Metals

LME zinc closed up 0.06% at $3,873/mt after touching $3,899.5/mt, extending gains for a fifth straight session. LME zinc stocks fell 1,950 mt to 162,675 mt while Chinese inventories dropped 7,900 mt to 183,300 mt. Persistent ex-China inventory drawdowns and backwardation structure lifted the price center amid steady spot demand. Read →

Swedish miner Boliden reported Q3 adjusted operating profit of SEK 4.90 billion, up 77% YoY, as higher copper and zinc prices offset disruptions and costs. Mines delivered strong output while smelters benefited from metal and acid prices despite lower treatment charges; CEO noted growing consensus on a new copper price floor. Read →

The Yangshan copper import premium surged to $205/mt on Oct 28, its highest in over a decade per Fastmarkets data. Tight Chinese physical supply from smelter maintenance and low SHFE stocks, plus US tariff-driven stockpiling elsewhere, drove the spike even as global refined surpluses are forecast. Read →

Vale produced 88.35 million metric tons of iron ore in Q3, below the 91.64 Mt consensus and down 6% YoY, due to lower run-of-mine availability at Serra Norte in northern Brazil. Sales rose slightly YoY while realized prices fell 10% to $85.10/t amid higher diesel, bunker and freight costs. The miss comes as global supply pressure weighs on prices and Chinese demand stays muted. Read →

Singapore iron ore futures slipped near $91/t on Friday, on track for the lowest October month-end close since 2022 after losing over 2% in the month. Ample global shipments and Chinese port stockpiles up 15% YoY capped buying as steel mills face thin margins and seasonal demand weakness. Prices have now declined in seven of the last eight months since the May peak above $111/t. Read →

The most-traded DCE I2701 contract closed at 682 yuan/mt, up 1.49%, with Qingdao spot prices rising 5-8 yuan/mt as 10-port inventories fell 490,000 mt WoW on coarse fines destocking. Brazil-to-China freight rose $0.5/mt to $34.17/mt, adding landed-cost support while hot-metal output rebounded slightly from maintenance restarts. Mills bought only as needed and spot trade stayed thin amid looming Hebei environmental curbs. Read →

Fortescue executives said any deal with China’s state buyer CMRG must safeguard both the company’s and Australia’s long-term interests and that it will not cave to unfavorable demands. The miner remains the only major without a multiyear contract after Rio Tinto settled, leaving Fortescue exposed to potential year-end production adjustments if talks drag. SGX 61% Fe prices sat near $90/t after the Rio resolution removed some supply-risk premium. Read →

Comex gold settled down 0.5% at $4,017.70/oz and silver fell 2.4% to $52.191/oz. Stronger-than-expected US GDP and persistent oil-driven inflation kept December rate-hike odds elevated. Elevated yields and a stronger dollar weighed on both metals. Read →

Platinum futures on GFEX dropped sharply after September PCE data showed headline inflation at 3.6% YoY, up from 3.4%. Palladium also declined. Sticky inflation reinforced rate-hike expectations, pressuring the platinum-group metals complex. Read →

Three-month LME copper fell 0.31% to $14,432.50/mt but stayed near the prior session's two-week high of $14,517. Yangshan import premiums surged to $205/mt, the highest in more than a decade, while domestic Chinese premiums climbed to 1,085 yuan/mt as SHFE stocks plunged over 26% last week amid smelter maintenance. The tightness underpins prices despite potential US rate-hike headwinds. Read →

Rio Tinto inaugurated the Sal de Vida plant and Fenix 1B expansion in Catamarca, adding 25,000 tpa LCE capacity via DLE technology after $1.4 billion investment. The projects, which started production ahead of schedule in Q2, form part of the company's push toward 200,000 tpa Argentine output by 2028. President Milei attended the ceremony on Miners' Day. Read →

LME three-month aluminium rose 0.58% to $3,105/mt amid low warehouse stocks and 3,500-tonne Asian withdrawals, pushing the cash-to-three-month spread into $27.64/mt backwardation. Most LME aluminium remains Russian-origin material that traders avoid. SHFE aluminium edged 0.11% lower to ¥23,715/mt. Read →

LME zinc closed up 0.41% at $3,838.5/mt after LME stocks fell 1,300 mt to 165,650 mt. Domestic Chinese zinc inventory also declined 3,700 mt to 191,200 mt. The metal formed a bullish candlestick with moving-average support as bulls added positions overnight. Read →

Average imported iron ore margin narrowed to 1.03 yuan/mt from 9.79 yuan/mt as port spot prices slumped. 10-port stocks stood at 104.65 Mt on Oct 22 (down 490 kt WoW) with fines destocking while hot metal output edged up 6.4 kt to 2.3584 Mt/day; mills bought as-needed amid losses, futures and spot both weakened. Read →

DCE I2701 closed at 664 yuan/mt, down 1.12%; Qingdao port spots fell 5 yuan/mt. Global shipments rose 2.83% WoW to 33.45 Mt and China arrivals jumped 12.47% to 27.61 Mt in week to Oct 23; hot metal output dipped on maintenance to 1.753 Mt/day with further cuts expected, port stocks face renewed build pressure as mills limit purchases. Read →

SMM construction steel social inventory fell 130.5 kt WoW (-3.07%) to 4.1246 Mt as of Oct 29, with east China accelerating destocking while central/southwest regions slowed or stabilized. Long-process output rose as some mills resumed lines amid narrower flat-vs-long profitability gap; EAF rates fell in southwest on output curbs, demand softened with year-end deleveraging. Read →

COMEX gold futures traded at $4,073.70 per ounce, up 0.55%, and silver futures rose 0.99% to $54.195 per ounce in early Thursday trade after the Fed held rates at 3.75-4.00%. The rebound follows Wednesday pressure ahead of the decision, with investors weighing inflation outlook and West Asia developments. Read →

Comex gold traded near $4,050 per ounce and silver near $53.30 per ounce on Thursday after opening higher then reversing, with MCX gold near ₹1,43,600 per 10 grams. Two Fed officials dissented favoring a 25 bp hike, lifting December hike odds amid a stronger dollar and elevated rates outlook. Read →

Chinese smelters exported 111,000 tons of refined zinc in August-September, helping LME stocks recover from an August low of 92,550 tons to 165,650 tons. Treatment charges have turned deeply negative, pressuring smelters outside China while Chinese output rises. LME cash premiums have widened again to $118 per ton, signaling renewed near-term tightness. Read →

Chinese investors have announced or planned at least 15 million tons per year of new primary aluminium smelting capacity abroad, with 2.85 million tons already ramping up. This expansion, focused on Southeast Asia, the Middle East and Africa, is expected to shift the global market from a 1.1 million-ton deficit this year to an 830,000-ton surplus in 2027. Domestic capacity remains capped at 45 million tons under 2017 policy. Read →

LME three-month copper gained up to 1.1% to $14,487.50 per ton, its highest since October 16, supported by recovering AI stocks and strong Chinese demand. The Yangshan import premium hit a nearly 13-year high of $188 per ton while SHFE copper stocks fell more than 25% to 54,356 tons amid smelter maintenance. The cash LME contract traded at a $199.50 premium to three-month metal, the widest since late August. Read →

SGX benchmark futures fell as much as 1.4% to $89.25/t, the lowest intraday since September 2024; DCE prices also hit two-year lows. Seasonally weak Chinese steel consumption and expected 18Mt higher shipments from the four major miners plus Simandou ramp-up are pressuring prices, with mills buying hand-to-mouth amid high port stocks. Read →

