Oil and rates set the fortnight: gold slid, copper stocks rebuilt and lithium broke below 100,000 yuan a tonne
Between Oct 10 and Oct 23, 2026, commodity prices were set by the Iran war's pressure on oil and rates, by stock movements in copper, and by supply expectations for 2027 in lithium. Five conclusions explain the fortnight; prices are judged against Oct 24.
Five conclusions
Oil and LNG carried the shock, and US gas stayed apart
Brent futures settled at $109.86 on Oct 16, the first print near $110 since May; PTI showed an intraday quote of $113.87 on Oct 23. The IEA's Oct 14 report cuts 2026 oil demand by 2.6 mb/d to 102.4 mb/d (estimate), with observed stocks 509 mb below end-February. TTF rose 8.2% to $28.9/MBtu in the week to Oct 16, while Henry Hub November settled at $3.24 on Oct 15. US commercial crude drew 3.06 mn bbl to 412.5 mn bbl in the week to Oct 16, and OPEC+ kept September required production for November.
Gold fell because of the war, not despite it
Oil lifted inflation and Fed-hike odds, so spot gold slipped 3.7% from $4,187.60 on Oct 13 to $4,032 on Oct 23 (cross-source), 28.0% below its Jan 29 record, even though central banks bought 288.9 t in Q2. Futures priced about 86% odds of a December hike on Oct 23 after the Sep 16 rise to 3.75-4.00%. Silver fell 10.2% to $54.02 (cross-source), and the gold/silver ratio widened from 69.17 to 74.6.
Copper eased as LME stocks rebuilt, but tightness persists outside the US
LME three-month copper fell to $14,089 on Oct 22, 5.3% under the Sep 10 record, as warehouse stocks reached 272,950 t, up 18.0% from Oct 9. Yet the concentrate treatment charge hit -$272.20/t, Yangshan premiums averaged $145/t, 2027 European premiums are at records, and the ICSG (estimate) sees only a small refined surplus of 104,000 t in 2026. Aluminium gave up its war premium, closing at $3,001.50 on Oct 16.
Lithium broke below 100,000 yuan/t on next year's supply
SMM's battery-grade spot averaged 99,350 yuan/t on Oct 22, 19.1% below Sep 30, while weekly sample inventory fell 3,324 t to 52,093 t. Goldman Sachs (estimate) sees a 404,000 t deficit in 2026 turning into a 444,000 t surplus in 2028. The INSG also moved its 2026 nickel view to a 19,000 t surplus from a 32,000 t deficit in April, and cobalt sulphate kept falling in October.
Oil and rates are the common thread, but not for every metal
Copper's weekly slide was blamed on US CPI of 3.7% and an equity sell-off, and base metals fell again overnight on Oct 22. Lithium and nickel moved on supply news instead, including talk of Indonesian cuts that lifted nickel 4.1% on Oct 21. The next macro test is the Fed meeting on Oct 27-28.
Prices at a glance
Levels mix settles, quotes and averages; each row keeps its own benchmark and date, and changes are within one source unless marked cross-source.
| Commodity | Level and basis | Change over the window | Date | Main driver | Source |
|---|---|---|---|---|---|
| Brent futures | $109.86/bbl settle$113.87 intraday quote on Oct 23 | Nearly +5% in the week to Oct 16 | Oct 16; Oct 23 | Hormuz attacks | CNBC; PTI via Rediff |
| TTF November | $28.9/MBtuUSD conversion by JOGMEC | +8.2% from $26.7 (Oct 9) | Oct 16 | Tight spot LNG, Norwegian constraints | JOGMEC via GlobalLNGHub |
| Henry Hub November | $3.24/MMBtu settle | +7.6% from $3.01 on Sep 29 | Oct 15 | Record US output, storage surplus | AGA |
| Gold spot | $4,032.00/oz spot | -3.7% from $4,187.60 (Oct 13)cross-source | Oct 23 | Fed-hike odds, yields | USAGOLD; Investing.com |
| Silver spot | $54.02/oz spot | -10.2% from $60.14 bid (Oct 13)cross-source | Oct 23 | Rate-sensitive, industrial demand | USAGOLD; Canadian Mining Report |
| LME copper 3M | $14,089/t | 5.3% below the $14,875 record of Sep 10 | Oct 22 | LME stock inflows | Reuters via Mining.com; Fastmarkets |
| LME aluminium 3M | $3,001.50/t | -1.5% on the week | Oct 16 | Supply recovery, Indonesian ramp-up | LME Insight |
| SMM lithium carbonate | 99,350 yuan/t spot average | -2.7% on the week; -19.1% since Sep 30 | Oct 22 | 2027-28 supply expectations | SMM |
| LME nickel 3M | $16,310/t | +4.1% on the day | Oct 21 | Possible Indonesian cuts | ScrapMonster |
How to read the labels
Energy carried the war shock: Brent near $110 and tight LNG, while US gas stayed near $3.1 to $3.2
The Iran war's pressure on oil and LNG feeds the inflation and rates story that moves the metals in the later modules. Brent settled at $109.86 on Oct 16; US gas stayed insulated on record output and a storage surplus. Pick a tab for the snapshot, oil or natural gas.
