Darrell Fletcher - Commodities Trading Outlook: Metals Surge, Energy Lags

In this KE Report Daily Editorial (Sept 29), I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, who oversees the firm’s commodities trading desk.

Darrell provides his monthly update on market positioning, trading flows, and price trends across precious metals, base metals, and energy.

Discussion highlights:

• Precious metals surge: Gold pushes toward $4,000 while silver breaks above $47, with broader investor flows extending beyond central banks.
  
  
• Copper strength: A steady climb toward $5/lb, boosted by the Freeport Grasberg disruption and tight long-term supply fundamentals.
  
  
• Sector rotation: Silver equities rally sharply, showing heightened volatility compared to gold.
  
  
• Energy weakness: Oil remains stuck in a range with bearish fundamentals; natural gas looks fairly valued heading into winter with ample storage.
  
  
• Big picture: Metals are pulling commodity indices higher even as energy drags, underscoring the sector’s shifting drivers.

 

Stocks mentioned (symbols): Freeport-McMoRan ($FCX)

 

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