Metals
Every weekday's metals stories from Morgan Downey's Commodity News email, newest first, with the day's what-moved line (Mon, Jun 15 to Fri, Jul 10). Open a date for the full issue across every commodity.
Base Metals
What's moving · LME aluminum and base metals rally on Middle East supply shock reviving Western smelters.
Aluminum supply shock revives idled Western smeltersAndy Home · Reuters
Magnitude 7 Metals is restarting one 75,000-ton potline at the New Madrid smelter in Missouri by year-end. Hydro plans to restart 75,000 tons at the Slovalco JV smelter in Slovakia. The moves follow a Middle East supply shock that has cut Gulf output by an annualized 2 million tons and driven LME aluminum stocks below 400,000 tons.
Read → LME tin surges over 2% as base metals riseShanghai Metals Market
LME tin jumped 2.05% while copper gained 0.96%, aluminum 1.04%, nickel 1.1%, lead 0.8% and zinc 0.81%. SHFE aluminum rose 1.45% and copper 0.76%. The broad gains reflect ongoing tightness across the base metals complex.
Read → Base metals rise on renewed Iran strikesAegis Hedging
U.S. airstrikes on Iran and Iranian retaliation are supporting base metals prices. The conflict continues to pressure aluminum supply from the Gulf region.
Read → Zinc and tin lead LME base metals gainsAndrea Hotter · Fastmarkets (X)
On July 9, three-month zinc rose 3.05% and tin 2.98% at the LME close. Aluminum cash/three-month spread moved into backwardation amid tight physical market conditions.
Read → Iron Ore & Steel
What's moving · BHP Port Hedland strike threat drives iron ore supply concerns as China port stocks stay elevated.
Brazil regulator probes Vale chair exit pay dealBloomberg
Brazil's securities regulator is reviewing a compensation arrangement tied to the July 6 resignation of Vale chairman Daniel André Stieler. Vale confirmed the payment was for a non-disclosure agreement, not severance. The probe adds governance uncertainty at the world's top iron ore producer amid ongoing supply negotiations.
Read → China bars some Fortescue portside ore from July 15Reuters
China Mineral Resources Group directed steel mills not to accept certain Fortescue Super Special Fines and Fortune Fines cargoes after July 15. The move affects lower-grade material already stockpiled at Chinese ports. It escalates Beijing's campaign to gain pricing leverage over Australian miners during contract talks.
Read → China iron ore prices range-bound amid weak demandSteelOrbis
Imported iron ore prices in China traded in a narrow band on July 9 with a persistently bearish tone. High port inventories and subdued steel mill margins continue to cap upside despite supply-side headlines. Mills remain cautious on procurement amid soft finished-steel demand.
Read → Precious Metals
What's moving · China's central bank buys 15 tonnes of gold in June, extending 20-month streak amid price volatility.
India gold discounts hit $19/oz as volatility curbs buying; China demand steady.Reuters
Indian dealers offered discounts up to $19/oz this week as spot prices slipped and retail buying slowed to mostly jewelry exchanges. China's central bank added 480,000 ounces in June, its largest monthly increase since October 2023, extending purchases to 20 straight months and lifting reserves to 75.44 million ounces. The counter-cyclical buying helps stabilize prices while Hong Kong launched a gold central-clearing system to become a regional reserve hub.
Read → PBOC adds 15 tonnes gold in June, largest purchase this year during price dip.Kitco News / goldsilver.com
China's central bank increased reserves by 14.93 tonnes in June, the largest single-month purchase since 2023 and a 50% jump from May's 9.95 tonnes. The move extended the 20-month buying streak to 2,346 tonnes total despite gold's quarterly decline. This official accumulation contrasts with investor selling and supports price stabilization through counter-cyclical demand.
Read → Base Metals
What's moving · LME aluminium cash prices rise 0.71% on renewed Middle East supply risks while SHFE aluminium rebounds 0.68%.
India recyclers urge end to 2.5% aluminium scrap dutyDeepika Singh · Argus Media
India’s Material Recycling Association of India (MRAI) called for abolition of the 2.5% basic customs duty on aluminium scrap. The levy raises costs for recyclers that import 80-85% of needs amid 1.8-2mn t annual imports and growing secondary output to 2.2mn t. Removal would aid SMEs, downstream manufacturers and India’s recycling ambitions as other base-metal scraps are already duty-free.
Read → LME aluminium cash offer rises 0.71% on Middle East risksAlCircle
LME aluminium cash bid climbed to $3,140.50/t on July 8 from $3,118/t, up 0.71%. Renewed Middle East tensions lifted prices amid supply-disruption fears for the region’s 9% share of global smelting capacity. The move contrasts broader base-metals softness and highlights aluminium’s sensitivity to geopolitical logistics risks.
Read → SHFE cast aluminium alloy warrants fall 510 mtShanghai Metals Market (SMM)
SHFE cast aluminium alloy warrants declined 510 mt to 22,727 mt on July 8. The drop signals tightening physical availability in Shanghai despite volatile price action. Lower warrants can support nearby premiums and spot buying interest in China’s aluminium market.
Read → SHFE aluminium rebounds 0.68% on July 8Shanghai Metals Market (SMM)
The most-traded SHFE aluminium contract settled at RMB 23,075/t, up 0.68%. Prices extended a volatile rebound as position reductions and short-covering supported the session. The gain occurs alongside broader base-metals caution and follows earlier weakness in the complex.
Read → Iron Ore & Steel
What's moving · BHP Port Hedland strike threat and China port restrictions on Fortescue lift iron ore to near $99/t amid easing steel demand.
BHP workers vote for July 16 strike at Port Hedland iron ore hub.Reuters
Hundreds of BHP port and maintenance workers at Port Hedland in Western Australia voted for an eight-hour stoppage on July 16 after six months of failed labor talks for a four-year deal. The action targets operations shipping up to $80 million daily in iron ore exports. Unions and BHP are scheduled to meet July 14 to potentially avert disruption.
Read → CMRG bars mills from Fortescue low-grade ore deliveries from July 15.Reuters
China Mineral Resources Group verbally instructed some steel mills not to take delivery of Fortescue's Super Special Fines and Fortune Fines from July 15. The low-grade products represent nearly 5% of major Chinese port iron ore stocks at 7.22 million tons as of June 30. Fortescue continues supply negotiations with CMRG.
Read → Iron ore reclaims $100/t on BHP strike supply concerns.Yieh Corp
Iron ore prices advanced back above $100 per ton driven by potential disruptions at BHP's Port Hedland operations. Chinese mills remain cautious buyers. Persistent market backwardation signals expectations of softer prices ahead despite the near-term lift.
Read → Precious Metals
What's moving · Central bank gold buying, led by China’s 15t June purchase, supports prices amid ETF outflows and hawkish Fed signals.
China’s central bank adds 15t gold in June, biggest purchase since 2023Neils Christensen · Kitco News
The People’s Bank of China added 14.93 tonnes of gold in June, extending its buying streak to 20 consecutive months and lifting reserves to 2,346 tonnes. This marks the largest monthly purchase since October 2023, executed as prices fell below key technical levels. Persistent official-sector demand provides structural support for gold even as investor flows weaken.
Read → World Gold Council: Gold ETFs see $8.9B June outflows but H1 inflows hold at $8BWorld Gold Council
Physically backed gold ETFs recorded $8.9 billion in net outflows in June across all regions, with North America leading the decline, trimming global AUM to $526 billion and holdings to 4,047 tonnes. Despite the monthly setback, first-half inflows remained positive at $8 billion, driven by Asia’s record $12 billion addition. The data highlights diverging behavior between retail and institutional investors amid policy uncertainty.
Read → Fed minutes show 9-8 split on rate hikes; gold falls to $4,075, silver to $58.27GoldSilver.com
The June FOMC minutes, released July 8, revealed a 9-8 split among Fed officials on prospects for a 2026 rate hike, prompting immediate selling in precious metals. Spot gold dropped 0.75% to around $4,075 and silver fell 2.83% to $58.27, deepening corrections from January highs. Markets now await the July 14 CPI release for further clarity on policy direction.
Read → Base Metals
What's moving · LME base metals hold near recent highs as ShFE nickel volumes surge and US lithium stockpiling advances.
