Natural Resources 2026 Outlook: Gold and copper remain supported; oil and grains could recover

23 January 2026

After glittering performances in 2025, gold and copper still look well supported. Meanwhile, following a trickier 12 months, the tide could be turning for oil and select agricultural commodities as substantial supply shows signs of moderating. Paul Gooden, George Cheveley and Dawid Heyl – Portfolio Managers at Ninety One look at the big picture...