Metals

Russian-origin aluminium accounted for 93% of LME on-warrant stocks in May, up sharply as total inventories fell 23% and Indian metal was withdrawn. The concentration heightens sanctions and liquidity risks for the benchmark contract used by global buyers. Read →

China shipped 632,000 tonnes of unwrought aluminium and products in May, up 5.68% year-on-year, as Middle East disruptions from the Iran conflict tightened global availability. Year-to-date exports reached 2.69 million tonnes, 10.4% higher, underscoring China's role filling the gap for downstream users. Read →

Australian federal and state governments approved A$105 million more for Nyrstar's Port Pirie lead and Hobart zinc smelters owned by Trafigura, bringing total support to A$240 million. The funds sustain operations losing A$15 million monthly while feasibility studies advance critical-minerals output. Read →

LME aluminium cash settlement climbed 0.29% to $3,498.50 per tonne while on-warrant stocks dropped 0.89% to 322,000 tonnes. Persistent inventory draw supports physical premiums amid ongoing supply concerns from the Middle East. Read →

Spot gold fell 0.8% to $4,182.47/oz on Friday and is headed for a 3.4% weekly decline. Silver dropped 0.9% to $66.78/oz while platinum rose 0.4% and palladium gained 1.7%. Persistent inflation data and expectations of U.S. Federal Reserve rate hikes are weighing on prices. Read →

Indian dealers reported discounts up to $35/oz as gold prices in India fell to their lowest since April 2. Demand ticked up modestly this week with softer prices attracting jewellery buyers. Chinese premiums eased to $1-$5/oz. Read →

The National Bank of Georgia purchased $100 million in physical gold on Wednesday. Gold's share of its reserves will reach 15.5% and total reserves hit a record $7 billion. This marks continued central-bank buying supporting the gold market floor. Read →

As of midday close on Jun 11, SHFE copper fell 1.4%, zinc dropped 2.48%, nickel declined 1.49%, and tin fell 1.08%, while aluminum rose 0.33% and lead gained 0.68%. Lithium carbonate futures rose over 3%. The moves occurred against a backdrop of renewed US-Iran tensions and higher oil prices weighing on risk assets and industrial demand outlooks for energy-transition and base metals. Read →

Nickel prices continued lower on Jun 11 following US May CPI data showing a three-year high in year-over-year growth. Escalating Middle East conflict, including strikes and Strait of Hormuz concerns, lifted oil prices and reinforced expectations for higher-for-longer rates, pressuring nickel and broader base metals demand. The report ties the price action directly to these macro and geopolitical factors affecting stainless steel and battery supply chains. Read →

LME zinc gained 1.4% to $2,805.50/t in morning trade while copper rose modestly to $9,828/t; aluminum edged down 0.23%. China holiday conditions limited physical market activity and contributed to mixed price action across the complex. Read →

Spot gold rose 0.6% to $4,097 after touching a six-month low earlier. Silver, platinum and palladium also edged higher. Gains stayed limited by May CPI at 4.2% and Middle East tensions lifting inflation and rate-hike odds. Read →

Spot gold fell 3.5% to $4,112, its lowest since March 23. Silver, platinum dipped while palladium rose. Escalating US-Iran conflict boosted oil and inflation expectations, pressuring non-yielding metals. Read →

National Bank of Georgia purchased $100 million in LBMA gold bars, lifting reserves to a record $7 billion. Gold now comprises 15.5% of reserves. The move aligns with Q1 global central-bank purchases exceeding 970 tonnes. Read →

Benchmark three-month copper on the LME fell 0.36% to $13,566.5 per metric ton overnight. Other base metals also declined, with aluminum down 1.54%, zinc 0.58%, nickel 0.77% and tin 1.86%. Support lingers from expected US tariffs on copper imports, but energy price spikes from Middle East conflict and stronger US jobs data raising rate-hike odds weighed on demand outlook. Read →

Treatment charges on imported zinc concentrate hit a record low of minus $50 per ton. China produces roughly half the world's refined zinc but depends heavily on imported ore. Negative fees last seen in 2024 previously prompted output cuts to limit losses. Read →

Chilean lithium producer SQM shares rose more than 3% in Santiago after Scotiabank reaffirmed its Sector Outperform rating and $105 target. The bank highlighted strong demand growth through the decade, SQM's low all-in costs around $4,500/t at Salar de Atacama, and potential Mt. Holland expansion in Australia. Read →

Spot gold traded around $4,201-$4,223/oz after settling down 3.1% on Friday amid renewed Middle East strikes and rising yields. Stronger US jobs data fueled expectations of Federal Reserve rate hikes, pressuring non-yielding metals. The move extends a weekly decline for gold and silver. Read →

People's Bank of China added 320,000 oz in May, extending its streak, while World Gold Council data showed 244 tonnes of net central bank purchases in Q1 2026. Western ETFs recorded $1.8bn net outflows in May amid higher rate expectations. Persistent official buying supports fundamentals despite investor selling. Read →

WPIC revised its 2026 platinum market deficit forecast to 297 koz from 240 koz on tighter supply from South Africa and Russia. Above-ground stocks are projected to fall to under three months' cover by year-end. Investment demand is expected to rebound and widen the structural shortfall. Read →

