{"id":10620,"date":"2025-06-13T11:43:17","date_gmt":"2025-06-13T09:43:17","guid":{"rendered":"https:\/\/www.triskellcp.com\/?p=10620"},"modified":"2026-05-16T02:07:43","modified_gmt":"2026-05-16T00:07:43","slug":"matieres-premieres-les-plus-negociees","status":"publish","type":"post","link":"https:\/\/www.triskellcp.com\/en\/matieres-premieres-les-plus-negociees\/","title":{"rendered":"Quelles sont les mati\u00e8res premi\u00e8res les plus n\u00e9goci\u00e9es en 2025 ?"},"content":{"rendered":"<div class=\"brz-root__container brz-reset-all brz brz-root__container-page\">\n<section id=\"48c8c17387db4f095ab2_wC2RNMQbrzjh\" class=\"brz-section brz-css-x7eyxg brz-css-fevfhj\">\n<div class=\"brz-section__content brz-section--boxed brz-css-12fgq6h brz-css-1ioj3af\" data-brz-custom-id=\"hlqv5MFzJpfs\">\n<div class=\"brz-bg\">\n<div class=\"brz-bg-color\"><\/div>\n<\/div>\n<div class=\"brz-container brz-css-1vhnldi brz-css-13hs02s\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-ny77dw brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-55zcvz\" data-brz-custom-id=\"iAhZfD7qOWNK\">\n<div data-brz-translate-text=\"1\">\n<h1 class=\"brz-text-lg-center brz-tp-lg-heading1 brz-css-d_2Sc\" data-generated-css=\"brz-css-aECTm\" data-uniq-id=\"kZ0jz\"><span class=\"brz-cp-color8\">Quelles sont les mati\u00e8res premi\u00e8res les plus n\u00e9goci\u00e9es en 2025 ?<\/span><\/h1>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xznht0 brz-css-of0adt brz-wrapper\">\n<div class=\"brz-spacer brz-css-ygtyqy brz-css-1qxj09t\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section id=\"6430d8150dda5b30c7e2_tYw1QsB3NMzN\" class=\"brz-section brz-css-x7eyxg brz-css-w5wo56\">\n<div class=\"brz-section__content brz-section--boxed brz-css-12fgq6h brz-css-1wsiy6i\" data-brz-custom-id=\"hBNFRRaoHkVY\">\n<div class=\"brz-container brz-css-1vhnldi brz-css-t7qs6q\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1sestit brz-wrapper\">\n<div class=\"brz-wp__postinfo brz-wp__postinfo__disabled-author brz-wp__postinfo__disabled-time brz-wp__postinfo__disabled-comments brz-css-1cgo9ju brz-css-3rtr5a\" data-brz-custom-id=\"bQeEoU4M1yjU\">\n<div><\/div>\n<\/div>\n<\/div>\n<div class=\"brz-row__container brz-css-6d8n8i brz-css-rdp1u6\" data-brz-custom-id=\"x8kc6e5Wrn52\">\n<div class=\"brz-row brz-css-17imzms brz-css-dtbsb1\">\n<div class=\"brz-columns brz-css-1et5u88 brz-css-1sws2hi\" data-brz-custom-id=\"bRoteqIak1Vk\">\n<div class=\"brz-column__items brz-css-c5h4de brz-css-7zqkk1\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xznht0 brz-css-1j1ek19 brz-wrapper\">\n<div class=\"brz-spacer brz-css-ygtyqy brz-css-1ab5ze1\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-columns brz-css-1et5u88 brz-css-1r90owe\" data-brz-custom-id=\"aWnWCtheuvBw\">\n<div class=\"brz-column__items brz-css-c5h4de brz-css-b973aw\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-mejiww brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-iw1yo3\" data-brz-custom-id=\"nrVZfGaeD2o5\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-cFCH0\" data-uniq-id=\"bhOhJ\" data-generated-css=\"brz-css-ftFlS\"><span class=\"brz-cp-color7\">En 2025, les mati\u00e8res premi\u00e8res les plus n\u00e9goci\u00e9es sont le p\u00e9trole, le gaz naturel liqu\u00e9fi\u00e9 (GNL), le cuivre, l\u2019aluminium, le lithium, le nickel, le bl\u00e9, le ma\u00efs, le soja et le caf\u00e9. Le p\u00e9trole reste num\u00e9ro un en volume et en valeur, suivi par le GNL et les m\u00e9taux li\u00e9s \u00e0 la transition \u00e9nerg\u00e9tique. Les \u00e9changes agricoles sont tr\u00e8s sensibles aux tensions g\u00e9opolitiques et climatiques. <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-kU9Gc\" data-uniq-id=\"m_ZPa\" data-generated-css=\"brz-css-wyKEk\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1a41n1e brz-wrapper\">\n<div class=\"brz-image brz-css-11c9ro1 brz-css-x9eyo3\" data-brz-custom-id=\"p1A9SzGvUruI\"><img decoding=\"async\" class=\"brz-img\" src=\"https:\/\/www.triskellcp.com\/wp-content\/uploads\/2025\/06\/OL1USC0.webp\" alt=\"\" title=\"OL1USC0\" loading=\"lazy\"><\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xznht0 brz-css-3ycgpd brz-wrapper\">\n<div class=\"brz-spacer brz-css-ygtyqy brz-css-qy6uvj\"><\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-luedki brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-az1yl8\" data-brz-custom-id=\"o_iMj2k1Mn1X\">\n<div data-brz-translate-text=\"1\">\n<h2 data-generated-css=\"brz-css-xx_G9\" data-uniq-id=\"gQc54\" class=\"brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-34 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_3 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-f0akZ\"><span>Classement 2025 des mati\u00e8res premi\u00e8res les plus n\u00e9goci\u00e9es<\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xznht0 brz-css-1bzgjwa brz-wrapper\">\n<div class=\"brz-spacer brz-css-ygtyqy brz-css-d1dcj9\"><\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-4yaof7 brz-wrapper\">\n<div class=\"brz-wp-shortcode brz-css-19pyu8f brz-css-1g9txzr\" data-brz-custom-id=\"n1zb12vQdU9I\">\n<div>\n<table>\n<thead>\n<tr>\n<th>Rang<\/th>\n<th>Mati\u00e8re premi\u00e8re<\/th>\n<th>Type<\/th>\n<th>Mode de cotation<\/th>\n<th>Usage cl\u00e9<\/th>\n<th>Observations 2025<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1<\/td>\n<td>Crude oil<\/td>\n<td>Energy<\/td>\n<td>Bourse (futures)<\/td>\n<td>Transport, industrie, \u00e9nergie<\/td>\n<td>Toujours en t\u00eate des volumes<\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td>Or<\/td>\n<td>M\u00e9tal pr\u00e9cieux<\/td>\n<td>Bourse (futures &amp; spot)<\/td>\n<td>R\u00e9serve de valeur, bijoux, investissement<\/td>\n<td>Tr\u00e8s liquid\u00e9, r\u00f4le de protection<\/td>\n<\/tr>\n<tr>\n<td>3<\/td>\n<td>Gaz naturel (GNL)<\/td>\n<td>Energy<\/td>\n<td>Bourse &amp; OTC<\/td>\n<td>Chauffage, \u00e9lectricit\u00e9<\/td>\n<td>Forte volatilit\u00e9 saisonni\u00e8re\/g\u00e9opolitique<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>Cuivre<\/td>\n<td>M\u00e9tal industriel<\/td>\n<td>Bourse (futures)<\/td>\n<td>R\u00e9seaux \u00e9lectriques, construction<\/td>\n<td>Tr\u00e8s demand\u00e9, \u201cbarom\u00e8tre\u201d \u00e9co global<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>Aluminium<\/td>\n<td>M\u00e9tal industriel<\/td>\n<td>Bourse (futures)<\/td>\n<td>Automobile, BTP<\/td>\n<td>Demande soutenue<\/td>\n<\/tr>\n<tr>\n<td>6<\/td>\n<td>Nickel<\/td>\n<td>M\u00e9tal industriel<\/td>\n<td>Bourse (futures)<\/td>\n<td>Batteries, acier inoxydable<\/td>\n<td>Volatilit\u00e9 \u00e9lev\u00e9e<\/td>\n<\/tr>\n<tr>\n<td>7<\/td>\n<td>Lithium<\/td>\n<td>M\u00e9tal strat\u00e9gique<\/td>\n<td>Principalement OTC<\/td>\n<td>Batteries EV<\/td>\n<td>March\u00e9 OTC, contrats \u00e0 long terme<\/td>\n<\/tr>\n<tr>\n<td>8<\/td>\n<td>Bl\u00e9<\/td>\n<td>Agricole<\/td>\n<td>Bourse (futures)<\/td>\n<td>Alimentation, bio\u00e9nergies<\/td>\n<td>Impact g\u00e9opolitique (mer Noire)<\/td>\n<\/tr>\n<tr>\n<td>9<\/td>\n<td>Ma\u00efs<\/td>\n<td>Agricole<\/td>\n<td>Bourse (futures)<\/td>\n<td>\u00c9levage, biocarburants<\/td>\n<td>Sensible au climat sud-am\u00e9ricain<\/td>\n<\/tr>\n<tr>\n<td>10<\/td>\n<td>Soja<\/td>\n<td>Agricole<\/td>\n<td>Bourse (futures)<\/td>\n<td>Huiles, alimentation<\/td>\n<td>D\u00e9pend du climat &amp; politique agricole<\/td>\n<\/tr>\n<tr>\n<td>11<\/td>\n<td>Caf\u00e9<\/td>\n<td>Agricole<\/td>\n<td>Bourse (futures)<\/td>\n<td>Consommation mondiale<\/td>\n<td>Cyclique et m\u00e9t\u00e9o-d\u00e9pendant<\/td>\n<\/tr>\n<tr>\n<td>12<\/td>\n<td>Uranium<\/td>\n<td>Energy<\/td>\n<td>Principalement OTC<\/td>\n<td>Nucl\u00e9aire civil<\/td>\n<td>Accords bilat\u00e9raux, march\u00e9 discret<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-19oiy5j brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-143rexe\" data-brz-custom-id=\"qdKSVh6ZYGXA\">\n<div data-brz-translate-text=\"1\">\n<h2 class=\"brz-mt-lg-31 brz-tp-lg-heading3 brz-css-bmpZX\" data-uniq-id=\"vvpWJ\" data-generated-css=\"brz-css-l5VQx\"><span class=\"brz-cp-color2\">Pourquoi les mati\u00e8res premi\u00e8res \u00e9nerg\u00e9tiques restent-elles au c\u0153ur des \u00e9changes mondiaux ?<\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xznht0 brz-css-1lqo9gu brz-wrapper\">\n<div class=\"brz-spacer brz-css-ygtyqy brz-css-118xt5a\"><\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-13cv90d brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-19s8eb5\" data-brz-custom-id=\"u0HxGhwYRxf9\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-wGeZT\" data-uniq-id=\"xkYPe\" data-generated-css=\"brz-css-kzId8\"><span class=\"brz-cp-color7\">Le secteur de l\u2019\u00e9nergie demeure la locomotive du n\u00e9goce, mais il faut distinguer :<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-b2lzr\" data-uniq-id=\"lpzAf\" data-generated-css=\"brz-css-yz6vM\"><\/p>\n<ul>\n<li class=\"brz-tp-lg-paragraph brz-css-cpe4O\" data-uniq-id=\"ksTPL\" data-generated-css=\"brz-css-zXl6q\"><strong class=\"brz-cp-color7\">Flux physiques<\/strong><span class=\"brz-cp-color7\"> : volumes r\u00e9els consomm\u00e9s ou produits (barils, m\u00b3 de gaz, etc.).<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-css-uAt0a\" data-uniq-id=\"ksTPL\" data-generated-css=\"brz-css-zXl6q\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<ul>\n<li class=\"brz-tp-lg-paragraph brz-css-vklww\" data-uniq-id=\"oYc9l\" data-generated-css=\"brz-css-hsxbJ\"><strong class=\"brz-cp-color7\">Volumes financiers<\/strong><span class=\"brz-cp-color7\"> : quantit\u00e9 notionnelle couverte par contrats d\u00e9riv\u00e9s (futures, options), souvent bien sup\u00e9rieure aux flux physiques.<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-css-fshJn\" data-uniq-id=\"zWtZt\" data-generated-css=\"brz-css-zh6jv\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-kv8knu brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-bcp7xh\" data-brz-custom-id=\"kktOqzEyWTjb\">\n<div data-brz-translate-text=\"1\">\n<h3 class=\"brz-fsft-lg-0 brz-fwdth-lg-100 brz-vfw-lg-400 brz-lh-lg-1_4 brz-ls-lg-0 brz-fw-lg-400 brz-fss-lg-px brz-fs-lg-24 brz-ft-google brz-ff-alata brz-tp-lg-empty brz-css-aPfnu\" data-generated-css=\"brz-css-eCl0Y\" data-uniq-id=\"yFnZ2\"><span class=\"brz-cp-color2\">Volumes \u00e9chang\u00e9s<\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1n16bii brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-296bks\" data-brz-custom-id=\"kA_7ftJ3ZT6Z\">\n<div data-brz-translate-text=\"1\">\n<h4 data-uniq-id=\"qPEzL\" data-generated-css=\"brz-css-rwIMk\" class=\"brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_4 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-mFwuF\"><span>Crude oil<\/span><\/h4>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-ga0aso brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1f1deq0\" data-brz-custom-id=\"owZOMcnX2uob\">\n<div data-brz-translate-text=\"1\">\n<ul>\n<li data-uniq-id=\"nK93O\" data-generated-css=\"brz-css-ntz5g\" class=\"brz-tp-lg-paragraph brz-css-h86fw\"><strong class=\"brz-cp-color7\">Flux physiques mondiaux<\/strong><span class=\"brz-cp-color7\"> : selon l\u2019EIA, la consommation de liquides (p\u00e9trole et produits d\u00e9riv\u00e9s) en 2025 atteindra environ <\/span><strong class=\"brz-cp-color7\">104,1 millions de barils par jour<\/strong><span class=\"brz-cp-color7\">, la production se situant autour de <\/span><strong class=\"brz-cp-color7\">13,4 millions b\/j pour les seuls \u00c9tats-Unis<\/strong><span class=\"brz-cp-color7\"> et 104\u2013105 millions b\/j globalement (eia.gov).<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-lOZuz\" data-uniq-id=\"x5eWx\" data-generated-css=\"brz-css-ttolD\"><\/p>\n<ul>\n<li class=\"brz-tp-lg-paragraph brz-css-ni3pn\" data-uniq-id=\"obiWa\" data-generated-css=\"brz-css-rZIjz\"><strong class=\"brz-cp-color7\">Volumes financiers<\/strong><span class=\"brz-cp-color7\"> : le contrat WTI sur le CME enregistre plus d\u20191 million de contrats (futures + options) \u00e9chang\u00e9s par jour en 2025, traduisant une liquidit\u00e9 financi\u00e8re \u00e9lev\u00e9e distincte du flux physique sous-jacent.<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-css-c74ZN\" data-uniq-id=\"aaBcv\" data-generated-css=\"brz-css-vGPkZ\"><\/p>\n<ul>\n<li data-uniq-id=\"p213i\" data-generated-css=\"brz-css-jVO0K\" class=\"brz-tp-lg-paragraph brz-css-sac1Y\"><strong class=\"brz-cp-color7\">Bourses principales<\/strong><span class=\"brz-cp-color7\"> : NYMEX (CME Group) pour WTI, ICE pour Brent.