Commodities G

Copper concentrate exports from Rio Tinto’s Oyu Tolgoi mine in Mongolia have dropped about 70% over the past two weeks because of Chinese border restrictions. Daily truck convoys have fallen to about four from 12 to 13. Mongolian border officials attribute it to upgrades in China, including facial recognition for drivers, that could last until the end of December. Oyu Tolgoi produced 113,500 metric tons of copper in concentrate in the third quarter, up 27% from a year earlier, and accounted for about 56% of Rio’s consolidated copper output. Source: Associated Press, Rio Tinto

The World Bank projects metals and minerals prices will jump 25% this year to a record, with copper, aluminum and tin all setting records. It cites supply disruptions and strong demand from investment in renewable energy, electric vehicles and data centers. Precious metals are set to surge 40% amid safe-haven demand, with some moderation expected next year. All commodities are set to rise 23% this year, then ease 7% in 2027. Source: World Bank Commodity Markets Outlook

The World Bank raised its 2027 price forecasts from April for copper, tin and zinc. • Copper up 18% to $13,000 per metric ton • Tin up 22% to $45,000 • Zinc up 13% to $3,100 All three are still forecast to average below this year, with copper 1.5% lower and tin and zinc about 11% to 12% lower as supply improves. The bank expects copper to stay near record highs, with subdued mine supply growth and demand strengthening in 2027 and 2028 from power grids, data centers and electric vehicles.