Commodities Bull Run, Copper Strength, and Precious Metals Rotation - Insights from Darrell Fletcher
A deep dive with Darrell Fletcher on why metals are leading the charge, how tariffs are reshaping flows, and what’s next for crude, copper, and natural gas.
In this interview, Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, explains why 2025 has turned into a metals‑led commodities bull market - and why traditional energy is lagging. From platinum’s surge to copper’s tariff-driven rally, Darrell shares the on‑the‑ground signals he’s seeing from his trading desk and what he expects into late 2025 and 2026.
🔹 Key Highlights From the Interview
• Precious metals dominating year‑to‑date performance
“Top four of 25 commodities so far this year are platinum, copper, silver, and gold.”
Central bank buying, tariff uncertainty, and economic caution are fueling investor appetite. Actionable takeaway: investors looking for hard‑asset exposure are rotating into silver and platinum as catch‑up plays.
• Copper’s tariff‑driven surge and infrastructure demand
“Comex copper is up nearly 40% year‑to‑date, with U.S. basis pricing reflecting tariff shifts.”
A rare move higher in the front month while the curve stays in contango signals strong long‑term demand and supply concerns.
• Broad indexes flat, but sector leadership matters
“Bloomberg Commodity Index is up less than 5%, S&P GSCI is flat—metals are carrying the gains.”
Actionable takeaway: drill into sector-level data rather than relying on headline indexes; metals and PGMs are where institutional flows are going.
• Energy markets lagging despite geopolitical noise
“Crude shocks to the upside have been muted, and supply growth into 2026 is capping prices.”
Actionable takeaway: be cautious on oil exposure; fundamentals suggest range-to-lower pricing, while natural gas forward curves look constructive longer term.
• Market participation still cautious but building
Tariff uncertainty has slowed long-dated hedging and CapEx planning. Yet as Darrell notes, a broader rotation into lagging commodities could emerge in late 2025 and 2026.
👉 Click here to listen to the full interview and hear Darrell’s detailed sector views!
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