Major mining commodities split sharply over the past 30 days, with precious metals, copper and lithium losing ground while nickel, iron ore and uranium held up better
Thunder Bay – RockHawks Mining News – The largest decline in the group was in Chinese battery-grade lithium carbonate, down 14.7 per cent. Silver fell about 10 per cent, copper lost about seven per cent and gold declined about five per cent. Nickel rose 3.7 per cent, while iron ore and uranium were little changed to modestly higher.
The figures below were checked shortly before 7:22 a.m. EST on Nov. 13.
Most are Trading Economics over-the-counter or contract-for-difference reference series that track commodity benchmarks. They are not official exchange settlements and should not be treated as prices a mine actually received.
| Commodity | Reference price | 30-day change | Benchmark note |
| Gold | US$3,894.10/oz | -5.15% | OTC/CFD reference |
| Silver | US$50.05/oz | -9.97% | OTC/CFD reference |
| Copper | US$6.15/lb | -6.96% | OTC/CFD reference |
| Lithium | CNY92,350/t | -14.69% | China battery-grade carbonate |
| Nickel | US$16,101.75/t | +3.68% | OTC/CFD reference |
| Zinc | US$3,679.20/t | -1.12% | OTC/CFD reference |
| Iron ore | US$91.60/t | +0.97% | 62% Fe, Tianjin CFR |
| Uranium | US$90.55/lb | +0.61% | Weekly OTC/CFD reference |
Reference levels and percentage changes are dynamic and may move after the research cutoff. All figures are rounded.
What moved the market
Gold and silver came under pressure as a stronger U.S. dollar and rising Treasury yields followed hotter-than-expected U.S. inflation and firmer expectations for Federal Reserve rate increases. Those macroeconomic drivers can change quickly and do not erase the metals’ longer-term price gains or mine-specific economics.
Copper also weakened as London Metal Exchange inventories rose to about 320,000 tonnes by mid-November, according to Trading Economics, although tight physical supply in China offered some support. Copper remained about 22 per cent above its year-earlier reference level.
Nickel’s monthly gain was modest against a still-heavy supply outlook. The International Nickel Study Group projects a 19,000-tonne global surplus in 2026 and a 70,000-tonne surplus in 2027. Zinc eased despite tight concentrate supply and smelter disruption concerns.
The lithium reference is a China spot series in yuan and does not represent every lithium chemical or contract. Its decline reflects softer demand expectations and signs of ample supply. Uranium is a weekly reference, so its monthly movement is less directly comparable with daily-traded metals.
Potash needs a different yardstick
A like-for-like daily 30-day potash series was not available in the sources used. The World Bank’s latest completed monthly average for potassium chloride was US$357.50 a tonne in October, down 2.7 per cent from US$367.50 in September. That is a change between monthly averages, not a live 30-day quote.
For Canadian miners and developers, benchmark movement is only one part of the revenue and project picture. Exchange rates, product quality, contract terms, treatment charges, royalties, hedges, transport costs and timing can all cause realized prices to differ from these references.