ShFE nickel opening to overseas traders signals shift from LME dominance.Andy Home · Reuters
ShFE opened its nickel contract to international participants in April, tripling volumes in H1 2026 versus 2025 amid China's Indonesia-linked supply chain. LME nickel volumes rose 22% but ShFE inventories keep building, pointing to two separate physical pricing hubs. The move reflects broader fracturing of global metals benchmarks into regional centers, with copper already showing LME-CME divergence.
Read → US DLA tenders for up to 16,000 tons battery-grade lithium carbonate.Bloomberg
The Defense Logistics Agency seeks offers for nearly 36 million pounds of lithium carbonate over five years, worth up to $300 million, per a July 2 tender. The purchase builds US strategic stockpiles to cut critical-mineral supply risks. It underscores government focus on securing battery materials amid energy-transition and defense priorities.
Read → Ioneer inks MoUs with KIND and Hyundai for Nevada Rhyolite Ridge project.Reuters
Ioneer signed non-binding MoUs with Korea Overseas Infrastructure & Urban Development Corp and Hyundai Engineering to advance its Rhyolite Ridge lithium-boron project in Nevada. KIND is evaluating equity investment while Hyundai assesses procurement roles; deals were inked at US DOE offices. The steps move the project closer to a final investment decision and on-site processing.
Read → LME copper at $13,365.50, aluminum $3,137.50, tin $53,350 per tonne.Bloomberg
LME three-month copper settled at $13,365.50, aluminum at $3,137.50, zinc at $3,572, and tin at $53,350 on July 7. Prices reflect steady positioning ahead of potential China demand signals and US policy moves. Nickel and lead also traded near multi-week levels with limited overnight volatility.
Read → Iron Ore & Steel
What's moving · DCE Sep iron ore futures closed 0.47% lower at 735.5 yuan/t amid rising blast furnace maintenance cuts and weak steel demand.
DCE Sep iron ore futures close 0.47% lower at 735.5 yuan/t.Xinhua
The most active September 2026 iron ore contract on the Dalian Commodity Exchange fell 3.5 yuan to 735.5 yuan per tonne on Tuesday. Trading volume reached 239,496 lots. Weakness reflects softening Chinese steel demand and seasonal factors.
Read → DCE iron ore futures weaken; blast furnace maintenance rises.Metals Market Index via Hellenic Shipping News
DCE iron ore futures closed lower with spot prices down 1-2 yuan/mt. SMM data shows blast furnace maintenance impact at 1.2637 million mt this week, up 77,800 mt week-on-week and set to rise further. Iron ore demand is expected to contract, pressuring prices in a bearish range.
Read → China port iron ore stocks fall 0.5% to 174.61 million tonnes.Mysteel
Imported iron ore inventories at 47 major Chinese ports declined 826,300 tonnes or 0.5% week-on-week to 174.61 million tonnes. The drawdown occurs against a backdrop of subdued domestic steel demand and ongoing blast furnace curtailments.
Read → Precious Metals
What's moving · China's PBOC added 15 tonnes of gold in June, its largest monthly purchase since 2023, extending its 20-month buying streak.
China's central bank adds 480,000 ounces of gold in June.Reuters
The People’s Bank of China reported its largest monthly gold reserve increase in over 2.5 years, adding 480,000 troy ounces (about 15 tonnes) to reach 75.44 million ounces. This marks the 20th consecutive month of purchases despite gold prices falling sharply in June. The move underscores ongoing central bank demand as a key structural support for the metal amid price weakness.
Read → Gold edges higher ahead of Fed minutes as Iran tensions lift oil.Pablo Sinha and Swati Verma · Reuters
Spot gold rose 0.4% to $4,123.55 per ounce after hitting a near one-week low, supported by anticipation of the Federal Reserve's June meeting minutes. Fresh U.S. strikes on Iran and resulting oil price jumps above 3% introduced inflation concerns that capped gains and boosted rate-hike bets. Silver gained 1.1% while platinum and palladium declined.
Read → Hong Kong starts gold clearing system to become bullion hub.Reuters
Hong Kong launched a central gold clearing system and revived gold futures trading as part of efforts to establish itself as a major regional bullion trading and storage hub. The initiative, backed by major banks, aims to create a comprehensive trading ecosystem in Asia. It coincides with ongoing central bank buying and market volatility in precious metals.
Read → Base Metals
What's moving · Nickel prices slide toward 6-month lows on Indonesia supply-quota hike signals; LME copper holds near $13,310/t amid mixed cues.
CATL gains permit to restart Jianxiawo lithium mineReuters
CATL obtained the safety production permit on June 29 for its Jianxiawo mine in Yichun, Jiangxi, valid until February 2028. The mine, suspended since August 2025 after its prior license expired, has capacity for 46,000 metric tons of lithium carbonate annually, or about 3% of 2025 global output. Restart adds supply to the lithium market after nearly a year of idling that previously lifted prices and stocks.
Read → DRC expects no major copper-cobalt output hitFiston Mahamba · Reuters / CNBC Africa
DRC Mines Ministry official Grace Mabaya said no significant production disruptions from sulfuric acid or other chemical shortages linked to Middle East tensions. Q1 copper exports hit a record 823,887 metric tons and cobalt hydroxide exports rose 24% to 51,940 tons. Miners rely on long-term contracts, inventories, and regional sourcing to buffer risks, though costs and delivery times could rise if issues persist.
Read → LME lists Adani Kutch Copper brand for deliveryPolina Devitt · Reuters
The LME approved the Adani Copper brand from Kutch Copper Ltd. (500,000 tpa capacity) for delivery against copper contracts, with warrants issuable from July 10. The $1.2 billion Gujarat plant, India's largest single-location smelter, will cut reliance on imported refined copper (238,080 tons in 2025). Warehouses must immediately include the brand in off-warrant stock reports.
Read → US set to approve South32 Arizona zinc mineBloomberg / MINING.COM
The US Forest Service plans to issue the Record of Decision Tuesday for South32’s Hermosa project in Arizona’s Patagonia Mountains under fast-track permitting. The $2 billion critical-minerals project targets one of the world’s largest undeveloped zinc deposits plus manganese for batteries and steel. Full production targeted by 2029; approval advances US efforts to boost domestic supply of zinc and manganese.
Read → Iron Ore & Steel
What's moving · China's curbs on Fortescue iron ore cargoes lift SGX and DCE futures amid post-slump buying.
Iron ore rises on Fortescue curbs and slump buyingKatharine Gemmell · Bloomberg
China Mineral Resources Group told steel mills and traders not to buy new USD cargoes of Fortescue Super Special Fines, escalating the dispute. SGX iron ore futures climbed as much as 1.2% to near $99/t and DCE futures rose 0.9% to 740.5 yuan/t. The move supports prices after a 12% retreat from May peaks driven by seasonal Chinese demand weakness and rising seaborne supply.
Read → China buyer extends Fortescue curbsMining.com / Bloomberg News
CMRG instructed mills not to buy new USD-denominated Super Special Fines cargoes while port inventories must clear by July 15 or face restrictions. Super Special Fines represent about 45% of Fortescue's recent shipments. Negotiations over long-term supply contracts remain deadlocked.
Read → China iron ore port stocks fall weeklyMysteel
Inventories at 47 major Chinese ports dropped 826,300 tonnes or 0.5% week-on-week to 174.61 million tonnes as of July 2, ending five straight weeks of gains. Stocks remain 20.5% higher than a year earlier. New arrivals rose but port congestion limited stock buildup.
Read → Precious Metals
What's moving · Central bank gold buying and China ETF shift support prices amid Fed minutes watch.
China’s largest ETF now gold-focused, overtaking equity fundStaff Writer · MINING.COM
The Huaan Yifu Gold ETF became China’s biggest ETF with 90 billion yuan in assets, surpassing the Huatai-PineBridge CSI 300 equity fund. This shift signals domestic investors preferring gold for hedging amid capital controls and weak equities. It aligns with central bank purchases, underscoring structural demand rotation toward the metal.
Read → Central banks net bought 41t gold in May, second-highest 2026 totalDr. Guneet Kaur · Yahoo Finance
World Gold Council data showed central banks added a net 41 tonnes in May, led by Poland (18t) and China (10t, 20th straight month). Purchases occurred despite price declines, with 89% of central banks expecting further reserve growth. This contrasts with heavy Bitcoin ETF outflows, highlighting gold’s unique sovereign bid.
