Key facts
- Copper prices are trading above $14,000 a ton, nearing all-time highs.
- Goldman Sachs raised its 2026 copper price target to $13,735 a ton.
- Central banks purchased 244 tonnes of gold in Q1 2026.
- U.S. commercial crude inventories fell by 8 million barrels to 433.7 million barrels.
- Coal and soybeans showed 2 standard deviation price movements in the last 24 hours.
- SHFE tin futures rose over 5% in China.
- Copper Intelligence acquired the Kasenga PR9 exploration concession (758 hectares).
- Gold prices increased by nearly 1% to $4,526.36 per ounce.
- Silver prices are experiencing an upward trend on June 1, 2026.
- An MOU in energy markets is expected in 45 days.
Copper prices are approaching record highs, trading just above $14,000 a ton, nearing their January all-time peak. This surge is fueled by supply disruptions at major mining operations and robust demand, particularly from the AI sector and grid upgrades. Goldman Sachs has raised its year-end 2026 price target for copper by over 10% to $13,735 a ton, citing a significantly weaker supply outlook. Citigroup also increased its copper price forecasts amid projected supply shortfalls. Geopolitical tensions near the Strait of Hormuz are further exacerbating supply chain risks. Copper Intelligence has acquired the Kasenga PR9 exploration concession, comprising nine blocks totaling 758 hectares, adjacent to its existing Kisungu license area.
In other commodity markets, gold futures fell approximately 1.75% on Monday, retreating from a two-week closing high. This decline was attributed to a strengthening U.S. dollar, which moved above 99, and higher Treasury yields. Investors are also monitoring energy-driven inflation trends. Despite these headwinds, central banks purchased 244 tonnes of gold in Q1 2026, providing a structural floor for the metal. Gold prices did see a slight increase of nearly 1% to $4,526.36 per ounce overnight, supported by a softer dollar, lower yields, and declining oil prices, though technical factors are posing challenges. China's main futures contracts showed mixed performance, with SHFE tin leading gains up over 5%, while palladium, methanol, platinum, low-sulfur fuel oil, SHFE aluminum, international copper, LPG, and plywood also rose over 2%. Container-shipping Europe-route futures declined.
U.S. commercial crude inventories decreased by 8 million barrels to 433.7 million barrels in the week ending May 29th, marking the sixth consecutive weekly decline. However, AgResource Company believes a lasting break in energy prices is unlikely due to the tight balance sheet. Coal and soybeans experienced the largest moves in the last 24 hours, with both commodities showing 2 standard deviation price movements. Agricultural ratings for corn, beans, and wheat are unfavorable as of June 2, 2026, although the ECMWF offers a more positive global forecast. Energy markets are rebounding, with a Memorandum of Understanding expected in 45 days. AI megacaps are expected to issue equity, and the KOSPI signal is being questioned.
Silver prices are experiencing an upward trend on Monday, June 1, 2026. NVDA technicals were also noted in market commentary.