7th November 2025
Commodity markets closed the week on a quieter note, with energy and metals trading mixed. Softer gas prices weighed slightly on coal and LNG, while oil saw a modest rebound but remained on track for weekly losses. Industrial metals were steady to weaker as traders assessed softer macro signals and persistent oversupply concerns.
Coal
It was a quiet end to the week, with softer gas prices putting mild pressure on API2, while Newcastle prices eased after a strong run earlier in the week driven by tightness in the Asian market.
Brent Crude
Oil prices rose modestly but remain on course for a weekly decline of over 1%, pressured by persistent oversupply concerns and signs of softer U.S. demand. Brent gained 1% to $64.04/bbl, while WTI climbed 1.1% to $60.08/bbl after a volatile Thursday session. MUFG’s Soojin Kim noted that “geopolitical disruptions such as Ukrainian attacks on Russian refineries and renewed U.S. sanctions on Rosneft and Lukoil have added only limited upside risk,” with market sentiment still broadly bearish as production growth outweighs supply disruptions. Traders now await next week’s OPEC and IEA monthly reports for clearer guidance on near-term fundamentals.
Spot Brent at 16h32 GMT – $63.53/bll, up +0.24%
European LNG
European gas prices extended losses, staying near 18-month lows as mild weather and ample LNG supply kept the market well-supplied. Forecasts indicate above-average temperatures across Europe through early November, curbing heating demand. Analysts at Equinor and the TEA highlighted that record LNG export capacity from the U.S. and Middle East continues to suppress bullish sentiment, offsetting lower EU storage levels, now around 83% full—12 percentage points below last year. Seasonal withdrawals have begun, but strong production and steady inflows continue to cap prices. The EU’s planned 2027 ban on Russian LNG, expected to remove 17 bcm of supply, remains a long-term structural factor.
Spot Dutch TTF at 16h30 GMT – €31.22/MWh, down 1.58%
Iron Ore
Iron ore futures weakened further, with Dalian’s most-traded I2601 contract closing at 760.5 yuan, down 1.87%. Rising port arrivals and limited mill restocking led to faster inventory accumulation, weighing on prices. With coke prices expected to climb and steel mill losses deepening, hot metal production is likely to fall further. Weak end-user demand and pessimistic sentiment suggest continued downward pressure, with prices expected to edge lower next week amid a backdrop of strong supply and soft demand.
Spot SGX 62% Fe at $16h19 GMT – $102.40/mt, down -0.39%
Copper (LME)
Copper prices edged up 0.2% to $10,712.50/mt in afternoon trade but remain set for a weekly loss of around 1.6%. Commerzbank’s Thu Lan Nguyen described the recent pullback from October’s record high above $11,000/mt as a “healthy correction,” noting that earlier supply fears were overstated. The U.S. dollar eased slightly after soft labour data raised expectations of another Fed rate cut this year. In China, both procurement and sales sentiment improved late in the week, with downstream buyers showing stronger interest as imported and domestic supply remained concentrated.
LME 3-month copper at 16h29 GMT – $10,704.50/mt, up +0.26%
Chrome
Chrome ore prices continued to face downward pressure as ferrochrome producers pushed counteroffers below CNY54/mtu. With spot prices nearing cost levels, further declines appear limited, leaving the market in a stalemate between buyers and sellers. On the futures side, producers remain profitable and have no immediate plans to cut output, providing some stability in ore demand. Offers for 40–42% South African concentrate from major overseas suppliers held steady at around $282/mt, though smaller miners have begun to soften their quotes. Market sentiment remains pessimistic, with expectations of marginal further declines as participants await December steel tender prices. In the near term, the chrome ore market is likely to remain weak and directionless.
Chrome Ore South African（Cr2O3 40-42%）- CIF China $280.50/mt
Chrome Lump South African（Cr2O3 38%Min）- CIF China $247.50/mt
Overall, markets reflected a cautious tone heading into the weekend, with energy prices stabilising after earlier volatility and metals largely consolidating recent moves. Attention now turns to next week’s OPEC and IEA reports for clearer direction on supply and demand trends.
