The commodities market on January 9, 2026, is characterized by mixed movements influenced by geopolitical tensions, economic data releases, and technical factors. Energy commodities like oil and natural gas are facing pressure from supply expectations and geopolitical developments, while metals such as copper, gold, silver, and platinum show bullish momentum driven by demand and safe-haven buying.
WTI crude oil is trading around $57.00, showing some recovery after recent declines. The market is reacting to U.S. operations targeting Venezuelan oil tankers and geopolitical unrest in Iran, which could disrupt supply flows. Key resistance levels to watch are $57.50 and the 50-day moving average near $58.61 for WTI, while Brent oil is testing resistance around its 50-day MA at $62.54. A break above these levels could signal bullish momentum, but bearish pressures remain due to increased Venezuelan oil supply expectations and inventory builds reported by the EIA.
Natural gas prices have declined to around $3.20 per MMBtu, pressured by a larger-than-expected drawdown in storage and a lack of bullish catalysts. Support levels near $3.25 to $3.30 are critical; a breach could lead to further declines towards $3.05 to $3.10.
Energy markets remain cautious with a balance between supply resilience and demand uncertainty. Traders are advised to monitor key support and resistance levels closely as geopolitical developments and inventory data continue to influence price action.
Copper futures in New York surged to near record highs around $5.90 per pound, driven by President Trump's announcement of a potential 50% tariff on copper imports. This has intensified concerns about U.S. supply shortages, as the country relies heavily on imports, mainly from South America. Demand drivers include electrification of transport, industrial reshoring, growth in AI and data centers, and increased cooling needs due to global warming. Supply constraints and underinvestment in mining are expected to keep copper prices volatile and trending higher.
Gold prices are near $4465 per ounce, supported by geopolitical tensions including unrest in Venezuela and Iran, and expectations of potential Federal Reserve rate cuts. However, a $6.8 billion liquidation of gold futures contracts is anticipated from January 9 to 15 due to commodity index rebalancing, which may cause a short-term pullback. Key support is around $4405 to $4436, with resistance near $4500 to $4550.
Silver has surged past $80 per ounce, supported by a declining gold/silver ratio, with potential to test resistance near $83.50 to $84. Platinum is rallying strongly, trading above $2380, aiming for resistance between $2510 and $2530. Both metals benefit from safe-haven demand and industrial usage.
Wheat, soybeans, and corn markets are relatively muted ahead of the USDA WASDE report. Wheat prices are slightly down, with technical signals mixed but leaning towards a sell signal. Corn shows bullish sentiment due to strong exports and ethanol production, while soybeans face tightening stocks amid steady demand. Market participants await the report for updated supply and demand forecasts.
Key instruments for trading commodities include futures contracts on WTI and Brent crude oil, natural gas futures, copper futures on the COMEX, gold and silver ETFs such as SPDR Gold Shares (GLD), and agricultural futures for wheat, corn, and soybeans. These instruments are influenced by geopolitical events, economic data, and technical factors as outlined above.
The commodities market on January 9, 2026, is navigating a complex environment shaped by geopolitical tensions, supply-demand dynamics, and technical factors. Energy commodities face downward pressure amid supply concerns and inventory builds, while metals benefit from safe-haven demand and structural supply constraints. Agricultural markets await key reports that could shift sentiment. Traders should monitor key price levels and geopolitical developments closely to adapt their strategies accordingly.