Brent and WTI are futures; Dated Brent is a physical assessment; Henry Hub is the NYMEX November contract; TTF and JKM are USD/MBtu conversions by JOGMEC.
| Item | Key figure | Date | Status | Source |
|---|---|---|---|---|
| Brent futures, settle | $109.86/bbl | Oct 16 | Reported | CNBC |
| WTI futures, settle | $101.41/bbl | Oct 16 | Reported | CNBC |
| Brent / WTI, intraday quote | $113.87 / $100.29 per bbl | Oct 23 | Reported | PTI via Rediff |
| IEA world oil demand 2026 | -2.6 mb/d to 102.4 mb/d | Oct 14 | Estimate (IEA) | IEA |
| IEA world oil supply | 102.3 mb/d in September (+2.5) | Oct 14 | Reported | IEA |
| OPEC+ November required production | Unchanged from September | Oct 4 | In effect | OPEC via Rigzone |
| EIA US commercial crude | 412.5 mn bbl (-3.1) | Week to Oct 16 | Reported | EIA via Brisk Markets |
| US refinery utilisation | 93.4% | Week to Oct 16 | Reported | EIA via Brisk Markets |
| Henry Hub Nov futures, settle | $3.24/MMBtu | Oct 15 | Reported | AGA |
| US gas storage | 3,567 Bcf (+67) | Week to Oct 9 | Reported | JOGMEC via GlobalLNGHub |
| TTF Nov / JKM Dec | $28.9 / high-$29s per MBtu | Oct 16 | Reported | JOGMEC via GlobalLNGHub |
On Oct 16 Brent hit a session high of $110, its first since May, and settled at $109.86 (+3.7%). WTI settled at $101.41 (+3.5%) and gained over 10% on the week, against nearly 5% for Brent (CNBC). Brent settled at $109.55 on Oct 19. By Oct 23 PTI showed Brent at $113.87 and WTI at $100.29, intraday quotes that are not comparable with settles. Business Standard says Brent climbed back above $113 after a drone strike on Aramco's Shaybah field, which did not hit output.
At least nine tankers and cargo ships were attacked in the Strait of Hormuz from Oct 11 to Oct 16, and Iran sank the container ship GFS Pride on Oct 14 (US Central Command). Hormuz crude exports were 9.4 mb/d in the week to Oct 14, about 70% of the pre-war average (Kpler).
2026 demand falls 2.6 mb/d to 102.4 mb/d (diesel is 25% of the fall). Supply rose 2.5 mb/d to 102.3 mb/d in September. Observed stocks are 509 mb below end-February, with on-land stocks the lowest since at least 2016. Dated Brent was about $134/bbl (physical assessment) against roughly $107 for Brent futures, a $27 premium; the two bases are kept apart.
On Oct 4 seven OPEC+ countries kept September required production for November (in effect). Ministers in Riyadh on Oct 12 reaffirmed the June 7 decisions and said shipping and insurance costs exceed one third of commodity value.
Henry Hub November futures settled at $3.24/MMBtu on Oct 15, up 7.6% from the first prompt settlement of $3.01 on Sep 29. The Oct 1-15 average was $3.15 (AGA). EIA reported a 67 Bcf injection for the week to Oct 9, short of expectations, taking storage to 3,567 Bcf, 1.3% above the five-year average. US output is up 4.1% year to date.
Henry Hub averaging $3.48 in 2026 and end-October storage of 3,850 Bcf (3,523 + 328), which leaves 283 Bcf to add after the Oct 9 print. Storage for the week to Oct 16 is not in the material.
