(Bloomberg) -- Warren Buffett is upping his bets in Japan after trading houses relaxed the ceiling on his company’s holdings. US President Donald Trump is aiming to make good on plans to levy tariffs on Mexico, Canada and China, just as the country plans to import more agricultural goods than ever. And Germany’s newly elected leadership has a lingering power problem waiting for them.
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Here are five notable charts to consider in global commodity markets as the week gets underway.
Diesel
Diesel markets are showing signs of normalizing after sanctions on Russia’s refined-products exports tightened supply for the fuel in recent years. US diesel demand is higher and inventories are lower than in 2024 and 2023, but prices at the pump and in the futures market are cheaper. That points to a more balanced market. And even though Russia’s products remain under sanction, the country is exporting increasing amounts of fuel.
Food
Just as Trump is poised to institute tariffs on Mexico, Canada and China, the US once again is expecting to import more agricultural goods than it exports. That’s creating a record deficit this year, according to the US Department of Agriculture. The US has brought in more food than it has shipped out every year since 2023. It’s a stark turnaround for a nation that once used its abundant food supplies as a tool of statecraft.
Japanese Markets
Investors — wary of turmoil around policy changes in the US — can look to Buffett for direction. Berkshire Hathaway Inc. plans to increase holdings in Japanese trading houses, which derive much of their profit from overseas production of fossil fuels and metals, but have spent decades diversifying. They are maintaining their outlook for near-record profits this fiscal year, despite a strengthening yen, and some are expanding their exposure to commodities.
Copper
As mining companies gather in Toronto for one of the industry’s biggest conferences, copper is emerging as a hot topic after Trump made the red metal his next tariff target. Potential levies have created an opportunity for profit as the gap between prices in the US and the rest of the world widens. US copper prices traded at a premium of as much as $1,300 a ton in February, compared with the cost of shipping the metal to the US at $300 a ton or less. Some traders are shipping copper from as far away as Asia.
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German Power
Germany’s new leadership has promised to cut costs by lowering taxes and grid fees, but a study shows doing so will be a challenge. German households are still paying 31% more for energy than they did prior to the 2022 crisis. Russia’s invasion of Ukraine and its subsequent reduction of pipeline gas flows sent Europe’s wholesale energy prices soaring. Although prices have since come down, they are still at high levels. In Germany, taxes and grid fees make up the majority of the price paid by consumers, and have also risen.
--With assistance from Eva Brendel and Stephen Stapczynski.
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