Latest Commodity News

In Mali, the jihadist group Jama'at Nusrat al-Islam wal Muslimin (JNIM), affiliated with al Qaeda, has shifted its approach in areas under its control. Instead of the brutal tactics used earlier, the group now focuses on governance, collecting taxes from crops and cattle, distributing food and medicine, and resolving land disputes between herders and farmers. Residents report that the group's rhetoric has softened, allowing some freedoms like football and Android phones, and they feel safer under JNIM rule than under the Malian military and its allies.

JNIM has grown stronger since the 2020 coup in Mali, which led to the withdrawal of French and UN forces and the arrival of Russian mercenaries. The group demonstrated its military power with audacious attacks in April 2025, including on the capital's airport and army bases. However, analysts note that as JNIM's control has solidified, it has become less violent, using a mix of coercion and persuasion to gain acceptance. The group now seeks political legitimacy and wants to be included in talks about Mali's future, but the military government rejects any dialogue.

Despite the softer approach, JNIM remains capable of violence, as shown by attacks on villages and convoys. Residents describe a form of governance that is more predictable and less corrupt than the state's, though some areas face blockades causing deaths from lack of food and medicine. The group's evolution reflects a broader trend in the Sahel, where jihadist groups are linking up and presenting a global threat, according to the UN. Many villagers have come to accept JNIM rule as a new reality, driven by fear and the failure of government forces to protect them.

A Ukrainian military strike targeted an oil processing and pumping facility near Kotovo in Russia's Volgograd region, resulting in a fire. The facility is crucial for handling, processing, and transporting oil via pipelines to Russian refineries and export infrastructure.

The attack underscores ongoing conflict dynamics, with Ukraine targeting energy infrastructure inside Russia. Such strikes aim to disrupt Russian oil operations and reduce revenue from petroleum exports.

The incident may affect global oil markets by potentially impacting Russian supply, though the full extent of damage and operational impact remains to be assessed.

Poland plans to end its fuel price capping measures this summer, as the government expects the conflict involving Iran to ease and fuel prices to stabilize. Prime Minister Donald Tusk announced the decision, stating that the country had the cheapest fuels in Europe throughout the crisis but will now finalize the project.

The government had previously introduced several measures in March, including cutting VAT on fuel from 23% to 8%, reducing excise duty to the EU minimum, and implementing daily price caps on motor fuel. These measures were extended every two weeks since then.

On Friday, Poland decided to extend the VAT cut and price caps on gasoline and diesel until the end of June, but did not extend the reduction in excise duty. The price caps will be fully lifted during the summer, as the government believes the market will stabilize.

Soaring gold prices are driving a trend where luxury watches are being melted down for their gold content, as the value of the metal often exceeds the watch's resale price. Mid-priced models from brands like Omega and TAG Heuer are most affected, while high-end brands like Rolex and Patek Philippe retain value better due to controlled production and strong demand.

Industry experts express concern over the loss of classic timepieces, noting that many watches are scrapped when their gold content is worth significantly more than their auction value. Some dealers report melting dozens of watches this year, and even new, unsold overstock from Swiss manufacturers is being stripped for gold.

Despite the trend, some owners choose to keep their watches rather than see them destroyed. The recycling of gold from watches has contributed to a rise in global gold recycling, and with gold prices expected to remain high, the pressure to dismantle watches is likely to continue.

A Ukrainian drone attack on the southern Russian port of Temryuk killed one person and sparked a fire at a sea terminal on June 13. The regional governor reported the incident via Telegram, noting that Temryuk had been targeted by Ukrainian drones in late May, when a gas terminal was struck.

A separate drone strike on Saturday caused a fire in an industrial area of the Kotovo district in the Volgograd region. Local authorities, citing Governor Andrei Bocharov, did not disclose details of the damage or identify the affected facilities.

The Lukoil-owned Volgograd oil refinery in southern Russia has suspended oil processing since May 29 after a Ukrainian drone attack, according to a Reuters report on June 1. These attacks are part of Ukraine's ongoing campaign against Russia's energy infrastructure, as peace talks remain stalled.

Europe's ambition to achieve self-sufficiency in critical raw materials for the energy transition is hampered not by a lack of capability but by a systemic choice in how it funds innovation. Despite spending approximately €380 billion annually on research and development, Europe's mission-oriented funding approach directs resources toward predefined objectives like climate action and digital transformation. While efficient for solving recognized problems, this method stifles the open-ended experimentation needed for truly transformative innovations, which often arise from unforeseen challenges.

