10 Most Traded Commodities by Volume and Value Explained

Commodities play a fundamental role in the global economy, serving as raw materials for industries, energy production, and food supply. Traders actively trade commodities in financial markets, with daily transactions nearing billions of dollars.

From energy and metals to agricultural products, commodities drive industrial production, fuel transportation, and feed billions of people. Investors and traders participate in commodity markets for profit, risk management, and portfolio diversification.

What Determines the Most Traded Commodities?

The two key factors determining a commodity's importance in global trade are trading volume (the number of contracts or physical units traded) and trading value (the total monetary worth of the traded commodity).

The most traded commodities are those with high liquidity, strong market demand, and significant price volatility, making them attractive for commercial users and financial traders.

The 10 Most Traded Commodities Based on Volume and Value

1) Crude Oil

Crude oil is the most traded commodity worldwide, dominating global trade in volume and value. It is the primary fuel source for transportation, industrial production, and electricity generation, making it an essential resource for economic growth.

Two major benchmarks dictate crude oil pricing: Brent Crude, the global standard, and West Texas Intermediate (WTI), the U.S. benchmark. Economic activity, industrial production, and transportation needs drive the demand for crude oil, while OPEC production policies, geopolitical tensions, and technological advancements in extraction methods influence its supply.

Saudi Arabia, the United States, Russia, and Canada are the world's largest oil producers, while the biggest consumers are China, the U.S., and the European Union. Price fluctuations in crude oil have a ripple effect on economies worldwide, impacting inflation, manufacturing costs, and currency valuations.

2) Gold 

Gold is one of the oldest and most valuable commodities as a store of value, a hedge against inflation, and a safe-haven asset. It is extensively traded in physical form and through financial instruments such as futures contracts and exchange-traded funds (ETFs).

Investors turn to gold during economic uncertainty, inflation, and currency devaluation, making it one of the most actively traded commodities in the world. The demand for gold comes from central banks, jewellery manufacturers, and industrial applications, while its supply is determined by mining output and recycling activities.

Key factors influencing gold prices include interest rates, inflation, central bank policies, and geopolitical instability. Major gold producers include China, Australia, Russia, and the U.S., with London and New York as key trading hubs.

3) Natural Gas

Natural gas is one of the most traded commodities due to its vital energy source for electricity generation, industrial production, and residential heating. It is traded globally in two primary forms: pipeline gas and liquefied natural gas (LNG). The United States, Russia, and Qatar are among the largest producers, while Europe and Asia are major importers.

Natural gas prices fluctuate based on seasonal demand (higher in winter), production levels, geopolitical events, and alternative energy competition. With the global push toward cleaner energy sources, natural gas remains a crucial transition fuel.

4) Copper

Copper is a highly conductive metal essential for electrical wiring, construction, and manufacturing. Its demand is closely tied to global industrial growth, infrastructure development, and the transition to renewable energy (solar panels, wind turbines, and electric vehicles).

China, Chile, and Peru are among the top producers, while economic indicators such as GDP growth, housing demand, and industrial production influence copper prices. It is often referred to as "Dr. Copper" because its price trends are described as a leading indicator of global economic health.

5) Silver

Silver is both a precious metal and an industrial metal, making it unique among the most traded commodities. It is used in jewellery, electronics, medical equipment, and solar energy applications.

Investment demand, industrial production, inflation rates, and mining supply greatly influenced its price. Countries like Mexico, Peru, and China are the largest silver producers, while global financial markets actively trade silver through futures contracts and ETFs.

During economic uncertainty, silver often acts as a safe-haven asset, similar to gold, but with greater volatility due to its smaller market size.

6) Soybeans

Soybeans may be a surprising inclusion in the most traded commodities, but they are a highly versatile agricultural commodity used for animal feed, vegetable oil, and plant-based protein products. The U.S., Brazil, and Argentina dominate soybean production, while China is the largest importer due to its vast livestock industry.

The prices fluctuate based on weather conditions, export demand, biofuel policies, and trade agreements between major producing and consuming countries. The rise of plant-based diets and increasing demand for soybean oil in biodiesel production continue to shape global soybean markets.

7) Wheat

Wheat is a staple food crop and one of the most traded commodities due to its volume. It is essential for bread, pasta, and animal feed production, making it crucial to food security. Major wheat producers include Russia, the U.S., Canada, and Australia, while top consumers are China, India, and the European Union.

Weather conditions, government subsidies, export restrictions, and geopolitical factors heavily affect the price of wheat. Droughts, floods, or conflicts in major wheat-producing regions can lead to significant price volatility. Wheat futures are traded on the Chicago Board of Trade (CBOT).

8) Coffee

Coffee is one of the most consumed beverages worldwide, making it one of the most actively traded agricultural commodities. According to a study last year, coffee surged to a 47-year high and is currently up 72% year-to-date. The two main types of coffee traded are Arabica and Robusta, each with distinct flavour profiles and market demand.

The global coffee trade is dominated by countries such as Brazil, Vietnam, Colombia, and Ethiopia, which account for the majority of production. The United States and Europe are the largest coffee consumers, driving demand for high-quality beans.

Coffee prices are highly volatile and influenced by weather conditions, crop diseases, labour costs, and geopolitical factors in producing countries. The growing trend of speciality coffee and sustainable farming practices has also impacted pricing dynamics.

9) Corn

Corn is one of the largest-volume traded agricultural commodities due to its wide-ranging applications in food, animal feed, and ethanol production. The United States is the leading producer and exporter, followed by Brazil, Argentina, and China.

Corn prices are affected by weather conditions, planting and harvest cycles, biofuel policies, and global supply-demand imbalances. The growing demand for ethanol as an alternative fuel source has further strengthened corn's role in the commodities market.

Supply disruptions, such as droughts in the U.S. Midwest, can lead to sharp price movements. Corn futures are heavily traded on the Chicago Mercantile Exchange (CME).

10) Aluminium

Lastly, on our list of the most traded commodities, aluminium is one of the most traded industrial metals due to its high demand and recyclability.

China dominates global aluminium production, with significant contributions from India, Russia, and Canada. The price of aluminium is influenced by energy costs, trade tariffs, industrial demand, and sustainability initiatives.

As industries shift toward electric vehicles and sustainable packaging, aluminium demand is expected to increase in the coming years.

2025 Commodities Trend for the Four Main Sectors

Unfortunately, commodity trading is historically uncertain and complex in 2025. One of the most critical aspects of commodity trading in 2025 will be the continued uncertainty in energy markets, particularly in natural gas and crude oil.

In addition, China's economy continues to be one of the largest influences on global commodity markets, but uncertainty surrounding its recovery is already causing ripple effects. The country's real estate struggles, shifting industrial policies, and strategic stockpiling decisions have made price forecasting for key commodities like copper, crude oil, and steel increasingly tenuous.

Moreover, Europe's economic recovery trajectory remains highly uncertain, and its ongoing energy security challenges will continue influencing commodity markets throughout 2025. The issue of Russian gas supplies remains unresolved, with Europe still searching for alternative energy sources to stabilise its industrial output.

Conclusion

In conclusion, the world's most traded commodities by volume and value play a crucial role in global trade and economic stability. From energy commodities like crude oil and natural gas to precious metals such as gold and silver, and agricultural staples like corn and soybeans, these resources impact industries, governments, and consumers worldwide.

While 2025 is one of the most unpredictable years for commodity markets with political uncertainty, economic volatility, and shifting global demand patterns, we advise traders to embrace real-time intelligence, enhanced geopolitical risk monitoring, and better correlation analysis across asset classes.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.