TTF November rose to $28.9/MBtu on Oct 16 from $26.7 on Oct 9, +$2.2 or +8.2%, on tight spot LNG, Norwegian constraints and cold forecasts. JKM rose to the high-$29s from the low-$26s, but the assessed month rolled from November to December on Oct 16, so that move is not like-for-like (JOGMEC).
Bruegel says Europe takes only about 8% of its LNG from the Middle East (undated), so the shock arrives mainly via price.
Gold fell 3.7% to $4,032 because oil lifted rate-hike odds, even as central banks kept buying
Gold, the supposed safe haven, finished the window on the $4,000 line: oil lifted inflation, inflation lifted Fed-hike odds, and higher yields outweighed safe-haven and central-bank demand. Spot prices are US dollars per troy ounce, with the Oct 13 to Oct 23 change taken across two outlets.
Gold closed Oct 9 at $4,194.65. A hotter September CPI on Oct 14 cut it 1.5% to a low near $4,073. Four down sessions took it to $4,119.37 by Oct 21. On Oct 23 it briefly lost $4,000 in Asia, near $3,986, then reclaimed it at $4,032 as Brent hit a five-month high.
The Fed raised its target 25 bp to 3.75-4.00% on Sep 16. On Oct 13 futures priced 21% odds of an October hike and 88% by December; on Oct 23, about 86% for December. The 10-year yield touched 5.35% on Oct 8, the highest since 2002 (an intraday print).
The dollar index slipped from 102.41 (Oct 12) to 101.55 (Oct 20), yet gold still fell, so yields and hike bets dominated. A 3-month Treasury at 4.26% earns about $106.50 on $10,000 in a quarter, so gold needs roughly 1.1% to match.
Bank of America sees a Q4 average of $4,000 and $4,813 for 2027. State Street Investment Management gives 60% odds to $4,750-5,500 by end-Q1 2027 and 35% to $4,000-4,750. The Fed meets Oct 27-28, after the window.
Global gold ETFs added 67 t in September while COMEX managed-money net longs fell 84 t (WGC data cited by Indmoney). US-listed funds hold a record-low 49.6% of global ETF holdings (51.9% at the start of 2026). Of 402 t of net ETF growth in the 12 months to end-September, Asia took 48.5% (about 195 t) and the US 29.8% (about 120 t) (BullionVault, citing WGC).
State Street reports US-listed gold ETFs took in $11.7B in Q3, reversing $5.6B of Q2 outflows, but US money lags Asia.
Down 10.2% from the $60.14 bid on Oct 13. Spot was $57.84 on Oct 16 and $56.88 on Oct 20, 14.14% below $66.25 a month earlier. COMEX silver hit $54.53 overnight, the lowest since November 2025.
Golden State Mint lists mixed demand signals: US housing starts down 5.2%, a CATL profit miss and strong chip results. According to Indigo Precious Metals, a metal seller, the Silver Institute projects a sixth straight deficit of 46.3 million oz.
Down almost 9% over the month. Fortrade, a broker, puts its 2026 high at $2,920 (Jan 26) and low at $1,536.30 (Jul 1) on its own data and calls inventories "critically low". The material has no dated palladium quote, so none is given.
Copper eased as LME stocks rebuilt, but concentrate terms and premiums show tightness outside the US
Precious metals sold off hard on Oct 22 and base metals fell with them overnight: LME copper -1.8%, aluminium -1.17%, nickel -1.47%, zinc -2.24% and tin -2.44%. Prices are LME three-month, US dollars per tonne, unless stated.
Industrial metals at a glance
| Item | Key figure | Date | Status | Source |
|---|---|---|---|---|
| Copper | $14,089 (-1.8%); session low $14,031, weakest since Sep 15 | Oct 22, 16:00 GMT | Reported | Reuters via Mining.com |
| Copper record | $14,875 intraday | Sep 10 | Context | Fastmarkets |
| Copper, LME warehouse stocks | 272,950 t | Oct 21 | Reported | Reuters via Mining.com |
| Aluminium | $3,001.50 (-1.5% on the week) | Oct 16 close | Reported | LME Insight |
| Zinc | $3,742 (+0.5%) | Oct 21 | Reported | ScrapMonster |
| Tin | $51,090 (-0.5%) | Oct 21 | Reported | ScrapMonster |
| Nickel | $16,310 (+4.1%); see module 5 | Oct 21 | Reported | ScrapMonster |
| Copper concentrate TC, cif Asia Pacific | -$272.20/t | Oct 9 | Reported | Fastmarkets |
| Yangshan warrant premium | $145/t average | Oct 19-22 | Reported | SMM |
LME copper closed the Oct 12-16 week at $14,407.50, down $132.50 or 0.9%, from a Monday close of $14,618.50. It touched $14,700 on Oct 14, a three-week high, and $14,256 on Oct 15 in a tech-stock sell-off (intraday prints). After $14,364 on Oct 21, it fell to $14,089 on Oct 22 as LME warehouse inflows eased supply fears: 5.3% under the $14,875 record of Sep 10. LME Insight blamed the Oct 12-16 slide on hot US inflation (CPI 3.7% year on year) and an equity sell-off.
