01/04/2026 - Raw materials

Hydrocarbon: Oil Rises Over 1%§§§--=--§§§<p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif">Oil rose</span><span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif">&nbsp;by over 1% on Wednesday. Brent futures extended gains after a record monthly rise in March, with Middle East volatility keeping markets on edge despite reports that the US-Israeli war against Iran could soon end.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif">The front-month Brent contract for June climbed $1.40, or 1.4%, to $105.37 a barrel by 04:30 GMT.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif">Brent recorded a record monthly gain of 64% in March, according to LSEG data going back to June 1988.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif">Meanwhile, US West Texas Intermediate (WTI) crude futures for May rose $1.59, or 1.6%, to $102.97 a barrel.<o:p></o:p></span></p><p> <span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;mso-bidi-font-family: &quot;Times New Roman&quot;;mso-bidi-theme-font:minor-bidi;mso-ansi-language:FR; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Prices recovered some of their losses from Tuesday, when Brent futures for June delivery closed down more than $3 following unconfirmed media reports that the Iranian president was ready to end the war.</span></p>

01/04/2026 - Raw materials

Gold: slight progression§§§--=--§§§<p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Supported by a weaker dollar, </span><span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif">gold prices&nbsp;</span><span style="font-size:14.0pt;line-height:107%; font-family:&quot;Bookman Old Style&quot;,serif">rose slightly on Wednesday to reach their highest level in nearly two weeks. US President Donald Trump said that the war with Iran could end within two to three weeks. <o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Spot gold rose 0.4% to $4,685.79 an ounce at 02:28 GMT, after hitting its highest level since March 20 at $4,723.21 earlier in the day.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">US gold futures for April delivery gained 0.8% to $4,713.40.<o:p></o:p></span></p><p> <span style="font-size:11.0pt;line-height:107%;font-family:&quot;Calibri&quot;,sans-serif; mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:&quot;Times New Roman&quot;; mso-bidi-theme-font:minor-bidi;mso-ansi-language:FR;mso-fareast-language:EN-US; mso-bidi-language:AR-SA"><span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif">Spot silver</span></span><span style="font-size:14.0pt; line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif;mso-fareast-font-family: Calibri;mso-fareast-theme-font:minor-latin;mso-bidi-font-family:&quot;Times New Roman&quot;; mso-bidi-theme-font:minor-bidi;mso-ansi-language:FR;mso-fareast-language:EN-US; mso-bidi-language:AR-SA">&nbsp;fell 0.8% to $74.53 an ounce, platinum gained 0.7% to $1,963.22, and palladium rose 0.6% to $1,484.84.</span></p>

01/04/2026 - Raw materials

Metals: Copper hits two-week high§§§--=--§§§<p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Copper hit a two-week high on Wednesday, with investors betting on signs of de-escalation in the ongoing Middle East war.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Benchmark three-month copper on the London Metal Exchange advanced 1.03% to $12,463 per metric ton as of 0243 GMT, after earlier hitting $12,414, its highest since March 18.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">The most-active copper contract on the Shanghai Futures Exchange gained 1.54% to 97,030 yuan ($14,093.57) a ton, after rising to 97,250 yuan, its highest since March 19.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">The red metal has recently been under pressure, with rising oil prices amid the war clouding growth prospects and fueling inflation fears.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">London copper fell 7.55% in March, its worst month since June 2022, following attacks by the United States and Israel against Iran.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Elsewhere on the LME, aluminum edged down 0.17%, zinc was little changed, up just 0.03%, lead gained 1.26%, nickel advanced 0.91% and tin climbed 1.25%.<o:p></o:p></span></p><p> <span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;mso-bidi-font-family: &quot;Times New Roman&quot;;mso-bidi-theme-font:minor-bidi;mso-ansi-language:FR; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Among other SHFE-listed metals, aluminum edged down 0.02%, zinc gained 0.15%, lead rose 1.21%, nickel edged up 0.07% and tin increased 1.47%.</span></p>

