Commodities Tracker - August Edition

Global X’s monthly Commodities Tracker is your essential guide to the latest trends and developments shaping global commodities.

Key takeaways:

• Nuclear Energy & Uranium: Recent policy agreements, advanced-reactor milestones, AI-linked projects, and strong nuclear generation reinforced the sector’s investment case. These developments could accelerate investment in reactors, uranium production, and fuel infrastructure, supporting demand across the nuclear value chain.

• Base Metals and Copper: Strengthening Chinese demand and mounting global supply risks tightened the copper market: Falling inventories and backwardation indicate increasing competition for available metal, while constrained mine supply and structural demand could continue to support copper prices and miners.

• Gold and Silver: Softer US data strengthened the outlook for gold and silver: Reduced expectations for further Fed tightening could support both metals, while sustained central-bank demand provides an additional structural tailwind for gold.

• Critical Minerals, Battery Tech & Lithium: Supply concentration and near-term disruptions are accelerating investment in more resilient critical-mineral supply chains. While new lithium capacity may create near-term price pressure, governments and companies are pursuing international partnerships, vertical integration, domestic processing, recycling and new projects to meet longer-term demand from electrification and digitalisation.

Click here to explore the full insight.

Chart of the month

A potential 25% copper supply gap by 2035 could create opportunities for miners: Electrification, power grids and data centres are accelerating demand, while lengthy development timelines continue to constrain new mine supply. A tighter market could provide a supportive long-term backdrop for copper prices and established producers.

This document is not intended to be, or does not constitute, investment research as defined by the Financial Conduct Authority.