Read → Gold slips 0.6% to $4,138/oz awaiting Fed June minutesReuters
Spot gold eased 0.6% to $4,138.32/oz as investors await FOMC June minutes for signals on new Chair Warsh’s policy. Weaker jobs data last week dialed back September rate-hike odds to 56%. Hong Kong launched a gold clearing system to become a regional hub, while silver and platinum also eased.
Read → Base Metals
What's moving · Copper and aluminum rise on fading US rate-hike bets, snapping losing streaks on LME and Shanghai.
Copper and aluminum advance on fading US rate-hike expectations.Bloomberg
Three-month copper on the LME edged higher for a third day, extending a 0.3% gain that snapped a two-week losing streak. Aluminum extended a rebound from a four-month low. Traders pared bets on tighter US monetary policy after Fed Chair Kevin Warsh said price risks were coming down, easing pressure on industrial demand.
Read → Iron Ore & Steel
What's moving · CMRG curbs on Fortescue iron ore cargoes lift futures as buyers step in after slump.
Iron ore rises on Fortescue curbs and slump-driven buyingBloomberg
Iron ore futures climbed as much as 1.2% to $99/t after China Mineral Resources Group told steel mills and traders not to buy new USD-denominated cargoes of Fortescue’s Super Special Fines. The curbs escalate Beijing’s push for pricing control and have supported prices in recent weeks amid a multi-month slump that drew bargain buying.
Read → CMRG extends curbs on Fortescue Super Special FinesBloomberg
China Mineral Resources Group expanded restrictions to bar new purchases of Fortescue Super Special Fines beyond portside stocks, requiring delivery by July 15 or facing blacklisting and logistics blocks. The move mirrors tactics used against BHP and aims to strengthen CMRG’s bargaining power with Australian miners.
Read → China rebar prices fall 1.8% in late June per NBSSteelOrbis
China’s National Bureau of Statistics reported local rebar prices dropped 1.8% in the second half of June, reflecting persistent weak domestic demand tied to the property sector slowdown. The decline underscores pressure on steelmakers’ margins amid high port iron ore stocks and limited infrastructure or property stimulus.
Read → China steel benchmark edges up to 3,058 CNY/tTrading Economics
The China steel benchmark rose 0.13% to 3,058 CNY/t, though it remains down 2.49% over the past month. Rebar futures hover near eight-month lows as EU import quotas tighten and Chinese summer demand stays subdued from the ongoing property downturn.
Read → Precious Metals
What's moving · Gold hovers near $4,175/oz as soft US jobs data tempers near-term Fed rate-hike bets.
Central banks net buy 41t gold in May, led by Poland and China.Kitco News
World Gold Council data show official gold reserves rose a net 41 tonnes in May, the second-highest monthly total this year. Poland bought 18t and China added 10t, their largest purchase since December 2024. Persistent sovereign buying underpins prices despite recent volatility.
Read → JPMorgan cuts 2026 gold forecast to $4,500/oz in Q4 on weaker demand.Reuters
JPMorgan lowered its year-end gold target to $4,500/oz from a prior $6,000 view, citing softer demand from key sectors. Spot gold traded around $4,174/oz after a 1.3% daily gain. The bank sees a rebound only in late 2026.
Read → Gold set for first weekly gain in five weeks as rate-hike bets ease.Reuters
Spot gold rose over 2% for the week after weak US June jobs data cooled immediate rate-hike expectations. Prices steadied near $4,174/oz. The move follows earlier pressure from firmer Treasury yields and stronger employment reports.
Read → Base Metals
What's moving · LME base metals rise broadly with tin up over 2% as SHFE aluminum and nickel gain on positive industrial data and inventory moves.
LME metals swing on Iran war and peace signals in H1 2026Andy Home · Reuters
Andy Home details how the Iran conflict and subsequent peace talks caused sharp swings in LME prices for aluminum, copper, zinc, nickel and tin through the first half of 2026. Aluminum hit a four-year high on Gulf smelter disruptions before unwinding, while copper trades in a narrow range amid tariff uncertainty and zinc outperformed on a surprise deficit. The analysis underscores persistent low inventories and divergent metal-specific fundamentals despite macro volatility.
Read → Base metals rise; LME tin gains over 2% middayShanghai Metals Market (SMM)
SMM reports most SHFE base metals advanced at midday with copper up 0.76%, aluminum up 1.45% and tin up 0.66%. LME tin climbed 2.05%, nickel 1.1%, aluminum 1.04% and copper 0.96% as of 11:46 ET. Lithium carbonate futures rose 1.87% alongside precious metals gains, supported by domestic equipment upgrade funding and cooling US jobs data easing rate-hike bets.
Read → LME copper stocks drop 3,450 tons to 318,900X / market update
LME copper warehouse stocks declined by 3,450 tons to 318,900 tons, tightening visible supply further. The move aligns with broader base metals support from industrial demand and energy-transition themes amid ongoing inventory drawdowns.
Read → Iron Ore & Steel
What's moving · CMRG restricts Fortescue low-grade iron ore deliveries from July 15 amid stalled talks, pressuring Chinese port stocks and miner leverage.
CMRG bars Fortescue fines deliveries to mills from mid-JulySteelOrbis
CMRG directed some domestic steel mills to avoid taking certain Fortescue portside products from July 15. Fortescue ships most output to China and continues supply negotiations with CMRG. The action follows CMRG's prior directive against mills discussing Fortescue's new Fortune Fines product.
Read → CMRG to blacklist Fortescue Super Special Fines after July 15Andrii Tarasenko · GMK Center
CMRG informed steelmakers and traders to take delivery of Fortescue Super Special Fines by July 15 or face blacklisting and logistical restrictions. Negotiations on long-term contracts have stalled, with some July shipments already delayed. The step tightens CMRG control over pricing and mirrors its earlier BHP dispute.
Read → China steel futures mixed on July 2 amid soft demandSteelOrbis
Rebar and other steel futures on Chinese exchanges showed limited movement on July 2 with domestic long steel markets steady to down. Iron ore 62% Fe CFR China prices fell 0.65% weekly. Weak pre-holiday demand and bearish sentiment weighed on longs amid broader margin pressure on mills.
Read → Precious Metals
What's moving · Gold rises toward $4,200 after weak US jobs data cuts Fed rate-hike odds.
Gold rises toward $4,200 on weak US jobs data lowering rate-hike odds.Bloomberg
Gold extended two days of gains, rising as much as 1.8% to around $4,195 an ounce after US hiring slowed sharply in June. The data reduced chances of the Federal Reserve raising interest rates this year, easing pressure on bullion prices. Spot gold has now advanced for a third consecutive session.
Read → Agnico Eagle suspends Quebec pit mining after rock mass movement.MINING.COM
Agnico Eagle Mines reported a rock mass movement at the Barnat open pit of its Canadian Malartic complex in Quebec, prompting a temporary suspension of mining operations with no injuries or damage. The incident could reduce production by up to 150,000 ounces of gold per year in 2027 and 2028. Processing continues using stockpiled ore, with full-year 2026 output expected toward the lower end of the 3.3-3.5 million ounce guidance range.
Read → Central banks bought net 41t of gold in May, led by Poland and China.Marissa Salim · World Gold Council
Official gold reserves rose by a net 41 tonnes in May, with Poland adding 18t and China 10t for its 20th straight month of purchases. Year-to-date, Poland leads with 64t accumulated. The World Gold Council’s 2026 survey shows 89% of central banks expect global reserves to rise over the next 12 months, with a record 45% expecting their own holdings to increase.
Read → Base Metals
What's moving · LME base metals mixed as zinc falls 1.48% on July 1 with nickel, tin edging higher amid quiet China holiday period.
LME base metals mostly lower July 1; copper, zinc, tin lead losses.Andrea Hotter · Fastmarkets / X
LME base metals traded mostly lower in morning session July 1. Copper, zinc and tin posted the largest declines while nickel alone gained. The moves reflect typical quiet trading with China on holiday.
Read → LME zinc drops 1.48% July 1 as biggest base metals mover.Andrea Hotter · Fastmarkets / X
Zinc led LME base metals lower with a 1.48% drop to close July 1. Nickel and tin posted modest gains in an otherwise mixed session. The zinc move stood out on the day.