In contrast, China's innovation ecosystem, with equivalent R&D spending, generates far more patent applications—over 3,500 per $1 billion invested, or 250% more than Europe and the US combined. Although many of these patents are of low quality, this volume provides strategic optionality. By absorbing the inefficiency of speculative filings, China ensures it holds key technologies when global shifts occur, such as in graphite processing, rare earth separation, and lithium refining—areas Europe neglected until they became critical.

Europe's focus on funding what seems innovative today overlooks foundational capabilities that may become decisive tomorrow. The continent has the talent, scientific excellence, and capital but suffers from a narrowing definition of innovation. To secure critical raw materials and avoid future bottlenecks, Europe must buy enough optionality to recognize unscripted opportunities, rather than only solving today's problems.

Silver inventories at major bullion trading hubs have dropped sharply from pandemic-era highs, highlighting a sustained drawdown in visible stocks. A t the CME Group's COMEX exchange in New York, registered silver inventories fell over 75% from 2020 levels, while LBMA vault holdings in London dropped about 20% from their record in January 2021.

The drawdown has reinforced a narrative of tightening supply, with the World Silver Survey projecting a sixth consecutive annual deficit of 46.3 million ounces. However, some analysts argue that the deficit figures are misleading because they treat investment flows and inventory movements incorrectly. They emphasize that above-ground stocks, including investor holdings and industrial working inventories, remain large and can be tapped when prices rise.

Industrial fabrication is expected to fall 3% this year due to high prices, and past price spikes have brought hundreds of millions of ounces of scrap silver back to market. The article concludes that while inventories have declined, the risk of a structural shortage is often overstated, as higher prices will eventually draw out supply and curb demand.

Over the next 25 years, mining will increasingly expand into the Arctic, the deep sea, and eventually space. This shift is driven by maturing reserves, declining ore grades, and growing demand for metals from the energy transition and data center construction. Robotics and AI are making it cheaper to operate in harsh environments, while government policies like onshoring and friend-shoring are directing capital toward previously risky projects.

The Arctic is the closest frontier to mainstream mining. Warming temperatures are opening seasonal access, and geopolitics is increasing the value of deposits in Greenland, Canada, the US, and Northern Europe. Greenland, for example, holds many critical minerals and is urging Western investment. However, challenges remain: remoteness, infrastructure gaps, permitting risks, local opposition, and policy changes, as seen with Greenland's Kvanefjeld project and Canada's Nunavut region. Deep-sea mining is less advanced but moving quickly. Polymetallic nodules contain metals used in batteries and electronics. The US is streamlining permits under domestic law, creating a governance conflict with the UN-backed International Seabed Authority. Environmental opposition and unresolved benefit-sharing rules pose hurdles.

Space mining, while still nascent, involves lunar and asteroid resources. Falling launch costs help, but economics remain challenging—for instance, asteroid mining would need a 140,000-fold rise in iridium prices to break even. Legal frameworks are incomplete, with major powers not agreeing on resource rights. Overall, frontier mining will be shaped by AI, supply chain diversification, demand for critical minerals, low-carbon operations, and China's dominance in refining. Well-capitalized first movers and tech providers are likely winners, while capital-constrained miners and those underestimating obstacles may lose.

Hertha Metals, a Texas-based startup, plans to build a plant producing 10,000 tonnes per year of high-purity iron used in permanent magnets. This iron is critical for neodymium-iron-boron magnets, which are essential for defense systems, electric vehicles, and clean energy technologies. The company aims to fill a gap in the U.S. supply chain as new defense regulations banning Chinese-origin rare earth magnets take effect in 2027.

Hertha's process, called FLEXHERS, combines electric arc furnace technology with natural gas or hydrogen to produce iron and steel. It can use lower-grade iron ore fines that are difficult to process in conventional blast furnaces. The company currently operates a pilot plant in Conroe, Texas, sourcing ore from Minnesota, and has begun selling limited quantities to customers.

Hertha believes it can compete with traditional steelmaking by using natural gas and electricity instead of metallurgical coal, and by utilizing cheaper iron ore. However, it faces challenges from heavily subsidized Chinese producers. The company has not disclosed financing details or offtake agreements. Its strategy aligns with U.S. efforts to rebuild domestic manufacturing for critical minerals and reduce reliance on foreign suppliers, particularly for defense applications.

Britain announced a full ban on diesel and jet fuel made in Russia, with the prohibition to take effect by 2027. The government provided a timeline to end a temporary license for Russian oil products, which had been introduced earlier due to supply concerns from the Iran conflict.

The temporary license, initially set to phase in the ban, will expire on January 1, 2027. The government emphasized that existing sanctions remain in place, and the license is subject to review every two weeks, with the aim of lifting it as soon as possible.

This decision follows a previous deferral of a ban on imports of diesel and jet fuel refined from Russian crude in third countries, citing supply issues. The move is part of broader efforts to tighten sanctions on Russia.