Global Market Round Up on Commodities by by HDFC Securities

Gold prices edged higher in the early hours of the Asian trading session, supported by a strong fundamental backdrop that continues to drive investor interest in precious metals. The yellow metal is finding sustained demand amid growing macroeconomic uncertainties, with market participants increasingly turning to safe-haven assets like gold and silver.

Gold Silver ratio hovering near 78, is down from that peak, but still well above the long-term average, and miles away from the lows seen in previous secular bull runs. Now, Silver trades at a 3% discount to Gold. Fair value remains about 70% higher at $86/oz Silver. Probability and math suggest we still have a long way to go.

Copper edges lower but may be supported by tight supply and resilient demand across base metals. Chile’s Codelco has warned that its El Teniente mine will run below capacity for the next several months, tightening copper supply. Meanwhile, demand from China remains strong, with refined copper imports climbing to 485,000 tons lately, the highest level this year. China’s imports of copper concentrate also remained robust at 2.59 million tons, they add.

Crude oil prices rebounded on Tuesday after trimming losses from the week’s opening session, as markets attempt to balance the competing forces of renewed US-China trade tensions and ongoing concerns about global oil demand. While the bounce offers some short-term relief for oil bulls, the medium-term outlook remains clouded by geopolitical tensions and demand-side uncertainties.

Asian shares retreated and US equity-index futures pared gains as a revival in risk appetite lost momentum, with MSCI’s gauge of Asian shares falling 0.4%. The S&P 500 jumped 1.6% to extend a bull market that’s already added $28 trillion to its value.

Source: HDFC Securities Prime Daily, 14 October 2025

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