ING Groep stated in its 2025 outlook that the incoming US President Trump’s promises to impose tariffs on trade partners and the potential retaliatory actions could disrupt markets, including Crude Oil Product, Metal, and Agriculture. Meanwhile, traders are also paying attention to China's stimulus measures.

Warren Patterson and Ewa Manthey stated in the report: "We expect that many segments of the CSI Commodity Equity Index will gradually decline by 2025 due to a relatively loose supply-demand balance, while the possibility of escalating trade tensions poses a downside risk, and the market is waiting to see if and when China's support measures will affect the CSI Commodity Equity Index."

Although Trump is unlikely to have a significant impact on US crude oil production, crude oil prices are expected to be pressured due to strong supply growth from non-OPEC countries. ING Groep anticipates that the average price of Brent crude oil will decline to $71 per barrel next year, down from the current price of about $74.

At the same time, new US liquefied natural gas (LNG) export facilities could boost domestic demand and prices while making it easier for Europe to offset supplies from Russia, assuming a normal winter, which could lead to lower gas prices in the region.

ING Groep stated that due to geopolitical concerns, Gold will continue to set records this year, with the average price expected to rise from the current level of around $2,713 per ounce to $2,760 by 2025. Most Bids will come from central banks seeking to diversify their Forex reserves, and heightened trade and geopolitical friction could increase the safe-haven appeal of Gold.

The outlook for Industrial Metals is more uncertain, with potential influences from changes in trade policy, Biden's climate legislation, and demand from China. ING Groep forecasts that the average price of Copper in 2025 will be $8,900 per ton, down from the current level of over $9,200. Grains are likely to be a primary target in any disputes, and weather concerns continue to put pressure on soft commodities, with prices for cocoa and coffee expected to fluctuate further next year.