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Economics

Commodities Update October 2026

October 20 2026 • 7 mins

Most commodities rose in September, with our broadest commodities index increasing 5.6%mth as persistent supply constraints and geopolitical tensions continued to drive markets. Coking coal led the gains (+22.3%mth), followed by Japanese LNG (+15.2%mth), Brent (+14.9%mth) and thermal coal (+11.7%mth). Copper (+1.3%mth), aluminium (+1.0%mth) and iron ore (+0.7%mth) also edged higher, while gold (-2.1%mth) and lithium (spodumene) (-4.8%mth) moved lower.

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