Read → China lithium carbonate hits three-month low on CATL mine restart speculation.Trading Economics
Lithium carbonate in China fell to CNY 151,750 per tonne, a three-month low. Speculation centers on possible restart of CATL’s Jianxiawo mine in Jiangxi after a government land assessment notice. Analysts note the market has priced in the risk despite no confirmed restart timeline.
Read → Iron Ore & Steel
What's moving · CMRG blacklists some Fortescue iron ore cargoes from July 15, lifting futures briefly above $100/t.
China bars some Fortescue iron ore deliveries from July 15Reuters
China's state buyer CMRG told mills not to take Fortescue Super Special Fines and Fortune Fines port cargoes after July 15 amid stalled pricing talks. Fortescue ships most output to China and negotiates new terms with the centralised buyer. The move follows a similar BHP standoff resolved in April and highlights Beijing's push for procurement control.
Read → Iron ore futures top $100/t on Fortescue cargo curbsAlfred Cang and Jessica Zhou · Bloomberg
Iron ore futures rose as much as 3.8% to $101.20/t in Singapore night trading after CMRG signalled it would blacklist some Fortescue port inventories from July 15. Mills and traders holding Super Special Fines were urged to clear stocks beforehand. China remains the dominant seaborne buyer, taking most cargoes from Australia and Brazil.
Read → Hebei steel PMI falls to 46.5 in June on weak ordersSteelOrbis
Hebei's steel sector PMI dropped to 46.5 in June, with the new orders sub-index falling 14.7 points to 39.0. The contraction reflects sluggish domestic demand tied to the property sector slowdown. Hebei produces over 20% of China's steel output.
Read → Fortescue ships record 200 million mt iron ore in a yearSteelOrbis
Fortescue Metals Group shipped over 200 million mt of iron ore in its latest fiscal year, the first time it has exceeded that mark. Cumulative shipments since 2008 now top 2.5 billion mt. The record underscores expanded Pilbara capacity and integrated rail-port operations serving mainly Chinese buyers.
Read → Precious Metals
What's moving · Gold rebounds over 2% on soft US jobs data and Fed Chair Warsh comments, lifting the complex.
Gold surges over 2% after soft jobs data and Warsh comments.MetalsDaily
Gold prices jumped more than 2% and silver rose around 3% following softer-than-expected US jobs data and comments from Fed Chair Warsh. The moves reflect shifting rate expectations that reduce pressure on non-yielding metals. This driver supports near-term price action across precious metals.
Read → Gold eases losses after worst quarter since 2013 amid rate fears.CNBC
Gold traded higher Wednesday after closing its worst quarter in 13 years, down 16% in Q2 amid higher real yields and firmer dollar views. Spot prices reached $4,025.89 while futures held near $4,041. Central bank diversification and debt concerns provide structural support despite near-term consolidation.
Read → Base Metals
What's moving · LME base metals mixed overnight as tin jumps over 2% while lithium carbonate drops sharply in China.
Tin surges over 2% on LME and SHFE overnight.Shanghai Metals Market (SMM)
Overnight LME tin rose 2.58% and SHFE tin 2.25%, with LME zinc up 1.85% and most other base metals gaining under 1%. Only LME lead, nickel and SHFE lead declined modestly. The moves reflect shifting sentiment ahead of China PMI data and US policy signals.
Read → Battery metals rebound stalls amid EV demand uncertainty.Reuters
Lithium, cobalt and nickel prices have recovered from 2024-2025 lows but face resistance from uneven EV sales growth. Lithium carbonate prices may test buyer absorption after nearly tripling since mid-2025, limiting further upside for energy-transition metals.
Read → Iron Ore & Steel
What's moving · China steel PMI slips to 47.8 in June, pressuring iron ore amid soft demand.
China steel PMI falls to 47.8 in JuneSteelOrbis
China’s steel sector PMI edged down 0.1 point to 47.8 in June per China Steel Logistics Committee. New orders and export orders weakened while finished steel inventories jumped. The reading signals contracting activity and will weigh on iron ore and steel demand into July’s off-season.
Read → Iron ore CFR China prices detailed for June 30SteelOrbis
SteelOrbis published daily CFR China iron ore prices for June 30. The update shows spot values holding near $100/t levels with limited daily movement. Weak Chinese steel demand keeps pressure on the seaborne benchmark used by SGX and physical traders.
Read → Iron ore hovers near $100/t on DCEGMK Center
DCE iron ore futures touched but failed to hold the $100/t psychological level on June 30 as sentiment cooled. Spot prices stayed largely flat while futures dipped. Persistent weak Chinese steel demand and high port stocks cap upside for the 62% Fe benchmark.
Read → Iron ore above $100 on China manufacturing reboundYieh Corp.
Iron ore prices remain above $100/t as China’s manufacturing PMI showed renewed momentum. The support contrasts with softer steel-specific indicators and property demand. Traders watch the divergence between broader factory activity and steel consumption for near-term direction.
Read → Precious Metals
What's moving · Gold dips below $4,000/oz on Fed rate-hike bets, with central-bank buying anchoring the complex.
Central banks eye $5k-$6k gold by mid-2027 despite highs.Neils Christensen · Kitco News
OMFIF's 2026 Global Public Investor survey of 74 central banks found 82% hold physical gold (up from 71%), with a net 30% planning higher allocations over 1-2 years. 61% expect prices between $5,000-$6,000/oz by June 2027; only 28% say highs deter buys. Geopolitical risks and diversification drive the shift, now a global trend beyond emerging markets.
Read → Central banks plan fewer dollar holdings, favor gold.Libby George · Reuters
OMFIF survey of 90 central banks and funds showed more plan to cut dollar allocations than increase them over the decade, the first such result. 79% of central banks see a shift to a multipolar monetary system; gold, held by 82%, is the top asset for near-term allocation increases (net 30%). Geopolitical risks and U.S. policy uncertainty accelerate the move.
Read → Goldman sees $4,900 gold by end-2026 on central banks.Ernest Hoffman · Kitco News
Goldman Sachs' Samantha Dart said central-bank diversification remains the anchor for a $4,900/oz end-2026 forecast, citing a record 45% of World Gold Council survey respondents planning more reserves. Near-term headwinds from hawkish Fed and ETF outflows expected to ease; medium-term risks skewed higher on fiscal and diversification themes.
Read → Base Metals
What's moving · Aluminum tumbles toward worst monthly loss since 2008 as Middle East supply resumes after US-Iran deal.
Aluminum heads for steepest monthly loss since 2008 on supply outlook.Bloomberg
Aluminum has dropped more than 15% in June as an interim US-Iran peace deal raises hopes of resumed shipments through the Strait of Hormuz. The region supplies nearly a tenth of global output; the unwind erased gains from three prior months of supply disruptions. The move highlights how quickly geopolitical easing can reverse war-driven rallies in light metals.
Read → Fastmarkets amends holiday schedule for Indonesia aluminium premium.Fastmarkets
Fastmarkets updated its holiday pricing calendar for the aluminium P1020A FOB Indonesia premium assessment. The change takes effect after a June consultation period ends. The premium assessment is part of Fastmarkets' base metals package used by traders for spot pricing benchmarks.
Read → Iron Ore & Steel
What's moving · Iron ore hovers near $100/t as Fortescue hits 200Mt annual shipment record amid soft China steel demand.
Fortescue ships record 200Mt iron ore in a yearFortescue
Fortescue achieved its first-ever 200 million tonne iron ore shipment in a single year, up from 140 vessels in its debut 2008 year. The milestone underscores sustained high output from its Pilbara operations despite broader market softness. It highlights supply resilience from a top producer as steel demand lags in China.
Read → BHP, Rio Tinto trial electric haul trucks at JimblebarBHP
BHP, Rio Tinto and Caterpillar began trialing Cat 793 XE battery-electric haul trucks at BHP’s Jimblebar iron ore mine in Western Australia. The collaboration tests charging infrastructure and performance in harsh Pilbara conditions after initial validation. It signals major miners’ push to cut emissions from core iron ore operations.
Read → Iron ore struggles despite China hot metal riseEmily Ou Yong · Reuters
Iron ore futures showed limited direction as rising China hot metal output failed to lift broader demand. Traders weighed the increase against persistent weak steel consumption and ample supply. The disconnect keeps pressure on prices and futures like those on SGX and DCE.
