Daily Commodities Note: Base metals unch; Brent below $100

Research evidence excerpt

Daily Commodities Note: Base metals unch; Brent below $100

Global Research

26 July 2026ab

First Read

EquitiesDaily Commodities Note

Base metals unch; Brent below $100 Global

Basic Materials

Lachlan Shaw

Prices: Iron Ore 61% cfr N. China unch $97.50/dmt; HCC prem LV unch $222.0/t; Analyst

Thermal Coal NEWC unch $131.21/t; Li Carbonate unch 19,500/t; Cu +0.3% $6.17/lb; lachlan.shaw@ubs.com

Al -0.8% $1.44/lb; Ni +0.1% $7.85/lb; Au -2.1% $4,053/oz; Brent -2.9% $98.07/bbl; +61-3-9242 6387

WTI -0.7% $82.11/bbl Levi Spry

Analyst

Bulks: Iron ore futures fell Friday as weak seasonal demand and amply supply weighed levi.spry@ubs.com

+61-3-9242 6709

on the market.

Dim Ariyasinghe

Base Metals: Base metals were roughly unch o/n w Cu edging out a small weekly gain

dim.ariyasinghe@ubs.com

on declining stocks outside the U.S. +61-3-9242 6385

Al Harvey

Precious Metals: Gold fell o/n but recovered in subsequent session as Brent prices Analyst

eased. al.harvey@ubs.com

+61-3-9242 6071

Oil: Brent fell o/n on reports China had initiated efforts to resume peace talks. Ben Wood

Resources Headlines ben.wood@ubs.com

+61-39-242 6709

Fintan CollinsCanada climate technology developer Enervoxa is planning talks w India to set up a

Associate Analyst

processing plant in the country to extract rare earths from a waste byproduct of

fintan.collins@ubs.com

aluminium... +61-3-9242 6179

Thomas Nightingale

Indian steelmaker SAIL's quarterly profit lifts on rising domestic prices... Associate Analyst

thomas.nightingale@ubs.com

A Japan govt initiative has found medium/heavy rare earths elements in deep-sea mud +61-3-9242 6176

recovered off a remote Pacific island but further details were scarce... Annie Zhou

annie.zhou@ubs.com

China gold imports lifted to a two-year high in June on lower prices...