Key facts
- Copper prices are trading just above $14,000 a ton, nearing all-time highs.
- Goldman Sachs raised its year-end 2026 copper price target by over 10% to $13,735 a ton.
- Geopolitical tensions near the Strait of Hormuz are impacting supply chain risks.
- Copper Intelligence acquired the Kasenga PR9 exploration concession, totaling 758 hectares.
- Gold futures fell approximately 1.75% from a two-week closing high.
- Central banks purchased 244 tonnes of gold in Q1 2026.
- Silver prices are experiencing an upward trend on Monday, June 1, 2026.
- Coal and soybeans showed 2 standard deviation price movements in the last 24 hours.
- U.S. commercial crude inventories decreased by 8 million barrels to 433.7 million barrels.
- Agricultural ratings for corn, beans, and wheat are unfavorable as of June 2, 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 modernization efforts. 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 joined in raising copper price forecasts amid projected supply shortfalls. Geopolitical tensions near the Strait of Hormuz are exacerbating supply chain risks, adding another layer of concern for the commodity. Copper Intelligence has further bolstered its position by acquiring the Kasenga PR9 exploration concession, encompassing nine blocks totaling 758 hectares adjacent to its existing Kisungu license area.
In other commodity markets, gold futures experienced a decline, falling approximately 1.75% from a two-week closing high to hover near $4,516. This pullback was attributed to a strengthening U.S. dollar, which rose above 99, and higher Treasury yields. Despite this, central banks purchased 244 tonnes of gold in Q1 2026, providing a structural floor for the metal, and gold prices saw a subsequent rise of nearly 1% to $4,526.36 per ounce, supported by a softer dollar, lower yields, and declining oil prices, though technical factors pose challenges. Silver prices are also experiencing an upward trend. Coal and soybeans have shown significant price movements, with both commodities experiencing 2 standard deviation price changes in the last 24 hours. China's futures markets were mixed, with SHFE tin leading gains up over 5%, alongside increases in palladium, methanol, platinum, low-sulfur fuel oil, SHFE aluminum, international copper, LPG, and plywood, while 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 suggests that a lasting break in energy prices is unlikely due to the current tight balance sheet. 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 showing signs of a rebound, with a Memorandum of Understanding expected in 45 days. AI megacaps are planning to issue equity, and the KOSPI signal is being questioned.