Read → Iron ore dips below $99/t amid high stocksGMK Center
Benchmark iron ore prices fell to $99.2/t as of June 26, the lowest since August 2025. Elevated Chinese port stocks near record levels and rising seaborne supply from Australia and Brazil weighed on the market. Steel mill margins remain squeezed, limiting any rebound.
Read → Precious Metals
What's moving · Gold slides below $4,000/oz on hawkish Fed rate-hike bets and fading Iran tensions.
Gold, silver on track for record quarterly lossesRyan Dezember · Wall Street Journal
Gold futures settled at $4,022.30/oz, extending Q2 losses to a record $625.30 or about 12% in June alone. Silver fell 22% this quarter on pace for its worst since 2013. Investors shed risk assets amid shifting rate expectations.
Read → Gold holds near $4,020 amid conflicting US-Iran signalsBloomberg
Gold stayed below $4,000 after nearly 2% prior-session losses. Conflicting U.S.-Iran statements on talks to end conflict that had boosted oil and inflation fears kept pressure on prices despite limited safe-haven buying.
Read → Base Metals
What's moving · Copper falls on hawkish Fed and stronger dollar as LME prices ease overnight.
Copper drops on Fed hawkishness and strong dollarBloomberg
Benchmark copper declined amid a hawkish Federal Reserve stance and rising US dollar pressuring industrial metals sentiment. The move weighed on the broader base metals complex with limited offsetting fundamentals reported in the last 24 hours.
Read → Anglo, Codelco seal Los Bronces-Andina copper pactAnglo American
Anglo American and state-owned Codelco finalized the joint mine plan for adjacent Los Bronces and Andina operations in Chile. The deal unlocks 2.7 million tonnes of additional copper over 21 years at minimal capex, subject to environmental permits expected around 2030.
Read → EGA opens UAE's biggest aluminium recycling plantEmirates Global Aluminium
Emirates Global Aluminium inaugurated its Al Taweelah plant with 185,000 tonnes per year capacity for post-consumer scrap. The facility boosts EGA's low-carbon aluminium output and positions the UAE as a larger domestic recycler of aluminium waste.
Read → Iron Ore & Steel
What's moving · China steel prices extend downtrend on summer lull and weak end-user demand.
China steel prices extend downtrend amid summer lull.Mysteel
China's rebar, square billet and hot-rolled coil prices all extended declines during June 22-26 as domestic steel market sentiment softened with lackluster end-user demand in the traditional summer off-season. Imported iron ore spot prices also continued declining despite a slight futures uptick, pressured by weak fundamentals. This matters for margins at Chinese blast furnaces and EAF mills as well as SGX/DCE iron ore benchmarks.
Read → Champion produces DR-quality iron ore, signs first sale deal.Champion Iron
Champion Iron announced initial production of direct reduction quality iron ore from its DRPF Project at Bloom Lake, with a first commercial Capesize shipment of at least 160,000 wet metric tonnes expected in Q3 2026. The project upgrades capacity to up to 69% Fe pellet feed for DRI/EAF steelmaking. This supports premiums for high-purity iron ore amid the shift from blast furnaces toward lower-carbon EAF routes.
Read → Fortescue lags as $100 iron ore highlights product mix.bez-kabli.pl
Fortescue shares underperformed the broader ASX as iron ore hovered just above US$100/t after an 8.18% monthly drop, drawing focus to its lower-grade product mix and June-quarter margins. The stock closed at A$19.07, down 4.51% for the week. Lower prices pressure Fortescue, BHP, Rio Tinto and Vale while Chinese mills favor cost-focused procurement.
Read → Iron ore reclaims $100 on Guinea cuts, China demand.Yieh Corp.
Iron ore prices reclaimed the US$100/t level supported by output cuts in Guinea and underlying Chinese demand signals. The move comes amid broader market volatility and follows recent weakness tied to high port inventories. This provides a near-term floor for SGX and DCE 62% Fe contracts and supports major miners including Vale.
Read → Precious Metals
What's moving · Precious metals retreat from record highs as rate-hike bets and stronger dollar weigh on prices.
Precious metals retreat from record highs amid rate expectations.Jeetendra Khadan, Kaltrina Temaj · World Bank
Gold fell about 15% from its February peak and silver/platinum about 25% from January highs by June. Prices declined in Q2 after strong prior gains as U.S. interest-rate hike expectations strengthened and the dollar rose. Central bank purchases are expected to continue supporting gold while industrial demand and tight supply underpin silver and platinum.
Read → Gold hits seven-month low as dollar firms and rate bets rise.Reuters
Spot gold fell 3.3% to $3,973.79/oz, its lowest since November 2025. Silver dropped below $60/oz. Firmer U.S. dollar and growing expectations of interest-rate hikes pressured prices ahead of PCE data.
Read → Precious metals extend losing streak for third day.Kirk Maltais · Wall Street Journal
Front-month gold futures closed down 1.2% to $4,129.90/oz and silver down 5.4% to $62.02/oz. Risk-off sentiment and hopes for resolution in U.S.-Iran tensions weighed on prices for a third straight session.
Read → Base Metals
What's moving · Base metals slide as LME copper, aluminum, nickel, zinc, tin all fall 1-2% overnight on stronger dollar and risk-off sentiment.
Base metals slide on SHFE and LME with lithium carbonate down over 5%.Shanghai Metals Market (SMM)
As of midday June 26, SHFE copper edged down, aluminum fell 0.38%, zinc 1%, tin 1.7%, nickel 1.81%; LME copper dropped 1.55%, aluminum 0.97%, zinc 1.38%, tin 1.99%, nickel 1.36%. Lithium carbonate futures tumbled 5.26%. The broad selloff in energy-transition and base metals reflects weaker risk appetite amid macro pressures.
Read → EGA starts UAE's largest aluminum recycling plant at 185kt/yr capacity.Jethro Wookey · Argus Media
Emirates Global Aluminium inaugurated its Al-Taweelah recycling plant in Abu Dhabi with 185,000 t/yr capacity for low-carbon recycled aluminum from scrap. Delayed by a March missile strike, the facility supports EGA's push into secondary aluminum and circular economy goals. It boosts supply of lower-carbon metal amid energy-transition demand.
Read → Dollar weakness lifts LME copper and aluminum over 2% overnight.Shanghai Metals Market (SMM)
Overnight, a weaker US dollar index supported base metals, with LME copper and aluminum rising more than 2%. LME tin, stainless steel and SHFE gold also gained over 1%. The move followed earlier dollar-driven weakness and reflects improved sentiment for dollar-denominated industrial metals.
Read → Iron Ore & Steel
What's moving · Iron ore futures slide to $96.95/t SGX on seasonal China demand weakness and narrowing mill margins, heading for seventh straight weekly loss.
Iron ore futures head for seventh straight weekly loss as demand softens.Bloomberg
SGX iron ore futures fell to $96.95 a ton intraday on Friday, the lowest since February, down 1.5% for the week. Seasonal demand weakness in China and narrower steel mill margins drove the decline, with prices on track for a second consecutive monthly drop.
Read → BHP splits President Americas role into North and South America positions.Rhiannon Hoyle · Wall Street Journal
Incoming BHP CEO Brandon Craig is splitting the Americas oversight role effective July 1 ahead of his start date. Jessica Farrell will lead North America operations as the miner sharpens focus on regional growth amid iron ore market pressures.
Read → BHP splits President Americas role into North and South America posts.Reuters
BHP announced the split of its President Americas position into separate North and South America roles as part of leadership changes. The move comes as the major iron ore producer prepares for its incoming CEO transition.
Read → Dalian iron ore futures drop 1.21% to 735 CNY/t amid softening prices.Trading Economics
DCE iron ore CNY contract closed at 735 CNY per ton, down 1.21% on the day and 5.89% for the month. Weak Chinese steel demand and broader market softening pressured the benchmark 62% Fe pricing.
Read → Precious Metals
What's moving · Dollar strength and hawkish Fed bets drive gold below $4,000 and pressure PGMs.
