Commodities Wrap 9 October: Platinum Jumps 3.67 Percent as Corn Drops 3.95 Percent

By The Edge Research Team

The metals complex led the commodity panel on Friday as energy gave back part of Thursday’s surge. Platinum rose 3.67 percent to 1,702.30 dollars an ounce by the 19:14 GMT reading, the strongest climb of the seventeen contracts we track, with silver up 3.05 percent and gold 1.67 percent higher at 4,226.30 dollars. Brent traded 0.38 percent below Thursday’s 104.28 dollar settlement at 103.88 dollars a barrel and ULSD heating oil gave back 4.42 percent. Corn’s 3.95 percent fall, the deepest on the panel, came after a government supply report lifted the crop estimate, and ten of the seventeen contracts stood above Thursday’s settlements at our reading.

Energy eases as China restarts fuel exports

Reuters’ oil report had prices falling as Middle East supply concerns eased, with US President Donald Trump saying the United States would not attack Iran before the 3 November midterm elections and speaking of productive talks to end the war; he also teased an undisclosed announcement on diesel and said he was considering suspending the federal gasoline tax. The same report carried plans by China, the world’s top oil importer, to resume refined fuel exports after a brief halt during its Golden Week holiday, a development that weighed on the market and sits closest to the day’s deepest energy fall, ULSD heating oil at 4.42 percent; its report on the exports put October approvals for gasoline, diesel and jet fuel near 3.7 million metric tons combined, below the more than 4 million tons expected in September. On the oil report’s count Brent still heads for a weekly rise. Gulf of Mexico producers had shut in close to 1.5 million barrels a day by Friday, nearly 72 percent of the region’s oil output, on the US Marine Minerals Administration’s count, with personnel off 129 production platforms and Hurricane Isaias, now a Category 3 storm, expected to make landfall on the Florida Panhandle late on Friday. Iran’s Tasnim news agency reported that Tehran is reviewing the US response to its proposal to reopen the Strait of Hormuz within seven days. Natural gas, 1.07 percent higher, was the only energy gain.

Platinum leads a metals surge and corn drops on a supply surprise

Its gold report had bullion at a one-week high on bargain buying after the week’s two-month low, heading for a weekly gain near 1.2 percent, with traders pricing a 19 percent chance of an October rate increase and an 84 percent probability of at least one quarter-point move by December on the CME FedWatch tool, and St. Louis Fed President Alberto Musalem saying the central bank will need to raise rates again to return inflation to its 2 percent target. The same report had platinum and palladium still heading for weekly losses despite Friday’s jumps of 3.67 and 2.45 percent on our panel, and copper rose 2.22 percent. In the grains, corn fell 3.95 percent and wheat 1.83 after the Agriculture Department’s monthly supply report raised the corn yield to 181.2 bushels an acre from September’s 178.5, lifted production to 16.034 billion bushels and put ending stocks at 1.849 billion, 282 million above September’s 1.567 billion, on the department’s own tables, where a Reuters survey of analysts had expected a stocks estimate near 1.67 billion; sugar’s 0.60 percent rise led the softs.

Energy

Levels as displayed in the price feed at 19:14 GMT on Friday 9 October 2026, ranked by change against Thursday’s settlements as carried in the feed; quotes, not settlements.

Metals

Same read and basis, ranked by change.

Agriculture

Same read and basis, five of the seven tracked rows, with soybeans at 0.37 percent higher and cocoa at 0.11 omitted in the middle.

Interest, currencies, volatility and crypto

Reference rows at the same read, ranked by change; intraday levels, with the bitcoin row the Coin Metrics dollar price as the feed carries it.

Why it matters: A day after the fuel chain led the panel, the money crossed to the other side of it: the premium Thursday’s shock built into the fuels came off, and the bid moved to the metals that price the same uncertainty without the barrel. Corn’s fall is a stocks story rather than a demand story: the market had positioned for a smaller crop and the department printed a bigger one. The equity sessions traded the same rotation, with basic resources the strongest European sector, as published in our Europe wrap earlier on Friday.

Outlook: Our US wrap follows after the New York close and carries these four tables with Wall Street’s session and the Treasury curve, and our Week Ahead for the coming week follows. On the oil report’s count the week still closes with Brent higher, and the weekend’s watch stays on Hurricane Isaias at the Florida Panhandle and on Tehran’s promised reply on the strait.

How these wraps are prepared: Methodology.

Sources: CNBC, Reuters, US Department of Agriculture, The Edge.

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