FT Live Commodities Global Summit 2026

May 11, 2026

At the FT Live Commodities Global Summit, Frontier Commodities’ Managing Partner & CIO, Aline Carnizelo, explained how periods of elevated commodity price volatility can actually reduce market liquidity – precisely when participants need it most.

Market breadth and cross-commodity correlations remain key risk management indicators tracked within the Frontier strategy, helping identify shifts in liquidity conditions and systemic market stress.

Share this blog article

Have any question?

For more information on this topic, please feel free to contact us.

Environmental

Environmental commodities are the tradable credits resulting from regulations on emissions which quantify the cost and volume of pollution. These are typically policy-driven financial instruments that have been established to incentivize the transition to a low-carbon economy.

Image from Carbon Allowance
Carbon allowances, part of regional compliance markets, are tradeable permits that represent the right to emit a specific quantity of CO2e (carbon dioxide equivalent). These are often a cap-and-trade system, where emission allowance limits are tradeable among market participants.

Ferrous Complex

The Ferrous Complex is a group of commodities composed of iron (Fe) and steel products. The products have been around in various forms for centuries, and are vital for the construction, manufacturing, transportation and infrastructure sectors. Futures trading has only been developed over the last 20 years.

Image from Steel
Steel is an alloy composed mainly of iron, with some carbon and other alloys depending on the application. Steel products can be traded in different shapes and characteristics, as well as across different regions, representing its historical importance as a strategic industry.

Image from Iron Ore
Iron Ore is a large bulk commodity market that is traded with varying mineral concentration levels, and used exclusively for steelmaking. Its production base is concentrated to a few regions globally, with logistics a key component of the supply chain.

Agricultural

Agricultural Commodities, also known as Soft Commodities, are raw materials and products derived from farming activity and are crucial for sustaining global food supplies. Pricing can be significantly influenced by supply issues such as weather and crop decisions. Futures trading in agricultural commodities has been active for over 150 years.

Image from Corn
Corn is a staple agricultural commodity cultivated for food, animal feed and industrial purposes such as ethanol production. It is the most widely followed soft commodity market given its diverse use as feedstock.

Image from Wheat
Wheat is a staple grain that is cultivated globally for its versatile applications in food production. It is the primary ingredient in bread, pasta and cereal, making is a crucial component in the world's food supply chain.

Image from Soybeans
Soybeans are grown for their high protein content, with production mainly in the Americas. It is widely used in animal feed and cooking oil, and also play a role in sustainable agriculture as it contributes to nitrogen fixation in the soil.

Image from Sugar
Sugar is derived from sugarcane or sugar beets, and is a key ingredient in the globaly food industry. Raw and refined sugar are traded, with changing consumer preferences potentially influencing production levels.

Image from Hogs
Hogs are a livestock commodity and refer to domesticated pigs raised for meat production, particularly pork. Prices are influenced by feed costs, consumer demand and overall trends in the broader livestock market.

Image from Orange juice
Orange Juice is the largest product in the global juice market and is a key commodity in the worldwide beverage industry. Prices are influenced by citrus crop conditions and consumer preferences.

Energy Products

Energy Products encompass various commodities crucial for producing and consuming energy. They have historically been primary sources for generating power, fueling transportation and supporting industrial processes worldwide. Futures trading of these markets were established in the 1980s.

Image from Brent Crude
Brent Crude Oil is a major benchmark for global oil prices, representing a blend of sweet light crude oils extracted from the North Sea. It is a key price indicator influencing energy markets and economic trends, and is typically the largest component of many commodity indices.

Image from WTI Crude
WTI (West Texas Intermediate) Crude Oil is a benchmark for crude oil extracted in the U.S., particularly the Permian Basin. The product is valued for is low sulfur content and is also closely monitored as the U.S. is the largest oil producer and consumer in the world.

Image from Gasoline
Gasoline is a refined petroleum product derived from crude oil, used as a fuel for internal combustion engine vehicles. Prices are driven by underlying crude oil prices, refining costs and consumer demand in the transportation sector.

