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Commodities News

Up-to-date news on raw materials


FT Mercati provides subscribers with a dedicated commodities news bulletin to stay up-to-date.
Here is a selection of the latest news:

11/7/2025

INDIA - GREEN GROWTH, CIRCULAR ECONOMY, AND GLOBAL COMPETITIVENESS

India’s aluminium industry is undergoing a pivotal transformation. With national demand projected to rise from around 5.3 million tonnes today to nearly 8.3 million tonnes by 2030, both primary and secondary producers have crucial roles to play in meeting industrial and environmental goals. The secondary aluminium sector, founded on recycling domestic and imported scrap, now contributes nearly 40% of India’s total aluminium supply and has become a cornerstone of sustainable manufacturing, supported by roughly 20% domestic and 80% imported scrap inputs.
India still does not generate enough end-of-life aluminium scrap to meet the rising demand for low-carbon metal. Until the domestic scrap pool matures, recycled aluminium sourced through imports remains indispensable for keeping the nation’s 2-million-tonne-plus recycling capacity fully utilised, sustaining competitiveness, and accelerating emissions reduction.
India’s secondary aluminium industry is driving the nation’s transition toward circularity, energy efficiency, and global sustainability leadership, and producing aluminium through recycling uses 95 % less energy and emits over 90% less CO₂ than primary smelting: it’s like importing free electricity into the country.
To sustain this momentum, urges a progressive and balanced policy framework that reinforces India’s recycling-led growth. Reducing import duty from 2.5% to 0% duty on aluminium scrap will ensure steady feedstock availability for recycling plants and uninterrupted production.
With stable and forward-looking policies, India’s secondary aluminium industry will continue to power sustainable growth, create green jobs, and strengthen India’s leadership in global circular manufacturing.

11/7/2025

MOZAMBIQUE - MOZAL SMELTER SET FOR POTENTIAL SHUTDOWN IN 2026

Australia’s South32 is currently in talks with the Mozambican government about the future of Mozal, which is the largest aluminium smelter and a key industrial employer in the country. Even with these discussions underway, the company is preparing for a potential halt in operations starting in March, 2026.
South32 noted that despite ongoing efforts, negotiations have not progressed enough to guarantee that Mozal Aluminium will have a steady and affordable electricity supply after March 2026. The company also mentioned that if the necessary power is not secured, it may have to go into care and maintenance once the current agreement wraps up.
This facility, located just outside of Maputo, employs around 5,000 workers.
In August 2025, the firm announced it was cutting back its investment in Mozal, pausing pot relining activities and letting go of associated contractors. The expected power supply limitations are likely to bring production down to about 240,000 tonnes in FY2026 , provided that operations continue until the current power agreement comes to an end (and despite a good Q3 2025 performance highlights whit Mozal’s saleable production up by 3% QoQ, at 93,000 tonnes ).
The energy issues at Mozal have led to the cancellation of contracts with around 20 supplier companies, affecting at least 1,000 workers. This smelter uses nearly half of Mozambique’s electricity output and accounts for about 3 % of the nation’s GDP.

11/7/2025

BASKET OPEC PRELIMINARY PRICE

OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
06 november = $ 65.68 /b (up from previous daily value)
(The OPEC Reference Basket (ORB) introduced on 16 June 2005, is currently made up of the following: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia , UAE and Venezuela.

11/7/2025

THE NOBEMBER PROSPECTS ARE GOOD - ITA

According to International TIN Association (ITA), tin prices have remained firm (averaging above $36,000/t since Oct 1) despite weakness across the broader base metals complex over the past week.
Macro sentiment is taking centre stage as the US dollar strengthens, the US Supreme Court reviews Trump’s tariffs, and concerns over a potential AI bubble intensify.
The long-awaited recovery in supply from Myanmar’s Wa region continues to elude the market, keeping China’s raw material availability and the global concentrate market constrained. Following recent announcements, Indonesian exports will be key to watch over the coming months. Although shipments slumped in October, they are expected to rebound strongly in november.
Nevertheless, the current bullish speculative sentiment is still strong.

11/7/2025

CHINA - PREMIUMS STABLE AMID QUIET, OVERSUPPLIED MARKET

Premiums on nickel full-plate cathodes in the China market held steady in the week to Tuesday November 4, due to limited trading activities and an overall supply glut.
The class-1 nickel market remained quiet amid unfavorable arbitrage terms, with import losses continuing to dampen liquidity, according to sources.
Long-term contract negotiations for both Chinese and overseas nickel cathode brands have been started.
“I’ve received offers from some Chinese nickel full plate producers who’re quoting higher premiums for next year’s long-term contracts than prices finalized this year, citing their expectation that the LME nickel price may trend down next year,” an international class-1 nickel trader said.
“I don’t think the premium for nickel cathode can climb higher because the market is just flooded with so much material, which puts pressure on the price,” an eastern China-based nickel cathode trader said.
Also the European nickel premiums stayed flat in the week to Tuesday.

11/7/2025

ACG METALS TARGETS COPPER, ZINC OUTPUT BY MID-2026

ACG Metals expects to begin to produce copper and zinc concentrates in mid-2026, marking a shift from gold toward base metals, as part of its plan to build a mid-tier copper company, according to its founder, chairman and chief executive officer.
The miner has now completed about 60% of the construction of its sulfide expansion project at the Gediktepe mine.
Gediktepe was acquired last year from Lidya Madencilik Sanayi ve Ticaret Anonim Şirketi, a subsidiary of Istanbul-based conglomerate Çalık Holding.
According to Volynets, Gediktepe is a volcanogenic massive sulfide (VMS) deposit with a clear vertical metal zoning. ACG has so far mined and leached the oxide cap, producing gold and silver at low cost. That upper layer will be mostly exhausted by the end of 2026, after which mining will move into the deeper sulfide zone, rich in copper and zinc with gold and silver by-products.
With gold prices at record highs, ACG currently generates robust cash from its gold and silver operations, particularly given a cost base around $1,100 per ounce.
Once copper production has ramped-up, ACG expects output of roughly 25,000 tonnes per year of copper-equivalent.
ACG also plans to unveil a technical solution to process 3.5 million tpy of high-grade transitional ore, currently stored as waste at Gediktepe, potentially extending gold and silver production beyond 2026.
The company has already secured buyers for its upcoming copper and zinc concentrates at Gediktepe.
As part of the financing for the Gediktepe acquisition last year, Glencore has an offtake agreement for 100% of Gediktepe’s copper concentrate, while Traxys serves as the offtaker and marketing agent for the zinc concentrate.