Daily Commodities Note: Trump indicates potential Russia-Ukraine energy ceasefire

UBS Daily Commodities Note, 12 October 2026. Prices: Iron Ore 61% cfr N China -0.2% $90.30/dmt; HCC PLV -0.4% $268.80/t; Thermal Coal NEWC unch $143.44/t; GFEX Li -3.7% RMB117,000/t; Spodumene +1.2% $1,695/t; Cu +1.7% $6.60/lb; Al +0.2% $1.39/lb; Ni +0.9% $7.12/lb; Au +1.4% $4,194/oz; Brent +0.6% $104.72/bbl; WTI +0.5% $90.00/bbl; JKM LNG +0.1% $25.98/mmbtu. Iron ore fell to a 2-year low Friday as trading volumes were slow to lift after China's National Day holidays. Copper rallied to US$6.60/lb on mine supply risks, emergent Chinese demand signals and tight inventories outside the US. Gold closed at a week high as bargain hunting emerged, while crude benchmarks closed higher as US producers shut in production ahead of Hurricane Isaias. Lithium prices eased as CATL's Jianxiawo moves towards restart. Resources headlines: Glencore sees electrification trends underpinning Australian investor demand for its ASX listing;