SGX futures traded down 1.2% at $89.40/t and DCE most-traded contract fell 1.19% to 662 yuan/t on Oct 27. Thin mill margins, high Chinese port stocks and rising Q4 supply from BHP, Rio Tinto and Simandou keep buying cautious despite the IMF 62% Fe benchmark rising 0.82% to 100.44. Read →

Fortescue reported Q1 FY27 shipments of 46.8Mt but sales of only 42.9Mt due to ongoing CMRG talks, creating a 3.9Mt gap and building inventories. The miner said operations and full-year 197-207Mt guidance could face adjustments if no deal is reached by Dec 31, while Rio Tinto has already agreed terms with the state buyer. Read →

Spot gold rose 0.1% to $4,061.86/oz after a prior 1%+ gain, with futures steady near $4,075.60. Traders await the Fed decision and PCE data, expecting a hold today but pricing an 84% chance of a December hike. Lower oil prices from Middle East de-escalation hopes reduced inflation pressure on bullion. Read →

Shanghai Gold Exchange Au99.99 volumes hit 43 million lots (430 tonnes) last week, the highest since April, reflecting physical demand as prices fell. Chinese retail buying via accumulation plans accelerated, with first-nine-months purchases already exceeding 2025 full-year totals. This household demand provides support near $4,000 amid equity and property weakness. Read →

Gold-backed ETFs recorded the first weekly net outflow in a month (13 tonnes), led by North American redemptions, while Chinese physical demand surged. Silver hit an 11-month low near $52.68/oz before partial recovery. The divergence highlights Asia physical buying offsetting Western ETF selling near multi-month lows. Read →

Overnight, LME zinc rose 2.12% while nickel fell another 2.04%. SHFE base metals mostly gained with zinc up 0.99% and nickel down 1.18%. Tight LME and SHFE zinc stocks plus high power prices drove the move; nickel weakness extended on oversupply. Read →

Typhoon weather delayed imported copper vessel arrivals into China. Shanghai and Jiangsu social inventories fell further to 48,100 mt and 19,500 mt. Spot premiums rose to 900 yuan/mt average as limited supply met steady downstream offtake. Read →

LME three-month zinc rose to $3,821.50/mt, highest since Oct 12, on falling inventories and higher power prices. SHFE zinc stocks dropped 5% to 137,139 mt, lowest since March; LME on-warrant stocks stood at 133,700 mt with cash-3M backwardation near $81/mt. Read →

United Steelworkers Local 7619 began strike action at Teck’s Highland Valley Copper mine in British Columbia. The operation, Canada’s largest open-pit copper mine, runs at reduced capacity; impact on output depends on strike length. Read →

SGX iron ore futures fell as much as 1.4% to $89.25/t, the lowest intraday level since September 2024, with DCE contracts also at multi-year lows. Weak Chinese steel mill profitability, hand-to-mouth buying amid high port stocks, and expected 18Mt higher shipments from major miners plus Simandou ramp-up drove the decline. Prices are seen staying soft through November with further downside risk to $85-86/t. Read →

Fortescue mined 62.7Mt iron ore in the September quarter, up 4% YoY, but shipments dropped 6% YoY and 11% QoQ to 46.8Mt while sales lagged shipments by 3.9Mt due to CMRG negotiations. The company expects inventories to rise another 4-5Mt in October and warned operations could face adjustments if talks drag past year-end, though it kept full-year shipment guidance at 197-207Mt. Read →

Iron ore futures fell toward CNY 670/t near four-year lows as blast furnace operating rates at 247 Chinese mills hit 80%, down 4.3% YoY, reflecting thin profitability. Elevated port arrivals and global shipments added supply pressure while a new CMRG-Rio Tinto supply agreement eased some availability concerns but did little to lift demand sentiment. Read →

Spot gold traded at $4,021 per ounce after recovering the $4,000 level. CFTC data showed eight straight weeks of declines in speculative net-long positions, down 28.2% as prices fell 10.6%. SPDR Gold Shares saw a large weekly outflow of 1.64% or about 17 tonnes, the biggest since early March. Read →

Copper fell as much as 0.6% in London on Monday, extending last week’s decline. Weakness in AI-related tech stocks reduced risk appetite ahead of the Federal Reserve policy meeting. The metal, key for data centers and power infrastructure, faces near-term pressure from macro sentiment. Read →

China’s MMG proposed a legally enforceable guarantee to maintain existing ferronickel supply levels to EU stainless steel producers. The move targets European Commission concerns over potential supply diversion in the $500 million purchase of Anglo American’s Brazilian nickel assets. If blocked, the mines could close, affecting regional nickel availability. Read →

Overnight, LME zinc rose 2.06% while copper gained 1.56%, aluminum 1.03%, tin 1.35% and lead 0.42%; nickel fell 1.58%. SHFE copper added 0.99% and aluminum 1.62%. Geopolitical factors lifted oil and supported select metals amid broader market moves. Read →

LME copper closed up 1.42% in the prior overnight session to $14,298/mt. The International Copper Study Group reported a 132,000 mt refined copper surplus in August, shifting from July’s deficit. Chinese inventories fell while US manufacturing strength and geopolitical factors supported prices. Read →

DCE most-traded iron ore contract ticked down 0.07% to 670.5 CNY/t while SGX November contract edged up 0.07% to $90.60/t. Average daily hot metal output, a direct gauge of blast-furnace iron ore demand, fell 0.5% week-on-week to 2.32 million tonnes, the lowest since late March per Mysteel data. Rebar and hot-rolled coil futures on the Shanghai exchange also slipped, reflecting persistently weak steelmaker profitability and sluggish downstream demand despite stimulus hopes. Read →

September iron ore imports reached 109.82 Mt, up 1.2% month-on-month, with year-to-date arrivals at 954.97 Mt. Port inventories monitored by SteelHome climbed to 152.23 Mt in the week to Oct 23, up 14% year-on-year, as lower prices around $90.60/t on SGX boosted import appetite but flows largely rebuilt stockpiles rather than lifting steel output. CMRG's push for greater pricing control creates ongoing tension with Australian suppliers Rio Tinto, BHP and Fortescue. Read →

Fortescue warned operations could be affected, potentially including production adjustments, if negotiations with CMRG are not concluded by calendar year-end. September-quarter sales of 42.9 Mt lagged shipments of 46.8 Mt due to the standoff and maintenance, with inventories expected to rise another 4-5 Mt in October. The company maintained its FY2027 shipment guidance of 197-207 Mt but noted the figures are subject to the outcome of talks. Read →

Spot gold held steady at $3,994.88 an ounce in early Asian trade. Renewed oil-price gains from Middle East tensions are reviving inflation concerns and expectations for higher US interest rates, which typically pressure non-yielding assets like gold. Read →

COMEX gold futures rose 0.04% to $4,009.50 an ounce and silver futures gained 0.37% to $54.15 an ounce on Monday. The modest recovery follows a 4.14% weekly drop in gold and nearly 6% slide in silver, with investors assessing US rate outlook, bond yields and crude prices ahead of the Fed's October 27-28 decision. Read →

LME three-month copper fell 1.8% to $14,089/t, its lowest since mid-September, after 29,050 tonnes flowed into warehouses, mainly New Orleans, lifting total stocks to 272,950 tonnes, the highest since July 24. The build eased near-term supply concerns despite persistent regional bottlenecks outside the US and ongoing backwardation. Other LME metals also declined, with zinc down 1.7% and tin down 2.2%. Read →

