2026 Commodity Scorecard

The graphic shows the performances of a basket of commodities so far in 2026. Most started the year brightly, but have since retraced to various degrees due to events related to the Iran-US conflict and the Strait of Hormuz.

Gold entered the June quarter within sight of its late-January record of $5,589 an ounce and exited it fighting to hold $4,000, falling through the psychological level in the final week of June. The rally that looked gravity-defying in January has given way to a full-blown retreat and even the biggest bulls on Wall Street spent June trimming their targets.

Copper had a wilder ride than quarter-end prices suggest, setting a record $6.72 a pound ($14,800 a tonne) on COMEX in mid-May before fading. The bellwether metal started Q3 on the front foot, although there are question marks over how sustainable the rally is.