At a glance
Full metals and market detail is on the Markets page.
Commodity price board Day, week and 52 weeks
| Market | Last | Unit | Day | Week | 52 weeks | As at |
|---|---|---|---|---|---|---|
| Precious metals | ||||||
| Gold | 4,194.50 | US$/oz | +1.50% | ≈ +1.3% | ≈ +4.5% | 9 Oct, late New York (Kitco) |
| Silver | 60.70 | US$/oz | +2.77% | ≈ +0.7% | ≈ +20.9% | 9 Oct, late New York (Kitco) |
| Platinum | 1,685.00 | US$/oz | +3.06% | ≈ -0.3% | ≈ +6.1% | 9 Oct, 17:00 New York (Kitco) |
| Palladium | 1,132.00 | US$/oz | +1.98% | ≈ -1.9% | ≈ -19.5% | 9 Oct, 17:00 New York (Kitco) |
| Base metals | ||||||
| Copper (COMEX) | 6.71 | US$/lb | +2.17% | ≈ +2.5% | ≈ +38.9% | 9 Oct close (Investing.com); 8 Oct close revised to 6.5685 |
| Copper (LME 3-month) | 14,570 | US$/t | ≈ +1.1% | ≈ +1.7% | n/a | 9 Oct official (Westmetall); cash 14,689; stocks 233,025 t |
| Aluminium (LME 3-month) | 3,070 | US$/t | ≈ 0.0% | ≈ -1.7% | n/a | 9 Oct official (Westmetall) |
| Nickel (LME 3-month) | 15,720 | US$/t | ≈ +0.8% | ≈ +0.6% | n/a | 9 Oct official (Westmetall) |
| Zinc (LME 3-month) | 3,781.5 | US$/t | ≈ +1.2% | ≈ +1.3% | n/a | 9 Oct official (Westmetall) |
| Tin (LME 3-month) | 53,050 | US$/t | ≈ 0.0% | ≈ -2.5% | n/a | 9 Oct official (Westmetall) |
| Iron ore (62% Fe) | 90.68 | US$/t | ≈ -0.3% | ≈ -0.7% | ≈ -14.2% | 9 Oct (Trading Economics); Dalian at an 18-month low |
| Coal (Newcastle) | 148.85 | US$/t | ≈ -0.4% | ≈ -0.1% | ≈ +42.4% | 9 Oct (Trading Economics) |
| Energy and battery materials | ||||||
| Brent crude | 104.72 | US$/bbl | +0.42% | ≈ +2.4% | ≈ +66% | 9 Oct settle |
| WTI crude | 91.85 | US$/bbl | +0.39% | ≈ +0.8% | ≈ +56% | 9 Oct settle |
| Uranium (futures) | 90.00 | US$/lb U3O8 | +0.17% | ≈ +0.1% | ≈ +14.1% | 9 Oct (Trading Economics) |
| NdPr oxide | 738,000-741,000 | RMB/t | n/a | n/a | n/a | 30 Sep (SMM); SMM says unchanged on 9 Oct |
Supply disruptions and outagesElevated
Chile copper
Three Centinela strikers began a hunger strike on 9 October; the 709 strikers are about 22% of the workforce, and Antofagasta, which offered a 2% real pay rise and a bonus of almost US$23,000, keeps its guidance. At Escondida about 1,020 supervisors are in mandatory mediation with BHP, and a strike could start on 13 October if talks fail.
Cobre Panama
A magnitude 7.7 earthquake struck Herrera province on 9 October; First Quantum said the facilities at Cobre Panama remained stable and the canal kept operating. A ministerial commission has recommended talks framed around funding an eventual orderly closure.
China
The Yangshan copper import premium rose to US$135/t at the end of the week, a four-year high, LME stocks fell to 233,025 t and COMEX stocks are at a record 711,609 t. Dalian iron ore fell to an 18-month low on thin steel margins.
Forecasts
BofA raised its 2031 copper forecast by 20% to US$13,577/t, citing tight supply. The Australian Resources and Energy Quarterly expects copper near US$13,500/t through 2027-28, easing to US$11,600 by 2031.
MINING.COM: Centinela hunger strikeSMM: Escondida and CentinelaSMM: Cobre Panama after the quakeMINING.COM: Cobre Panama commissionKitco (Reuters): copperMINING.COM (Reuters): iron oreSMM: BofA forecastMarket Index: REQ
Chokepoints and trade routesHormuz restricted
Strait of Hormuz
The IRGC said on 9 October that it struck an LPG tanker using a US-backed southern route and threatened ships of companies it says cooperate with the US, and UKMTO reported an LPG carrier hit 13 nautical miles west of Al-Jazira in the UAE. USNI counts 11 ships struck in October to 9 October. President Trump repeated that there would be no attack before the midterms but on 10 October raised the idea of resuming strikes.
Saudi Arabia and the Houthis
A strike on Riyadh King Khalid airport on Saturday 10 October killed 12 people and injured 309, the deadliest attack in the kingdom since 2015, and 324 flights were cancelled. The coalition says it has hit 136 Houthi targets, and President Trump said the US may join the strikes. No new attacks on Saudi oil sites were reported.
Diplomacy
President Putin passed Iranian peace terms to President Trump on 9 October, and Iran is reviewing a US reply to its plan to reopen Hormuz. Riyadh Energy Week opened on 11 October, with ministers meeting through 15 October.
EuronewsUSNI NewsCBS News liveAl Jazeera liveAsharq Al-Awsat: Riyadh Energy Week
SanctionsActive
Russia: US
OFAC issued General License 135 on 9 October, allowing sales and imports of Russian-origin diesel until 7 April 2027, after a call between President Trump and President Putin. Mr Trump said Russia would supply more than 300,000 t now and 500,000 t in November; analysts doubt Russia can deliver it all after Ukrainian strikes on its refineries, and the EU said the move gives Moscow more money for the war.
Russia: EU and UK
EU foreign ministers are due to formally adopt the 22nd sanctions package, with about 1,600 listings, on Monday 12 October. The UK added no new Russian oil measures after its 38 designations on 8 October.
Iran
There were no new OFAC Iran designations on 9 or 10 October, and the 8 October action against 17 shadow fleet vessels and 18 companies stands. US forces disabled the tanker Ocean Molica in the Gulf of Oman on 10 October; CENTCOM says it has turned back 135 vessels since the blockade began in July.
OFAC: General License 135Axios: diesel agreementArab News: EU responseOFAC recent actionsCBS News live
Economic backdrop
Rates and the US dollar drove metal prices this week more than physical demand did.