10/10/2025 Daily Reports
Energy Under Pressure, Metals on Fire: Inside This Week’s Global Commodity Shifts
- Silver prices hit new record highs, supported by strong safe-haven demand and a deepening supply deficit. Investor inflows into silver ETFs continue to rise, with total holdings now at 822.6moz, reflecting growing market confidence in the metal.
- Copper prices surged nearly 2%, briefly touching $11,000/t, as Chinese traders returned from holidays and production disruptions hit major mines in Chile and Indonesia. Supply shortages and potential Fed rate cuts are adding further bullish momentum.
- Natural gas prices extended declines as US inventories rose by 80Bcf last week, slightly above expectations. Despite the build being lower than the five-year average, total gas stockpiles now stand 4.5% above typical seasonal levels, adding downside pressure to Henry Hub futures around $3.24/MMBtu.
- Argentina’s corn planting progress reached 25.6%, up from 19.8% last week, supported by favorable weather and policy shifts. The 2025/26 planting area is estimated at 7.8m hectares, marking a nearly 10% yearly increase.
- Overall, commodities are showing mixed dynamics — energy under pressure, metals strong on supply and safe-haven demand, and agriculture supported by robust planting activity.
- What’s Next?: The recent divergence across commodity classes suggests shifting investor sentiment — with capital moving away from energy and into metals. Given the continued macro uncertainty and potential Fed easing, I believe precious metals, particularly silver, could remain the outperformers in the coming months.
Account Opening
Open A Live Account
CDO has wide range of tools, professional and friendly support for clients to achieve their financial markets trading goals. Open a live account now to enjoy this experience with virtual deposit.
Forex Mobile & Desktop App
CDO TRADER
CDO TRADER, our cutting-edge trading platform, follows the technology from the forefront with new features added continuously. Moreover, CDO TRADER is now available for Android and iOS! So it allows you to trade on the go!
Fed minutes show division on rate cuts; TSMC beats boosts AI outlook; Germany's industrial output plunges 4.3%; Japan's PPI rises, keeping tightening risk in focus.
- Global markets are digesting key central bank and economic data, with elevated volatility due to policy uncertainty and weak industrial activity. The Federal Reserve’s FOMC minutes revealed significant divisions among officials regarding the pace of future rate cuts. While most policymakers acknowledged rising downside risks to employment and supported the recent cut, some remain cautious about persistent inflation. This means that the path forward is contingent on incoming data, much of which is currently delayed by the U.S. government shutdown. In the absence of official reports, today’s Weekly Initial Jobless Claims report is a crucial proxy for the labour market.
- Meanwhile, the AI and semiconductor sectors received a major boost from TSMC, which reported stronger-than-expected Q3 revenue growth driven by robust demand for high-performance computing chips despite ongoing U.S.-China chip trade tensions. This supports the broader global AI supply chain.
- Meanwhile, Germany’s industrial production plummeted by 4.3% in August — the sharpest monthly decline since March 2022 — driven primarily by a staggering 18.5% drop in automotive production. Analysts link this steep contraction to the fading effect of front-loaded U.S. demand ahead of tariffs, which heightens recession fears in the Eurozone’s largest economy. The European Central Bank’s minutes, due later, will be scrutinised to see how it plans to navigate this industrial weakness.
- In Japan, producer prices (PPI) rose by 2.7% year-on-year in September (above the previous month’s figure), indicating ongoing cost pressures. This, alongside a Bank of Japan survey indicating that 88% of households expect prices to increase, maintains the prospect of BOJ policy normalisation and a potential interest rate increase, despite political figures such as Sanae Takaichi calling for caution. The surge in gold prices, with the metal trading above $4,000/oz, continues to highlight overall macroeconomic uncertainty and demand for safe havens across all markets.
