20/07/2026
Macro Cheat Sheet Series
What Really Moves Commodity Markets?
Charts show us where price is moving, but macro helps us understand why price may be moving and what’s the long term trend.
Over the next 10 weeks, I’ll be starting a simple macro series where we break down the key factors that influence commodities like gold, silver, copper, oil, natural gas, agriculture and livestock.
The goal is not to make macro complicated. The goal is to make it easy to understand.
Each week, we’ll look at key drivers such as:
Economic growth, inflation, interest rates, bond yields, the US dollar, supply and inventories, oil prices, producer currencies, weather events, geopolitics, trade policies and market sentiment.
These are the same big-picture factors that often influence longer-term trends across markets. So when you attend Craig’s Market Analysis calls or Tung’s Macro calls, this series should help you connect the dots more clearly.
This series will help you understand the macro story behind the chart, so when you are doing your own market study, you are not just looking at candles, you are also understanding the bigger forces behind them.
At the end of the series, I’ll also share a simple Commodity Macro Cheat Sheet that you can use as a quick reference when building your market view/Thesis.
This week, I will discuss the impact of economic growth and industrial demand on Different commodities in detail in my next post.
