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GlobalCommodities2026OutlookGlobalCommodities2026Outlook Supply-driven crocodile cycle-tight metals continue toSupply-driven crocodile cycle-tight metals continue to Key CallsRemain constructive on precious metals: we maintain our multi-year bullish outlookon goldl for a fuurth year in a nw with continued rotust central bsank and investor dleriandforecasted to push prices to $5,000/oz.Industrial metals remuin in the second position among our most preferred longs:acute supply disruptions and dislocated glohal inventory set the stage for copper pricesto rally towards S12.500vint in 1H26.Expected returns across agri cornmodities are mixed: we rernain bullish on corm andwheat and sec greater upside in ICE#2 Cotton and ICEH11 Sugar but retain a more bearishoullook on soybeans.Our view on U'S gas shifts from neutral to outright bearish: 2026 pricc cxpected toaveruge S3.74/MMIBtu—bearish relative to the cunrent forward curve—is we forecaststrong proxduction grovth driven in part by Permian associated gas production.We maintain a bearish outlook on oil: Following a sharp decline in 2025—firom $80in 2024 to S68(he Brent oil price is projected to fall further, averaging $5 8/bbl in 2026.The report offers teehnical and derivatives insights into commodity markets, along withtrude recomnendationsKey CallsRemain constructive on precious metals: we maintain our multi-year bullish outlookon goldl for a fuurth year in a nw with continued rotust central bsank and investor dleriandforecasted to push prices to $5,000/oz.Industrial metals remuin in the second position among our most preferred longs:acute supply disruptions and dislocated glohal inventory set the stage for copper pricesto rally towards S12.500vint in 1H26.Expected returns across agri cornmodities are mixed: we rernain bullish on corm andwheat and sec greater upside in ICE#2 Cotton and ICEH11 Sugar but retain a more bearishoullook on soybeans.Our view on U'S gas shifts from neutral to outright bearish: 2026 pricc cxpected toaveruge S3.74/MMIBtu—bearish relative to the cunrent forward curve—is we forecaststrong proxduction grovth driven in part by Permian associated gas production.We maintain a bearish outlook on oil: Following a sharp decline in 2025—firom $80in 2024 to S68(he Brent oil price is projected to fall further, averaging $5 8/bbl in 2026.The report offers teehnical and derivatives insights into commodity markets, along withtrude recomnendations Cross-CommoditiesOutlook2026Following a flat performance last year, the BCOM Index has risen hy 12% year-to-date in 2025, as losses in energy andagriculture are offset by gains in metals, with both precious and industrial mctals yielding positive returns thus far (Figure2). Being lorng metals—both industrial and precious—and short oil has proven the tight strategy in 2025 (Glo/brot CramarwditiesCross-CommoditiesOutlook2026Following a flat performance last year, the BCOM Index has risen hy 12% year-to-date in 2025, as losses in energy andagriculture are offset by gains in metals, with both precious and industrial mctals yielding positive returns thus far (Figure2). Being lorng metals—both industrial and precious—and short oil has proven the tight strategy in 2025 (Glo/brot Cramarwdities 75%■202375%■2023 %0945%30%%0945%30% 0%-15%-30%BCOMEnergyIndustrialPreciousAgs andMetalsMetalsLivestockSou12s: Blkxmbeg Figte L,P, *As (i (1 [w; 20250%-15%-30%BCOMEnergyIndustrialPreciousAgs andMetalsMetalsLivestockSou12s: Blkxmbeg Figte L,P, *As (i (1 [w; 2025 Figure 3: Performance of commodities underlying the BCOM Index, 2025 YTDPe*tent dhange in ER sub-indices2%Figure 3: Performance of commodities underlying the BCOM Index, 2025 YTDPe*tent dhange in ER sub-indices2% 24 2534°8%11% 19%16%5%7%24 2534°8%11% 19%16%5%7% 7%-3%-4%0%Ne-7%-3%-4%0%Ne- 8%-17%5 -16%12% -13%-11%22%8%-17%5 -16%12% -13%-11%22% SugarWheatCottonCornILMrentHH SLeadGasoilCattleCopperCoffeeGoldNickIGasSugarWheatCottonCornILMrentHH SLeadGasoilCattleCopperCoffeeGoldNickIGas HRH WheatHRH Wheat Natural3oui8: Bloxmlerg Fitgc L.P. *Ag olf 1 De: 2025Natural3oui8: Bloxmlerg Fitgc L.P. *Ag olf 1 De: 2025 The Bloombcrg Commoditics Index is forecast to exhibit brondly flat returns in 2026, as continued declines in energy arcbalanced by further price increases in metals and agriculture, with our preferred long recommendations listed in order ofThe Bloombcrg Commoditics Index is forecast to exhibit brondly flat returns in 2026, as continued declines in energy arcbalanced by further price increases in metals and agriculture, with our preferred long recommendations listed in order of 1. We maintain our multi-year bullish outlook on gold for a fourth year in a row as we expect the long-tern trend ofofficial reserve and investor diversifieation into gold has further to run in 2026 (Base & Prrcious Metais (Outioof 2026/27:Ever saler keighzs, 20 Nov 2025). While this rally in gold has not and will not be linear, we believe the trends driving thisrebasing higher in gold