In 3Q25:
Brent price was slightly down (-0.9%), weighed by rising supply and softening demand signals. Price was fluctuating in a narrow range as supply-demand dynamics more-or-less balanced each other. However, pessimistic forecasts took the center stage by the quarter-end.
Natural gas price was slightly down (-0.6%). Europe’s natural gas market remained comparatively well-supplied throughout the quarter, avoiding the frantic storage scramble seen a year earlier.
Gold price was up 16.8%, driven by a confluence of safe-haven demand and shifting monetary expectations. Spot gold broke above the $3,800/oz barrier in late September and continued soaring to an all-time high in early October, trading above $4,000 per troy ounce.
Ammonium nitrate price was up 15.2%. On July 1, the European Union enacted new tariffs on imports of Russian nitrogen fertilizers – including ammonium nitrate.
Wheat price was up 4.6%. Despite the slight gain, in a longer-term picture price remains subdued, reflecting abundant global supplies and lackluster demand.
Copper price was up 1.7%. In September, a major accident at the giant Grasberg mine in Indonesia – the world’s second-largest copper mine – forced a suspension of operations, dramatically altering the supply outlook.
Ferrosilicon – European ferrosilicon price was flat at -0.3%, while its Chinese counterpart gained 7.6%. This helped narrow the larger-than-usual gap created in the previous quarter.
