COMMODITIES NEWS

Despite global protectionist pressures, iron ore prices held relatively steady through December thanks to record-high
Chinese steel exports in 2025. Market participants are watching the upcoming ramp-up of the giant Simandou project
in Guinea, which could significantly alter supply dynamics in 2026 and beyond.

Reuters and major analyst surveys reported that Brent crude is forecasted to average
around $61/bbl in 2026 — a notable decline from previous expectations — due to persistent
oversupply, slower global demand growth, and rising inventories. WTI futures are trading
near $58/barrel, reflecting the same bearish sentiment.

European aluminium premiums surged to €420–€450 per tonne in early December — the highest
since 2022 — as high electricity prices forced several smelters to curtail production.
Market participants expect further tightness in Q1 2026 unless energy costs ease significantly.

Reuters and major analyst surveys reported that Brent crude is forecasted to average
around $61/bbl in 2026 — a notable decline from previous expectations — due to persistent
oversupply, slower global demand growth, and rising inventories. WTI futures are trading
near $58/barrel, reflecting the same bearish sentiment.

Despite global protectionist pressures, iron ore prices held relatively steady through December thanks to record-high
Chinese steel exports in 2025. Market participants are watching the upcoming ramp-up of the giant Simandou project
in Guinea, which could significantly alter supply dynamics in 2026 and beyond.

LME copper prices surged to new all-time records above $11,900–$12,000 per tonne in late December — the strongest
annual gain since 2009. Analysts point to ongoing mine disruptions, tightening concentrates, and massive expected
demand from AI/data centers and electrification as key drivers heading into 2026.