DISCOVER FT MERCATI - TRY FOR FREE

›

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:

10/10/2025

OIL DEMAND IN 2025 AND 2026 – SEPTEMBER REPORT BY OPEC

According to lastest report " Monthly OIL Market" by OPEC, the global oil demand growth for 2025 is forecast at about 1.3 mb/d, year-on-year (YoY), unchanged from last month’s assessment.
The OECD oil demand is projected to expand by about 0.1 mb/d, YoY, mostly due to Americas, supported by a marginal increase from Europe. However, Asia-Pacific demand is expected to show a slight YoY decline.
In the non-OECD, oil demand is forecast to grow by about 1.2 mb/d, YoY, driven largely by Other Asia, China and India, with all other regions showing healthy growth as well.
The forecast for global oil demand growth in 2026 also remains unchanged from last month’s assessment at a healthy 1.4 mb/d, YoY. The OECD is expected to grow by about 0.2 mb/d, YoY, with Americas expected to lead oil demand growth in the region.
In the non-OECD, oil demand is forecast to grow by about 1.2 mb/d, led by Other Asia, followed by India and China.

10/10/2025

IVANHOE’S KAMOA-MINE MAINTAINS STEADY PRODUCTION IN Q3

Ivanhoe Mines' flagship Kamoa-Kakula Copper Complex in the Democratic Republic of Congo continues to demonstrate resilience, with its Q3 2025 production figures showcasing steady performance amid ongoing recovery operations and significant infrastructure developments. As one of Africa's premier copper producers, the complex maintains its trajectory toward meeting full-year guidance while implementing strategic improvements across its operations.
The Kamoa-Kakula Copper Complex produced 71,226 tonnes of copper in concentrate during the third quarter of 2025, contributing to a cumulative year-to-date production of 316,393 tonnes. This performance keeps the operation on track to achieve its full-year guidance range of 370,000 to 420,000 tonnes, reflecting the operation's ability to maintain productivity despite challenges.

10/10/2025

BASKET OPEC PRELIMINARY PRICE

OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
09 october = $ 67.09 /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.

10/10/2025

EU - TUBE OUTPUT FALLS AMID BROADER PACKAGING SLOWDOWN IN H1 2025

Recent data from the European Tube Manufacturers Association (ETMA) reveals that the tube manufacturing industry in Europe experienced a bleak performance in the first half of 2025.
Consequently, the effects are being felt in the global deliveries of aluminium, laminates, and plastic tubes. Not only is there a sharp decline of 3.9 % in global deliveries, but it also indicates a total decline in units compared to the same period in 2024.
Due to the production issues, deliveries of aluminium tubes fell by 4.8 %, amounting to almost 2 billion units. However, the demands from the food sector have been steady so far, and the cosmetics industry offered a modest increase; a significant decline in the pharmaceutical segment marked a massive drop. The manufacturing of the tubes has always been highly reliant on the pharmaceutical demands, and the production drop also slows down healthcare packaging.
Laminate tube deliveries rose 3.6 % YoY to about 2.36 billion units, driven by stronger demand in toothpaste and pharmaceutical packaging. This increase, however, highlights the segment’s strength and adaptability in a super-competitive market.
The industry prioritises sustainability through post-consumer recycled (PCR) materials, but limited supply and new 50 % U.S. aluminium tariffs hinder progress and add trade uncertainty.
Despite these headwinds, ETMA President Zoran Joksic expressed confidence in the sector’s long-term outlook. “The first half of 2025 has shown once again that our industry is both challenged and resilient. Despite weaker demand in some key markets, particularly pharmaceuticals and cosmetics, we continue to see growth impulses in other sectors and tube types,” Joksic observed.

10/10/2025

PRODUCTION IN 2025 and 2026 – INSG october release

According to the International Nickel Study Group (INSG) the global growth was stronger than expected in early 2025, supported by AI-related investment in the United States, fiscal stimulus in China, and front-loading of trade ahead of tariff hikes, but is projected to slow down in 2026.
Going forward, tariffs may impact trade, investment, labour markets, and prices. On the positive side, financial conditions have eased and inflation is set to decline across most G20 economies.
The INSG forecasts continued growth in the stainless steel sector through 2025 and 2026. However, the expansion of nickel use in batteries has progressed more slowly than expected, reflecting the rising share of non-nickel chemistries (particularly lithium iron phosphate) and stronger demand for plug-in hybrid EVs at the expense of battery EVs.
In China, the trend of falling NPI production and rising cathode output is forecast to continue. Nickel sulphate production will ease in 2025 on softer battery demand, but a recovery is projected for 2026.
World primary nickel production was 3.531Mt in 2024 and is forecast to reach 3.810Mt in 2025 and 4.085Mt in 2026. The estimates do not include an adjustment factor for possible production disruptions.

10/10/2025

COPPER – WORLD REFINED BALANCE FORECAST 2025-2026 – ICSG

According to preliminary data in its October report, the International Copper Study Group (ICSG) expects a SURPLUS of about 178,000 tonnes for 2025, slightly higher than the surplus of 289,000 tonnes forecast last april.
A DEFICIT of about 150,000 tonnes is currently expected for 2026 (compares to the surplus of 209,000 tonnes forecast in April). This shift to deficit is attributed to lower than previously anticipated refined copper production that will be constraint by the lower availability of copper concentrate.
Pay Attention: ICSG uses an apparent demand calculation for China that does not consider changes in unreported stocks (State Reserve Bureau, producer, consumer, trader, bonded) which can be significant during periods of stocking or de-stocking and which can markedly alter global supply-demand balances. Apparent copper demand for China is based only on reported data (production + net trade +/- SHFE stock changes).