Image from Gasoil
Gasoil, also known as diesel fuel, is a refined petroleum product used a a fuel for internal combustion engine vehicles, with a higher energy density that gasoline. Its applications are diverse, including autos, industrial and agricultural machinery and back-up power generation.

Image from Heating Oil
Heating oil is a refined product mostly used in commercial and residential heating. It is similar to diesel, but with additives to enhance efficiency in heating systems, and can be stored in tanks in regions where gas pipelines are not available.

Precious Metals

Precious Metals refer to rare metallic elements known for their high economic value and aesthetic appeal, with futures trading established in the 1970s. There are primary precious metal mines, but the minerals are also recovered as by-products or co-products when present in the deposit as they generate high value credits for the operation.

Image from Gold
Gold has a lustrous yellow appearance and has been highly valued as jewelry and currency throughout history. While there are some industrial applications, gold is primarily viewed as a financial asset and possibly the most accessible tradeable commodity for investors around the world.

Image from Silver
Silver is a malleable precious metal, with a lower unit value than gold as it is more abundant, making it popular for jewelry, coins and decorative items. It has a larger industrial use case than gold, including in high-value electrical conductivity applications and as a catalyst in chemical processes.

Image from Platinum
Platinum is a dense precious metal and is the most well-known of the six platinum group metals. Its use is typically split evenly between autocatalyst and jewelry markets.

Image from Palladium
Palladium is part of the six platinum group metals, known for its catalytic properties and resistance to tarnish. It is mostly used in autocatalysts, where high recycling rates contribute to a valuable secondary market.

Energy Metals

Energy Metals is a relatively new classification for the industry, inspired by the increasing use of these minerals in energy applications such as batteries where market expansion far outpaces overall economic growth. This is an emerging futures trading market, with contracts only recently established.

Image from Litium
Lithium is the lightest and least dense solid element, highly reactive but with good heat and electrical conductivity properties. It has become a cornerstone in advancing rechargeable portable electronics and electrified transport applications.

Image from Cobalt
Cobalt is mined as a by-product in some copper and nickel deposits, and typically used in strategic industries such as aerospace components and chemical catalysts. It is increasingly used in battery cathodes to enhance energy density and ensure stability by preventing overheating.

Image from Vanadium
Vanadium is a transition metal known for its strong resistance to corrosion and ability to form stable alloys. It is mostly used in the production of specialty steels, typically for construction, but is increasingly gaining attention for its potential application in vanadium redox flow batteries.

Base Metals

Base Metals are commonly used metals in industrial applications such as construction, transportation, manufacturing and electrical components. Pricing is influenced by economic activity expectations and consumer confidence. Trading base metal future contracts is well established, with some markets going back nearly 150 years.

Aluminum is the largest base metal market by volume, and is a lightweight and corrosion-resistant metal known for its excellent strength-to-weight ratio. Production of primary aluminum is very energy-intensive, with applications ranging from aerospace and packaging to construction and electricity transmission.

Image from Cooper
Copper is a ductile metal with excellent conductivity of electricity and heat. The vast majority of refined copper is extruded to electrical wiring and the metal is generally viewed as playing a critical role in the energy transition.

Image from Nickel
Nickel is typically the highest value base metal per unit, known for its resistance to corrosion and high melting point. It is often alloyed with other metals in the production of stainless steel, though its contribution to energy density in lithium-ion batteries is playing an increasingly larger role in driving demand growth.

Image from Zinc
Zinc is mined primarily as a by-product, a bluish-white metal with excellent corrosion resistance. It is often used in the galvanization process, a cost efficient method to prevent steel from rusting, with smaller use cases in biological functions such as dietary supplements.

Image from Lead
Lead supply today is predominantly from recycled sources. It is used in batteries, radiation shielding and, historically, piping, though its usage is decreasing due to environmental and health concerns.