IBA takes over LBMA platinum, palladium benchmarks July 1.LBMA
ICE Benchmark Administration (IBA) begins administering LBMA platinum and palladium price auctions and benchmarks on July 1, 2026, replacing the London Metal Exchange. The shift aligns PGM pricing with gold and silver under a single transparent administrator. It improves market reference prices used for contracts, risk management, and trading in platinum and palladium.
Read → Norilsk Nickel forecasts 300,000 oz palladium surplus in 2026.Mining.com
Russia's Norilsk Nickel projects a 300,000-ounce global palladium surplus for 2026. The outlook follows expected production levels and points to easing supply tightness after years of deficits. A surplus could weigh on palladium prices amid softer auto and investment demand.
Read → WPIC: Hawkish Fed pressures platinum; rebound eyed late 2026.WPIC
The World Platinum Investment Council notes a hawkish US Federal Reserve under Chair Kevin Warsh adds downward pressure via stronger dollar and higher yields. Platinum prices have fallen 17% year-to-date with ETF holdings down. Fundamentals remain resilient with potential investor re-engagement by late 2026 after geopolitical easing.
Read → Base Metals
What's moving · Shanghai tin futures plunge over 3% amid broad base metals weakness and softer demand signals.
Shanghai tin futures drop over 3% on base metals weakness.First Squawk
Shanghai’s most active tin futures contract fell more than 3%. The drop occurred amid broad weakness across base metals. It reflects weaker industrial demand expectations and cautious sentiment in commodities trading.
Read → LME copper rebounds 0.6% to $13,113 per ton.Otet Markets
LME copper rebounded 0.6% to $13,112.95 per ton. Recovery followed Wednesday’s 2.1% decline to a seven-week low. A weaker US dollar and AI-related stock gains provided support.
Read → LME metal inventories fall across the board.MacroStreamAI Flash
LME metal inventories declined across base metals. The drawdown signals tightening physical availability. It supports prices despite near-term demand caution.
Read → Copper rebounds on LME as dollar weakens.zForexglobal
Copper rose 0.4% to $13,135 per ton on the LME. Aluminum added 0.2% and nickel 0.6%. Long-term electrification and AI demand continue to underpin the complex.
Read → Iron Ore & Steel
What's moving · Iron ore slips to $100.52/t on June 24 as Chinese port stocks rise and steel output weakens.
Iron ore falls to $100.52 per tonne on June 24.Trading Economics
Iron ore prices fell to 100.52 USD per tonne on June 24, down 0.01% from the prior day and 8% over the past month. The benchmark tracks seaborne 62% Fe CFR China deliveries via CFD. Weak Chinese steel output and rising port inventories continue to pressure the market.
Read → Steel prices slip to 3,068 CNY per tonne on June 25.Trading Economics
Steel futures fell to 3,068 CNY per tonne on June 25, down 0.45% and 2.88% over the past month. China's May crude steel output dropped 2.7% year-on-year to 84.35Mt amid property sector weakness, with exports providing some offset but facing rising trade barriers.
Read → South Korea imposes AD duties on Chinese hot-rolled steel.BigMint
South Korea applied anti-dumping duties on hot-rolled steel imports from China and Japan while considering a minimum price system. The move targets surging low-priced Chinese exports amid domestic demand weakness and adds to global protectionist pressure on Chinese steelmakers.
Read → Precious Metals
What's moving · Gold and silver plunge to 7-month lows as stronger dollar and Fed hike bets pressure prices.
Gold, silver hit 7-month lows on dollar strength, Fed hike fearsConor Murray · Forbes
Spot gold fell below $4,000/oz to $3,988.60 (down 4%) and silver to $58.44 (down 6%), the lowest since November 2025. The drop stems from a stronger U.S. dollar (DXY up to 101.77) and rising odds of Fed rate hikes this year after the latest FOMC signals. This follows a sharp weekly decline amid tech selloffs and repricing of monetary policy.
Read → Gold stays below $4k, silver under $60 amid hawkish Fed viewsCNBC
Spot gold traded around $3,980/oz (down 0.5%) and silver below $60, with YTD declines of 8% for gold and over 20% for silver. Pressure persists from expectations of tighter Fed policy and inflation concerns, with analysts seeing limited near-term rebound potential. The metals failed to act as typical safe havens during recent equity volatility.
Read → Gold ETFs see $1.1B inflows as physical buying counters selloffGoldSilver.com
Gold-backed ETFs recorded $1.1 billion in net inflows last week (strongest since mid-April), reversing prior outflows. China imported 163 tonnes of gold in May (highest since March 2024), while central banks and banks like Standard Chartered maintain bullish targets of $4,600, $5,100/oz. The physical and official-sector demand contrasts with paper-market weakness driven by dollar and rate factors.
Read → Base Metals
What's moving · Copper supply boost from Vedanta's $372M Zambia IPO plan weighs on prices amid China lithium selloff.
Vedanta plans $372M raise via US IPO for Zambia copper minesBloomberg
Vedanta Resources plans to sell an 11.9% stake in US unit CopperTech Metals Inc. via a New York IPO to raise about $372 million (potentially up to $429 million with underwriter option) for developing its Konkola Copper Mines complex in Zambia's Copperbelt. The filing targets a $3.6 billion valuation for the copper and cobalt producer. This adds near-term supply visibility for the red metal, pressuring prices as LME copper holds recent losses.
Read → Lithium prices plunge 9% in China on CATL mine restart betsBloomberg
Chinese lithium carbonate futures fell about 9% over two days to around 157,000 yuan per tonne after a preliminary government land assessment for CATL's Jianxiawo mine in Jiangxi fueled expectations of a second-half 2026 restart. The mine, representing 3% of global supply, was shut last year over permitting; its potential return eases battery-metal supply concerns and hits prices hard.
Read → Copper holds losses as stronger dollar pressures metalsBloomberg
LME copper was slightly higher after Tuesday's 2% drop, with the complex pressured by a stronger US dollar and the Federal Reserve's hawkish tone damping demand expectations. Industrial metals broadly held recent declines amid equity-market weakness and macro headwinds.
Read → LME to launch SHFE-linked steel futures contract in OctoberReuters
The London Metal Exchange and Shanghai Futures Exchange agreed to launch an LME-listed futures contract in October settled against SHFE hot-rolled coil prices. The move expands global access to Chinese steel benchmarks and strengthens ties between the two exchanges in base and industrial metals pricing.
Read → Iron Ore & Steel
What's moving · DCE iron ore futures rose 0.74% to 744 yuan/mt on June 24 amid supply rumors offsetting weaker hot-metal output.
DCE iron ore futures close 0.74% higher at 744 yuan/mt.Hellenic Shipping News
DCE's most-traded I2609 contract closed up 0.74% at 744 yuan/mt after morning gains. Port spot prices rose 4-9 yuan/mt on moderate miner activity and restocking buys. Hot-metal output fell 4,300 mt WoW to 2.4607 million mt, signaling weaker demand ahead, though supply-tightening rumors lifted sentiment.
Read → Unions escalate at BHP Port Hedland iron ore hub.Reuters
Unions may launch coordinated action at BHP's Port Hedland if talks fail July 7. The port handles $150 million daily iron ore shipments for BHP, Fortescue and Hancock. Escalating labor risks add to costs for Australia's top export, potentially disrupting supply flows.
Read → Macquarie keeps iron ore at $103/ton average for 2026.Bloomberg
Macquarie attributes H1 iron ore resilience mainly to freight costs and rising expenses rather than fundamentals. It maintains $103/ton 2026 and $100/ton Q3 forecasts as attention shifts to supply-demand balance. Elevated freight has supported a $85/ton cost floor.
Read → DCE iron ore hits near four-month low on June 23.ETSA DataHub via X / Mining Weekly
DCE most-traded contract fell to US$108.81/t near four-month lows on June 23 amid higher expected shipments and weaker seasonal demand. SGX July contract dropped to US$97.80/t, lowest since late February. Lower freight and energy prices added pressure.
Read → Precious Metals
What's moving · Gold slumps below $4,000/oz as strong dollar and hawkish Fed bets pressure prices.
Gold drops below $4,000/oz on strong dollar, hawkish Fed bets.Reuters
Spot gold slipped below $4,000/oz for the first time since November 2025. A firmer U.S. dollar and bets on higher interest rates weighed on the metal, which offers no yield when rates rise. ING cut its Q3 and Q4 2026 gold forecasts.
