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Global Commodity Technical Analysis Report

Commodities Show Mixed Performance Last Week as Natural Gas Above 21-Day SMA

May 04, 2026

  • NGN26
  • Investment Type
    Commodity
  • Risk Level
  • Action
  • Rec. Price (US$)

Global Commodity Market Wrap-Up

Global commodity markets closed the week on a mixed note, with persistent tensions between the United States and Iran keeping uncertainty elevated. A relatively firm U.S. dollar continued to weigh on commodity prices. Precious metals faced pressure, with gold declining 2.03% and silver slipping 0.32%. In the base metals space, copper dropped 2.52%, lead edged lower by 0.28%, and zinc fell 4.11%, highlighting uneven industrial demand trends. Overall sentiment remained cautious ahead of the upcoming Federal Reserve rate decision, as investors monitored geopolitical developments and macroeconomic cues for clearer direction on global growth.

In the energy segment, natural gas rose 3.62% over the week, although comfortable supply levels and moderate demand expectations capped gains following recent volatility. Crude oil, however, surged 7.99%, driven by escalating U.S.–Iran tensions and limited progress in negotiations, which heightened concerns over supply disruptions through key transit routes. Meanwhile, in the agricultural segment, U.S. sugar gained 7.32%, supported by steady demand conditions. Overall, market sentiment remained guarded, with participants closely tracking geopolitical risks and evolving global supply dynamics.

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