The last line of each weekday Take: a bank's or research house's commodity trade recommendation, or, when none is public that week, its dated view. Each line names the house and the date its note was published. Houses close and change their recommendations and views without notice; nothing here is trade advice.
Since published: where the letter's own tables price the instrument, its futures price in the first issue after the note against the latest issue (Oct 30, 2026), and whether the market has since moved in the direction the house expected. It says where the market went, not whether the house is still in the trade. A relative-value idea, an option structure or a named far-dated contract carries no mark.
Goldman recommends long European summer 2027 gasoline futures and TTF Q1 2027 call spreads on asymmetric upside from potential geopolitical escalation and cold winter risks (Goldman Sachs, Oct 21).
Saxo recommends long palladium on underpriced tariff risk from potential US Critical Mineral Section 232 measures (Saxo Bank, Oct 23).
Since published: palladium 1,052 to 979, down 7.0%, the market has moved against the direction the house expected.
Saxo recommends long nickel on Indonesian HPAL production cut expectations tightening supply (Saxo Bank, Oct 21).
Since published: nickel 15,840 to 15,614, down 1.4%, the market has moved against the direction the house expected.
Saxo recommends long JKM versus TTF on persistent Asian demand strength and inter-basin arbitrage (Saxo Bank, Oct 15).
Citi favors the risk-reward for gold as it trades in the low $4,000 range with solid dip-buying interest. (Citi, Oct 13)
Since published: gold 4,209 to 4,001, down 4.9%, the market has moved against the direction the house expected.
Rabobank recommends long European natural gas TTF futures on LNG supply risks from the Middle East and Europe's growing reliance ahead of Russian gas phase-out (Rabobank, Oct 14).
Since published: TTF 84.88 to 102.20, up 20.4%, the market has moved in the direction the house expected.
Saxo recommends long cocoa on resilient supply risks from El Niño weather in West Africa (Saxo Bank, Oct 9).
Since published: cocoa 5,602 to 5,459, down 2.6%, the market has moved against the direction the house expected.
Goldman recommends long summer 2027 European gasoline futures on persistent distillate tightness and refining capacity constraints (Goldman Sachs, Oct 12).
Rabobank recommends long Brent versus the forward curve through Q4 2026 and 2027 on persistent Middle East supply risks keeping markets tight (Rabobank, Sep 30).
Saxo recommends long gold on resilient official-sector buying and positioning lows despite high yields (Saxo Bank, Oct 2).
Since published: gold 4,215 to 4,001, down 5.1%, the market has moved against the direction the house expected.
Rabobank recommends long cotton futures on improved U.S. export sales and China tariff relief prospects (Rabobank, Sep 28).
Since published: cotton 82.66 to 78.44, down 5.1%, the market has moved against the direction the house expected.
Saxo recommends long copper on supply tightness and strong demand despite macro pressure (Saxo Bank, Sep 25).
Since published: copper 14,939 to 14,401, down 3.6%, the market has moved against the direction the house expected.