In this KE Report daily editorial, I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets. Darrell oversees the firm’s commodities trading desk and offers a unique perspective on the markets – focused on hedging, volatility, and positioning through uncertainty.

In this interview, we review key themes from Darrell’s recent presentations at the Las Vegas MoneyShow and dig into where investors are focusing in 2025.

Key topics covered:

• Year‑to‑date commodities review: Precious metals and copper leading the pack; top four performers are platinum, copper, silver, and gold.
  
  
• Tariffs, correlations, and drivers: Why dollar correlations are breaking down and how tariffs are reshaping physical flows in metals.
  
  
• Copper staying strong: How tariffs and infrastructure demand are driving record‑high Comex copper, even while global supply remains constrained.
  
  
• Energy lagging: Why crude remains range‑bound with downside risk despite low inventories, and why natural gas fundamentals look more constructive.
  
  
• Rotation potential: Will investor flows broaden into lagging commodities like grains and softs in the second half of 2025 and into 2026?
  
  

Darrell also shares insights on trading volumes, hedging behavior, and how muted tariff reactions are shaping day‑to‑day market moves.

Click here to learn more about Bannockburn Capital Markets.