Copper resumed its advance with other industrial metals after Iran and Israel agreed to halt strikes, easing risk-off sentiment. The move counters earlier pressure from US rate-hike expectations and supports demand outlook via strong Chinese exports. This lifts the broader base metals complex amid energy-transition themes. Read →

Industrial-grade lithium carbonate fell to 159,000 RMB/ton, down 9.14% month-to-date, as higher prices prompted producers to restart mining and inventories accumulated. Overseas regulatory measures and weaker end-user procurement drove the retreat from recent highs. The correction highlights volatility in energy-transition metals despite underlying demand growth. Read →

SMM 1# Copper Cathode averaged 13,545.64 USD/tonne, down 164.29; aluminum at 3,122.91 USD/tonne, down 28.94; zinc at 3,208.14 USD/tonne, down 15.35. Nickel rose to 18,230.01 USD/tonne while tin fell sharply. Data reflects LME/SHFE influences and China physical market conditions overnight. Read →

Copper futures held near $6.3 per pound after solid Chinese May exports hit a record $376.8 billion, fueled by AI and renewable demand. Easing Middle East tensions reduced inflation and rate-hike concerns that weigh on metals. Jefferies cites persistent supply deficits supporting longer-term strength. Read →

Shares of Chinese gold jewelry companies plunged as precious metals prices continued to fall. The sell-off follows recent price weakness in gold and silver. This highlights sensitivity of Chinese equity exposure to spot metal moves. Read →

Gold stayed essentially flat near $4,341/oz while silver rose 0.81% to $68.90. Platinum fell 1.15% and palladium declined 0.69%, with UBS cutting its palladium target citing 2026 surplus. Geopolitical uncertainty from US strikes on Iranian targets offset some safe-haven flows. Read →

Spot gold fell to a more than two-month low near $4,314 on Monday after strong US jobs data raised December Fed rate-hike odds to 72%. Higher yields increased bullion's opportunity cost. Silver also eased while physical buyers remained steady ahead of CPI data. Read →

Benchmark three-month copper on the LME rose 0.38% to $13,570.5 a tonne but remained near one-week lows. Strong US May jobs data and Middle East tensions lifted oil prices and Fed rate-hike expectations, weighing on growth-sensitive metals. SHFE copper fell 1.5% as Asian stocks opened lower. Read →

PT Weda Bay Nickel, the world's largest nickel mine and Eramet JV, stopped ore production after Indonesia slashed its 2026 quota 71% to 12 million wet metric tons from 42 million in 2025. The move forms part of Jakarta's efforts to control supply and support prices. Nickel faces a tightening supply picture from the top producer. Read →

Tin prices balance support from overseas demand expectations against weak domestic spot uptake in China. The briefing notes global semiconductor chain developments influencing the market. LME tin showed mixed moves with prices around $52,935 per tonne recently. Read →

Commerzbank analyst Carsten Fritsch lowered the bank's end-2026 gold price forecast to $4,800 per ounce from $5,000, citing an oil-driven rate shock and shifting U.S. monetary policy expectations. The 2027 target stays at $5,200. The revision signals tempered near-term optimism despite persistent central bank buying and debt concerns, pressuring spot prices lower. Read →

HDFC Mutual Fund restricted large direct subscriptions (₹25 crore+) into its Gold ETF from June 8 and capped lump-sum FoF purchases at ₹10 lakh per PAN monthly. The moves address surging demand that strains physical gold sourcing amid high prices and import duties. This cools Indian ETF flows, a key driver of recent safe-haven buying. Read →

Metals Focus forecasts platinum prices averaging $2,190/oz in 2026, up 71% y/y, on persistent market deficits, tightening supply and rising investor demand. Palladium is seen averaging $1,570/oz, up 37%. Geopolitical fragmentation and deficits underpin the bullish PGM outlook despite recent price volatility. Read →

LME copper closed up 0.86% at $13,904/mt after opening lower; SHFE copper rose 1.11%. Bears reduced shorts while the pullback narrowed spot discounts and stimulated buying. Elevated prices and U.S. tariff uncertainty keep volatility high. Read →

COMEX copper traded around $6.46/lb after record highs, still up over 30% year-on-year. Traders monitor the U.S. copper tariff investigation and mine supply recovery pace. Volatility expected to persist with unresolved supply risks. Read →

SHFE copper, aluminum and lead fell within 0.5%; zinc dropped 0.88% and tin 4.29%. LME metals also declined across the board. Lithium carbonate rose over 1% while nickel led declines. Read →

Central banks resumed net gold buying in April with 17-19 tonnes added after March net sales, led by Poland's 14t and China's 8t purchase, its largest since Dec 2024 and 18th straight month. The rebound signals strategic reserve demand from emerging markets persists despite recent price weakness, supporting the complex as a long-term bid. Read →

WGC data shows central banks bought a net 17-19 tonnes of gold in April, reversing March sales, with Poland at 14t (YTD 45t, reserves now 595t) and China adding 8t to reach 2,322t. Eastern Europe and Asia drive the trend, reinforcing gold's role in reserves amid geopolitical factors. Read →

Global gold-backed ETFs saw modest $2bn outflows in May as investors stayed sidelined amid rangebound prices, with Europe the sole region showing inflows. AUM fell 2% to $604bn and holdings dipped 0.4% to 4,121t, just below February's record, though YTD inflows remain positive at nearly $17bn. Read →