Monthly Commodities Tracker: May 2025

Summary

• Policy momentum drove uranium investments in May, with double-barreled U.S. policy actions in the form of a tax bill and multiple executive orders.
• Copper markets continue to play a balancing game between tariff uncertainty and hope for negotiations; unresolved trade policies continue to feed price arbitrage between global copper exchanges.
• Precious metals continue to be supported by an underlying base of continued central bank buying, even as tertiary tailwinds from haven demand and dollar diversification contribute to the next leg up.
• Despite headwinds in the outlook for global crude oil consumption, prices may have entered a new short-term equilibrium.
• Although federal policy incentives for electric vehicles (EVs) have weakened in the United States, the energy transition continues largely unabated overseas.

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Nuclear Energy and Uranium

Policy momentum drove uranium investments in May, with double-barreled U.S. policy actions in the form of a tax bill and multiple executive orders. Meanwhile, Europe pivots away from its anti-nuclear agenda.

Policy tailwinds drove