SMM reports Yangshan warrant premiums of $134-157/t (average $145) for Oct 19-22, near-decade highs. ICA reports COMEX at $6.56/lb on Oct 21, or $14,462/t, about $80 under LME cash ($14,540 on Oct 20), against a premium near $420 at end-July. A refined-copper tariff decision is still pending, with no date stated.
Reuters counts 29,050 t of LME inflows on Oct 21, while ScrapMonster, citing an earlier Reuters report, gives 11,475 t; the material cannot reconcile them, and this page uses the later report. SHFE stock figures also conflict across sources, so only the direction is read.
Fastmarkets' copper concentrate treatment charge (TC) index, cif Asia Pacific, fell to -$272.20/t on Oct 9 from -$69.70 at the start of 2026, against a 2026 benchmark of $0. Platts had CIF China at -$240/t on Oct 16, and S&P Global Market Intelligence estimates Chinese smelters lose about $140 per dry tonne. Smelting capacity rose about 3.4 Mt in 2024-25 against 860,000 t of mine growth (ICSG via the Korea Times). CRU (estimate) sees TCs near -$75 in Q4 2027.
A landslide at Codelco's El Teniente killed two contractors on Oct 11 and closed the south pit. Antofagasta's Centinela strike began Oct 7 and has since ended. Producers are offering record 2027 European premiums: Codelco $350/t and Aurubis $347/t.
A refined surplus of 104,000 t in 2026 (0.4% of 28.59 Mt use) and 368,000 t in 2027 (1.3% of 29.31 Mt), with 2026 mine growth cut to 1.3% from 1.6% (via The Oregon Group). Vale Base Metals' CEO expects mine supply to fall 2% in 2026, the first decline since 2017.
The LME listed Owensboro, Kentucky as a copper delivery point, and an updated Warehouse Agreement applies from Dec 1. Trafigura puts data-centre copper demand near 1 Mt, about 3% of the total.
It closed as low as $2,987 on Oct 15. Standard Chartered says it erased its Middle East risk premium, with the first sub-$3,000 closes of 2026 on Oct 14-15, on a faster Middle East supply recovery, Indonesian ramp-up and record Chinese utilisation of 98.5%. Panmure Liberum adds easing Hormuz passage restrictions, but Standard Chartered says the Strait is still disrupted. It rebounded 1.2% to $3,039 on Oct 21.
Zinc lost 3.0% in the week to Oct 16 and stood below September's $4,100-plus. Its spot treatment charge hit a record -$115 to -$150/t on Oct 9.
Tin held near $51,000, more than double its 2024 level according to the International Tin Association.
Lithium fell below 100,000 yuan a tonne on 2027 to 2028 supply expectations, not on this quarter's balance
The metals that go into batteries moved on their own logic: lithium carbonate broke below 100,000 yuan/t while cobalt and nickel stayed weak. Spot, futures and trade data below are separate lines and are not compared with each other.
