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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:

11/6/2025

FEARS OVER GLOBAL SUPPLY EASED BY INCREASES IN PRODUCTION OF CODELCO

Global copper supply fears seem to have subsided after Chilean miner Codelco said its output of the metal this year will be higher than 2024 production despite setbacks at one of its key mines, ANZ senior commodity analyst Daniel Hynes said.
Codelco, the world’s biggest copper miner, said that it aims to produce 1.31 million-1.34 million tonnes of copper this year, marginally up from 1.32 million tonnes last year. Supply concerns had risen after a fatal accident halted operations at its El Teniente mine since August.
The bulls traders are taking some profit in these days, but pullback in the price is relatively small and does not suggest a counter-trend reversal yet,” Fastmarkets analyst Andy Farida said. “Consolidation is to be expected, but the macro picture needs to improve soon for the bulls to have another go for a new high.”

11/6/2025

AUSTRALIA - 12-MONTH POWER AGREEMENT FOR BELL BAY ALUMINIUM

Aluminium producer Rio Tinto and utility company Hydro Tasmania have reached a deal to extend their power purchase agreement for Rio’s 100%-owned Bell Bay aluminium smelter for 12 months, which will allow the time needed for stakeholders to work on a long-term solution for the asset in Australia’s island state.
Bell Bay Aluminium’s current power agreement with Hydro Tasmania was scheduled to expire on December 31, 2025. The smelter has capacity for 195,000 tonnes per year and produced approximately 187,000 tonnes of aluminium in 2024.
Market participants generally expected slight tightness in market fundamentals in 2026 on potential output cuts at several smelters and uncertainty concerning Indonesian projects coming online.
“The problem is shifted to next year,” a source said “This ought to ease some of the previous supply concerns that the market had, even though a one-year extension is like a Band-aid covering a leak that is about to burst.”

The Federal Labor Government in Australia has yet to guarantee that Bell Bay Aluminium will be included in its Green Aluminium Production Credit Scheme, according to Michael Ferguson, a member of Tasmania’s House of Assembly.
Announced in January 2025, the A$2 billion (US$1.3 billion) Green Aluminium Production Credit Scheme, part of the Future Made in Australia program, will be available 2028-29 and will provide production-based grants to support Australian aluminium smelters’ transition to renewable electricity, positioning the Australian aluminium industry in the emerging green metals market.
Smelters that can show new significant decarbonization before 2036 can negotiate an emissions-linked credit contract payable per tonne of green aluminium produced for as long as 10 years or until 2044, whichever is sooner.
Consultation on the design setting of the credit was continuing and will close today, November 6.

11/6/2025

COPPER TRADES WITHIN RANGE AMID PROFIT TAKING

London Metal Exchange copper futures held within a narrow range on Wednesday November 5 while investors booked profits from the red metal’s record rally last week.
Copper held around $10,680 per tonne on Wednesday afternoon, consolidating in a narrow range after pulling back from last week’s record rally.
Copper has lost some momentum while some traders unwind their positions, but the pullback reflects a “healthy consolidation,” Sucden Financial analysts said.
Copper has potential for another modest rebound once positioning stabilizes.
LME copper stocks rose to 133,975 tonnes on Wednesday after 75 tonnes of the metal were deposited overnight.

11/6/2025

BASKET OPEC PRELIMINARY PRICE

OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
05 november = $ 65.51 /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.

11/6/2025

CHINA - LEAD ESCAPES SHFE BASE METAL PRICE DROPS

Base metal prices on the Shanghai Futures Exchange (SHFE) were mostly down during morning trading on yesterday, with lead posted the sole increase.
SHFE lead prices registered the only increase during morning trading, rising by 0.60% to 17,520 yuan per tonne.

According to the International Lead and Zinc Study Group (ILZSG), the global refined lead market recorded a 2,500-tonne deficit in August, though the cumulative 2025 surplus for the first eight months of the year still stands at 51,000 tonnes, underscoring an overall balanced but tightening market.
Concentrate availability in China remains constrained.
According to ILZSG, global lead mine supply fell by 0.1% year on year in the January-August period. Smelters have been bidding aggressively, supported by strong by-product revenue from sulfuric acid, gold, and silver, which has helped offset margin pressure from negative TCs.

11/6/2025

TURKEY - FLAT STEEL MARKET MOSTLY SLOW DURING OCTOBER

The market for flat steel in Turkey was mostly stable in October 2025 because of weak demand, industry sources told.
Turkish flat steel producers were accepting orders from December production during the last week of October.
But Turkish exporters had entirely used up their allocation for exports to Europe for the fourth quarter of 2025 just two weeks after the quota’s renewal.
On October 7, the European Commission proposed new trade measures to replace the current safeguard system.
Reactions to the suggestion were mixed in Europe, however.
Crude steel output =
Turkey’s monthly steel output increased by 7.20% in September 2025 to 3.2 million tonnes, according to the Turkish Steel Producers’ Association (TCUD).
Production in the first nine months of 2025 totaled 28.10 million tonnes, a 1% increase year on year, according to TCUD.
Also the Turkish coated coil market was also slow during October.

Import prices =
Demand for imported flat steel was weak in Turkey during October because of poor demand in the market.
In addition, Turkey changed the requirements for its inward processing regime (DIR), effective from October 1, according to the country’s Official Gazette.
In addition, the new regulations require producers to buy a minimum of 25% local billet, wire rod, slab and hot-rolled coil for their production.
The new regulations further decreased the demand for imports.