Commodities Tracker - October Edition

Global X’s monthly Commodities Tracker is your essential guide to the latest trends and developments shaping global commodities.

Key takeaways:

• Nuclear Energy & Uranium: Growing corporate demand for nuclear power and Italy's renewed commitment to nuclear energy reinforce the long-term demand outlook. Meanwhile, potential uranium shortages from the mid-2030s highlight the need to accelerate mine development and secure long-term fuel supplies.

• Copper: Chilean production disruptions and strengthening Chinese import demand point to potential physical market tightness. Elevated US inventories contrast with low Chinese stockpiles, reflecting tariff-driven trade distortions, while uncertainty surrounding Cobre Panamá remains a key variable for future supply

• Gold and Silver: Continued Chinese central bank purchases, record gold imports and strong ETF inflows highlight sustained investment demand for bullion. Meanwhile, inflation concerns and expectations of further Federal Reserve tightening remain key influences on the precious-metals outlook.

• Critical Minerals, Battery Tech & Lithium: Strong long-term demand projections continue to encourage investment in lithium production, despite near-term market challenges. Meanwhile, European critical-minerals initiatives and strategic consolidation in rare earths highlight growing efforts to diversify supply chains and reduce reliance on Chinese processing capacity.

Click here to explore the full insight.

Chart of the month

China has spent a record amount on gold imports this year: China's gold imports exceeded 1,000 tonnes in the first eight months of 2026, surpassing the full year of 2025, as investors increasingly turned to bullion to preserve wealth amid geopolitical uncertainty and limited domestic investment opportunities. This reinforces gold's strategic role as a portfolio diversifier and a potential source of sustained investment demand.

This document is not intended to be, or does not constitute, investment research as defined by the Financial Conduct Authority.