Q1 2026
The presentation highlights a renewed upswing in global commodity markets in Q1 2026, driven primarily by non‑food categories. Daymon’s overall commodity index rose by about 11% quarter‑on‑quarter, reflecting strong upward pressure across chemicals, metals, plastics, textiles, energy‑linked inputs, and transport costs. In contrast, food commodities showed only a modest quarterly recovery (+2.8%) and remain significantly lower year‑on‑year, illustrating how industrial and energy‑linked commodities are currently responding much more sharply to global disruptions than agricultural markets.
Within non‑food commodities, metals (+15%) and chemicals (+9%) stood out, supported by surging precious-metal prices and rising petrochemical feedstock costs amid higher crude oil prices. Energy markets were mixed: crude oil jumped sharply, while movements in electricity and gas moderated the overall index. Transport costs rebounded after prolonged declines due to shipping disruptions. On the food side, trends diverged widely—fruits and vegetables, seafood, oils and fats, and grains rebounded, while dairy, ingredients, and soft commodities (notably cocoa) continued to fall, reflecting improved supply conditions or demand normalization in those areas.
A major theme of the presentation is the February 2026 Middle East conflict and its global ripple effects. The disruption and partial closure of the Strait of Hormuz—a critical chokepoint for oil, LNG, fertilizers, and metals—triggered unprecedented supply shocks, sharp price spikes, and heightened volatility across commodities and logistics. Energy price inflation cascaded into food, fertilizers, metals, and shipping, reinforcing broad cost pressure across supply chains. The outlook remains bifurcated: de‑escalation could ease volatility and logistics costs, while prolonged conflict would lock in higher price floors, accelerate supply‑chain regionalization, and push companies toward more resilience‑focused procurement strategies.