DBT Bureau
Pune, 31 Jan 2026
According to Geojit Investments, global commodity markets remained volatile, with precious metals, energy, and base metals reacting to shifting macroeconomic and geopolitical developments.
- Precious metals dipped on rumours that the Federal Reserve could appoint a more hawkish chair, but remained on course for their strongest monthly performance since 1982, as investors continued to seek refuge in safe-haven assets amid persistent geopolitical and economic uncertainties.
- Spot gold slipped from its record high of USD5594.82 a troy ounce to around USD5000 level, while spot silver slipped from an all time high of USD121.64 a troy to below USD100 marks.
- The Federal Reserve left interest rates unchanged at the 3.50%–3.75% range after its two-day meeting, with Chair Jerome Powell noting that the economy remains solid and that risks to both inflation and employment have eased. This assessment suggests the central bank may wait an extended period before considering any further cuts.
- Crude oil prices eased after the Trump administration eased certain sanctions on Venezuela’s oil sector and amid hopes that the U.S. could pursue dialogue with Iran over its nuclear programme, easing fears of potential supply disruptions stemming from a U.S. military strike..
- China’s unwrought copper imports in 2025 fell to the lowest level since 2020, as high prices weighed on demand. The top consumer imported 5.32 million metric tonnes of unwrought copper in 2025, down 6.4% from 2024, the lowest since record-high imports in 2020. December imports increased 2.3% to 437,000 tons compared with November.
- China’s aluminium production crept above 45 million metric tonnes in 2025, largely in line with a government-mandated national output cap and marking a slowdown in growth from 2024. Full-year output in the world’s largest consumer and producer of the light metal rose 2.4% to 45.02 million tonnes, a slow down from the growth rate in 2024 of 4.6%.
- NYMEX natural gas futures climbed after an Arctic blast over the weekend that boosted heating demand and cut production to a two-year low by freezing oil and gas wells and pipes.
- European gas storage dropped to 44% of total capacity on January 26, to the lowest level for this time of the year since 2022. In 2025, EU sourced 27% of its total gas and LNG imports from the U.S.
