24th October 2025
Energy markets rebounded sharply, metals posted mixed results, and iron ore continued to drift lower amid weak demand in China. Here’s a summary of today’s key commodity movements.
Coal
Coal prices eased today, with API2 posting the largest decline as weaker European gas prices — down nearly 2% — added pressure to the market. Oil prices stayed firm following new U.S. sanctions on Russian oil producers, with front-month Brent crude ending the day up about 1%. In the physical market, Newcastle coal saw fewer aggressive offers, reflecting softer buying interest but limited downside momentum.
Brent Crude
Oil prices have rebounded strongly from a five-month low, heading for their best weekly gain since mid-June. Brent and WTI stabilised on Friday after a 5% rally on Thursday, with both benchmarks up around 7% for the week. The rebound follows U.S. sanctions on Russian oil companies aimed at increasing pressure on Moscow to end the war in Ukraine. The sanctions hit two producers that together account for over 5% of global output. In response, Chinese state-owned refiners have paused short-term Russian purchases, while Indian buyers are set to scale back imports.
Spot Brent at 17h11 BST – $66.56/bll, up 0.91%
European LNG
European gas prices eased after Thursday’s brief uptick driven by renewed supply concerns. The Dutch TTF benchmark traded around €32.3 per MWh in morning trade before softening later in the day. Thursday’s rise came after the EU confirmed plans to ban Russian LNG imports from 2027 — a move analysts at ANZ say could tighten global LNG markets further. The decision marks another step in Europe’s long-term effort to reduce reliance on Russian energy.
Spot Dutch TTF Gas at 17h12 BST – €31.88/MWh, down 1.39%
Iron Ore
Iron ore futures extended losses, with the most-traded January 2026 contract closing at ¥771 per tonne, down 0.58%. Portside prices fell 2–5 yuan as steel mills reduced purchases and inventories built up. Market activity remained muted amid weaker procurement and slower port off-take. Next week, stricter environmental controls expected in Tangshan could curb sintering and blast furnace output, further dampening demand. However, upcoming China-U.S. talks and expectations of a U.S. rate cut may provide limited downside support.
Spot SGX 62% Fe at 16h47 BST – $105.30/mt,up 0.05%
Copper (LME)
Copper prices approached record levels near US$11,000 a tonne as supply concerns resurfaced. Three-month futures in London rose over 1% to around US$10,970 amid optimism about demand and renewed mine disruptions. Freeport-McMoRan’s suspension of operations at Indonesia’s Grasberg mine after a mudslide has amplified worries about tightening supply. Copper has gained roughly 25% year-to-date, rebounding from April’s sell-off linked to the U.S.–China trade dispute. Aluminium, zinc, and tin also advanced.
LME 3-month copper at 17h05 BST – $10,940.50, up 1.10%
Crude oil’s rebound dominated the week, while copper’s rally underscored tight supply conditions across base metals.
