Commodity Market News

China’s October import data show broad declines in energy and base metals while iron ore imports and port stocks rose; separately the FAO reports falling world food prices led by sugar and dairy, signalling softer near-term commodity demand but selective strength in raw materials.

Gold surged past $4,000 on renewed Fed-cut expectations while crude slid amid oversupply concerns; U.S. natural gas climbed ~3.4% on colder early-winter forecasts.

A World Bank-led pullback in commodity prices points to easing inflationary pressure, but a sharp Brent crude spike tied to Middle East tensions underscores persistent supply-side volatility that could offset near-term gains.

BHP's latest production update highlights a pivot toward copper and fertilizers while trimming coal exposure, signaling resilient demand despite slower Chinese growth. At the same time, iceberg lettuce prices jumped ~77% week-on-week due to seasonal and disease-related supply constraints, underlining how commodity and food price pressures can hit different parts of the chain simultaneously.

U.S. sanctions on major Russian oil firms flipped Brent into backwardation, pushing near-term oil prices higher and prompting reassessments across energy-linked commodities. At LME Week, metals saw structural shifts — sustainable pricing infrastructure launched, copper demand projections rose, aluminium price outlooks tightened and germanium surged on export limits.

A sharp divergence: crude faces a growing surplus while gold soars on safe‑haven demand; meanwhile a Nutrien nitrogen shutdown threatens fertilizer availability and agricultural input costs.