Battery metals at a glance
| Item | Key figure | Date | Status | Source |
|---|---|---|---|---|
| SMM battery-grade lithium carbonate spot (yuan/t) | 99,350; -2,800 week on week (-2.7%) | Oct 22 | Reported | SMM |
| Lithium carbonate most-traded futures (yuan/t) | 94,180; -5% week on week | Oct 22 | Reported | SMM |
| Lithium hydroxide | Sept imports 7,406 t, exports 10,007 t; no price | Oct 20 | Reported | SMM |
| Cobalt sulphate (yuan/t) | Down more than 4,000 since the post-holiday start | Oct 15 | Reported | SMM |
| LME nickel cash (USD/t) | Low 15,415; close 15,545 | Oct 8; Oct 9 | Reported | Tacto |
| LME nickel three-month (USD/t) | 16,310; +4.1% | Oct 21 | Reported | ScrapMonster |
| INSG 2026 nickel balance | Surplus 19,000 t (April: deficit 32,000 t) | Oct 13 | Reported | Crux Investor |
| Natural flake graphite, -100 mesh (RMB/t) | 3,050, flat | Mid-June to Aug | Reported | Benchmark |
SMM's battery-grade spot average fell from 122,800 yuan/t on Sep 30 to 99,350 on Oct 22 (-19.1%). The decisive day was Oct 12, when Guangzhou Futures Exchange contract LC2701 fell 11.79% to 104,740 yuan/t, its first close below 110,000 since December; it touched 96,860 on Oct 14. Prices have roughly halved from May, when S&P Global recorded 201,000 yuan/t (DDP China, a different benchmark) on May 12. CITIC Futures' Wang Meidan says the balance is still tight but pricing has shifted to next year (analyst reading).
Mysteel expects October LFP output of 625,000 t against 603,200 t in September, +3.6%. The Times Institute puts October growth in cell production schedules below 4%, and CNESA reports China's H1 storage installations at 58.6 GWh, down 16%. SMM's weekly sample inventory was 52,093 t, down 3,324 t, so destocking continues.
On Oct 8 Yichun reissued the environmental assessment notice for the Jianxiawo lepidolite mine. Weekly output rose another 845 t in the week to Oct 22. SMM's September survey expansion, which lifted estimated stocks from about 70,000 t to 169,300 t, was a method change that fed the Sep 16 sell-off.
A swing of 848,000 t. It forecasts Chinese spot near 100,000 yuan/t in 2027 and 84,000 in 2028, with global supply up 32% next year.
Expects a 38,000 t surplus in 2027 and cut its Q4 2026 range to 100,000-150,000 yuan/t. The Oct 22 spot average of 99,350 is already below that floor. SMM's own range for the following week is 90,000-110,000.
Cheaper lithium will not all reach cell makers' profit, since CATL's price-adjustment mechanism with customers can pass savings on.
LME cash set a year low of 15,415 on Oct 8 and closed at 15,545 on Oct 9, about 20% below the May high. The jump came on talk of Chinese producers cutting output in Indonesia, not yet confirmed. The INSG flipped its 2026 view to a 19,000 t surplus from a 32,000 t deficit in April, and sees 70,000 t in 2027. Indonesia's minister said on Oct 7 that a moratorium on new nickel pig iron plants is under consideration, with no decision.
Benchmark's Q3 review (context): cobalt hydroxide CIF Asia fell 31% to $17.25/lb as DRC exports rose, and MHP payables dropped from 91.5% to 65.8%. SunSirs (Oct 14) says China's January-August DRC intermediate imports were 12,000 t, down 85.4% under export quotas, and projects over 40,000 t for September-December (estimate).
Benchmark's Q3 review shows anode prices flat from mid-June to mid-September, with 2026 anode oversupply near 250 ktpa. Pet coke feedstock rose 6.5% (RMB 4,200 to 4,475/t, June to August). A 2% battery consumption tax began Sep 1. No October graphite price is in the material.
The risks sit in routes, stocks and 2027 to 2028 supply, and the balance estimates turn from deficit to surplus
This module turns the earlier ones into risks by commodity and by reader. It uses only facts from those modules and describes exposures, not forecasts or investment advice.
Risks by commodity
Oil: supply risk sits in the route, not the quota
Hormuz crude exports were 9.4 mb/d, about 70% of the pre-war average, and at least nine vessels were attacked from Oct 11 to Oct 16. OPEC+ kept September required production for November, but targets are largely theoretical while Gulf exports are constrained. On the demand side, the IEA expects 2026 use to fall 2.6 mb/d, and US commercial crude drew to 412.5 mn bbl.
Natural gas: Europe and Asia are exposed, the US is not
TTF stood at $28.9/MBtu on Oct 16 against Henry Hub near $3.1 the same day (rounded), and EU storage was 16.5% below its five-year average. US storage was 1.3% above average in the week to Oct 9, and EIA's STEO (estimate) needs 283 Bcf more by end-October.
Gold and silver: the demand risk is financial
Yields and hike bets outweighed official buying, which the Crux Investor article says cannot guarantee a floor. Bank of America (estimate) sees a $4,000 Q4 average.
