The commodity market is heading for its first gain in three, with the Bloomberg Commodity Index (BCOM) on track for a modest weekly gain of less than 1%. This advance has been carried by strong performances across the agriculture sector, and a rebound across the energy sector excluding natural gas, all of which have helped offset continued weakness in industrial metals and a mixed performance in precious metals. As ever, macro forces remain front and center, with today’s speech from Federal Reserve Chair Jerome Powell at Jackson Hole likely to set the tone for the dollar, US yields, investment metals, and general risk appetite into September. The broader backdrop has been impacted by several developments. First, the dollar has regained strength this week as markets reassessed the likely pace of US rate cuts pushing back expectations following firmer economic data, especially the S&P Global US Composite PMI Outlook Index which showed an August increase to a December 2024 high. ...