It has been two weeks since the start of the conflict in the Middle East and supply-side issues remain the top concern for commodity markets. In addition to shipping troubles, the region is also forced to halt production due to persistent infrastructure attacks and limited storage. While oil & gas dominate headlines, metals are also running into trouble. In today’s episode, we summarize everything you need to know about metals markets, as well digest developments in oil.

Speakers:

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base and Precious Metals Strategy

This podcast was recorded on March 13, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at

https://www.jpmm.com/research/content/GPS-5232475-0, https://www.jpmm.com/research/content/GPS-5233598-0, and https://www.jpmm.com/research/content/GPS-5228729-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Global Commodities: Mind the Metals

At Any Rate