Read → Gold breaks below $4,000 as multi-year rally ends.Bloomberg
Gold fell below $4,000/oz for the first time since November amid a tech-led selloff and stronger dollar. Prices dropped as much as 2.9% to $3,999.90/oz in a second straight session of losses. The three-year bull market that more than doubled prices has halted.
Read → Gold ETFs face potential outflows on Fed hike bets.Reuters
Bullion-backed ETFs risk renewed outflows if investors bet on U.S. rate hikes. Gold's drop below $4,000/oz and 29% retreat from January's peak add pressure. Analysts link potential selling to the hawkish Fed outlook and stronger dollar.
Read → Base Metals
What's moving · Nickel prices dropped sharply on SHFE as USD index breaks 100 amid hawkish Fed signals and macro pressure.
SHFE nickel falls sharply as USD breaks 100 on Fed signals.Shanghai Metals Market (SMM)
SHFE most-traded nickel contract fell 0.72% in morning trade to 133,690 yuan/mt. Spot refined nickel prices rose modestly but futures faced systemic pressure from stronger dollar and rate-hike expectations. Short-term outlook sees nickel fluctuating in 133,000-140,000 yuan/mt range.
Read → Precious Metals
What's moving · Hawkish Fed signals and fading US-Iran risk premium pressure gold, silver lower.
Heraeus: Hawkish Fed, Iran deal pressure gold, silver.Ernest Hoffman · Kitco News
Heraeus analysts said precious metals face medium-term downside as the US-Iran conflict de-escalates and the Fed shifts hawkish, removing its easing bias. Silver imports to India plunged 63% year-on-year in May after higher duties. Spot gold traded near $4,190/oz Monday.
Read → Guinea bans raw gold exports to boost local refining.Bloomberg
President Mamadi Doumbouya banned raw gold exports effective immediately, requiring all gold to be refined and certified domestically. Operators exporting raw gold face license suspensions and contract terminations. Guinea is Africa’s sixth-largest gold producer.
Read → Base Metals
What's moving · LME nickel rises over 1% while SHFE base metals broadly fall midday on June 22 amid macro caution.
LME nickel jumps 1.23% as SHFE base metals mostly decline midday.Shanghai Metals Market (SMM)
As of midday June 22, LME nickel led overseas gains up 1.23% with LME copper up 0.53%; SHFE copper fell 0.34%, tin 1.31%, nickel 0.84%, zinc and lead 0.7%, while aluminum rose 0.4%. Lithium carbonate contract dropped 6.08%. The divergence highlights overseas support versus domestic weakness tied to flat LPR rates and holiday return trading.
Read → Core Lithium buys Bynoe lithium project near Finniss for A$3.75mn.Argus Media
Core Lithium agreed to acquire 100% of the 63km² Bynoe lithium project in Northern Territory from Charger Metals for A$3.75 million cash plus a capped 1% royalty. The site adjoins Core's restarted Finniss operation and its concentration plant. The deal expands Core's lithium resource base in a key Australian producing region.
Read → SMM copper cathode at $13,626/tonne on June 22.Shanghai Metals Market (SMM)
SMM assessed 1# copper cathode at 13,626.03 USD/tonne, down $52.73 on the day. Aluminum ingot stood at 3,110.39 USD/tonne and zinc at 3,196.39 USD/tonne. These Shanghai spot levels reflect ongoing pressure on Chinese industrial metals pricing amid broader market moves.
Read → LME publishes latest non-ferrous prices and stocks.London Metal Exchange (LME)
LME released latest featured non-ferrous 3-month prices and inventory data for copper, aluminum, zinc, nickel and lead. Market participants monitor these benchmarks for physical tightness signals in energy-transition metals.
Read → Precious Metals
What's moving · Gold rebounds 1.2% to $4,209/oz on Iran peace progress easing inflation fears.
Gold rebounds over 1% as Iran peace talks ease inflation fears.Reuters
Spot gold rose 1.2% to $4,209.03/oz after Iran reported progress in U.S. peace talks in Switzerland, sending Brent crude lower. Lower oil prices reduced expectations for sustained high inflation and Fed rate hikes. Silver, platinum and palladium also gained.
Read → Goldman: Central banks bought 59t gold in April; 50t/month forecast for 2026.Eamonn Sheridan · investingLive
Goldman Sachs estimates central banks purchased 59 tonnes of gold in April, including 24 tonnes by China. The bank forecasts sustained buying of 50 tonnes per month through 2026, easing to 40 tonnes in 2027, viewing the trend as structural. A WGC survey of 76 central banks showed a record 45% plan to increase their own reserves.
Read → WGC survey: 89% of central banks expect global gold reserves to rise.World Gold Council
The WGC's 2026 CBGR survey of 76 central banks found 89% expect global official gold holdings to increase over the next year. A record 45% plan to add to their own reserves, up from prior years, amid geopolitical uncertainty. Central banks have averaged 1,000 tonnes annual buying over the past four years.
Read → Base Metals
What's moving · LME copper slips to $13,612/t as inventories ease and macro signals weigh on demand outlook.
LME copper settles at $13,612 per tonne on June 18.Westmetall / LME data
LME copper cash settlement closed at $13,612 per tonne on June 18, down from $13,736 the prior session, with three-month futures at $13,685. Stocks stood at 355,725 tonnes. The move reflects modest inventory drawdown amid broader macro caution on industrial demand.
Read → Copper drops to $6.30 per pound after Rio Tinto resumes Oyu Tolgoi exports.Trading Economics
Copper futures fell to $6.30 per pound on June 19, down 1.10% from the prior day. Rio Tinto resumed exports from its Oyu Tolgoi mine in Mongolia after a brief protest-related halt. The US Federal Reserve left rates unchanged while signaling possible hikes later, pressuring demand-sensitive metals.
Read → Nickel drops to $17,732 per tonne on June 19.Trading Economics
Nickel traded at $17,732 per tonne on June 19, down 0.30%. The decline follows a 0.73% drop the prior session amid softer broader base metals sentiment. LME nickel stocks remained elevated near 276,000 tonnes.
Read → Lithium prices slip to 167,250 yuan per tonne.Trading Economics
China lithium prices fell to 167,250 CNY per tonne on June 18, down 1.33%. The move comes as supply tightness eases slightly while demand growth moderates. Prices remain sharply higher year-over-year despite the daily decline.
Read → Precious Metals
What's moving · Hawkish Fed signals and stronger dollar drive precious metals lower, with gold down over 2% this week.
Gold heads for third weekly loss amid stronger dollar and hawkish Fed signals.Noel John · Reuters
Spot gold fell 2.1% to $4,121.95/oz on Friday, heading for a 3.8% weekly drop. Hawkish Fed signals lifted the dollar to a one-year high and boosted December rate-hike odds to 87%. Goldman Sachs cut its December gold target to $4,900/oz from $5,400 as no Fed cuts are now expected this year. Silver, platinum and palladium also fell sharply and face weekly losses.
Read → Gold slips as hawkish Fed lifts dollar and rate-hike odds.Anjana Anil · Reuters
Spot gold fell 0.8% to $4,225.39/oz on Thursday after the Fed's hawkish tilt. Nine of 19 policymakers now see a need for a rate hike this year. The U.S.-Iran interim deal eased some inflation fears but could not offset dollar strength. Silver, platinum and palladium also declined.
Read → Base Metals
What's moving · Copper falls as Rio Tinto resumes Oyu Tolgoi exports after brief protest and Fed signals rate hikes.
Rio Tinto resumes Oyu Tolgoi copper exports after protest ends.Bloomberg
Rio Tinto resumed copper concentrate exports from its giant Oyu Tolgoi mine in Mongolia after a short protest blocked a key road to the China border. The brief disruption eased supply concerns for the major copper project central to global energy-transition demand.
Read → LME tightens rules for Russian copper and cobalt in EU warehouses.Reuters
The LME notified markets that Russian-origin copper and cobalt can only be warranted in EU-listed warehouses with proof of import before July 25, 2026, to comply with new EU sanctions. No significant market impact is expected as none has been warranted in EU warehouses for over a year.
Read → Antofagasta pushes spot pricing for copper ore to Chinese smelters.Bloomberg
Antofagasta has proposed pricing copper concentrate sales to Chinese smelters using spot-market indexes rather than fixed contracts for H2 2026 and H1 2027 shipments. The move signals strain on the traditional benchmark system amid shifting market dynamics.
