Commodities, Food & Agri

Bundles

11 December 2024

Commodities Outlook 2025: A bearish horizon

We see large parts of the complex edging lower in 2025 with relatively comfortable supply and demand balances. The potential for an escalation in trade tensions is a downside risk, while markets are waiting to see if and when Chinese support measures feed their way into commodity markets in the form of stronger demand

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Commodities, Food & Agri

Energy

Commodities Outlook 2025: A bearish horizon

We see large parts of the complex edging lower in 2025, while external risks appear skewed to the downside

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Oil market set to be in surplus despite OPEC+ action

Commodities, Food & Agri

Energy

Oil market set to be in surplus despite OPEC+ action

The global oil market is set to return to surplus in 2025 despite OPEC+ extending supply cuts

Weaker natural gas assuming no surprises

Commodities, Food & Agri

Energy

Weaker natural gas assuming no surprises

The European gas market faces several risks heading into 2025, but our balance suggests prices should trend lower next year

Commodities, Food & Agri

Energy

A sluggish year ahead for carbon demand

We expect a modest recovery in EUAs next year, but demand risks persist

Commodities, Food & Agri

Trump and China add to copper headwinds in 2025

US tariffs and a stronger dollar could further depress copper prices

Commodities, Food & Agri

Aluminium deficit to support prices in 2025

The global aluminium market will return to a deficit in 2025 on slower output growth

Commodities, Food & Agri

Downside risks persist for nickel amid supply glut

Nickel's performance in 2024 has been dire - and we think that's likely to continue into 2025

Commodities, Food & Agri

Iron ore set to struggle amid subdued steel demand

We think that downside risks are likely to prevail for iron ore 2025

Commodities, Food & Agri

Gold’s rally isn’t over just yet

We see gold being driven to new highs in 2025

Commodities, Food & Agri

Why the corn market is set to tighten

Global corn stocks are set to fall further over 2025/26

Commodities, Food & Agri

Tighter wheat means higher prices

We expect both the global and US wheat market to tighten next season

Commodities, Food & Agri

Trade friction clouds an already bearish soybean market

The global soybean market is set to be well supplied through 2025

Commodities, Food & Agri

Global sugar surplus depends on India

We see the sugar market in surplus in 2024/25, which should see prices edging lower

Commodities, Food & Agri

Tightness lingers in the cocoa and coffee market

Cocoa and coffee prices have seen extreme volatility this year, and we think this could be set to continue through 2025

Report Commodities, Food & Agri

Commodities Outlook 2025: A bearish horizon

The full report on what 2025 could bring for the commodities complex

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