LME zinc fell 2.24% and tin 2.44%; copper, aluminum and nickel each dropped more than 1% overnight. SHFE zinc, tin and nickel also declined over 1%, with only SHFE lead rising 0.25%. Precious metals led losses, with COMEX silver plunging 5.34% to its lowest since November 2025. Read →

LME copper dropped 0.8% to $14,310/t after inventories rose 11,475 tonnes, up 8% in a week with available stocks surging 40%. The build followed heavy US-bound shipments ahead of potential tariffs, leaving COMEX holding 70% of visible global stocks. Nickel rose 2.4% on prospects of Indonesian production cuts by Chinese operators. Read →

China Mineral Resources Group reached a multiyear agreement with Rio Tinto covering November 2026 to May 2028. The deal follows earlier instructions to mills to pause certain Rio purchases during talks and adds to CMRG contracts with other producers. It reduces near-term supply disruption risks for Chinese steelmakers while highlighting CMRG’s growing role in centralizing procurement. Read →

Fortescue shipped 46.8 Mt of iron ore in Q1 FY27 but sold only 42.9 Mt due to ongoing CMRG negotiations, with inventories set to rise another 4-5 Mt in October. The miner maintained full-year shipment guidance of 197-207 Mt and C1 cost targets but warned operations could face adjustments if no deal is reached by year-end. Maintenance shutdowns also weighed on volumes and lifted unit costs 13% QoQ. Read →

The most-traded DCE iron ore contract closed at 669 yuan/mt, down 1.83%, with Qingdao port spot prices falling 9-15 yuan/mt on average. Hot metal output edged up slightly to 2.3584 Mt/day while 10-port inventories stood at 104.65 Mt; mills bought on a need-only basis amid losses. Seaborne supply remains ample, capping upside despite modest demand improvement. Read →

Inventories of imported iron ore at China’s 47 major ports slipped to 172.8 million tonnes as of October 22, down 0.5% week-on-week after five weeks of builds. Fines stocks declined notably while lumps rose; the total remains 13.1% above year-ago levels. Lower arrivals and modest hot metal gains provided limited support as mills continued just-in-time purchasing. Read →

Gold fell as much as 0.9% below $4,000/oz to a three-month low near $3,990 amid a deepening equity rout and rotation into Treasuries. The move followed a nearly 3% drop Thursday and reflects liquidity-driven selling rather than a shift in fundamentals. It underscores short-term pressure on bullion despite ongoing safe-haven interest. Read →

Silver futures settled down 4.6% at $54.764/oz, the lowest since November 2025, as rising oil prices revived inflation concerns and higher-for-longer rate expectations. The decline extended a second straight session and reflects silver's dual exposure to industrial demand and macro headwinds. It highlights near-term vulnerability for the white metal amid energy volatility. Read →

Newmont posted adjusted Q3 profit of $2.20/share, beating estimates, with revenue up 15% to $6.36 billion on higher gold prices averaging $4,204.59/oz. Copper output at Cadia jumped 35% sequentially after recovering from disruption. The results demonstrate operational resilience and margin support from elevated prices even as the broader market sells off. Read →

Benchmark three-month LME copper fell 0.44% to $14,293.5/mt overnight after 13,525 tons flowed into warehouses for a third straight day, lifting stocks 8% in a week. SHFE copper slipped 0.67% to 109,000 yuan/mt. Regional tightness persists with Codelco offering Europe a record $350/mt premium for 2027 and Yangshan premium hitting $148/mt, its highest since October 2022. Read →

Executives from Tsingshan, GEM, Lygend and Huayou plan to meet as early as Tuesday to finalize coordinated cuts at HPAL plants in Indonesia. Weak prices and high costs pressure profitability; talks follow an August meeting that yielded no deal. Nickel led LME gains with a 2.4-4% surge on the unconfirmed prospects. Read →

Codelco offered European buyers a record $350/mt premium for 2027 deliveries, up from $325 this year, amid LME Week negotiations. Aurubis raised its 2027 premium 10% to a record $347/mt earlier. The moves signal expected European shortages as US warehouses hold 70% of visible global stocks due to tariff uncertainty. Read →

LME zinc closed up 0.43% at $3,757/mt after a V-shaped session while SHFE zinc edged higher. China exported 70,400 mt of zinc ingots in September, above expectations, with more exports likely in October. LME stocks keep rising but downstream consumption is seen improving, supporting a weak recovery. Read →

Fortescue warned investors that unresolved negotiations with China Mineral Resources Group could force production adjustments at its Pilbara mines by year-end. Shipments exceeded sales by 3.9 million tonnes in the September quarter due to delayed shipments. The standoff highlights Beijing's leverage over Australian miners supplying China's steel mills. Read →

Fortescue reported 46.8 million tonnes of iron ore shipments in Q1 FY27, down 6% year-on-year, with sales at 42.9 million tonnes. Maintenance and CMRG negotiations caused the gap. The company held FY27 guidance of 197-207 million tonnes but flagged risks if talks drag on. Read →

SGX and DCE iron ore futures ended little changed as rising freight rates and potential supply disruptions offset weak China demand. Capesize earnings jumped, supporting a modest technical rebound amid persistent port inventory builds. Read →

Spot gold eased for a fourth straight session, touching a one-week low near $4,116/oz before steadying around $4,136 as Brent crude climbed above $110 on Middle East supply concerns. Hotter US inflation data reinforced expectations of a December Fed rate hike with 88-90% odds priced in, raising the opportunity cost of holding non-yielding bullion. The pullback occurs despite ongoing central-bank purchases and ETF demand that continue to anchor physical markets. Read →

Emirates Global Aluminium restarted 631 of 1,262 reduction cells at its Al Taweelah smelter in Abu Dhabi on October 21, reaching 50% completion of the restart after the March 28 attack shutdown. The company targets full production in Q1 2027. The smelter produced about 1.6 million tonnes of cast aluminum in 2025, so the ramp-up adds meaningful supply to global aluminum markets. Read →

Vedanta Zinc International inaugurated the $600 million Gamsberg Phase II expansion, doubling annual zinc-in-concentrate capacity to 500,000 tonnes. South African President Cyril Ramaphosa attended the October 18 event. The move advances Vedanta’s goal of 3 million tonnes annual zinc output across India and South Africa. Read →

LME zinc inventory increased 3,275 mt to 166,325 mt on October 19 while domestic Chinese zinc stocks fell 1,900 mt to 200,200 mt. LME three-month zinc closed up $12/mt at $3,741/mt after a V-shaped session. SHFE zinc 2612 ended up 35 yuan/mt at 25,635 yuan/mt. Read →

35 major Chinese ports held 148.30 Mt of imported iron ore as of Oct 16, up 2.85 Mt week-on-week. Daily outbound volume fell 50,000 Mt to 3.185 Mt. Steel mills posted losses and bought only rigid volumes; port stocks expected to keep building with iron ore prices to trade soft in narrow range. Read →

SGX contract fell 0.87% to $90.45/mt and DCE I2701 dropped 1.61% to 671.5 yuan/mt over the week. Hot metal output stabilized near 2.352 Mt/day after prior declines. 35-port stocks rose 2.85 Mt post-holiday while maintenance losses expanded more slowly; BF rebar margins improved 105 yuan/mt after coke cuts but restocking stayed absent. Read →

