Commodity markets remain highly differentiated in 2026. Copper is trading close to recent record highs, crude oil remains elevated despite retreating from its peaks, US natural gas has normalized following its winter surge, and precious metals remain well below the extraordinary levels reached earlier in the year.
Copper is the standout performer among the commodities covered. LME cash copper trades at $14,791.96 per tonne, up 33.90% over the past year and only around 0.8% below its recent high of $14,912.
The metal has gained more than 41% from its October 2025 low. COMEX copper has followed a similar trajectory, trading at approximately $6.755 per pound and gaining 31.32% over the past year.
Copper's strength continues to reflect structural demand from electric vehicles, grid infrastructure, renewable energy development, and the broader energy transition, alongside supply constraints in major producing regions. Current prices continue to reflect expectations for a structurally tight market.
Energy markets present a different picture. WTI crude trades at $92.01 per barrel, approximately 23% below its March peak of $119.48. Brent stands at $105.03, compared with its April high of $126.41.
The Brent-WTI spread is approximately $13 per barrel, an unusually wide differential reflecting logistical and geopolitical factors supporting the international benchmark relative to US crude.
US natural gas trades at $3.142/MMBtu after reaching $7.827 during the winter. The subsequent decline toward a spring low of $2.483 reflected fading seasonal demand, and current levels remain less than half the January peak, consistent with a well-supplied US market outside periods of weather-driven demand.
Precious metals have experienced an exceptionally volatile year. Gold currently trades at $4,186.57 per ounce after reaching $5,595.47 in January. The significant reversal from that peak has occurred alongside persistently high US real yields, with the 10-year Treasury yield above 5%.
Silver trades at $60.47 per ounce and has outperformed gold over the trailing year, gaining 15.45%. Like gold, however, it remains substantially below its January high of $121.65.
The gold-to-silver ratio currently stands at approximately 69, considerably below the ratio implied at the January peaks, reflecting silver's stronger relative performance during the recovery from the lows.