<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-css-dXagT\" data-uniq-id=\"i1ahd\" data-generated-css=\"brz-css-obgXZ\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-dvpf2p brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-ujirox\" data-brz-custom-id=\"lvNDfwYTrZyE\">\n<div data-brz-translate-text=\"1\">\n<h4 data-uniq-id=\"fLy8T\" data-generated-css=\"brz-css-cPplk\" class=\"brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_4 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-kn4cm\"><span>Gaz naturel liqu\u00e9fi\u00e9 (GNL)<\/span><\/h4>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-9m0adk brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-vq9suz\" data-brz-custom-id=\"bU9XVEwK_udU\">\n<div data-brz-translate-text=\"1\">\n<ul>\n<li class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-q6qNZ\" data-generated-css=\"brz-css-fOcOA\" data-uniq-id=\"eOFAV\"><strong class=\"brz-cp-color7\">Europe<\/strong><span class=\"brz-cp-color7\"> : l\u2019IEA pr\u00e9voit une hausse d\u2019environ <\/span><strong class=\"brz-cp-color7\">25 % des importations de GNL en 2025<\/strong><span class=\"brz-cp-color7\"> (soit plus de 30 milliards de m\u00b3 sur l\u2019ann\u00e9e) pour compenser la r\u00e9duction des flux pipeliniers russes et remplir les stocks avant l\u2019hiver (iea.org).<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-tDWGP\" data-generated-css=\"brz-css-y2bIC\" data-uniq-id=\"kkd7q\"><\/p>\n<ul>\n<li class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-inYIJ\" data-generated-css=\"brz-css-i73Jg\" data-uniq-id=\"u0Zlw\"><strong class=\"brz-cp-color7\">Asie<\/strong><span class=\"brz-cp-color7\"> : en 2025, la Chine et certains march\u00e9s asiatiques voient leur demande de GNL l\u00e9g\u00e8rement baisser ou stagner, car les cargaisons flexibles sont d\u00e9tourn\u00e9es vers l\u2019Europe.<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-bC2wQ\" data-generated-css=\"brz-css-sKkIq\" data-uniq-id=\"yTnHi\"><\/p>\n<ul>\n<li data-generated-css=\"brz-css-uT6z8\" data-uniq-id=\"ein_B\" class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-cy6w_\"><strong class=\"brz-cp-color7\">Indices financiers<\/strong><span class=\"brz-cp-color7\"> : TTF (Europe) et JKM (Asie) restent tr\u00e8s volatils, refl\u00e9tant incertitudes g\u00e9opolitiques et saisonni\u00e8res.<\/span><\/li>\n<\/ul>\n<p data-generated-css=\"brz-css-trpBe\" data-uniq-id=\"aUoXJ\" class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-lZ29P\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-ij6vl brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-24b3r6\" data-brz-custom-id=\"rOijYDphhxgK\">\n<div data-brz-translate-text=\"1\">\n<h3 class=\"brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-24 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_4 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-d0lAh\" data-uniq-id=\"oJePv\" data-generated-css=\"brz-css-hAuMi\"><span class=\"brz-cp-color2\">Facteurs de soutien et risques logistiques<\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-lzn8gk brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-fjb67a\" data-brz-custom-id=\"uOH04j6me2Ga\">\n<div data-brz-translate-text=\"1\">\n<ul>\n<li class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-vEB47\" data-uniq-id=\"ksP4s\" data-generated-css=\"brz-css-scUoU\"><span class=\"brz-cp-color7\">G\u00e9opolitique : tensions persistantes en mer Rouge, sanctions sur l\u2019Iran et la Russie.<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-css-epaMT\" data-uniq-id=\"xBmIf\" data-generated-css=\"brz-css-dMu4W\"><\/p>\n<ul>\n<li class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-gmEA5\" data-uniq-id=\"fNEtJ\" data-generated-css=\"brz-css-kEAYL\"><span class=\"brz-cp-color7\">Reconfiguration des routes maritimes : contournement du canal de Suez, reroutage via le cap de Bonne-Esp\u00e9rance.<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-css-bcjjY\" data-uniq-id=\"xOJlN\" data-generated-css=\"brz-css-kau7a\"><\/p>\n<ul>\n<li class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-d98LK\" data-uniq-id=\"aflWd\" data-generated-css=\"brz-css-qaUeG\"><span class=\"brz-cp-color7\">Risques logistiques : congestions portuaires, co\u00fbts de freight maritime multipli\u00e9s par deux en un an (indices Drewry et BDI).<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-xLGcu\" data-uniq-id=\"s1qa1\" data-generated-css=\"brz-css-onZIF\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-maKpw\" data-uniq-id=\"s1qa1\" data-generated-css=\"brz-css-onZIF\"><span class=\"brz-cp-color7\">Produits concern\u00e9s :  p\u00e9trole brut, GNL, carburants raffin\u00e9s.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-u4ZG4\" data-uniq-id=\"s1qa1\" data-generated-css=\"brz-css-onZIF\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-lzh70x brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1vzyaeb\" data-brz-custom-id=\"fKVSQirp9Al2\">\n<div data-brz-translate-text=\"1\">\n<h2 class=\"brz-tp-lg-heading3 brz-css-psAxD\" data-generated-css=\"brz-css-l7bnr\" data-uniq-id=\"hwxvq\"><span class=\"brz-cp-color2\">Quelle est l\u2019importance des m\u00e9taux industriels dans la transition \u00e9nerg\u00e9tique ?<\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xznht0 brz-css-gziw7w brz-wrapper\">\n<div class=\"brz-spacer brz-css-ygtyqy brz-css-1hk8nkz\"><\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1i8uf77 brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1fjcnlp\" data-brz-custom-id=\"q77wt_VFuzoE\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-sbMAq\" data-generated-css=\"brz-css-jsO2k\" data-uniq-id=\"bio19\"><span class=\"brz-cp-color7\">Les m\u00e9taux industriels jouent un r\u00f4le central dans la d\u00e9carbonation. En 2025, cuivre, aluminium, lithium et nickel connaissent une activit\u00e9 soutenue.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-t_Hyb\" data-generated-css=\"brz-css-aIrDN\" data-uniq-id=\"vdrCX\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-fh5mrq brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-h2umid\" data-brz-custom-id=\"pc4RdQ620Yr4\">\n<div data-brz-translate-text=\"1\">\n<h3 class=\"brz-fsft-lg-0 brz-fwdth-lg-100 brz-vfw-lg-400 brz-lh-lg-1_4 brz-ls-lg-0 brz-fw-lg-400 brz-fss-lg-px brz-fs-lg-24 brz-ft-google brz-ff-alata brz-tp-lg-empty brz-css-pXopr\" data-generated-css=\"brz-css-bMm2E\" data-uniq-id=\"lXjlX\"><span class=\"brz-cp-color2\">Classement des volumes<\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-94kbcm brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1rzho8v\" data-brz-custom-id=\"eGhmXzGg1Ps1\">\n<div data-brz-translate-text=\"1\">\n<h4 class=\"brz-fs-lg-18 brz-ft-google brz-ff-alata brz-tp-lg-empty brz-fsft-lg-0 brz-fwdth-lg-100 brz-vfw-lg-400 brz-lh-lg-1_4 brz-ls-lg-0 brz-fw-lg-400 brz-fss-lg-px brz-css-wGVEa\" data-generated-css=\"brz-css-ycBX6\" data-uniq-id=\"oX6nQ\"><span>Cuivre<\/span><\/h4>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-13ch8da brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1sqbvew\" data-brz-custom-id=\"broPr7tAbMR5\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-xf2AG\" data-generated-css=\"brz-css-i8gQb\" data-uniq-id=\"occSH\"><span class=\"brz-cp-color7\">Usage principal : c\u00e2blage, infrastructures \u00e9lectriques, \u00e9nergies renouvelables.