Gold held a decline near $4,115 an ounce after falling more than 1% this week. A diplomat dismissed reports of an imminent deal to end the US-Iran war, keeping oil near five-month highs and sustaining inflation concerns. This keeps traders focused on the Federal Reserve’s potential December rate hike amid energy-led price pressures. Read →

Physically backed gold ETFs recorded $1.91 billion in net inflows last week, the 13th consecutive positive week. US investors added nearly $1 billion and Chinese investors $498 million. Holdings have held above 101 million ounces despite gold prices struggling around $4,100-4,200 an ounce. Read →

Bloomberg-tracked gold ETF holdings reached a year-to-date peak of 101.3 million ounces on October 8. Kazakhstan’s central bank plans to reduce gold’s share of reserves from 78% to 75% by year-end after adding 36 tonnes earlier. Prices remain under pressure from hotter-than-expected US CPI and PPI data reviving rate-hike bets. Read →

Three-month LME copper held flat at $14,339.50/mt Tuesday while SHFE November copper fell 0.53%. Goldman Sachs lifted its end-2026 forecast to $14,700/mt and 2027 average to $15,400/mt on weaker ex-US mine supply and projected 950kt deficit outside the US in 2026. Comex inventories hit 791,679 short tons on tariff-driven stockpiling, yet cautious Chinese buying at high prices and domestic premiums slipping to 710 yuan/t kept the market rangebound. Read →

Overnight LME aluminum rose 1.08%, LME tin 1.07%, LME nickel 1.54% and SHFE nickel 1.18% while LME copper fell 0.24% and SHFE copper 0.26%. Short covering and improved macro sentiment from steady October rate expectations drove gains in the non-copper complex. SHFE zinc edged up 0.24% on destocking and downstream pickup despite LME zinc inventories exceeding 160kt. Read →

LME zinc closed up $47/mt or 1.28% at $3,729/mt after short covering pushed prices to $3,740.50/mt. China's zinc social inventory destocked again and low prices lifted downstream consumption, supporting bullish funds. SHFE zinc 2612 rose 60 yuan/mt to 25,555 yuan/mt though LME warehouse inflows above 160kt cap further upside. Read →

China produced a record 11.84 Mt primary aluminum in July-September, up 2.2% YoY, with September at 3.91 Mt. Smelters sustained high rates via efficiency gains above the 45 Mt installed-capacity ceiling, supported by strong margins from higher prices and lower raw-material costs. Nine-month output reached 35.03 Mt, on track for 46.7 Mt annualized. Read →

DCE most-traded iron ore contract closed at 672.5 yuan/mt, up 0.15%. Seaborne 61% and 65% indices rose to about USD 89.40 and 107.75/dmt. Qingdao port spot prices for major brands increased 2 yuan/wmt while Carajas Fines fell 8 yuan; domestic composite index declined. Import margins recovered slightly to 6.01 yuan/mt as freight rates fell, but buying remains needs-based with port stocks building and hot metal output steadying near lows. Read →

BHP WAIO produced 64.3 Mt (BHP share) in Q1 FY27, up 4% YoY on 100% basis of 71.9 Mt, with records at mine and port despite maintenance including Car Dumper 4 rebuild. Iron ore realised price averaged US$76.27/wmt, down 9% YoY. Full-year FY27 iron ore guidance unchanged at 260-272 Mt (BHP share) or 286-298 Mt (100% basis) for WAIO; Samarco also steady. Copper output fell due to grades and maintenance. Read →

Most active DCE iron ore January 2027 contract rose 1.26% to close at 682.5 yuan per tonne. Gains followed better-than-expected China Q3 GDP growth of 4.5% and higher steel output, though underlying demand fundamentals remain weak with property sector pressure and elevated port inventories limiting upside. Read →

Imported iron ore inventories at 47 major Chinese ports reached 173.7 million tonnes as of October 15, up 0.3% week-on-week and 15% year-on-year. Stocks built for the fifth straight week as arrivals outpaced absorption amid weak mill profitability and as-needed purchasing, adding to supply pressure on prices. Read →

Spot gold rose 0.2% to $4,172.87/oz and December futures gained 0.3% as oil slipped from a five-month high after the US waived sanctions and tariffs on Russian fuel. Softer energy prices eased some inflation worries ahead of the Fed’s Oct 27-28 meeting, where traders saw only a 15% chance of a hike this month. UBS analyst Giovanni Staunovo noted gold holding up even as the dollar strengthened due to safe-haven demand. Read →

Gold ETFs recorded $1.91 billion in net inflows last week ($2.3B inflows minus $479M redemptions), marking the 13th consecutive week of positive flows despite gold prices falling over 4% this month. US investors added nearly $1B and China $498M, with Asia outpacing Europe year-to-date. Persistent ETF buying provides structural support to physical demand even as prices consolidate near $4,120-4,150/oz. Read →

Vedanta Zinc International inaugurated Phase II expansion at Gamsberg mine in Northern Cape, lifting annual capacity to 500,000 tonnes of zinc-in-concentrate. The $600 million project forms part of a broader $1.5 billion South Africa investment commitment and supports Vedanta's target of 3 million tonnes combined zinc output across India and South Africa. Expanded supply enters a market with tight concentrate terms and LME Week contract negotiations. Read →

LME zinc closed Friday at $3,682/mt, up $8.5/mt or 0.23%, after bulls stepped in following a dip to $3,665/mt. Weaker US dollar and reduced October rate-hike expectations provided support while SHFE zinc contract also edged higher. SMM notes zinc ingot social inventory declined in East and South China over the weekend as downstream offtake improved. Read →

Benchmark LME three-month copper rose 0.9% to $14,480/mt on Friday, leading base metals higher on a weaker dollar and stabilising equity markets after Thursday's tech sell-off. Copper and zinc head into LME Week in backwardation, signalling nearby supply tightness, with US tariff-driven metal inflows cited as the main driver of refined copper tightness. Aluminium, nickel and tin also posted gains in the session. Read →

The Australian government approved Posco Holdings' A$4.4 billion project at Port Hedland to produce about 2 million tons of low-emissions iron annually using natural gas initially. The plant targets first output in 2031 and requires final investment decision from partners including Marubeni and China Steel. It supports Australia's push to add value to iron ore exports while advancing steel decarbonization. Read →

Dalian iron ore futures rose 0.22% to 673.5 yuan per ton and SGX November contract gained 0.56% to $90.35 per ton after hitting two-year lows. Mysteel data showed profitable Chinese steel mills rising to 8% from 6.9% a week earlier, slowing hot metal output declines and spurring dip buying. Port inventories continued building while downside risks from low mill profitability persist. Read →

China exported 10.49 million tonnes of finished steel in September, up 0.26% year-on-year per GACC data released October 14. Exports provide an outlet for mills facing weak domestic demand from the property slump. Rebar and HRC prices continued weakening in the week to October 16 amid falling coke costs. Read →

National Bureau of Statistics data showed China's crude steel production at 724.77 million tonnes for the first nine months, down 2.9% year-on-year. The decline reflects persistent weakness in property and infrastructure demand pressuring blast furnace utilization and hot metal output. CISA member mills saw daily output recover modestly in early October. Read →

Spot gold rose 0.4% to around $4,181/oz in early Asian trade on Monday as markets lowered the odds of a Federal Reserve rate hike this month to under 20% following dovish comments by Fed Chair Kevin Warsh. The move eases immediate pressure on non-yielding bullion from higher borrowing costs after last week's hotter US inflation data. Silver, platinum and palladium also advanced, with lower oil prices providing additional support by tempering inflation concerns. Read →