Copper: headline stocks are rebuilding, scarcity shows elsewhere
About 62% of LME copper sits in the US, while the concentrate charge of -$272.20/t and record 2027 premiums show scarcity elsewhere. A refined-copper tariff decision is pending, with no date. The ICSG (estimate) sees surpluses of 104,000 t in 2026 and 368,000 t in 2027.
Aluminium, zinc and tin: the war premium is gone
Aluminium erased its Middle East premium as Chinese utilisation hit a record 98.5%, though Hormuz remains disrupted. Zinc fell 3.0% in the week to Oct 16.
Lithium, nickel and cobalt: supply growth leads
Chinese lithium carbonate output was 115,400 t in September, up 32% year on year, and Goldman Sachs (estimate) sees a 444,000 t surplus in 2028. Nickel has an INSG-reported 19,000 t surplus for 2026, and China's DRC cobalt intermediate imports fell 85.4% in January-August under export quotas.
Estimated balances turn from deficit to surplus
What changed and what it means, by reader
Hormuz exports at about 70% of pre-war; shipping and insurance above one third of commodity value; US gas at $3.24 (Oct 15 settle) on record output.
Routes and insurance cost matter more than quota targets; US gas output is not tied to the Gulf shock.
Reported In effect Kpler, OPEC and AGA figures.
TTF $28.9/MBtu versus Henry Hub near $3.1 (both Oct 16); EU storage at 74.3%; the IEA sees demand falling 2.6 mb/d.
Europe and Asia are exposed through price, since only about 8% of European LNG comes from the Middle East.
Reported Estimate JOGMEC, Bruegel and IEA figures.
Concentrate TC at -$272.20/t (Oct 9); Chinese smelters lose about $140 per dry tonne; El Teniente south pit closed after the Oct 11 landslide.
Mine supply is the scarce input, and smelting margins depend on it.
Reported Estimate Fastmarkets, S&P Global Market Intelligence (estimate) and ScrapMonster.
LME stocks 272,950 t, up 18.0% since Oct 9, but 62% in the US; Yangshan premium $145/t; Europe 2027 premiums $347-350/t.
Headline stock builds do not mean ex-US availability; premiums are the cost to watch.
Reported Reuters via Mining.com, SMM, ScrapMonster and ICA.
Spot 99,350 yuan/t (Oct 22), below CITIC Securities' Q4 floor of 100,000; CATL can pass savings to customers.
Input costs fall, but price-adjustment clauses can move the saving downstream.
Reported Estimate SMM spot; CITIC Securities floor is an estimate.
Gold 28.0% below its record, with about 86% December hike odds (Oct 23); top 20 LC2701 holders short 343,486 versus 313,482 long (Oct 14).
Rate-path and positioning risk is two-sided; these are exposures to track, not recommendations.
Reported Cross-source USAGOLD and exchange positioning data.
The Fed meeting on Oct 27 to 28 is the next macro test, and every dated event is shown by its state on Oct 24
Dates before Oct 24, 2026 are marked in effect; the Fed meeting and later items are upcoming. The Q3 gold report and the copper tariff decision have no stated date.
Dated events
| Date | Event | State on Oct 24, 2026 | Source |
|---|---|---|---|
| Sep 1, 2026 | 2% battery consumption tax begins (country not stated) | In effect | Benchmark |
| Sep 16, 2026 | Fed raises its target 25 bp to 3.75-4.00% | In effect | Indmoney |
| Oct 4, 2026 | OPEC+ keeps September required production for November | In effect | OPEC via Rigzone |
| Oct 12, 2026 | OPEC+ ministers in Riyadh reaffirm the June 7 decisions | In effect | OPEC via Rigzone |
| Oct 14, 2026 | IEA October Oil Market Report published | In effect | IEA |
| Oct 19-23, 2026 | LME Week, London | In effect | ICA |
| Oct 21, 2026 | EIA weekly report for the week to Oct 16 released | In effect | EIA via Brisk Markets |
| Oct 27-28, 2026 | Fed meeting | Upcoming | Crux Investor |
| End-Oct 2026 | EIA STEO end-October storage estimate of 3,850 Bcf | UpcomingEstimate | EIA STEO |
| Late Oct 2026 (date not stated) | World Gold Council Q3 demand report expected | Upcoming | Equiti |
| Dec 1, 2026 | Updated LME Warehouse Agreement applies | Upcoming | ICA |
| Year-end 2026 | Kazakhstan's target of cutting gold's reserve share from about 78% to 75% by year-end | UpcomingReported | Crux Investor |