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-ynQg7\" data-generated-css=\"brz-css-i8gQb\" data-uniq-id=\"occSH\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-btLL6\" data-generated-css=\"brz-css-bzU7S\" data-uniq-id=\"fwjJc\"><span class=\"brz-cp-color7\">Prix \u00e0 des niveaux \u00e9lev\u00e9s en 2024-2025, forte liquidit\u00e9 sur LME et SHFE.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-cODOd\" data-generated-css=\"brz-css-oKvvO\" data-uniq-id=\"wXsBB\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-ac9nx9 brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-aaubcn\" data-brz-custom-id=\"mwFPHHUWgj4M\">\n<div data-brz-translate-text=\"1\">\n<h4 class=\"brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_4 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-18 brz-css-kgque\" data-uniq-id=\"lOIiH\" data-generated-css=\"brz-css-v6bqC\"><span>Aluminium <\/span><\/h4>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-bxovtj brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-aagr2p\" data-brz-custom-id=\"wPidgoQWfqT9\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-sz0EL\" data-generated-css=\"brz-css-k5ufP\" data-uniq-id=\"ymOxs\"><span class=\"brz-cp-color7\">Demande solide dans l\u2019automobile (all\u00e8gement) et la construction.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-wWuAP\" data-generated-css=\"brz-css-gHuDX\" data-uniq-id=\"m1Bso\"><span class=\"brz-cp-color7\">March\u00e9 \u00e0 terme actif sur le LME.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-iBZ18\" data-generated-css=\"brz-css-iwrdC\" data-uniq-id=\"g1W_8\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-ic1wn6 brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-czwfwv\" data-brz-custom-id=\"yRZnHMOJyPVi\">\n<div data-brz-translate-text=\"1\">\n<h4 class=\"brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_4 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-18 brz-css-jVAQp\" data-uniq-id=\"e8bEb\" data-generated-css=\"brz-css-oDAmK\"><span>Nickel &amp; lithium<\/span><\/h4>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1u91yyg brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-3170qc\" data-brz-custom-id=\"f1kQPxE0HvzQ\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-t8Bhi\" data-generated-css=\"brz-css-esULn\" data-uniq-id=\"wX1q5\"><strong class=\"brz-cp-color7\">Nickel<\/strong><span class=\"brz-cp-color7\"> : n\u00e9goci\u00e9 sur le LME, essentiel pour certains types de batteries (NMC).<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-fF9Vq\" data-generated-css=\"brz-css-yMlVi\" data-uniq-id=\"q3WZs\"><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-g8ZoR\" data-generated-css=\"brz-css-qUxBV\" data-uniq-id=\"fBAb1\"><strong class=\"brz-cp-color7\">Lithium<\/strong><span class=\"brz-cp-color7\"> : principalement trait\u00e9 en OTC et via offtake agreements ; pas de march\u00e9 futures standardis\u00e9 aussi liquide que pour le nickel.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-baq7z\" data-generated-css=\"brz-css-r0689\" data-uniq-id=\"od4cJ\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-ytjh0j brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1u7vxxe\" data-brz-custom-id=\"g8LRSHo15gFI\">\n<div data-brz-translate-text=\"1\">\n<h4 class=\"brz-fs-lg-18 brz-ft-google brz-ff-alata brz-tp-lg-empty brz-fsft-lg-0 brz-fwdth-lg-100 brz-vfw-lg-400 brz-lh-lg-1_4 brz-ls-lg-0 brz-fw-lg-400 brz-fss-lg-px brz-css-lnFMB\" data-generated-css=\"brz-css-tW4Wg\" data-uniq-id=\"mk9Bf\"><span>Autres m\u00e9taux strat\u00e9giques<\/span><\/h4>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-b24w3s brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-ybu7pm\" data-brz-custom-id=\"dcy88utUT6xu\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-dKnT0\" data-generated-css=\"brz-css-ujLTK\" data-uniq-id=\"kPeGl\"><span class=\"brz-cp-color7\">Cobalt, terres rares, uranium (nucl\u00e9aire civil) souvent s\u00e9curis\u00e9s via contrats bilat\u00e9raux.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-k_75Z\" data-generated-css=\"brz-css-fQMls\" data-uniq-id=\"nYPeI\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xspkfr brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-oqx25q\" data-brz-custom-id=\"tMUcASCS79Fl\">\n<div data-brz-translate-text=\"1\">\n<h3 class=\"brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-24 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_4 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-q8sEj\" data-uniq-id=\"ztCoY\" data-generated-css=\"brz-css-vCjsJ\"><span class=\"brz-cp-color2\">Tendances logistiques et de n\u00e9gociation<\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1vi9hbv brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1cxnevh\" data-brz-custom-id=\"vjDEJGq6Vga_\">\n<div data-brz-translate-text=\"1\">\n<ul>\n<li class=\"brz-tp-lg-empty brz-ff-barlow brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_7 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-bcp-color7 brz-css-mEg0U\" data-generated-css=\"brz-css-ey16T\" data-uniq-id=\"tHUpJ\"><span class=\"brz-cp-color7\">Contrats OTC avec garanties : SBLC, LOI, ICPO pour s\u00e9curiser des volumes importants.<\/span><\/li>\n<\/ul>\n<p class=\"brz-bcp-color7 brz-tp-lg-empty brz-ff-barlow brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_7 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-gIGX3\" data-generated-css=\"brz-css-g5nkm\" data-uniq-id=\"zD6Em\"><\/p>\n<ul>\n<li class=\"brz-tp-lg-empty brz-ff-barlow brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_7 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-bcp-color7 brz-css-v5yrw\" data-generated-css=\"brz-css-vajOI\" data-uniq-id=\"dXdyQ\"><span class=\"brz-cp-color7\">Stockage strat\u00e9gique : zones franches (Duba\u00ef DMCC, Rotterdam, Singapour) pour entreposage avant r\u00e9exportation.