Gold and silver futures climbed on Monday with Comex gold near $4,200/oz and silver near $57.60/oz as traders scaled back expectations for a Fed rate increase this month following Warsh's remarks. Lower crude oil prices further supported the complex by easing inflation worries. Domestic Indian futures on MCX also opened higher, reflecting the firmer global cues. Read →

Spot gold gained 0.3% to $4,175.60/oz and US futures rose 0.4% as softer oil prices reduced near-term inflation pressures after a sharp prior rise. Traders assessed the Fed's path with October hike odds now around 16% and December still heavily priced in. Silver, platinum and palladium also posted gains amid the shift in sentiment. Read →

US September PPI rose 6.3% YoY and retail sales 0.8% MoM, both above forecasts, lifting Fed rate-hike bets. LME copper fell 0.88% to $14,309/mt with increased short positions; SHFE copper dropped 0.71%. Easing Escondida strike risk added selling pressure on the metal. Read →

LME copper fell 1.25%, zinc 1.21% and nickel 1.68% overnight while aluminum held flat. SHFE nickel dropped 1.67% and zinc 0.8%; tin rose 1.22%. Dollar index eased 0.55% from its 18-month high after stronger US data. Read →

Three-month LME copper rose 0.3% to $14,383.50/mt early Friday but remains down about 1% for the week. SHFE copper slipped 0.1%. Analysts cite AI-stock selloff spillover and persistent inflation concerns weighing on the complex. Read →

LME copper fell toward a 10-day low after Escondida union deal removed strike risk and hotter US CPI revived rate-hike odds. COMEX copper dropped 1.2%; analysts noted double pressure from easing supply worries and macro tightening expectations. Read →

Iron ore futures on Dalian rose 0.22% to 673.5 yuan/t and SGX November contract gained 0.56% to $90.35/t after hitting lows Thursday. The rebound followed Mysteel data showing 8% of Chinese steelmakers profitable on Oct 15 versus 6.9% prior week, slowing hot metal output declines and signaling restocking needs. Port inventories continued building, capping gains. Read →

Comex front-month gold gained $62.90 or 1.54% to settle at $4,147.70 after snapping a three-session losing streak. A drop in U.S. Treasury yields and a weaker dollar outweighed the impact of hotter-than-expected inflation data. Central bank buying continues to cushion downside risks despite the recent volatility. Read →

September PPI jumped 1.3% month-over-month, the largest gain in over four years, lifting the annual rate to 6.3%. Gold spot advanced to $4,175.90 (+1.24%) and silver to $57.55 (+1.99%) in early U.S. trade as softer yields and dollar supported the rebound. The data reinforced precious metals’ role as an inflation hedge ahead of further Fed signals. Read →

US September CPI rose 3.7% YoY, above the 3.6% forecast and prior 3.4%, pushing Fed rate-hike odds higher and the dollar to an 18-month high. LME three-month copper fell 1.2% to $14,315.50/t after touching a three-week peak; SHFE copper dropped 1.9% to ¥108,940/t. Aluminium extended losses for a third session, with LME aluminium at $2,961/t, its lowest in over nine months, while zinc, nickel and tin also declined. Read →

BHP and the supervisors’ union at Escondida, the world’s largest copper mine, reached a preliminary agreement with improved benefits and closing terms; 64% of union members ratified the 36-month contract. The deal removes immediate strike risk that had supported prices, though Centinela remains on strike and Codelco suspended part of El Teniente after a landslide. Read →

Shanghai social copper inventory reached 70,200 mt, up 3,700 mt week-on-week, and Jiangsu 22,000 mt, up 2,200 mt; SHFE warrants jumped over 10,000 mt ahead of delivery. Spot premiums averaged 85 yuan/mt against the 2610 contract, up 135 yuan/mt on the day, with limited low-priced supply supporting levels as the benchmark switches to the 2611 contract. Read →

SMM #1 tin averaged 373,350 yuan/mt, down 15,150 yuan/mt, as the SHFE tin contract fell 3.81% intraday to 371,200 yuan/mt on long liquidation. LME 3M tin slipped to $49,900/mt, breaking below $50,000, after US September CPI came in hotter than expected at 3.7% YoY, boosting rate-hike probabilities. Read →

SGX iron ore futures fell as much as 0.8% to $89.75/t, the weakest since September 2024, on soft Chinese steel demand from the property slump and robust global supply including Simandou ramp-up. Prices have dropped about 15% this year as mills face thin margins and hot metal output risks further cuts. Read →

Rio Tinto reported Q3 global iron ore sales of 90.8 Mt, up 3% YoY, with Pilbara shipments at 85.7 Mt and Simandou at an annualized 10 Mtpa run-rate. The company kept full-year sales guidance unchanged at 343-366 Mt despite China finished steel consumption falling 4% QoQ and benchmark prices averaging lower. Read →

Rio Tinto lifted Q3 global iron ore sales 3% YoY to 90.8 Mt supported by Pilbara and Simandou progress, with the Guinea project hitting 10 Mtpa annualized. China steel consumption fell 4% QoQ while exports rose, and the firm maintained 2026 guidance amid lower benchmark prices and higher freight costs. Read →

US September CPI rose 0.6% month-over-month, the fastest since April, lifting odds of a Federal Reserve rate hike this month and pushing Treasury yields higher. Gold recouped some losses to trade near $4,151 an ounce after falling the prior session, while silver also gained modestly. The data reinforced expectations that energy-driven inflation could keep policy tighter, weighing on non-yielding metals. Read →

Front-month Comex gold settled 1.64% lower at $4,084.80 per ounce and silver fell 6.1% to $55.55, its lowest close in nearly 11 months, after September CPI exceeded estimates. The stronger dollar and higher yields increased the opportunity cost of holding precious metals. Attacks in the Persian Gulf lifted oil prices, adding to inflation concerns that could complicate the Fed's path. Read →

The People’s Bank of China added 23 tonnes of gold in September, its largest monthly purchase since October 2023, extending its buying streak to 23 consecutive months and lifting Q3 purchases to 63 tonnes. Official holdings reached 2,410 tonnes. The strong official demand provides a structural floor for gold prices amid recent market volatility. Read →

Unions at BHP’s Escondida, the world’s largest copper mine, said wage talks collapsed and a strike by over 1,000 supervisors starts Wednesday morning. The move compounds Chile supply disruptions from Centinela and recent incidents at Codelco’s El Teniente. Markets are watching for last-minute resolution. Read →

Battery-grade lithium carbonate spot averaged 108,250 yuan/mt after dropping 3,400 yuan/mt, with futures LC2701 closing down 4.34% at 100,900 yuan/mt. Weak buyer sentiment and ample long-term supply expectations weighed on prices despite ongoing social inventory destocking. The ninth consecutive decline signals persistent oversupply pressure. Read →

LME tin fell 3.4% and SHFE tin plunged 3.52% overnight, with zinc and aluminum also declining while lead rose. Stronger dollar and cooling AI/tech sentiment pressured prices amid macro uncertainty. Lead bucked the trend on bullish positioning and inventory draws. Read →

DCE January iron ore contract closed down 1.1% at 677 yuan per tonne; SGX November contract fell 0.64% to US$90.35 per tonne. Chinese port iron ore stocks rose 0.19% to 152.66 million tonnes. Lower freight rates and rising blast-furnace maintenance after the holiday cut near-term demand support. Read →

