Commodities: Focus Shifting Back To Tariffs

Jun. 27, 2025 5:05 AM ET, , , , , , , , , , , , , , , , , ,
ING Economic and Financial Analysis
4.57K Followers
(6min)

Summary

  • With the ceasefire between Iran and Israel appearing to hold, the oil market’s attention is shifting back to tariffs and other risks.
  • European natural gas prices continue to sell off, with Title Transfer Facility falling 3.89% yesterday.
  • We believe copper prices are likely to stay supported, at least for now, if the LME stocks withdrawals continue.
  • The latest data from the Ghana Cocoa Board shows that cocoa production is now expected to fall to around 600kt in the 2024/25 season, down from a previous forecast of around 618kt.

Container Ship in Long Beach Harbor

halbergman

By Warren Patterson & Ewa Manthey

Energy – Focus shifts from the Middle East to tariffs

Oil prices are steady following the de-escalation in the Middle East. The ceasefire between Israel and Iran continues to hold. Meanwhile, nuclear talks between the

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