<\/span><\/li>\n<\/ul>\n<p class=\"brz-bcp-color7 brz-tp-lg-empty brz-ff-barlow brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_7 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-rS2Nc\" data-generated-css=\"brz-css-kbnek\" data-uniq-id=\"ryPuN\"><\/p>\n<ul>\n<li class=\"brz-tp-lg-empty brz-ff-barlow brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_7 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-bcp-color7 brz-css-iyKlP\" data-generated-css=\"brz-css-h6W_u\" data-uniq-id=\"bpaAM\"><span class=\"brz-cp-color7\">Inspections avant livraison : contr\u00f4les SGS, Bureau Veritas syst\u00e9matiques sur cargaisons (FOB \/ CIF).<\/span><\/li>\n<\/ul>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-eSWqj\" data-generated-css=\"brz-css-t_pmc\" data-uniq-id=\"tCxER\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-izOO9\" data-generated-css=\"brz-css-nPz1s\" data-uniq-id=\"rR6xY\"><span class=\"brz-cp-color7\">Lexique :<\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-suvqH\" data-generated-css=\"brz-css-coVom\" data-uniq-id=\"zLdCR\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-kXc_g\" data-generated-css=\"brz-css-sR7ML\" data-uniq-id=\"zL6tr\"><span class=\"brz-cp-color7\">&#8211; OTC (Over-The-Counter) : march\u00e9 de gr\u00e9 \u00e0 gr\u00e9, hors bourse, souvent r\u00e9serv\u00e9 aux acteurs qualifi\u00e9s.<\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-aHQsN\" data-generated-css=\"brz-css-hXNBb\" data-uniq-id=\"deGKu\"><span class=\"brz-cp-color7\">&#8211; SBLC (Standby Letter of Credit) : garantie bancaire assurant la bonne ex\u00e9cution d\u2019un contrat.<\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-oJZc9\" data-generated-css=\"brz-css-ci0k3\" data-uniq-id=\"baUkJ\"><span class=\"brz-cp-color7\">&#8211; FOB \/ CIF : conditions Incoterms\u00ae d\u00e9finissant qui supporte les frais et risques \u00e0 chaque \u00e9tape de la livraison.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-pCjCp\" data-generated-css=\"brz-css-oD3_t\" data-uniq-id=\"cp8Wh\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-599zf9 brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1p9q1kr\" data-brz-custom-id=\"tv_ySeiibxw8\">\n<div data-brz-translate-text=\"1\">\n<h3 class=\"brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-24 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_4 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-n23NK\" data-uniq-id=\"s1ZyA\" data-generated-css=\"brz-css-j80C4\"><span class=\"brz-cp-color2\">Impact macro\u00e9conomique<\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-mdb43a brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-ke06l5\" data-brz-custom-id=\"qchEXA5wYovu\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-kNqL7\" data-generated-css=\"brz-css-pWBdB\" data-uniq-id=\"q0_sR\"><span class=\"brz-cp-color7\">La baisse progressive du dollar US renforce l\u2019attractivit\u00e9 des m\u00e9taux libell\u00e9s en devise am\u00e9ricaine.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-cL5Q2\" data-generated-css=\"brz-css-vUr21\" data-uniq-id=\"i3xzD\"><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-iSmxy\" data-generated-css=\"brz-css-y3E0d\" data-uniq-id=\"lCQpy\"><span class=\"brz-cp-color7\">Les taux r\u00e9els favorisent le financement \u00e0 terme via instruments d\u00e9riv\u00e9s (futures, ETF adoss\u00e9s).<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-ljqqW\" data-generated-css=\"brz-css-nw95U\" data-uniq-id=\"o434x\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-o76i73 brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-ur2b7x\" data-brz-custom-id=\"iV59LRGXlVNI\">\n<div data-brz-translate-text=\"1\">\n<h2 class=\"brz-tp-lg-heading3 brz-css-sY88z\" data-generated-css=\"brz-css-uYEVZ\" data-uniq-id=\"eMX7P\"><span class=\"brz-cp-color2\">Les mati\u00e8res agricoles sont-elles plus expos\u00e9es aux risques g\u00e9opolitiques ?<\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xznht0 brz-css-1yh10xr brz-wrapper\">\n<div class=\"brz-spacer brz-css-ygtyqy brz-css-1qadgrn\"><\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-u70ema brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-461jg6\" data-brz-custom-id=\"dAhua9PEflKa\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-o0LVi\" data-generated-css=\"brz-css-n_UUS\" data-uniq-id=\"mNkUN\"><span class=\"brz-cp-color7\">Oui. Le secteur agricole subit en 2025 une forte volatilit\u00e9 li\u00e9e \u00e0 la g\u00e9opolitique et au climat. Les produits les plus n\u00e9goci\u00e9s restent le <\/span><strong class=\"brz-cp-color7\">bl\u00e9, le ma\u00efs, le soja<\/strong><span class=\"brz-cp-color7\"> et le <\/span><strong class=\"brz-cp-color7\">caf\u00e9<\/strong><span class=\"brz-cp-color7\">.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-aWc3W\" data-generated-css=\"brz-css-xZ1D7\" data-uniq-id=\"pTQw5\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1aaz5qw brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-6n82bl\" data-brz-custom-id=\"xhoElrQdGkLM\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-pFFth\" data-uniq-id=\"ethgQ\" data-generated-css=\"brz-css-gRjHT\"><strong class=\"brz-cp-color7\">Faits marquants :<\/strong><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-qPU4U\" data-uniq-id=\"kyi1m\" data-generated-css=\"brz-css-u5sJf\"><strong class=\"brz-cp-color7\"> <\/strong><\/p>\n<ul>\n<li class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-zHqEl\" data-uniq-id=\"pegOc\" data-generated-css=\"brz-css-efLvJ\"><span class=\"brz-cp-color7\">Les tensions en mer Noire r\u00e9duisent les flux c\u00e9r\u00e9aliers ukrainiens.<\/span><\/li>\n<li class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-pPbIm\" data-uniq-id=\"spvvj\" data-generated-css=\"brz-css-oH_aS\"><span class=\"brz-cp-color7\">La s\u00e9cheresse en Am\u00e9rique du Sud affecte les r\u00e9coltes de soja et de ma\u00efs.<\/span><\/li>\n<li class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-kkvnc\" data-uniq-id=\"jKOdc\" data-generated-css=\"brz-css-s4dd3\"><span class=\"brz-cp-color7\">Le bl\u00e9 russe, bien qu\u2019abondant, est soumis \u00e0 des restrictions d\u2019exportation.<\/span><\/li>\n<\/ul>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-uG87v\" data-uniq-id=\"yruJw\" data-generated-css=\"brz-css-nggJM\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-empty brz-ff-barlow brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_7 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-i0qcF\" data-uniq-id=\"ekm9V\" data-generated-css=\"brz-css-ncy3h\"><span class=\"brz-cp-color7\">Autres facteurs : politiques agricoles nationales, co\u00fbt des intrants (engrais), logistique int\u00e9rieure, demande en bio\u00e9nergies.