DCE most-traded I2701 contract fell 1.1% to 677 yuan/mt; Qingdao port spot prices dropped 3 yuan/mt on average. Weekly blast-furnace maintenance impact on hot metal rose to 1.9011 million mt, up 78,600 mt week-on-week. Falling freight rates further eroded cost support for iron ore. Read →

DCE most-traded contract closed at 677 yuan/mt, down 1.1%; Qingdao port spots fell 3 yuan/mt. SGX current-month contract at US$90.65/dmt. Traders reluctant to offer amid weak mill buying; port inventories remain elevated. Read →

World Steel Association revised 2026 global steel demand to flat at 1,722 Mt from prior 0.3% growth forecast. China demand now seen contracting 2.0% to 780.1 Mt due to persistent property weakness and negative infrastructure investment. India demand forecast raised to +7.9% growth. Read →

Spot gold stayed little changed at $4,159.45/oz as traders positioned ahead of the US CPI release at 8:30 a.m. ET. New York Fed President John Williams said one more rate hike this year may be appropriate, though none in 2027. Oil rose above $106/bbl on Middle East attacks, keeping rate-hike odds in focus and capping bullion gains. Read →

Bullion traded near $4,170/oz after holding a two-day decline. Fed New York President Williams signaled one more hike may be needed this year but not in 2027, tempering December odds and supporting prices. Brent crude stayed above $106/bbl amid Middle East tensions. Read →

Spot gold firmed to $4,184/oz on retreating dollar and yields. PBOC added 23 tonnes in September, its 23rd straight month of buying and largest since 2023. Chinese imports exceeded 1,000 tonnes in the first eight months of 2026, topping all of 2025 and underpinning physical demand. Read →

LME zinc closed down 1.38% to $3,753/mt overnight after a 6,000 mt inventory increase to 132,850 mt, a new high since mid-2025. SHFE zinc fell 0.73%. The US dollar index rose 0.34% to 102.58 and crude oil gained over 1%, weighing on base metals broadly. Read →

LME zinc inventory rose 6,000 mt to 132,850 mt, its highest since mid-June 2025, prompting bulls to reduce positions. The metal closed down $48.5/mt or 1.28% at $3,753/mt with open interest falling 1,840 lots. SHFE zinc followed lower in night trading. Read →

LME copper closed up 0.49% at $14,621.5/mt on long positioning amid Strait of Hormuz tanker attack and hawkish Fed comments. SHFE copper rose 0.11%. Shanghai social inventories jumped 11,800 mt WoW from imported arrivals, easing tightness and pressuring spot premiums. Read →

The most-traded lithium carbonate contract fell another 3.97% at midday, extending a nine-day losing streak. Alumina futures dropped 2.3% and SHFE zinc 1.39%. Broader base metals were mixed to lower with LME zinc off 0.47%. Read →

The World Steel Association revised its 2026 global steel demand forecast to essentially flat at 1,722 Mt or a 0.1% contraction, down from April's 0.3% growth expectation. China demand is now seen contracting 2% (deeper than prior view) due to persistent property weakness and soft infrastructure, with the revision almost entirely China-driven. This signals sustained pressure on iron ore and steelmaking raw materials as the key demand anchor weakens further. Read →

DCE most-traded iron ore contract rose 0.15% to 684.5 yuan/t ($102.27/t) and SGX November contract gained 0.67% to $91.2/t on expectations Chinese mills would rebuild feedstocks after National Day holiday. Gains were capped by thin post-holiday restocking so far and Q4 supply increases as miners meet targets; rebar and HRC futures were mixed. Lower coke prices narrowed some mill losses but have not yet spurred broad iron ore buying. Read →

DCE I2701 settled at 683 yuan/t, down 0.07%, with Qingdao port spot prices falling 0-2 yuan/t amid thin trading and mills buying only for immediate needs. More blast-furnace maintenance after the holiday and soft end-use demand keep buying appetite weak despite coke price cuts improving margins slightly. Iron ore demand is expected to stay low near term, leaving prices rangebound at low levels. Read →

Imported iron ore inventories at China's 47 major ports rose 0.6% from end-September to 173.2 million tonnes by October 8, marking the fourth straight weekly increase and 15.7% above year-ago levels. The build reflects holiday timing and subdued mill buying, adding to supply pressure on iron ore prices alongside high port stocks and weak steel mill profitability. Read →

Physically backed gold ETFs attracted $10 billion (67.3 tonnes) in September, lifting Q3 inflows to a record $31 billion with holdings rising to an all-time high of 4,256 tonnes. North American and European funds led, including the UK’s strongest quarter ever; inflows persisted despite higher yields and a price pullback, showing investors bought the dip for diversification. Read →

First Majestic Silver produced 3.4 million ounces of silver in Q3 2026, down 11% year-over-year and 9% from Q2, mainly due to a 12-day labor dispute at the San Dimas mine that cut its output 41%. La Encantada output jumped 68% on higher grades and throughput, but overall supply from this major producer tightened. Read →

LME tin surged 3.02%, copper rose 1.68%, zinc 2.32% and lead 1.37% in overnight trading on short covering. SHFE copper gained 0.84% and zinc 1.39% with similar momentum. The moves followed easing Middle East tensions and persistent mine supply concerns. Read →

SHFE aluminum rose 0.96% to 23,605 yuan/t and LME aluminum edged up 0.18% to $3,062.50/t as prices rebounded from recent lows. Overseas aluminum output fell 2.4% YoY in September due to lower Middle East smelter loads, though monthly production rebounded. High US yields and a strong dollar continue to weigh on the sector. Read →

LME zinc climbed 2.47% to $3,801.50/t on Friday as short positions were reduced and the lower Bollinger Band provided support. LME zinc stocks fell 575 t to 126,850 t. SHFE zinc rose 1.08% in tandem with the overseas move. Read →

DCE most-traded iron ore contract rose 0.15% to ¥684.50/t and SGX November contract gained 0.67% to $91.20/t on Monday. Gains followed expectations that more Chinese mills will rebuild feedstock stocks this week after subdued post-National Day restocking, aided by falling spot coke prices narrowing mill losses. Gains capped by Q4 supply ramp-up from miners meeting targets. Read →

Chinese steelmaker profitability remains dire with only 6.93% of mills profitable per Mysteel survey; average rebar margins -¥204/t and HRC -¥213/t. Port iron ore inventories rose 1 Mt to 173.15 Mt last week. October historically weakest month for Dalian iron ore futures with average -4.68% return since 2014, pressuring prices testing ¥683-690 support zone. Read →

Baoshan Iron & Steel (Baosteel), listed arm of China Baowu, kept November domestic HRC and other flat-rolled list prices unchanged from October. Move signals cautious pricing amid weak post-holiday demand, rising steel inventories and lackluster end-user offtake for rebar and HRC. Chinese major steel prices remained weak overall Oct 8-10. Read →

October rebar export schedules at sampled mills reached 805,000 mt, up 230,000 mt month-on-month, including 420,000 mt steel billet exports up 50% MoM. Mills in northeast and east China boost overseas sales to ease domestic pressure from weak construction demand and high inventories. Planned October rebar output down 1.77% MoM to 6.8366 Mt. Read →

China spent a record $158.8 billion importing over 1,000 tonnes of gold in the first eight months of 2026, exceeding all of 2025. The PBOC added about 23 tonnes in September, its biggest monthly purchase in nearly three years, extending a 23-month streak. Official and private buying supports prices by hedging dollar dependence and providing a safe-haven alternative in a weak domestic economy. Read →

