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>Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically in the same trading regime.</li><li>Copper looks a bit different but also bullish, after breaking an H&amp;S pattern to the upside, providing both systematic and discretionary investors with a great setup.</li><li>Bintas built Trafigura’s copper book into the world’s largest. Now at Mercuria, he’s driving a major expansion into metals.</li></ul>

Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically in the same trading regime.Copper looks a bit different but also bullish, after breaking an H&amp;S pattern to the upside, providing both systematic and discretionary investors with a great setup.Bintas built Trafigura’s copper book into the world’s largest. Now at Mercuria, he’s driving a major expansion into metals.

(Another) Industrial Metals Breakout // La Niña Weather Scenario

<ul><li>Many commodities are currently in a range pattern after they were in a prolonged bull streak for months.</li><li>This is nothing unusual and happens all the time within healthy uptrends.</li><li>BUT there are also instances when prolonged bull markets tend to end - due to changing fundamentals…like for example cocoa.</li></ul>

Many commodities are currently in a range pattern after they were in a prolonged bull streak for months.This is nothing unusual and happens all the time within healthy uptrends.BUT there are also instances when prolonged bull markets tend to end - due to changing fundamentals…like for example cocoa.

Will the Coffee Trade become the new Cocoa?

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>Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflow</li><li>Expectation of continued central bank buying and investor demand growth in 2026</li><li>Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metals</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>

Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflowExpectation of continued central bank buying and investor demand growth in 2026Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metalsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Metals headed for even greater heights

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We have discussed weekly since 10/14/25 how our near-term bullish outlook remains intact as long as SPX holds above the 3-month uptrend, coinciding with the 50-day MA; this remains true.</li>
<li>Gold (GLD) and silver (SLV) held above $358-$361 and $41.70 supports and appear ready to resume their long-term uptrends. Recently discussed we were buyers in our October 29th report</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We have discussed weekly since 10/14/25 how our near-term bullish outlook remains intact as long as SPX holds above the 3-month uptrend, coinciding with the 50-day MA; this remains true.
Gold (GLD) and silver (SLV) held above $358-$361 and $41.70 supports and appear ready to resume their long-term uptrends. Recently discussed we were buyers in our October 29th report


Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

<ul><li>Our strategy approach is to filter various information sources and apply our clear investment process on top of it.</li><li>There are two reasons for us to enter a trade: …our quant system tells us to do so …or we make a discretionary manager decision based on market fundamentals that the quant system will only grasp with a time-lag</li><li>While not only moving sideways, the oil complex is currently drastically underperforming other parts of the commodity complex.</li></ul>

Our strategy approach is to filter various information sources and apply our clear investment process on top of it.There are two reasons for us to enter a trade: …our quant system tells us to do so …or we make a discretionary manager decision based on market fundamentals that the quant system will only grasp with a time-lagWhile not only moving sideways, the oil complex is currently drastically underperforming other parts of the commodity complex.

Be Careful With Metals & Why we currently don’t touch Oil Markets

United States

Silver is the metallic element with the atomic number 47. Its symbol is Ag, from the Latin argentum, derived from the Greek ὰργὀς (literally "shiny" or "white"), and ultimately from a Proto-Indo-European language root reconstructed as *h₂erǵ-, "grey" or "shining". A soft, white, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal is found in the Earth's crust in the pure, free elemental form ("native silver"), as an alloy with gold and other metals, and in minerals such as argentite and chlorargyrite. Most silver is produced as a byproduct of copper, gold, lead, and zinc refining.

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Silver (SILVER COMDTY)

(Another) Industrial Metals Breakout // La Niña Weather Scenario

Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically...

The Commodity Report

Will the Coffee Trade become the new Cocoa?

Many commodities are currently in a range pattern after they were in a prolonged bull streak for months. This is nothing unusual and happens all...

The Commodity Report

Global Commodities: Metals headed for even greater heights

In the third quarter of 2025, gold demand surged to nearly 980 tons, driven by a price increase, with expectations for continued strong central...

At Any Rate

Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

More Upside Ahead for Gold $GLD and Silver $SLV Following Oct. 29 Buys; $DXY Below $100.25 a Risk-On Signal; Downgrading Services to Market Weight;...

Vermilion Research

Be Careful With Metals & Why we currently don’t touch Oil Markets

While not only moving sideways, the oil complex is currently drastically underperforming other parts of the commodity complex.

The Commodity Report

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