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FT Mercati provides subscribers with a dedicated commodities news bulletin to stay up-to-date.
Here is a selection of the latest news:
6/26/2025
According to OPEC in its June monthly report, demand for crude oil in the main countries was estimated for 2026 as follows (million barrels/day - annual performance)
USA = 20.62 in 2024 (+0.05%);
Latin America = 7.03 in 2024 (+0.13%);
Europe = 13.53 in 2024 (+0.01%);
Russia = 4.07 in 2024 (+0.04%);
Middle East = 9.13 in 2024 (+0.14%);
China = 17.09 in 2024 (+0.21%);
India = 5.97 in 2024 (+0.25%).
6/26/2025
According to OPEC in its June monthly report, crude oil demand in the main countries was estimated for 2025 as follows (million barrels/day - annual performance)
USA = 20.5 in 2025 (+0.15%);
Latin America = 6.90 in 2025 (+0.13%);
Europe = 13.52 in 2025 (+0.00%);
Russia = 4.02 in 2025 (+0.04%);
Middle East = 8.99 in 2025 (+0.14%);
China = 16.87 in 2025 (+0.22%);
India = 5.72 in 2025 (+0.17%).
6/26/2025
OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
25 june = $ 67.99 /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.
6/26/2025
Based on the pipeline of existing and announced copper mining projects, there is set to be a 30% supply deficit by 2035.
This according to the analysis of the INTERNATIONAL ENERGY AGENCY (IEA).
The supply deficit starts forming from around the late 2020s. This supply gap is driven by declining copper ore grades – the average grade of copper mines has decreased 40% since 1991. This is only partly explained by processing advances such as solvent extraction and electrowinning unlocking lower-grade deposits, and is predominantly due to reserve exhaustion. The declining grades have increased capital costs and complexity for expansions and new projects, deterring investment.
These challenges are also combined with a rapidly decreasing rate of new resource discoveries. Of the 239 copper deposits discovered between 1990 and 2023, only 14 have been discovered in the past decade. Greenfield copper projects are also particularly challenging, experiencing delays and facing long lead times (typically 17 years from discovery to production). Major copper projects including Oyu Tolgoi (Mongolia) and Quebrada Blanca 2 (Chile) have experienced significant delays and cost overruns.
This underlines the significant challenge for copper supply security going forward. A wide variety of supply- and demand-side measures are needed to close the gap including stimulating investment in new mines, material efficiency, substitution and scaling up recycling. The lack of diversification for copper refining also presents supply security risks in the future.
6/26/2025
A summary from the International Lead Zinc Study Group (ILZSG) report:
• According to preliminary data recently compiled by the ILZSG, the global market for refined zinc metal was in surplus by 151kt over the first four months of 2025 with total reported inventories decreasing by 53kt.
• World zinc mining production rose by 5.1%, influenced by increases in Australia, China, Mexico, Peru, South Africaand the Democratic Republic of Congo, where the new Kipushi mine was commissioned in June 2024. Output in Europe also rose, benefiting from higher production at the Vares operation in Bosnia and Herzegovina, the commissioning of the Ozernoye mine in the Russian Federation in September 2024 and the resumption of operations at the Tara mine in Ireland in October.
• Refined metal production fell by 1%. This was mainly the result of declines in Brazil, Kazakhstan and Japan, due to the recent closure of Toho Zinc’s Anakka operation. Production also fell in the Republic of Korea, mainly as a result of a temporary suspension of operations at the Seokpo smelter. These reductions were partially balanced by rises in Australia, Peru and Europe, where Boliden recently completed an expansion at its Odda Smelter.
• Decreases in the usage of refined zinc metal in Brazil, Germany, the Republic of Korea, Türkiye and the United States were partially balanced by rises in China, France and India resulting in an overall global decline of 0.5%.
• Chinese imports of zinc contained in zinc concentrates rose by 46% to 822kt. Net imports of refined zinc metal totalled 120kt, a reduction of 19kt compared to the first four months of 2024.
6/26/2025
A summary from the International Lead Zinc Study Group (ILZSG) report:
• Provisional data reported that world refined lead metal supply exceeded demand by 22kt during the first four months of 2025 (market balance in surplus). Over the same period total reported stock levels increased by 13kt.
• Global lead mining production rose by 1.4%. This was primarily a consequence of increases China, Peru and Europe, where new mining capacity was recently commissioned.
• Growth of 1.4% in global refined lead metal production was mainly the result of rises in Canada, China, India, the Republic of Korea and Sweden. However, these increases were partially offset by reductions in Japan, Kazakhstan and the United Kingdom.
• Refined lead metal usage grew by 2.6%, mainly a result of rises in the Republic of Korea, Philippines, Taiwan (China), the United States and Vietnam. Demand in Europe also rose, influenced by increases in the Czech Republic, France and Germany. In India and Japan, however, usage was lower than during the same period of 2024.
• Chinese imports of lead contained in lead concentrates grew by 43% to 255kt. Net imports of refined lead metal totalled 4kt, compared to net exports of 12kt in the first four months of 2024.
