The key theme across commodity markets remains clear: geopolitical risk → higher oil prices → inflation and rate pressures → volatility in precious metals → selective strength in industrial and agricultural commodities.

1. Oil — Positive / High Volatility
Oil remains the main driver of the commodity market, with the Strait of Hormuz and US-Iran tensions dominating price action.

Brent: Positive

WTI: Positive

Key support: $88–89

Critical support: $85–86

Resistance: $92–93

Strong resistance: $95–96

Psychological level: $100

A sustained move above $92–93 could open the way toward $95–96, while escalating geopolitical tensions could push prices toward $100.

Conversely, progress in US-Iran talks and normalization of Hormuz traffic could trigger a sharp pullback toward $88–85.

Key takeaway: Brent holding above $90 = continued inflationary pressure, negative for equities but supportive for oil producers.

2. Copper — Neutral / Positive
Copper’s long-term story remains strong, supported by electrification, energy infrastructure, AI data centers and supply constraints.

However, oil above $90 increases inflation and interest-rate concerns, creating short-term pressure.

Outlook: Neutral / Positive

3. Platinum & Palladium  — Neutral 
Platinum continues to benefit from its precious-metal characteristics, while automotive demand concerns remain a headwind.

Palladium — Weak 
EV adoption and uncertainty over catalytic-converter demand continue to limit upside potential.

4. Agricultural Commodities  Soybeans — Positive
Higher oil prices and biofuel demand provide additional support.

Wheat — Positive
Black Sea and geopolitical risks remain key drivers, limiting downside risks.

Corn — Positive
Higher oil prices and the energy/biofuel link remain supportive.

Coffee —  Neutral / Positive
After recent gains driven by supply concerns, some profit-taking is natural.

Sugar — Strong Positive
Expectations of tighter global supply continue to support prices.

Cocoa —  Neutral
Recent weakness appears more like profit-taking than a confirmed trend reversal.

Cotton —  Neutral / Positive
US and India crop concerns are supportive, but further upside needs a fresh catalyst.

 Overall View
Oil remains the key catalyst across commodities. Persistent geopolitical risks could keep energy prices elevated, reinforcing inflation and rate pressures, while precious metals and industrial commodities remain highly sensitive to global yields and the dollar