LME three-month copper rose as much as 1.2% to $14,474.50/t Friday after China returned from its National Day holiday with low inventories signaling restocking needs. A strike at Antofagasta’s Centinela mine in Chile, one of the country’s largest, threatens output starting within two weeks and adds to supply risks. Copper is tracking for a roughly 1.5% weekly gain amid tariff uncertainty and seasonal demand. Read →

LME tin fell $2,832/mt or 5.22% to $51,447/mt overnight on Oct 8, while the most-traded SHFE tin SN2610 contract dropped 4.50% in the night session below the 390,000 yuan mark. LME tin inventories hit a near three-year low at 4,310 mt after four straight days of declines. Macro pressures including Fed rate-hike expectations, strong dollar and surging oil prices drove the selloff despite tight ore supply from Myanmar and Indonesia. Read →

LME zinc closed down $59/mt or 1.49% at $3,710/mt after opening at $3,772/mt, briefly hitting $3,828.50/mt then dropping sharply as bulls cut positions. SHFE zinc 2611 contract fell 1.44% to 25,685 yuan/mt. LME zinc stocks declined 325 mt to 127,425 mt while Chinese regional inventories rose post-holiday. Read →

Three-month LME copper climbed 1.16% to $14,475/t, recovering from prior losses, as a strike at Antofagasta’s Centinela mine threatens November output and China’s Yangshan import premium hit $125/t, its highest since November 2022. Stocks outside the US remain tight after metal flowed to Comex ahead of potential tariffs. Other LME metals also gained, with zinc up 1.25%. Read →

DCE most-traded iron ore contract closed down 3.12% at 682.5 yuan/mt ($101.84/t), lowest since April 2025. Only 7% of Chinese steelmakers were profitable end-September; daily hot-metal output slid to six-month low of 2.34 Mt as mills start or plan maintenance. SGX November contract hit lowest since September 2024 at $90.95/t during holiday; excess supply and falling freight added pressure. Read →

Iron ore futures headed for third straight weekly loss; SGX fell as much as 0.9% Friday to lowest since September 2024. Dalian contracts hovered near two-year lows after post-holiday resumption. Ample seaborne supply and subdued Chinese steel demand outlook weighed on prices despite trading resumption. Read →

Inventories at 47 major Chinese ports reached 173.15 Mt as of Oct 8, up 963 kt week-on-week. Fines rose 701 kt and lumps 524 kt; daily port discharge averaged 3.58 Mt. Build reflects post-holiday arrivals amid softer mill buying as hot-metal output contracts. Read →

Spot gold rose 1.1-1.4% to around $4,177-$4,191/oz Friday after a two-month low Wednesday, with US futures up similarly. A breather in the dollar rally, slipping 10-year Treasury yields and lower oil prices after Trump ruled out an Iran attack before midterms supported prices. Traders price a low October hike chance but 83% odds for December amid ongoing inflation concerns. Read →

Physically backed gold ETFs attracted $10bn in September and a record $31bn in Q3 despite an 8.5% gold price drop that month. Holdings rose 67 tonnes to a record 4,256 tonnes while AUM fell 7% to $574bn. Europe led with $3.6bn in September (record $14bn quarter), followed by North America at $4bn ($12bn quarter), led by UK-listed funds. Read →

Benchmark three-month LME copper rose 0.96% to $14,614.5/t, touching a nearly two-week high of $14,646.5/t. The move followed the start of a strike at Antofagasta’s Centinela mine in Chile after wage talks collapsed and expectations of Chinese buyers resuming purchases after the National Day holiday amid tight stocks. LME copper backwardation widened to $89.06, signaling near-term tightness; SHFE copper gained 1.41%. Read →

Shanghai social copper inventory rose 5,500 mt to 54,700 mt and Jiangsu jumped 9,700 mt post-holiday from smelter arrivals. Spot premiums averaged 710 yuan/mt, down 265 yuan/mt, as high prices curbed downstream buying and demand stayed need-based. Guangdong stocks surged over 11,000 mt, widening regional spreads; premiums face further pressure as trading remains sluggish on the first full day back. Read →

SHFE copper rose 1.27% and the most-traded lithium carbonate contract gained 3.37% at midday, while SHFE aluminum fell 1.34%, zinc 0.81% and nickel 1.84%. LME copper edged up 0.18% and zinc fell 0.26%. Battery-grade lithium carbonate spot prices rose sharply in USD terms per SMM data, contrasting mixed base metals performance. Read →

Fortescue reported September-quarter iron ore sales about 8% below shipments due to ongoing negotiations with China Mineral Resources Group over long-term contracts and pricing. Shipments totaled 46.8 Mt, down 6% year-on-year, with maintenance also a factor. The standoff highlights Beijing's push for greater control over seaborne iron ore pricing, pressuring Australian miners' realizations and cash flows. Read →

Dalian iron ore futures dropped 1.85% to 691.5 yuan per tonne ($103.19/t), the weakest since June 2025, on the first trading day after China's National Day holiday. Weak steel mill margins, with only 6.9% profitable at end-September and daily hot metal output at a six-month low of 2.34 Mt, prompted maintenance plans and reduced ore demand. SGX November iron ore rose modestly to $92.3/t while rebar and HRC futures declined. Read →

Fortescue flagged lower iron ore sales volumes in the September quarter as tensions with China’s central purchasing agency CMRG intensified over pricing methodologies. The miner is redirecting some shipments to markets including Malaysia, India and Indonesia while 89% of its prior revenue came from China. The dispute underscores Beijing's efforts to centralize buying power and extract better terms from major Australian producers. Read →

Mysteel's survey showed Chinese blast-furnace steelmakers reduced output in the final week before the National Day holiday as more mills operated at losses. Hot metal production and capacity utilization declined further, with mills responding to thin margins by scaling back operations. This adds downward pressure on iron ore demand while port inventories continue to build. Read →

The People’s Bank of China increased its gold reserves by 21 tonnes in September to 2,196 tonnes, the largest monthly addition since September 2023 and the 23rd consecutive month of purchases. The move came as gold prices declined, with prior months seeing 18, 18.5 tonnes added. This reinforces structural central-bank demand that supports physical balances even during price pullbacks. Read →

Spot gold steadied near $4,117/oz on Thursday after hitting a two-month low on Wednesday, driven by a firmer dollar and higher Treasury yields. FOMC September minutes released overnight showed policymakers divided on the rate-hike rationale, with markets pricing an 86% chance of a December increase per CME FedWatch. Platinum and palladium each rose over 1% while silver fell. Read →

Three-month LME copper fell 0.25% to $14,379/t overnight amid a firmer US dollar index at 102.05 and rising oil prices that stoked inflation and rate-hike concerns. Aluminum edged up 0.25% on Middle East supply risks while zinc, lead and tin eased slightly; SHFE remains closed until Thursday reopening. The moves highlight macro headwinds pressuring base metals despite underlying AI-driven demand for copper. Read →

LME aluminum gained on supply-risk concerns tied to Middle East tensions while copper traded narrowly around $14,400/t awaiting China’s post-holiday reopening. Wage talks at major Chilean mines remain unresolved with BHP seeking mediation; most other base metals edged lower amid light trading volumes. Read →

LME copper settled $5 lower at $14,415/t; aluminum rose $6 to $3,134/t, zinc gained $22 to $3,766/t while lead fell $2 and nickel dropped $32 to $15,682/t. The session reflects overnight macro pressure ahead of SHFE reopening on Thursday after the National Day holiday. Read →

