In 2Q25:
Brent oil price was down 9.5%. Despite this, prices were quite volatile during the period. The overall trend reflected oversupply and weak demand.
Natural gas price was down 15.9%, extending the downtrend seen in 1Q25. Despite starting the quarter with historically low inventories (after a heavy winter drawdown), several developments eased supply concerns and put downward pressure on prices in Europe.
Gold price was up 5.7%, extending its remarkable rally and firmly underscoring its status as a safe-haven asset. In early April, gold claimed another historic high – briefly trading above $3,500 per troy ounce.
Ammonium nitrate price was up 1.1%. The fertilizer market balanced lower production costs with strong seasonal demand.
Wheat price was down 11.7%. Favorable weather and strong planting across key regions supported expectations for a solid Northern Hemisphere harvest, easing supply concerns.
Copper price was up 4.1%, but the market was defined by extreme volatility driven by US trade policy.
Ferrosilicon – European ferrosilicon price was up 2.8%, while its Chinese counterpart lost 8.7%. This pattern of strong European and subdued Chinese pricing is likely to continue into the next quarter.