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-eNJYz\" data-uniq-id=\"eDqvo\" data-generated-css=\"brz-css-osFL3\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-x5x5T\" data-uniq-id=\"aNj6E\" data-generated-css=\"brz-css-kELD8\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1m9ypb8 brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-cnr82s\" data-brz-custom-id=\"cOmN2z7YuNTB\">\n<div data-brz-translate-text=\"1\">\n<h2 class=\"brz-tp-lg-heading3 brz-css-iPBAx\" data-uniq-id=\"umHdW\" data-generated-css=\"brz-css-jOM9C\"><span class=\"brz-cp-color2\">Quelles tendances affectent le commerce des mati\u00e8res premi\u00e8res en 2025 ?<\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xznht0 brz-css-1c1hxf4 brz-wrapper\">\n<div class=\"brz-spacer brz-css-ygtyqy brz-css-1yceec4\"><\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-ylg3zf brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1apqzgj\" data-brz-custom-id=\"p2bEuKLmaSHa\">\n<div data-brz-translate-text=\"1\">\n<h3 class=\"brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_4 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-24 brz-css-u3Ur_\" data-uniq-id=\"uReWj\" data-generated-css=\"brz-css-aj9Ff\"><span class=\"brz-cp-color2\">Reconfiguration des cha\u00eenes logistiques<\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-hr26pc brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1gfrcbm\" data-brz-custom-id=\"o9qKYtUXOukw\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-dbXnQ\" data-generated-css=\"brz-css-zOyj6\" data-uniq-id=\"b6EaE\"><span class=\"brz-cp-color7\">Les routes commerciales \u00e9voluent sous contrainte g\u00e9opolitique. Le contournement du canal de Suez, les risques en mer Noire et les sanctions sur certains exportateurs redirigent les flux vers de nouveaux corridors (Afrique de l\u2019Est, M\u00e9diterran\u00e9e, Am\u00e9riques).<\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-d2K_5\" data-generated-css=\"brz-css-n0Mff\" data-uniq-id=\"fMtaO\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1f07i9r brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-dlzvnp\" data-brz-custom-id=\"j4mteo3TZV7Y\">\n<div data-brz-translate-text=\"1\">\n<h3 class=\"brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-24 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_4 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-dWKrS\" data-generated-css=\"brz-css-lDw1c\" data-uniq-id=\"dYAg9\"><span class=\"brz-cp-color2\">Durcissement des proc\u00e9dures AML \/ KYC<\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1lwbro0 brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-px6et2\" data-brz-custom-id=\"rfqFSy0Xr4Ux\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-sRFu1\" data-generated-css=\"brz-css-o6mwv\" data-uniq-id=\"dQm8z\"><span class=\"brz-cp-color7\">Les r\u00e9gulations s\u2019intensifient. Chaque op\u00e9ration transfrontali\u00e8re impose un KYC complet, des pi\u00e8ces contractuelles valid\u00e9es (LOI, ICPO, SBLC) et un cadre bancaire strict. Allongement des d\u00e9lais et co\u00fbts de conformit\u00e9 pour les acteurs.<\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-n69if\" data-generated-css=\"brz-css-alCAg\" data-uniq-id=\"wFHJr\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-asrBW\" data-generated-css=\"brz-css-cbwUS\" data-uniq-id=\"jjd8Q\"><span class=\"brz-cp-color7\">Ces proc\u00e9dures visent \u00e0 lutter contre le blanchiment de capitaux (AML) et \u00e0 identifier les parties aux transactions (KYC), conform\u00e9ment aux recommandations du GAFI (FATF).<\/span><\/p>\n<p class=\"brz-bcp-color7 brz-tp-lg-paragraph brz-css-hmnSm\" data-generated-css=\"brz-css-oarOy\" data-uniq-id=\"rAmhQ\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-3oa8qw brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-e2f28x\" data-brz-custom-id=\"zUPunIzQB0mi\">\n<div data-brz-translate-text=\"1\">\n<h3 class=\"brz-tp-lg-empty brz-ff-alata brz-ft-google brz-fs-lg-24 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_4 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-css-bNrcg\" data-generated-css=\"brz-css-bJwHg\" data-uniq-id=\"n6fWe\"><span class=\"brz-cp-color2\">Financi\u00e9risation accrue<\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1x080bu brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1p28y4s\" data-brz-custom-id=\"r9sp_rANCN4i\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-rAgaY\" data-uniq-id=\"cg3vn\" data-generated-css=\"brz-css-rWOKw\"><span class=\"brz-cp-color7\">L\u2019utilisation d\u2019ETF, d\u2019options et de swaps progresse nettement. Les arbitrages entre march\u00e9s spot et \u00e0 terme (contango \/ backwardation) deviennent une composante op\u00e9rationnelle pour les acteurs qualifi\u00e9s.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-zEeiu\" data-uniq-id=\"cg3vn\" data-generated-css=\"brz-css-rWOKw\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1a3pn9e brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1kro7k1\" data-brz-custom-id=\"yqZltqUO1L_d\">\n<div data-brz-translate-text=\"1\">\n<h3 class=\"brz-fsft-lg-0 brz-fwdth-lg-100 brz-vfw-lg-400 brz-lh-lg-1_4 brz-ls-lg-0 brz-fw-lg-400 brz-fss-lg-px brz-fs-lg-24 brz-ft-google brz-ff-alata brz-tp-lg-empty brz-css-qrSM2\" data-uniq-id=\"t5NzO\" data-generated-css=\"brz-css-jdqMj\"><span class=\"brz-cp-color2\">Mont\u00e9e en puissance des mati\u00e8res strat\u00e9giques.<\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-64vtak brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1m8tnfa\" data-brz-custom-id=\"tYGI4GPaEkmL\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-wIKtg\" data-uniq-id=\"iSXPC\" data-generated-css=\"brz-css-ne9y7\"><span class=\"brz-cp-color7\">Le commerce de m\u00e9taux li\u00e9s \u00e0 la transition \u00e9nerg\u00e9tique (lithium, nickel, cobalt, terres rares, uranium) s\u2019intensifie, mais hors des circuits boursiers classiques. <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-f5ZKB\" data-uniq-id=\"iSXPC\" data-generated-css=\"brz-css-ne9y7\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-zJHNC\" data-uniq-id=\"iSXPC\" data-generated-css=\"brz-css-ne9y7\"><span class=\"brz-cp-color7\">Ces mati\u00e8res sont n\u00e9goci\u00e9es sous forme de contrats \u00e0 long terme (offtake agreements), assortis de garanties d\u2019ex\u00e9cution, d\u2019inspections strictes (SGS, Veritas) et, dans certains cas, de certifications institutionnelles (IAEA, EURATOM). <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-ycWVm\" data-uniq-id=\"iSXPC\" data-generated-css=\"brz-css-ne9y7\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-aLo4r\" data-uniq-id=\"iSXPC\" data-generated-css=\"brz-css-ne9y7\"><span class=\"brz-cp-color7\">Seuls acteurs disposant de capacit\u00e9s financi\u00e8res et exp\u00e9rience suffisantes peuvent s\u2019engager sur ces volumes.