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>This chart from Sentiment Trader highlights that also gold stocks are quite stretched - which isn’t a sell signal, as a stretched market can always become more stretched.</li><li>Note: We’re long the June contract of Gold since mid of March</li><li>Another interesting thought regarding gold demand going forward: if AI models really become more efficient and less data center usage is needed, demand for gold in tech could be affected as well.</li></ul>

This chart from Sentiment Trader highlights that also gold stocks are quite stretched - which isn’t a sell signal, as a stretched market can always become more stretched.Note: We’re long the June contract of Gold since mid of MarchAnother interesting thought regarding gold demand going forward: if AI models really become more efficient and less data center usage is needed, demand for gold in tech could be affected as well.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul>
<li>The everlasting circus of US politics continues, and at this point, it almost seems like Bessent has effectively taken over the presidency—at least when it comes to pushing through the most critical U-turns in Trump’s policy decisions.</li>
<li>When we loop back over the major U-turns of the past couple of months, the most influential reversals all appear to have been driven by Bessent (and, to an extent, Lutnick)</li>
<li>What exactly is going on inside the Trump camp? It’s painfully obvious that they are not aligned on the public message, and to add fuel to the fire, Trump is now back attacking Zelensky once again.</li>
</ul>


The everlasting circus of US politics continues, and at this point, it almost seems like Bessent has effectively taken over the presidency—at least when it comes to pushing through the most critical U-turns in Trump’s policy decisions.
When we loop back over the major U-turns of the past couple of months, the most influential reversals all appear to have been driven by Bessent (and, to an extent, Lutnick)
What exactly is going on inside the Trump camp? It’s painfully obvious that they are not aligned on the public message, and to add fuel to the fire, Trump is now back attacking Zelensky once again.


The Drill: Watch oil as OPEC is imploding..

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>JCI continued its relief rally, up 2.8% w-w, in line with regional peers.</li><li>Metal sectors (+14% w-w) outperformed, despite the ratification of new royalty scheme by the government (i.e., negative impact for earnings).</li><li>Meanwhile, we also noted outperformance by the laggard sectors such as Cement (+12% ww), Telco (+10% w-w), Infra (+9% w-w), Coal, Property (+8% w-w), indicating that investors have started to search for value within the market. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JCI continued its relief rally, up 2.8% w-w, in line with regional peers.Metal sectors (+14% w-w) outperformed, despite the ratification of new royalty scheme by the government (i.e., negative impact for earnings).Meanwhile, we also noted outperformance by the laggard sectors such as Cement (+12% ww), Telco (+10% w-w), Infra (+9% w-w), Coal, Property (+8% w-w), indicating that investors have started to search for value within the market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the Week - Cooper Price Vs. USD

<ul><li>Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics.</li><li>Energy prices are drifting lower — just as Trump said they would — but I’m not so sure the driver is the one Trump and his team anticipated.</li><li>We’re staring down the barrel of a pretty material manufacturing slump in Q2.</li></ul>

Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics.Energy prices are drifting lower — just as Trump said they would — but I’m not so sure the driver is the one Trump and his team anticipated.We’re staring down the barrel of a pretty material manufacturing slump in Q2.

The Drill: A rush for gold amidst a geopolitical circus unfolding

<ul><li>President Trump triggered turmoil in the stock and bond markets, sent shockwaves through the global economy, and claimed the U.S. would eliminate the national debt using trillions supposedly generated from his tariffs.</li><li>Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s suddenly starting to back down.</li><li>Trump dropped his country-specific tariffs down to a universal 10% rate for all trade partners except China on Wednesday - for a limited time period of 90 days - presumably to have more time to make deals with each country.</li></ul>

President Trump triggered turmoil in the stock and bond markets, sent shockwaves through the global economy, and claimed the U.S. would eliminate the national debt using trillions supposedly generated from his tariffs.Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s suddenly starting to back down.Trump dropped his country-specific tariffs down to a universal 10% rate for all trade partners except China on Wednesday - for a limited time period of 90 days - presumably to have more time to make deals with each country.

How Commodities React To Trumps New Global Trade Plans

United States

Copper is a chemical element with symbol Cu (from Latin: cuprum) and atomic number 29. It is a soft, malleable and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a reddish-orange color. It is used as a conductor of heat and electricity, as a building material and as a constituent of various metal alloys, such as Sterling silver used in jewelry, cupronickel used to make marine hardware and coins and constantan used in strain gauges and thermocouples for temperature measurement.

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Copper (COPPER COMDTY)

Sentiment Signal in Gold

This chart from Sentiment Trader highlights that also gold stocks are quite stretched - which isn’t a sell signal, as a stretched market can always...

The Commodity Report

The Drill: Watch oil as OPEC is imploding..

Evening from Copenhagen. The everlasting circus of US politics continues, and at this point, it almost seems like Bessent has effectively taken...

Steno Research

BRIDS Market Pulse: Chart of the Week - Cooper Price Vs. USD

Metal sectors (+14% w-w) outperformed, despite the ratification of new royalty scheme by the government (i.e., negative impact for earnings).

BRI Danareksa Research

The Drill: A rush for gold amidst a geopolitical circus unfolding

Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics. Energy prices are drifting lower — just as...

Steno Research

How Commodities React To Trumps New Global Trade Plans

Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s...

The Commodity Report

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)