Los mercados de materias primas se disparan por compras masivas y demanda de infraestructura de IA

Unprecedented Momentum in Broad Commodities

The commodities sector has experienced a sudden and significant shift in sentiment. On August 10, 2026, the broad commodity measure (DBC) moved +3.5% in a single day, a price action noted as being far outside its normal range [13]. This rapid buying suggests a strong influx of capital and aggressive investor positioning across the wider commodity asset class [13].

While certain sub-sectors face localized headwinds—such as a decline in traditional sugary beverage sales, with soda falling 12.2% and fruit juice dropping 14.84%—the sheer scale of the DBC spike indicates a momentum shift that appears to outweigh these specific weaknesses [13]. Similarly, the diamond market is facing downward pressure due to a shift in supply, with De Beers' market share falling from 90% to 35% and lab-grown retail prices dropping to 30% of natural diamond costs [13]. Despite these varied dynamics, the broad market data points toward a significant influx of capital into the wider commodity sector [13].

Precious Metals Rally on Macro Shifts

Precious metals are leading much of the current upward momentum. London gold broke the $4,400/oz level during Asian trading, reaching a high of $4,435.40/oz [3], while COMEX gold futures approached the $4,500/oz mark with a peak of $4,495/oz [3]. Spot prices were trading around 4,412 USD/ounce on August 11, 2026, following a jump of 46 USD per ounce on August 10 [3]. Silver has also seen upward momentum, with Comex silver trading at $65.940/oz, up 1.02% [3].

This rally is being supported by significant capital inflows into gold ETFs. Domestic Chinese gold ETFs saw a combined growth of 21.3 billion yuan over one week, while the global SPDR Gold Trust saw its holdings increase by 3.42 tons to 1,020.96 tons as of August 10 [3]. This buying power is partly a response to a repricing of U.S. interest rate expectations; a weaker-than-expected jobs report showed U.S. non-farm payrolls fell by 23,000 in July and the unemployment rate reached 4.1% [3]. As bets on potential rate hikes are dented, bullion becomes more attractive as it pays no yield [3].

AI Infrastructure and Energy Demand

A major driver for commodity demand is the massive scale of investment in artificial intelligence infrastructure. Tech giants are committing unprecedented capital to this sector, with Google projected to spend $200 billion this year and ByteDance expanding its spending from 150 billion to 200 billion [18]. Furthermore, Nvidia is partnering with six Wall Street giants, including Apollo, BlackRock, and Goldman Sachs, to raise $500 billion to develop AI computing architecture [13].

This massive capital influx is repositioning computing power as a long-term, collateralizable asset class, similar to commercial real estate or infrastructure [13]. This shift is creating a critical bottleneck in power supply, which in turn drives demand for energy-related commodities and components such as gas turbines and large-horsepower engines [13]. The demand for high-performance computing and industrial-scale energy transitions is also evidenced by projects like the deployment of a 0.5-megawatt AEM electrolyzer system for hydrogen production in the Port of Antwerp-Bruges [14].

Energy Transition and Critical Minerals

The structural themes of the energy transition are providing fundamental support to the commodities market. There is an increasing global demand for critical energy transition minerals (CETMs) [13]. This is reflected in the performance of specialized players; for example, Altius Minerals reported Q2 2026 attributable royalty revenue of $30.0 million, up from $12.7 million in Q2 2025, driven by higher realized prices and the addition of four operating lithium royalties [13].

Other key developments in this space include:

• The integration of critical minerals like rare earths and fluorspar into the U.S. defense industrial supply chain [13].
• The large-scale expansion of nuclear power capacity in China, which reached a total scale of 1.25 million kW by the end of 2025, supported by an acceleration in approvals, including 8 units (4 projects) approved on July 31 [13].
• Regional initiatives in Southern Africa aimed at local processing and value addition to drive industrialization [13].

What to watch

• U.S. inflation data, specifically the Consumer Price Index (CPI) due Wednesday and the Producer Price Index (PPI) due Thursday [3].
• The continued execution of large-scale industrial projects, such as the commissioning of the AEM electrolyzer system in September [14].
• The potential impact of an unsolicited, non-binding recapitalization proposal from a consortium (including Glencore Ltd.) regarding Sherritt [13].
• The ability of tech companies to realize actual profits from their massive AI infrastructure investments [14].
• Continued price action in the DBC index to determine if the recent +3.5% surge is a sustained trend or a volatility spike [13].