Energy: Oil prices rallied last week, supported by growing geopolitical tensions between Russia and Ukraine. Ukraine fired US- and British-made long-range missiles at Russia for the first time. In response, Russia hit Ukraine with a new type of intercontinental missile designed to carry a nuclear warhead. Despite these geopolitical concerns, the oil market remains well supplied and fundamentals are rather depressed. Brent crude is trading at USD 72.50, while WTI is trading around USD 69.40.

Metals: with the exception of copper, metal prices rose this week. China's decision to end tax breaks on exports of semi-finished aluminum products from December 1 is boosting interest in aluminum. However, the market is still awaiting further stimulus measures from China. Operators are hoping for further support for the manufacturing sector and domestic consumption. In the meantime, a tonne of copper is trading at USD 8,968 in London (spot price), while aluminum is up to USD 2,630. In precious metals, gold has resumed its upward trajectory with 5 consecutive sessions of gains! The barbarian relic is trading at around USD 2650.

Agricultural products: Cocoa prices remain highly volatile. After rising by 20% last week, cocoa prices are continuing their upward trend with a further 7% rise this week. These large-scale movements have become frequent on this market, due to concerns over harvest prospects in key West African producing countries.