Copper Posts a Weekly Gain, Gold Rebounds From a Two-Month Low, and Glencore Readies Its ASX Debut

Copper gained about 2% on the week as the Yangshan premium hit a four-year high. Gold rebounded to US$4,199 an ounce after a two-month low. Ivanhoe's Kamoa-Kakula copper output rose 19% in the third quarter but guidance stays at the low end. Glencore's CEO pitched investors ahead of the October 14 ASX listing. The European Commission named 46 strategic raw materials projects across 16 countries.

Show Notes

Copper Posts a Weekly Gain as Yangshan Premium Hits a Four-Year High: First, copper, which ended the week higher on supply risk and a returning Chinese buyer. Reuters reports London benchmark copper was up 1.6 percent at 14,541 dollars a tonne by 16:04 GMT Friday, on track for a 2.0 percent weekly gain. Bloomberg has the settlement at 14,540 dollars. Gold Rebounds From a Two-Month Low as Yields Retreat: Next, gold, which recovered most of the week's damage on Friday. Reuters, via CNBC, reports spot gold rose 1.6 percent to 4,198 dollars and 99 cents an ounce by 3:13 p.m. Eastern, a one-week high. December U.S. futures settled up 1.43 percent at 4,216 dollars and 30 cents, and closed up 1.3 percent on the week. Spot silver gained 2.7 percent to 60 dollars and 93 cents. Kamoa-Kakula Copper Output Rises 19% but Guidance Stays at the Low End: Meanwhile, in the Democratic Republic of Congo, Ivanhoe Mines reported Kamoa-Kakula produced 76,401 tonnes of copper in saleable products in the third quarter. That is up 19 percent from 64,328 tonnes in the second quarter, according to the company's release as summarized by LME Insight. Glencore Pitches Electrification Ahead of Its October 14 ASX Listing: Next, Glencore, which lists on the Australian Securities Exchange on Wednesday. Chief executive Gary Nagle told Reuters on Friday that interest from investors is "very strong," and said he believes the company could join the S&P/ASX 200 within 12 months, with analysts suggesting half that time. EU Names 46 Strategic Raw Materials Projects Across 16 Countries: Finally, policy in Brussels. The European Commission selected 46 new strategic projects across 16 member states under the Critical Raw Materials Act, from 102 applications, according to Mining Technology. The projects cover 15 of the 17 strategic raw materials in the law. Sources: - Reuters via Mining.com.au — Copper Posts a Weekly Gain as Yangshan Premium Hits a Four-Year High: https://mining.com.au/copper-price-heads-for-a-weekly-gain-on-mine-supply-risks-china-demand/ - Bloomberg — Copper Posts a Weekly Gain as Yangshan Premium Hits a Four-Year High: https://www.bloomberg.com/news/articles/2026-10-09/copper-set-for-weekly-gain-on-china-s-return-and-supply-concerns - Reuters via CNBC — Gold Rebounds From a Two-Month Low as Yields Retreat: https://www.cnbc.com/amp/2026/10/09/gold-rises-on-softer-dollar-easing-yields-fed-outlook-in-focus.html - Ivanhoe Mines (Q3 2026 release) — Kamoa-Kakula Copper Output Rises 19% but Guidance Stays at the Low End: https://www.ivanhoemines.com/news-stories/news-release/ivanhoe-mines-reports-76401-tonnes-of-copper-produced-by-kamoa-kakula-for-q3-2026/ - LME Insight — Kamoa-Kakula Copper Output Rises 19% but Guidance Stays at the Low End: https://www.lmeinsight.com/kamoa-kakula-copper-output-rises-19-as-recovery-continues/ - Reuters — Glencore Pitches Electrification Ahead of Its October 14 ASX Listing: https://www.reuters.com/business/retail-consumer/glencore-sees-electrification-trend-driving-strong-uptake-australia-listing-2026-10-09/ - Global Banking and Finance (Reuters text) — Glencore Pitches Electrification Ahead of Its October 14 ASX Listing: https://www.globalbankingandfinance.com/glencore-sees-electrification-trend-driving-strong-uptake/ - Mining Technology — EU Names 46 Strategic Raw Materials Projects Across 16 Countries: https://www.mining-technology.com/news/ec-46-projects-raw-material-supply/ - LME Insight (KGHM designation) — EU Names 46 Strategic Raw Materials Projects Across 16 Countries: https://www.lmeinsight.com/tag/news/ - Eldorado Gold (Skouries designation) — EU Names 46 Strategic Raw Materials Projects Across 16 Countries: https://www.globenewswire.com/news/industrials-utilities/metals-mining

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