Price volatility has been a huge challenge for firms operating in commodity markets over the past 18 months, with extreme price spikes occurring in precious metals, base metals and energy markets. 

Crisis events such as Israel’s strikes on Iran in June 2025 through to this year’s Middle East conflict and Iran’s blockade of the Strait of Hormuz, have left markets jumpy and sensitive to headlines. Falling market liquidity at times of extreme price moves adds to the challenge. 

Amid the proliferation