Commodities
Our commodities coverage provides detailed analysis, independent forecasts, and market outlooks for global commodities. We offer rapid responses to new data and developments, along with in-depth coverage of key themes, current trends, and future market dynamics.
This service offers high-level coverage of all the most important commodities, with in-depth analysis and independent forecasts for Energy, Metals and Agriculturals, in addition to pan-commodity themes.
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All Commodities Coverage
Oil
Our View: Assuming OPEC+ follows through on its plan to unwind voluntary production cuts from April, the consequent loosening in supply constraints combined with subdued global demand growth will push prices lower in 2025 and 2026.
Natural Gas & LNG
Our View: Natural gas prices in Europe and Asia will fall in 2025 as more LNG supply becomes available. In contrast, natural gas prices in the US will rise as more gas is exported.
Gold & Silver
Our View: Precious metals prices are likely to stay historically high, buoyed by strong physical demand and central bank purchases.
Aluminium & Copper
Our View: The slowdown in China's property sector is an ongoing problem for demand. The green transition will offset some of that drag, but it will not do so entirely.
Steel & Iron Ore
Our View: While recovering economic activity will boost steel prices in the US and Europe, we think the prices of iron ore and Chinese steel have further to fall.
Agriculturals
Our View: Grains and soybean prices are likely to fall by end-2025 due to improved supply, an easing in demand growth in China, and lower oil prices.
EU Carbon Price Coverage
Explore our range of resources on the EU's ETS including our in-depth mini-series on key market and price dynamics, and our new dashboard to track near-term market drivers.
Featured Economists
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David Oxley
Chief Climate and Commodities Economist
David Oxley joined Capital Economics in 2009 and is Chief Climate and Commodities Economist. Previously, he was in charge of our Swiss & Nordic coverage as well as contributing more generally to the Europe Economics service. David has extensive international experience as a macroeconomist in both the private and public sectors. He has lived and worked in both New Zealand and Switzerland. David has degrees in Economics from University College London and Queen Mary, University of London.
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Kieran Tompkins
Climate and Commodities Economist
Kieran is a Climate and Commodities Economist and has been with Capital Economics since 2020. He has worked across our Global, UK, and Markets teams and currently sits on our Climate and Commodities desk, primarily contributing to our Energy and Metals coverage. Kieran’s work has been featured in leading media outlets including the BBC, Bloomberg and the Financial Times. He holds a BSc in Economics from the University of Exeter, and an MSc in Economics from City, University of London.
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Olivia Cross
Climate and Commodities Economist
Olivia Cross is a Climate and Commodities Economist who joined the Capital Economics graduate training scheme in September 2021. She previously spent a year on placement at the company as part of her undergraduate degree. Olivia holds a degree in Economics with Politics from Loughborough University.
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Hamad Hussain
Assistant Climate and Commodities Economist
Hamad joined Capital Economics in July 2023 as an Assistant Climate and Commodities Economist, having previously spent a year on placement at the company as part of his undergraduate degree. He holds a degree in Economics from the University of Surrey.
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Ankita Amajuri
Assistant Economist
Ankita joined Capital Economics in September 2023 as an Assistant Economist on the graduate scheme. She currently works on our Financial Markets team. Prior to this, she worked in the financial services sectors in Germany and in India. Ankita did her Masters in Quantitative Economics at the Goethe University in Frankfurt and has a bachelors degree in Computer Science.