Image from Tin
Tin is the smallest base metal market by volume. Historically, over half of tin supply was from artisanal sources, though this has decreased significantly in recent years. It has a low melting point, making it easy to work with in applications such as solder, food packaging and bronze alloys (with copper).

Disclaimer

This Website (the “Website”), including, without limitation, the information and documents herein (the “Contents”), is intended exclusively for informational purposes.

Please read the terms of use below (the “Terms of Use”) for your own protection and benefit. When you have read the Terms of Use and provided you are entitled to view this Website according to these Terms of Use and any applicable laws and regulations, please click on the button below. If you are not in compliance with any of the provisions contained in these Terms of Use, you must not access this Website.

The Contents are not intended to be accessed or used by any person or entity in any country or jurisdiction where this access or use is illegal or where ecamos Capital AG (“ecamos”) or any of its affiliates will be under a legal obligation to register the shares of any fund or any offering of such shares. Specifically, if you are a person resident or domiciled in Switzerland, you confirm by accessing and using this Website that you are a qualified investor according to art. 10 para 3 and 3ter of the Collective Investment Schemes Act (CISA).

 

CONTENTS NOT TO BE CONSTRUED AS A SOLICITATION, A RECOMMENDATION, OR ADVICE

The Contents do not constitute an invitation to invest or an offer of any fund in the U.S. or Japan or elsewhere and have not been prepared as an offer to trade any particular security that may be referred to in the Contents. The Contents have been prepared for informational purposes only without regard to the investment objectives, financial situation, or means of any particular person or entity, and neither ecamos nor any of its affiliates is soliciting any action based upon them. The Contents are not to be construed as a recommendation or a representation about the suitability or appropriateness of any fund or shares; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy. Certain transactions, including those involving futures, options, and high-yield securities, give rise to substantial risk and are not suitable for all investors. Any discussion of such risks contained in this Website should not be considered to be a disclosure of all risks or complete discussion of the risks which are mentioned. You should not construe any of the Contents as business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice. Neither ecamos nor any of its affiliates will treat users of this Website as its clients by virtue of them accessing it.

 

All intellectual property rights related to the Contents, including the information, text, materials, images, logos, photographs, and illustrations on this Website and regarding the lay-out and design thereof (such intellectual property rights referred as the “Intellectual Property”) are the property of ecamos or its affiliates or agents or have been licensed to ecamos or its affiliates or agents by the owner(s) of those rights. None of the Contents, nor any copy of it, may be altered in any way (including, for the avoidance of doubt, any removal of any copyright, trademark, or any other notices that are provided to you in connection with the Contents), transmitted to, copied, or distributed to any other party, without the prior express written permission of ecamos or its affiliates or agents.

ecamos reserves the right to vary these Terms of Use at any time. 

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance.

This Website is subject to periodic update and revision. However, ecamos has not verified the Contents and does not represent that such Contents are accurate, current, or complete and it should not be relied upon as such, without regard to the date on which you may access the information. ecamos maintains the right to delete or modify information on this Website without prior notice.

ecamos makes no warranty whatsoever to you, express or implied, regarding the security of this Website.

You expressly acknowledge that you have checked and confirm that you: (i) understand and accept these Terms of Use and are legally entitled to view this Website; (ii) understand that the information on the Website is not a promotion and that you will not treat it as such and that any information on the Website is not addressed specifically to you; (iii) understand that the content is made available on an "as is" basis and used at your sole risk; and (iv) understand and acknowledge that ecamos does not warrant or guarantee the accuracy, timeliness, suitability, correctness, quality, reliability, completeness, or availability of this Website or the Content or results obtained from use of this Website, or that this Website or the Contents will be free from error.

Should you not be in compliance with any of the above, you must immediately discontinue from using the Website and refrain from accessing any pages of the Website.

These Terms of Use shall be governed by Swiss law.

By clicking the "I Accept" button, you agree to abide by the above.