Global Materials | Industrials | Commodities

Rahul Jain

Commodities

<ul>
<li>Key Trends: Precious metals, cobalt, and rare earths sustain leadership, while uranium equities face a short-term correction despite strong structural drivers.</li>
<li>Key Idea: Markets reward miners with policy support, scale, and cost efficiency, while penalizing those exposed to cyclical weakness or geopolitical uncertainty.</li>
<li>Key News: China tightened rare earth quotas, India moved forward on steel safeguard duties, and uranium equities corrected even as nuclear fundamentals remain robust</li>
</ul>


Key Trends: Precious metals, cobalt, and rare earths sustain leadership, while uranium equities face a short-term correction despite strong structural drivers.
Key Idea: Markets reward miners with policy support, scale, and cost efficiency, while penalizing those exposed to cyclical weakness or geopolitical uncertainty.
Key News: China tightened rare earth quotas, India moved forward on steel safeguard duties, and uranium equities corrected even as nuclear fundamentals remain robust


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>We look at certain investor positioning in the commodity sector</li>
<li>A bear market rally in the USD is the biggest risk and opportunity.</li>
<li>We add some soft commodities to the inflation beneficiaries' basket</li>
</ul>


We look at certain investor positioning in the commodity sector
A bear market rally in the USD is the biggest risk and opportunity.
We add some soft commodities to the inflation beneficiaries' basket


Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>Brent crude has weakened by $10 since early April, with the prompt time spread indicating plentiful supply relative to consumption</li><li>Demand for crude oil for combustive fuels like gasoline and diesel is expected to peak towards the end of the decade, while demand for natural gas liquids used in petrochemical production is set to rise</li><li>Preliminary demand data for April showed signs of improvement, with observable oil inventories increasing, particularly in China, due to lower oil prices prompting stockpiling</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Brent crude has weakened by $10 since early April, with the prompt time spread indicating plentiful supply relative to consumptionDemand for crude oil for combustive fuels like gasoline and diesel is expected to peak towards the end of the decade, while demand for natural gas liquids used in petrochemical production is set to risePreliminary demand data for April showed signs of improvement, with observable oil inventories increasing, particularly in China, due to lower oil prices prompting stockpilingThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Demand for Oil Is Good, Just Not for Crude

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.

<ul><li>Respect the trend - inflation continues to trend down but also continues to surprise on the upside in terms of analysts’ expectations.</li><li>Getting inflation back into the target corridor will be a slow and painful process as inflation is broadly driven by the components of shelter, transportation services, medical services, and not only food and energy, which get the most headlines in the newspaper.</li><li>On the other hand, we're on the right track, as the YoY comparisons have declined since July.</li></ul>

Respect the trend - inflation continues to trend down but also continues to surprise on the upside in terms of analysts’ expectations.Getting inflation back into the target corridor will be a slow and painful process as inflation is broadly driven by the components of shelter, transportation services, medical services, and not only food and energy, which get the most headlines in the newspaper.On the other hand, we're on the right track, as the YoY comparisons have declined since July.

<ul><li>The group announced to cut its output limits of as much as 2 million barrels a day, using current targets as a starting point.</li><li>While a significant reduction, the impact on global supply will be much smaller because several countries are already pumping below their quotas.</li><li>Most analysts expect that the real supply cut will be around 700 to 800 bpd.</li></ul>

The group announced to cut its output limits of as much as 2 million barrels a day, using current targets as a starting point.While a significant reduction, the impact on global supply will be much smaller because several countries are already pumping below their quotas.Most analysts expect that the real supply cut will be around 700 to 800 bpd.

United States

Commodity Research Bureau BLS Spot Indices. CRB BLS Spot Indices base: (1967=100)

CRB Commodity Index (CRB CMDT INDEX)

Commodities & Metals – August 2025

Precious metals, cobalt, and rare earths lead, while uranium faces short-term correction. Markets reward policy support, scale, and cost...

Rahul Jain

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

Global Commodities: Demand for Oil Is Good, Just Not for Crude

The decline in Brent crude prices due to weakening spreads and a shift in demand towards petrochemicals and natural gas, accompanied by signs of...

At Any Rate

The Commodity Report #73

Respect the trend - inflation continues to trend down but also continues to surprise on the upside in terms of analysts’ expectations.

The Commodity Report

The Commodity Report #72

The group announced to cut its output limits of as much as 2 million barrels a day, using current targets as a starting point.

The Commodity Report

Commodities & Metals – August 2025

​Precious metals, cobalt, and rare earths lead, while uranium faces short-term correction. Markets reward policy support, scale, and cost...

Rahul Jain

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

Global Commodities: Demand for Oil Is Good, Just Not for Crude

The decline in Brent crude prices due to weakening spreads and a shift in demand towards petrochemicals and natural gas, accompanied by signs of...

At Any Rate

The Commodity Report #73

Respect the trend - inflation continues to trend down but also continues to surprise on the upside in terms of analysts’ expectations.

The Commodity Report

The Commodity Report #72

The group announced to cut its output limits of as much as 2 million barrels a day, using current targets as a starting point.

The Commodity Report

Precious metals, cobalt, and rare earths lead, while uranium faces short-term correction. Markets reward policy support, scale, and cost...