UBS-Daily Commodities Note Gold cracks above US$3,800 oz-20250929

<p style="text-indent:24px"><span style="color: rgb(0, 0, 0); font-size: 12px;">Prices: Iron Ore 62% cfr Qingdao -2.1% $104/dmt; HCC prem LV 0.0% $190/t;Thermal Coal NEWC -0.1% $104/t; Spodumene CIF China 0.0% $830/t; Li CarbonateBattery Grade, CIF China +1.1% $9380/t; Li Hydroxide Battery Grade, CIF China -0.5%$9600/t; Cu -0.8% $4.60/lb; Al -0.2% $1.20/lb; Ni -0.8% $6.80/lb; Au +1.0% $3809/oz; Brent +1.0% $70/bbl; WTI +0.0% $66/bbl; AUDUSD 0.6542; AUDEUR 0.5595;AUDGBP 0.4879; AUDJPY 97.87</span></p><p style="text-indent:24px"><span style="color: rgb(0, 0, 0); font-size: 12px;">Bulks: Iron Ore traded 2.1% lower to US$103.60/t with talk of 25-50% tariffs onChinese steel exports to Europe, and higher port stocks last week...</span></p><p style="text-indent:24px"><span style="color: rgb(0, 0, 0); font-size: 12px;">Base Metals: Copper ended 0.8% lower Friday but rose 2.2% for the week on forcemajeure at Grasberg and closure of a Hudbay Minerals mill in Peru...</span></p><p style="text-indent:24px"><span style="color: rgb(0, 0, 0); font-size: 12px;">Precious Metals: Gold closed 1% higher and above $3,800/oz, taking the weekly gainto 2.8%. In AUD, gold is $5,822/oz...</span></p><p style="text-indent:24px"><span style="color: rgb(0, 0, 0); font-size: 12px;">Oil: Brent crude closed 1% higher as pressure rose on Russia to end its war on Ukraine,and the UN moved to reimpose broad sanctions on Iran...</span></p><p><br/></p>