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-aseTJ\" data-uniq-id=\"ouLes\" data-generated-css=\"brz-css-vncLf\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1n2dbme brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1kur7zn\" data-brz-custom-id=\"vC3tsVJAiq4C\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-mt-lg-34 brz-tp-lg-paragraph brz-css-x3U3s\" data-uniq-id=\"uUNR5\" data-generated-css=\"brz-css-qGlN8\"><span class=\"brz-cp-color7\">Sources :<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-vTvYj\" data-uniq-id=\"m6vvG\" data-generated-css=\"brz-css-mBVKm\"><span class=\"brz-cp-color7\">-CME Group, ICE, LME, DCE. Donn\u00e9es de volumes et contrats \u00e0 terme.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-irRss\" data-uniq-id=\"tgS5M\" data-generated-css=\"brz-css-reP16\"><span class=\"brz-cp-color7\">-EIA, OPEC, UNCTAD. Analyses \u00e9nerg\u00e9tiques, logistiques et g\u00e9opolitiques.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-fsw7x\" data-uniq-id=\"iy6On\" data-generated-css=\"brz-css-zNQxv\"><span class=\"brz-cp-color7\">-World Bank, S&amp;P Global, Bloomberg. Indices de prix et tendances macro\u00e9conomiques.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-nPKaw\" data-uniq-id=\"aUiJQ\" data-generated-css=\"brz-css-ovH6U\"><span class=\"brz-cp-color7\">-Baltic Exchange. Cotations du fret maritime (BDI).<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-aA2HS\" data-uniq-id=\"wEd0f\" data-generated-css=\"brz-css-zeeE8\"><span class=\"brz-cp-color7\">-ICC, FATF. Normes Incoterms\u00ae, r\u00e9gulation AML\/KYC.<\/span><\/p>\n<p class=\"brz-mt-lg-0 brz-tp-lg-paragraph brz-bcp-color7 brz-css-prLQo\" data-uniq-id=\"z6OmP\" data-generated-css=\"brz-css-cyPfO\"><span class=\"brz-cp-color7\">-SGS, Bureau Veritas. Standards d\u2019inspection et conformit\u00e9 documentaire.<\/span><\/p>\n<p class=\"brz-mt-lg-0 brz-tp-lg-paragraph brz-bcp-color7 brz-css-dhLJr\" data-uniq-id=\"nn7HD\" data-generated-css=\"brz-css-erJpL\"><strong class=\"brz-cp-color7\"> <\/strong><\/p>\n<p class=\"brz-mt-lg-0 brz-tp-lg-paragraph brz-bcp-color7 brz-css-f5OAh\" data-uniq-id=\"gnJzG\" data-generated-css=\"brz-css-rGulK\"><strong class=\"brz-cp-color7\"> <\/strong><\/p>\n<p class=\"brz-fsft-lg-0 brz-fwdth-lg-100 brz-vfw-lg-400 brz-lh-lg-1_7 brz-ls-lg-0 brz-fw-lg-400 brz-fss-lg-px brz-fs-lg-16 brz-ft-google brz-ff-barlow brz-tp-lg-empty brz-bcp-color7 brz-mt-lg-0 brz-css-xoqlU\" data-uniq-id=\"txO_6\" data-generated-css=\"brz-css-jgHsh\"><em class=\"brz-italic-true brz-cp-color7\">\u26a0\ufe0f Avertissement important : cet article est fourni \u00e0 titre strictement informatif. Il ne constitue en aucun cas une offre d&rsquo;achat ou de vente de produits financiers ou de mati\u00e8res premi\u00e8res. Le n\u00e9goce de ces produits comporte des risques majeurs (volatilit\u00e9, g\u00e9opolitique, contrepartie) et doit \u00eatre r\u00e9serv\u00e9 aux professionnels disposant de l\u2019exp\u00e9rience, des autorisations r\u00e9glementaires et des moyens financiers ad\u00e9quats.<\/em><\/p>\n<p class=\"brz-fsft-lg-0 brz-fwdth-lg-100 brz-vfw-lg-400 brz-lh-lg-1_7 brz-ls-lg-0 brz-fw-lg-400 brz-fss-lg-px brz-fs-lg-16 brz-ft-google brz-ff-barlow brz-tp-lg-empty brz-bcp-color7 brz-mt-lg-0 brz-css-uGq81\" data-uniq-id=\"umMoG\" data-generated-css=\"brz-css-fytlS\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-columns brz-css-1et5u88 brz-css-c7v0n\" data-brz-custom-id=\"wBbRzFMmvyY7\">\n<div class=\"brz-column__items brz-css-c5h4de brz-css-1cqbs0h\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xznht0 brz-css-wlnps0 brz-wrapper\">\n<div class=\"brz-spacer brz-css-ygtyqy brz-css-hed8y3\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section id=\"95145369128ab2b01dd6_trrVtxQTzxtr\" class=\"brz-section brz-css-x7eyxg brz-css-1svgv21\">\n<div class=\"brz-section__content brz-section--boxed brz-css-12fgq6h brz-css-plluqv\" data-brz-custom-id=\"swPFjwh35l8B\">\n<div class=\"brz-bg\">\n<div class=\"brz-bg-color\"><\/div>\n<\/div>\n<div class=\"brz-container brz-css-1vhnldi brz-css-oduux2\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1qgko66 brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-hs49sy\" data-brz-custom-id=\"lLkOeSaQeNzt\">\n<div data-brz-translate-text=\"1\">\n<h2 class=\"brz-text-lg-center brz-tp-lg-heading2 brz-css-hUn2V\" data-uniq-id=\"wvUCR\" data-generated-css=\"brz-css-vljUo\"><span class=\"brz-cp-color2\">Questions <\/span><span class=\"brz-cp-color2\">frequent <\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-qm66t6 brz-wrapper\">\n<div class=\"brz-line brz-line-default brz-css-1igjk12 brz-css-1niq0yz\" data-brz-custom-id=\"xAW2gido93ea\">\n<hr class=\"brz-hr\"><\/div>\n<\/div>\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1xznht0 brz-css-1ruy8x3 brz-wrapper\">\n<div class=\"brz-spacer brz-css-ygtyqy brz-css-1st0rpl\"><\/div>\n<\/div>\n<div class=\"brz-row__container brz-css-6d8n8i brz-css-a4nknt\" data-brz-custom-id=\"nibg949IjnO3\">\n<div class=\"brz-row brz-css-17imzms brz-css-hw9b3n brz-css-1c6c0qc\">\n<div class=\"brz-columns brz-css-1et5u88 brz-css-1x2tt94\" data-brz-custom-id=\"sVYEsgDVXgX4\">\n<div class=\"brz-column__items brz-css-c5h4de brz-css-1rwi5n3\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1t7delv brz-wrapper\">\n<div class=\"brz-accordion brz-css-1o9jk21 brz-css-1lnpjd5\" data-brz-duration=\"300\" data-brz-custom-id=\"a9SAy_QoGto1\">\n<div class=\"brz-accordion__item\">\n<div class=\"brz-accordion__nav\" data-brz-collapsible=\"off\"><span data-brz-translate-text=\"1\" class=\"brz-accordion__nav-title brz-span brz-text__editor\">Quelle est la diff\u00e9rence entre volume physique et volume financier ?