Iron ore futures fell below CNY 740 per ton near 1-year lows as Chinese steel mill profitability dropped to 51%, down 4.8 points weekly, amid elevated coke prices and seasonal demand weakness. Port inventories remain elevated near record seasonal levels at 160 million tons while seaborne supply recovers. The move pressures margins for BHP, Rio Tinto, Vale and Fortescue as Chinese blast-furnace output declines. Read →

Vale ADRs fell 0.49% to US$14.08 after China’s National Bureau of Statistics reported crude steel output dropped 3.7% year-on-year in August and 3.1% year-to-date. China Iron and Steel Association urged mills to curb output, reducing iron ore demand. CSN Mineração shares also fell nearly 2% on the data. Read →

Baowu and Rio Tinto completed industrial-scale trials at Zhanjiang Steel using Pilbara Blend ore in a hydrogen-based shaft furnace to produce direct reduced iron, then converted it in a basic oxygen furnace. The milestone advances lower-emissions steelmaking under their 2023 MoU and shows mid-grade Pilbara ore can support decarbonisation pathways versus traditional blast furnaces. Read →

Spot gold fell 0.8% to $4,130.37/oz and silver dropped 1.9% to $60.54/oz as the US dollar index rose 0.3%. Platinum eased 1.3% to $1,679.20/oz and palladium lost 1.5% to $1,154.35/oz. Traders await September FOMC minutes for signals on further rate hikes amid persistent inflation concerns from the Middle East conflict. Read →

The People’s Bank of China increased gold reserves by 740,000 ounces (about 23 tonnes) in September to 77.47 million ounces, extending its streak to 23 consecutive months. The addition came as gold prices weakened, with holdings now valued at $323.5 billion. This reinforces ongoing central-bank demand despite near-term price pressure. Read →

Delegates at the London Bullion Market Association conference in Sorrento predicted gold will reach $5,013/oz in 12 months from current levels near $4,170. Silver is seen at $97/oz, platinum at $1,914/oz and palladium at $1,415/oz. The poll reflects sustained long-term bullishness from central-bank buying and diversification despite 2026 rate-hike headwinds. Read →

LME three-month copper rose as much as 0.4% to around $14,438/t, extending gains from Monday's biggest advance in over two weeks. The move tracks a tech-led Wall Street rally and benefits from AI-driven demand expectations for data centers and power infrastructure. Chinese markets closed for Golden Week reduced volumes, with most other base metals little changed. Read →

China exported 40,668 tonnes of refined zinc in August, the second-highest monthly total in nearly 20 years, shifting toward net exporter status for the first time since 2022. Shipments flowed into LME warehouses in Hong Kong, Singapore and Kaohsiung, lifting LME stocks from an August low of 88,000t to 126,975t and capping the price rally. Western smelters face ongoing pressure from tight feed and high energy costs, with Nyrstar reviewing its Budel plant in the Netherlands. Read →

LME copper closed up $162 at $14,420/t, aluminum +$26 at $3,127/t, zinc +$33 at $3,744/t, lead +$24 at $1,876/t, nickel +$88 at $15,714/t and tin +$301 at $54,314/t. The broad gains followed Monday's equity-led risk-on move despite a stronger dollar and elevated yields. Read →

DCE most-traded contract fell 8.5 yuan to 705 yuan/mt and Qingdao spot prices dropped 10-12 yuan/wmt. SMM noted restocking demand is largely complete with mills buying only as needed amid thin trading. High-grade premium collapsed as the 61% index fell the most, confirming the prior divergence was temporary noise. Read →

CISA data showed mill finished-steel inventories at 17.08 million mt as of Sept 20, up 5.1% from end-August and 11.7% YoY despite output restraint. September demand proved weaker than expected with no major stimulus anticipated; exports provide some cushion but HRC and rebar prices face downside risk post-holiday from coking coal and weak fundamentals. Read →

ICE began trading physically settled daily gold futures in London, priced off its own auctions, along with silver, platinum and palladium contracts. The move targets the world's largest physical bullion market, which handles nearly $190 billion in daily OTC gold trades. It aims to bridge pricing gaps with New York and revive futures activity absent since the LME exit in 2022. Read →

Global central banks reported net purchases of 39 tonnes in August, led by China (+20t), Poland (+8t) and Uzbekistan (+8t). Year-to-date buying reached 170t with Poland at 98t and China at 80t. China extended its streak to 22 consecutive months; Russia sold another 6t. Read →

LME copper inventories fell 3,750 tons on Oct 5, with lead down 2,700 tons and nickel down 198 tons. Zinc stocks rose 3,225 tons while tin fell 45 tons and aluminum was unchanged. The shifts highlight ongoing physical market tightness in copper amid broader base metals moves. Read →

NALCO reduced its aluminum price to ₹351,200 per tonne from ₹362,700, a 3.2% cut. The move follows weaker LME aluminum prices and pressure from rising Chinese exports. It reflects softening conditions in the global aluminum market. Read →

Panama’s government commission will recommend to President Mulino a temporary restart of the Cobre Panama mine through a state partnership with First Quantum. The move aims to fund closure costs estimated in the billions while addressing economic impacts. The mine was shuttered after a 2023 court ruling on its contract. Read →

SGX September iron ore rose 4.7% to $117.70/t, its highest since June 30. DCE most-traded contract climbed 5.1% to 778 yuan/t. SMM reports 12 Chinese blast furnaces restarted as steel margins improved, lifting rebar 3.2% and hot-rolled coil 2.8% on Shanghai Futures Exchange. Read →

Global seaborne iron ore flows reached 153.5 Mt in August, flat y/y. China arrivals fell 7.7% despite 0.2% rise in flows to China. Elevated port stocks and weaker steel demand point to softer Q4 flows, with Brazil exports already down over 11% y/y. Read →

Rio Tinto marked shipment of its 8 billionth tonne of Pilbara iron ore since 1966. The milestone shipment departed Cape Lambert on the Juno Horizon bound for Nippon Steel. Rio continues studies at Rhodes Ridge for potential 100 Mtpa capacity. Read →

UBS raised long-term iron ore forecast to $93/t from $85/t, citing cost-curve support with 85 Mt of supply cash-negative at current levels. Macquarie flags Fortescue as counter-consensus trade. Iron ore historically rises in 12 of past 16 Decembers. Read →

Spot gold rose 0.3% to $4,153.56/oz and December futures gained 0.5% to $4,181.70 after September US payrolls missed forecasts and prior months were revised sharply lower. CME FedWatch Tool now prices only an 18% chance of an October hike versus 64% a week earlier. Silver climbed 1.7% to $61.40/oz, platinum 1.1% and palladium 0.3%, as lower rate expectations reduce opportunity costs for non-yielding metals. Read →

On MCX, December gold futures fell Rs 1,400 to Rs 1,49,050 per 10 grams while silver futures rose Rs 1,025 to Rs 2,26,902 per kg. Spot gold gained 0.4% to $4,158.17/oz and silver 1.7% to $61.40/oz overseas. Domestic divergence reflects local factors even as softer US data supports the complex globally. Read →

Gold, silver and copper hit record highs this year amid frenetic Chinese buying and safe-haven flows tied to geopolitical tensions and US policy uncertainty. Silver briefly topped $92/oz and gold set fresh peaks; a pending US Section 232 probe on tariffs for silver, platinum and palladium is tightening London market conditions via backwardation. Read →