Mark Burton

Here are the commodities to watch beyond energy as worries about the war's complex impact on the global economy rise to the fore.

Lead prices fell toward the lowest since 2022 after Trafigura Group made a second record-breaking delivery of metal into London Metal Exchange warehouses.

The global aluminum market will face deepening deficits if constraints on shipments through the Strait of Hormuz continue, according to leading European producer Norsk Hydro ASA.

Vitol Group and Cargill Inc. have stopped trading with Radiant World, a private firm that’s rapidly risen to become one of the world’s largest iron ore traders, while Glencore Plc is no longer doing new business with the company, according to people familiar with the matter.

Radiant World is little-known outside of the commodities industry, but over the past decade it has grown rapidly to become one of the largest traders of iron ore, by volume the world’s most-traded commodity after oil. It’s forged relationships with major producers, traders and banks during its ascent.

In a corporate presentation in December 2024, Radiant World boasted of its “diverse network” of suppliers and counterparties.

Radiant World is under growing pressure after two of its key banks froze its funds and major miners moved to cut ties with the iron ore trading house.

Since the start of the Iran war, Iranian attacks on vessels in the Strait of Hormuz and a US blockade on Iran’s ports have slowed the flow of energy exports and other commodities from the Middle East.

A two-way pull is depleting LME inventories, raising the risk of another spike in futures contracts.

Gold jumped more than 3% after an unexpected contraction in the US jobs market, extending a rebound from its slump below $4,000 an ounce.