Energy: Easing trade tensions between the US and China are boosting Brent and WTI, which have been battered in recent weeks. Talks between the two nations have improved market sentiment, although significant progress on long-term tariff reductions is needed to see a lasting impact on demand. On the supply side, OPEC+ continues to increase production, which should put downward pressure on prices in the medium term. On the geopolitical front, US sanctions against certain Chinese refineries for their purchases of Iranian oil have intensified constraints on Iranian imports. In this respect, market attention is currently focused on Donald Trump's visit to Saudi Arabia. Another development worth noting is the trade agreement between the US and the UK, which has brought some relief to the markets, although the details suggest that its immediate impact will remain limited. Brent is trading higher at $65, while WTI is trading at around $61.80.

Metals: Like oil, industrial metal prices jumped in London, with wait-and-see attitudes giving way to relief after the Sino-US agreement. Copper is recovering and trading around $9,520 per tonne (spot price). Despite the sharp upturn in risk appetite and easing geopolitical tensions, particularly between India and Pakistan, gold is holding steady at $3,240.

Agricultural products: Wheat is trading lower in Chicago at 530 cents per bushel (July 2025 maturity). Favorable weather conditions in the United States, Ukraine, and Russia are improving harvest prospects, to the detriment of prices. Also in Chicago, soybean prices are trending upward thanks to warming relations between China and the United States.