30/03/2026 - Raw materials

Congolese Cobalt: A Strategic Agreement to Transform Kasulo <p class="MsoNormal">Entreprise Générale du Cobalt and Mercuria Energy Trading SA reached a major milestone by signing a strategic memorandum of understanding on March 25 in Shanghai. Objective: to formalize and develop the Kasulo mining site, located in Kolwezi, as well as the entire associated cobalt supply chain.<o:p></o:p></p><p class="MsoNormal"><o:p>&nbsp;</o:p></p><p class="MsoNormal">Through this partnership, the two parties intend to build a benchmark model for artisanal and small-scale mining in the Democratic Republic of Congo. The ambition is clear: to make Kasulo an international showcase for a more transparent, sustainable, and fully traceable cobalt sector.<o:p></o:p></p><p class="MsoNormal"><o:p>&nbsp;</o:p></p><p class="MsoNormal">The project is based on an inclusive approach, integrating all local stakeholders, from artisanal miners to cooperatives, as well as Gécamines and national and provincial authorities. It will cover sensitive issues in the sector, including health and safety on sites, equity in production organization, respect for human rights, environmental management, and complete traceability of flows.<o:p></o:p></p><p class="MsoNormal"><o:p>&nbsp;</o:p></p><p class="MsoNormal">In their communication, EGC and Mercuria emphasize their commitment to aligning with international standards, particularly the OECD Due Diligence Guidance for Responsible Supply Chains, EGC's Responsible Sourcing Standard, and the United Nations Guiding Principles on Business and Human Rights.<o:p></o:p></p><p class="MsoNormal"><o:p>&nbsp;</o:p></p><p class="MsoNormal">For Mercuria, this agreement aims to demonstrate that better-regulated artisanal mining can meet the growing demands of the global critical minerals market. Kostas Bintas, Head of Metals and Minerals, believes that Kasulo can become a global benchmark by reconciling safety, traceability, respect for human rights, and supply reliability.<o:p></o:p></p><p class="MsoNormal"><o:p>&nbsp;</o:p></p><p class="MsoNormal">For EGC, this partnership is seen as a decisive step forward in structuring a responsible artisanal sector in the DRC. Its General Manager, Eric Kalala, highlights a key lever: access to financing made possible by the involvement of a leading international player. According to him, this support will help secure production, improve working conditions, and generate more value for local communities.<o:p></o:p></p><p class="MsoNormal"><o:p>&nbsp;</o:p></p><p> <span style="font-size:14.0pt;mso-bidi-font-size:11.0pt;line-height:107%; font-family:&quot;Bookman Old Style&quot;,serif;mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin;mso-bidi-font-family:&quot;Times New Roman&quot;; mso-bidi-theme-font:minor-bidi;mso-ansi-language:#1000;mso-fareast-language: EN-US;mso-bidi-language:AR-SA">Beyond production, the agreement also focuses on local integration, with training and capacity-building programs for cooperatives, to sustainably embed operations within international best practices.</span></p>

30/03/2026 - Raw materials

Fuel Prices: Morocco Tightens Control Amid Global Surge In response to the repercussions of escalating tensions in the Middle East, the Competition Council has decided to strengthen its monitoring mechanisms concerning the impact of international oil product price variations on the national market. In an international context marked by strong uncertainties, global energy markets remain under pressure. The recent rise in oil and its derivatives prices rekindles concerns related to supply, but also to their direct impact on importing economies like Morocco. To address this situation, the institution has chosen to tighten its fuel market monitoring system. Heavily dependent on diesel and gasoline imports, the Kingdom remains particularly exposed to international price fluctuations. To this vulnerability are added the indirect effects on other derivative products, notably plastics, essential to many economic sectors. These variations can thus weigh on production costs, influence consumer prices and, ultimately, affect household purchasing power. In this tense climate, the Competition Council intends to monitor more closely the price transmission mechanisms to the Moroccan market. It reminds that in a situation of effective competition, price adjustments must remain proportionate and occur within reasonable timeframes, while taking into account logistical constraints related to supply and storage. The objective is clear: to prevent international volatility from serving as a justification for abusive increases or excessive margin hikes.

30/03/2026 - Raw materials

Gold: price drop

30/03/2026 - Raw materials

Metals: Iron Ore Price Remains Stable

27/03/2026 - Raw materials

27/03/2026 - Raw materials

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18/03/2026 - Raw materials