<\/span><\/div>\n<div class=\"brz-accordion__content brz-d-xs-flex brz-flex-xs-column\">\n<div class=\"brz-accordion__item-content brz-d-xs-flex brz-flex-xs-column\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-127q23b brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-8lyx7f\" data-brz-custom-id=\"dgkKDqJepBcm\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-l2Xv8\" data-uniq-id=\"iwU8O\" data-generated-css=\"brz-css-q_jnX\"><span class=\"brz-cp-color7\">Le volume physique d\u00e9signe les tonnes \/ barils r\u00e9ellement livr\u00e9s. <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-fUtLo\" data-uniq-id=\"iwU8O\" data-generated-css=\"brz-css-q_jnX\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-ceUp_\" data-uniq-id=\"iwU8O\" data-generated-css=\"brz-css-q_jnX\"><span class=\"brz-cp-color7\">Le volume financier inclut les contrats d\u00e9riv\u00e9s (futures, options) sans n\u00e9cessaire livraison. Un baril peut \u00eatre trait\u00e9 des centaines de fois en bourse sans changer de main physiquement.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-accordion__item\">\n<div class=\"brz-accordion__nav\" data-brz-collapsible=\"off\"><span data-brz-translate-text=\"1\" class=\"brz-accordion__nav-title brz-span brz-text__editor\">Quelles normes encadrent les transactions internationales ?<\/span><\/div>\n<div class=\"brz-accordion__content brz-d-xs-flex brz-flex-xs-column\">\n<div class=\"brz-accordion__item-content brz-d-xs-flex brz-flex-xs-column\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-zz8e0u brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-1cxhdl1\" data-brz-custom-id=\"a6ar_myjw2nT\">\n<div data-brz-translate-text=\"1\">\n<ul>\n<li data-uniq-id=\"nrAXv\" data-generated-css=\"brz-css-zHNqD\" class=\"brz-tp-lg-empty brz-ff-barlow brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_7 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-bcp-color7 brz-css-qJe2V\"><span class=\"brz-cp-color7\">Contractualisation : LOI, ICPO, FCO, Sales &amp; Purchase Agreement (SPA).<\/span><\/li>\n<li data-uniq-id=\"lD60k\" data-generated-css=\"brz-css-qyLEj\" class=\"brz-tp-lg-empty brz-ff-barlow brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_7 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-bcp-color7 brz-css-wzmvy\"><span class=\"brz-cp-color7\">Financement : SBLC, DLC, escrow s\u00e9curis\u00e9.<\/span><\/li>\n<li data-uniq-id=\"iT32h\" data-generated-css=\"brz-css-nBl9P\" class=\"brz-tp-lg-empty brz-ff-barlow brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_7 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-bcp-color7 brz-css-pUk4u\"><span class=\"brz-cp-color7\">Inspection qualit\u00e9 : SGS, Cotecna, Bureau Veritas.<\/span><\/li>\n<li data-uniq-id=\"jBXTc\" data-generated-css=\"brz-css-f3tDl\" class=\"brz-tp-lg-empty brz-ff-barlow brz-ft-google brz-fs-lg-18 brz-fss-lg-px brz-fw-lg-400 brz-ls-lg-0 brz-lh-lg-1_7 brz-vfw-lg-400 brz-fwdth-lg-100 brz-fsft-lg-0 brz-bcp-color7 brz-css-bejfl\"><span class=\"brz-cp-color7\">R\u00e9gulation : AML, KYC, conformit\u00e9 douani\u00e8re et bancaire.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-columns brz-css-1et5u88 brz-css-1clnor9\" data-brz-custom-id=\"dNp5GtfK7CV9\">\n<div class=\"brz-column__items brz-css-c5h4de brz-css-1tqfp5o\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-1sw3z04 brz-wrapper\">\n<div class=\"brz-accordion brz-css-1o9jk21 brz-css-1l5r01g\" data-brz-duration=\"300\" data-brz-custom-id=\"pmkHxlyHq3lg\">\n<div class=\"brz-accordion__item\">\n<div class=\"brz-accordion__nav\" data-brz-collapsible=\"off\"><span data-brz-translate-text=\"1\" class=\"brz-accordion__nav-title brz-span brz-text__editor\">Pourquoi certaines mati\u00e8res sont cot\u00e9es en bourses, d\u2019autres en gr\u00e9 \u00e0 gr\u00e9 ?<\/span><\/div>\n<div class=\"brz-accordion__content brz-d-xs-flex brz-flex-xs-column\">\n<div class=\"brz-accordion__item-content brz-d-xs-flex brz-flex-xs-column\">\n<div id=\"\" class=\"brz-css-jjq7tn brz-css-yw7rfv brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-3bvqyr brz-css-19qltv6\" data-brz-custom-id=\"gcK6or0Drl8z\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-ypeVI\" data-generated-css=\"brz-css-qbL9w\" data-uniq-id=\"x27w2\"><span class=\"brz-cp-color7\">Les mati\u00e8res standardis\u00e9es (p\u00e9trole brut, cuivre, bl\u00e9) sont cot\u00e9es sur des bourses r\u00e9gul\u00e9es (CME, LME). <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-p5UTN\" data-generated-css=\"brz-css-qbL9w\" data-uniq-id=\"x27w2\"><span class=\"brz-cp-color7\"> <\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-bcp-color7 brz-css-zyaWl\" data-generated-css=\"brz-css-qbL9w\" data-uniq-id=\"x27w2\"><span class=\"brz-cp-color7\">Les mati\u00e8res rares ou sensibles (uranium, lithium) sont \u00e9chang\u00e9es en gr\u00e9 \u00e0 gr\u00e9 (OTC), via LOI \/ ICPO et contrats fermes, en raison de leur caract\u00e8re strat\u00e9gique ou confidentiel.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<p>    <!-- version:1749830244 --><\/p>","protected":false},"excerpt":{"rendered":"<p>Quelles sont les mati\u00e8res premi\u00e8res les plus n\u00e9goci\u00e9es en 2025 ? En 2025, les mati\u00e8res premi\u00e8res les plus n\u00e9goci\u00e9es sont le p\u00e9trole, le gaz naturel liqu\u00e9fi\u00e9 (GNL), le cuivre, l\u2019aluminium, le lithium, le nickel, le bl\u00e9, le ma\u00efs, le soja et le caf\u00e9. Le p\u00e9trole reste num\u00e9ro un en volume et en valeur, suivi par [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"brizy-blank-template.php","format":"standard","meta":{"om_disable_all_campaigns":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10620","post","type-post","status-publish","format-standard","hentry","category-non-classe"],"brizy_media":[{"id":10697,"url":"https:\/\/www.triskellcp.com\/wp-content\/uploads\/2025\/06\/OL1USC0.webp","name":"OL1USC0.webp","meta":{"brizy_attachment_uid":"wp-198ed9286d1aa06805a2b2f11ef205ef.webp","brizy_post_uid":["336c4f1bdb8cedb6c0d9645d0af55828"]}}],"_links":{"self":[{"href":"https:\/\/www.triskellcp.com\/en\/wp-json\/wp\/v2\/posts\/10620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.triskellcp.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.triskellcp.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.triskellcp.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.triskellcp.com\/en\/wp-json\/wp\/v2\/comments?post=10620"}],"version-history":[{"count":0,"href":"https:\/\/www.triskellcp.com\/en\/wp-json\/wp\/v2\/posts\/10620\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.triskellcp.com\/en\/wp-json\/wp\/v2\/media?parent=10620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.triskellcp.com\/en\/wp-json\/wp\/v2\/categories?post=10620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.triskellcp.com\/en\/wp-json\/wp\/v2\/tags?post=10620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}