Read → Brazilian Nickel hunts anchor investor for $1.4B Piauí nickel project.Bloomberg
Brazilian Nickel is seeking an anchor equity investor for its planned $1.4 billion nickel-cobalt mine in Brazil's Piauí state, using advisers for global and local funding. The project targets energy-transition metals supply with construction eyed for late 2026.
Read → Precious Metals
What's moving · Gold slides on hawkish Fed signals as central bank buying remains the key support.
Record 45% of central banks plan own gold buysReuters
The World Gold Council’s 2026 Central Bank Gold Reserves Survey found a record 45% of respondents expect their institutions to increase gold holdings over the next 12 months, up from 43% last year, while 89% anticipate global reserves will rise. This official-sector demand continues at an average of 1,000 tonnes annually over the past four years, providing structural support amid recent price volatility. Geopolitical risks and diversification away from the dollar remain key drivers for reserve managers.
Read → Singapore launches OTC gold clearing to become hubFinancial Times
Singapore plans to establish an over-the-counter gold clearing system for physical gold stored locally by the end of 2026, with inter-bank trading expected to ramp up next year. The Singapore Exchange will handle the mechanism, with clearing members including DBS, Deutsche Bank, ICBC Standard Bank, J.P. Morgan, OCBC and UOB. The move aims to position the city-state as a major precious metals trading center alongside London, New York and Switzerland, alongside new central bank gold-vaulting services.
Read → Central banks repatriate gold amid geopolitical risksCNBC
More central banks are storing gold domestically rather than overseas due to heightened geopolitical tensions and sanctions risks, according to the World Gold Council survey. Reserve managers expect to buy 750-1,000 tonnes this year, providing a stable foundation that offsets softer jewellery and investment demand. This repatriation trend and sustained buying reinforce gold’s role as a strategic reserve asset.
Read → Base Metals
What's moving · Aluminum slumps to three-month low on weak China data while copper supply optimism builds in Poland.
Poland pushes copper expansion as Lumina debuts strongly.Bloomberg
Poland is promoting a 'Copper Valley' strategy to boost output as Canadian firm Lumina Metals listed on the Warsaw exchange, with shares surging up to 46%. New mines near existing KGHM operations could more than double the country's copper production capacity.
Read → Precious Metals
What's moving · Central bank gold-buying optimism and U.S.-Iran peace deal hopes lift precious metals prices.
Record 45% of central banks plan to boost gold reservesNeils Christensen · Kitco News
The World Gold Council’s 2026 Central Bank Gold Reserves Survey found 89% of respondents expect global central bank gold holdings to rise over the next year and a record 45% plan to increase their own reserves. Central banks bought an average 1,000 tonnes annually over the past four years, double the prior decade’s pace. Diversification, crisis performance and store-of-value attributes drive the buying, broadening participation beyond emerging markets.
Read → Gold holds gains on U.S.-Iran interim peace deal hopesBloomberg
Spot gold held near $4,335 an ounce after advancing more than 6% over four sessions. An interim U.S.-Iran peace deal is expected to ease inflationary pressures from higher energy prices. Bullion remains supported amid the evolving geopolitical backdrop.
Read → Central banks resume net gold buying in AprilMarissa Salim · World Gold Council
Central banks bought a net 19 tonnes of gold in April, rebounding from March net sales. Poland led with 14 tonnes and China added its highest monthly purchase since December 2024. The buying streak for several banks extends amid lower prices.
Read → Base Metals
What's moving · Aluminum slumps to three-month low on weak China data and Iran peace deal easing supply fears.
Aluminum hits three-month low on weak China data.Bloomberg
LME aluminum settled at $3,379.50 per metric ton, down 4.4%, its lowest since March 27. Weaker Chinese consumer spending and investment data pressured metals broadly. Lingering uncertainty over the speed of Strait of Hormuz reopening after the US-Iran deal also weighed on sentiment.
Read → Alcoa ratifies new USW labor deal at US smelters.Alcoa
Alcoa and the United Steelworkers ratified a new contract covering 965 workers at Warrick, Indiana, and Massena, New York, smelters. The deal runs through May 2030 with an 18.7% wage increase over four years plus bonuses. It averts a potential strike ahead of the prior contract's June 15 expiration.
Read → Vale sees no value in Brazilian copper cathodes.Argus Media
Vale Base Metals said concentrate captures 90-94% of copper value chain gains, making downstream cathode production uneconomic. High current prices and low TC/RCs already maximize returns for miners. The comments come amid Brazil's critical minerals bill that ties tax benefits to local processing.
Read → Precious Metals
What's moving · US-Iran ceasefire eases inflation fears, lifting gold and silver prices sharply overnight.
Gold rises over 2% on US-Iran peace deal easing rate-hike bets.Reuters
Spot gold climbed 2.6% to $4,327.82/oz after US and Iran officials announced a preliminary agreement to end hostilities, signed by President Trump and others. Oil prices fell and the dollar weakened, reducing expectations for higher US interest rates ahead of the June 16-17 FOMC meeting. Silver, platinum and palladium also gained around 3%.
Read → Metals rally on ceasefire but inflation keeps rate-hike pressure.Kitco News
Gold and silver advanced after the US-Iran ceasefire confirmation on June 14, with silver reclaiming above $70/oz. Analysts at Heraeus note persistent high CPI at 4.2% supports views of higher-for-longer rates, tempering gains ahead of the Fed's June 17 dot plot release.
Read → WGC survey: more central banks plan higher gold reserves.U.S. News & World Report
The World Gold Council's 2026 Central Bank Gold Reserves Survey, released June 16, shows central banks accumulated an average 1,000 tonnes annually over four years. A record number of respondents expect global reserves to rise further, underscoring sustained official buying as a structural demand driver for gold.
Read → Base Metals
What's moving · US-Iran peace deal lifts copper 1.4% on demand optimism as aluminum faces Qatalum supply hit.
US-Iran deal lifts copper on growth optimismBloomberg
Copper rose as much as 1.4% after the US and Iran reached an interim peace agreement to end hostilities, reopen the Strait of Hormuz, and start nuclear talks. The move eases growth fears and supports metals demand at a time when analysts remain relatively bullish on copper.
Read → Norsk Hydro issues second force majeure on Qatar aluminumTom Daly · Reuters
Norsk Hydro declared a second force majeure on aluminum sales from its 50%-owned Qatalum joint venture after the partner terminated the marketing agreement. The first force majeure from March gas disruptions remains in effect, limiting Hydro's ability to fulfill deliveries even if Middle East conditions improve.
Read → Trump critical minerals price plan draws G7 skepticismJulia Payne and Ernest Scheyder · Reuters
The Trump administration's push for price supports on lithium, nickel, cobalt and other minerals to counter China faces resistance from G7 allies and a split US industry. Negotiations for a Western trading bloc are stalled over governance, cost and preference for tariffs or incentives instead of AI-driven price floors.
Read → Precious Metals
What's moving · Gold rebounds 2%+ on US-Iran peace deal hopes, offsetting SpaceX IPO distraction and rate fears.
Singapore to launch OTC gold clearing and central bank vaulting by year-end.Reuters
Singapore Exchange will set up an OTC clearing system for Loco Singapore physical gold by end-2026 with six major banks including JPMorgan and Deutsche Bank as founding members. The Monetary Authority of Singapore will offer central bank gold-vaulting services by October. The moves aim to position Singapore as an Asian gold trading hub with better liquidity and secure storage for sovereign reserves during Asian hours.
Read → SpaceX hype distracts as gold traders await US-Iran peace deal.Australian Financial Review
Gold climbed about 2% to near $4,340/oz Monday on tentative US-Iran agreement news that would reopen the Strait of Hormuz. Traders hope Friday's expected peace deal signing sparks a recovery after months of heavy selling tied to the conflict and other factors. SpaceX IPO excitement has added to market distraction for the metal.
Read → PBOC extends gold-buying streak to 19 months despite weak prices.Bloomberg
China’s central bank added gold in May, extending its buying streak to 19 consecutive months. Purchases continued even as spot gold prices stayed under pressure near recent lows. This sustained sovereign demand provides structural support to the gold market amid broader selling pressure.
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