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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:

11/4/2025

FASTMARKETS PROPOSES TO INCLUDE CBAM COSTS IN EUROPEAN BENCHMARKS FROM 1 JANUARY 2026

Fastmarkets intends to integrate CBAM costs into its P1020A FCA dp premium valuations for Italy and Spain. The aim is to better reflect market dynamics when the CBAM comes into effect, as the cost of certificates may influence but may not always be fully reflected in prices. The CBAM value will not be fixed, depending on brand, origin and timing of customs clearance. Premiums will be aligned with the Rotterdam benchmark (which will include CBAM from 2026). Consultation: 1-31 October 2025; application: 1 January 2026.

11/4/2025

COPPER PRICES WERE VOLATILE DURING Q3 ON COMEX

The big story to start the quarter was the Trump administration's copper tariff announcement on July 8.
The news came after months of speculation following the government's February launch of an investigation into how tariffs could be used to bolster national security under Section 232 of the Trade Expansion Act.
Copper market participants were caught off guard by the timing, as some had expected the tariffs to come later in the year, and at a lower rate than the announced 50 %. Traders began importing copper into the US from abroad ahead of the implementation of the tariffs, and the increased volume drove prices for the metal to record highs by the end of the month; it also created a significant disparity between the COMEX and the London Metal Exchange (LME).
In an email to the Investing News Network, Jacob White, exchange-traded fund product manager at Sprott Asset Management, explained the unprecedented situation created by the tariff announcement:
White explained that during a copper short squeeze on the COMEX in 2024, copper premiums peaked at 8 %; he also noted that the five year average for the COMEX-LME disparity is near parity at 0.5 %.
Ultimately, copper tariffs were only applied to unrefined copper, as well as semi-finished and copper-intensive derivatives, such as pipe fittings, cables, connectors and electrical components.
Refined copper tariffs will be phased in at 15 % in 2027, and 30 % in 2028. The move essentially pulled the rug out from under traders, causing COMEX prices to plummet by nearly 25 %.
White stated that with the tariff situation cleared up, copper prices once again reflected the underlying supply and demand fundamentals of low inventories and high demand resulting from the energy transition.
“These structural forces pushed copper prices internationally higher overall for the quarter, despite the mid-summer volatility. The tariff episode reinforced copper’s strategic importance and highlighted the fragility of global supply chains, factors that may strengthen the case for higher prices going forward,” he said.

11/4/2025

BASKET OPEC PRELIMINARY PRICE

OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
03 november = $ 66.49 /b (down 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.

11/4/2025

SODIUM-ION BATTERIES ARE GAINING TRACTION

Tin anode drives sodium-ion battery beyond LFP energy density.
Researchers from UC San Diego and Unigrid Battery have developed a new tin-based anode that delivers record-breaking energy density for sodium-ion batteries, surpassing that of commercial lithium iron phosphate (LFP) cells. Their simple yet powerful approach uses an almost pure tin electrode (99.5%) to achieve 178 Wh/kg and 417 Wh/L in full pouch cells.
THIS STUDY SHOWS THAT TIN ANODES COULD ELEVATE SODIUM-ION BATTERIES TO COMPETE DIRECTLY WITH TODAY’S LEADING BATTERY TECHNOLOGIES:
Sodium-ion batteries are gaining traction as a sustainable alternative to lithium-ion systems, but their energy density has typically lagged behind. The anode material is often the limiting factor, as conventional hard carbon stores only around 300 mAh g⁻¹ of charge, restricting overall cell capacity.
To overcome this, researchers have turned to tin (Sn), which can form high-capacity Na–Sn alloys (~847 mAh g⁻¹). While tin anodes are known to face challenges such as large volume expansion and electrolyte incompatibility, the team discovered that only minimal modification was required for stable cycling.
The electrode contained over 99% active tin, with just 0.25% single-walled carbon nanotubes (SWCNTs) and 0.25% binder (CMC), which is enough to aid mixing and flexibility, while relying on tin’s own high conductivity to carry charge effectively.
Paired with a sodium chromium oxide (NaCrO₂) cathode, the pouch cells maintained around 90% capacity after 100 cycles with minimal resistance build-up. Microscopy revealed that the tin reorganised during cycling into a more uniform, interconnected structure, promoting even sodium distribution and suppressing degradation.

11/4/2025

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.

11/4/2025

US - LOW DEMAND, UNCERTAINTY, HIGH FEEDSTOCK COSTS

US smelter grade aluminium scrap prices were largely rangebound during the week to Thursday October 30, with market uncertainty and lower flows of material as market participants worked to decipher current market conditions.
"t seems there is plenty of material out there, but with how much the market is moving, many sellers are holding on for better prices.” a source said.
“Prices should be going down,” a buyer said, “but they seem to be holding firm for whatever reason. There is concern that the primary aluminium markets are putting an artificial floor on pricing", a buyer said.
Other factors could also be contributing to higher prices, such as inventories heading into wintertime and the uncertainty of tariffs, makes it hard to forecast what’s going to happen in the future.
Meanwhile, mill grade scrap prices rose the week to Thursday alongside rising premiums and London Metal Exchange rates.
“The markets are in an unusual space with business uncertainty and speculation,” a mill grade scrap source said.
Secondary aluminium alloy prices were stable on the week, though sources continued to note pressures from high feedstock rates: a source said that input costs on the rise are boosting production costs, and primary aluminium and copper prices rising [are] adding gas to that fire.