Metals

Copper prices on the LME hit a six-month high as supply worries continue to fuel gains. The DRC ban on copper concentrate exports and ongoing issues at major mines tighten availability. Zinc hit a four-year high at $3,795 amid low supplies while aluminum rose 0.5% to $3,258. Read →

Ivanhoe Mines’ Kamoa-Kakula smelter in the DRC produced record volumes of high-strength sulphuric acid as a by-product. Sales to local mining operations offset cost pressures in the Copperbelt region. The acid output provides additional margin for the operation amid ramp-up challenges. Read →

Zinc futures on India’s MCX rose 0.49% to Rs 396.80 per kg on higher participant bets. The move aligns with LME zinc trading near four-year highs around $3,763 per tonne amid global supply tightness. Strong demand supports the industrial metal. Read →

The China Iron and Steel Association called for wider use of yuan-denominated index pricing in iron ore. It said the shift would better reflect supply and demand in China's dominant market and complement existing dollar benchmarks via port-side spot transactions. Read →

The People’s Bank of China has built up gold inventories in Hong Kong over recent months, accelerating a shift of reserves from London. The move supports Hong Kong’s effort to expand as a bullion trading center with a new clearing system. Additional central bank demand bolsters physical gold offtake and prices. Read →

World Gold Council data shows global gold-backed ETFs recorded US$3bn net inflows in July, reversing prior outflows and lifting AUM 1% to $530bn. European funds led with $2bn, including strong buying from the UK and Switzerland; holdings rose 23 tonnes to 4,068t. Year-to-date inflows reach $11bn as investors re-enter at lower prices. Read →

LME three-month copper rose 1.16% to $14,031/t, aluminum 1.30% to $3,263.50/t and nickel 1.35% to $17,290/t on August 4. Renewed US-Iran peace hopes eased supply disruption fears from the Strait of Hormuz. The relief rally lifted the broader base metals complex after recent geopolitical pressure. Read →

US light-vehicle sales fell to a 16.3 million annualized rate in July from 16.6 million in June. The slowdown follows renewed Middle East tensions and higher fuel prices. Weaker auto demand weighs on aluminum and other base metals used in vehicle production. Read →

LME copper stocks fell 6,525 tonnes to 231,825 tonnes, lead 3,325 tonnes to 431,550 tonnes and aluminum 1,500 tonnes to 259,400 tonnes. Zinc, nickel and tin also declined. The broad drawdown tightens visible supply and supports near-term prices across the complex. Read →

Unionised workers at BHP's Port Hedland operations, the world's largest iron ore export port, will stage a 24-hour ship-loading ban on Aug 8 followed by a full work stoppage on Aug 9 after failing to agree a new enterprise deal. The action threatens up to A$120mn in lost export revenue per day and directly risks supply from BHP's 256.9Mt WA iron ore output. Port Hedland handles all of BHP's Australian shipments to China, the dominant buyer of seaborne ore. Read →

China's state iron ore buyer CMRG instructed some steel mills to halt negotiations with Rio Tinto for shipments starting September amid ongoing annual supply talks. The move escalates Beijing's campaign to extract better terms from major miners including BHP and Fortescue. It targets the $132bn seaborne iron ore market and could disrupt flows to Chinese blast furnaces. Read →

Dalian iron ore futures I2609 closed up 0.93% at 706 yuan/mt with Qingdao spot prices gaining 3-8 yuan/mt. Blast furnace operating rates held near 89% while hot metal output dipped slightly month-on-month amid maintenance. Short-term iron ore demand stays stable despite false invoice concerns tightening trade liquidity. Read →

Iron ore prices rebounded and held the $95/t level amid futures gains. The move follows recent weakness tied to Chinese steel mill losses and high port inventories. Traders note active quoting and mill spot buying as needed. Read →

Spot gold rose to near $4,244/oz and silver to $61.88/oz, both up over 4% after July ADP private payrolls came in at just 44,000 jobs versus 75,000 expected. Softer labor data, weaker dollar and lower Treasury yields reduced September Fed hike odds while Hormuz shipping deal optimism capped oil-driven inflation fears. Read →

Spot gold climbed above $4,200/oz as ADP reported 44,000 private-sector jobs added in July, below the 68,000 consensus. The miss eased immediate Fed tightening pressure even as wage growth stayed elevated at 4.4% for job stayers. Read →

Heather White, CEO of Sunshine Silver Mining & Refining, said investors now recognize silver's critical role in AI data centers, semiconductors and power infrastructure after the company's June NYSE IPO. She highlighted structural supply deficits and the firm's plan to restart Idaho's Sunshine Mine as America's second-largest pure-play silver producer by late 2028. Read →

More than 200,000 metric tons of copper arrived at US ports in July, the largest monthly volume since at least 2014 per IHS Markit data. LME three-month copper rose 0.9% to near $14,000/t with backwardation widening to $99.50/t as LME inventories fell to a five-month low. The inflows tighten ex-US physical availability while traders position for a pending US tariff ruling on refined copper. Read →

The International Nickel Study Group revised its 2026 forecast to a 32,000-ton supply deficit from a prior 261,000-ton surplus expectation. Primary nickel output is projected at 3.715 million tons while consumption rises to 3.747 million tons, driven by stainless steel demand. Indonesian supply-chain interruptions have already cut processor output by at least 10%. Read →

LME zinc climbed to its highest level since 2022, exceeding $3,700/t amid plummeting inventories and supply struggling to match demand. Kipushi mine in the DRC posted a record 25,677 tonnes of zinc in concentrate in May. The price surge reflects tightening physical market conditions across base metals. Read →

Jefferies confirmed some invoices for financing to iron ore trader Sapphire Minmetals Corp. are not genuine after checks with Vitol. The discovery adds to scrutiny on the Point Bonita fund and related exposures. It highlights counterparty risks in physical iron ore trading amid soft prices. Read →

Glencore CEO Gary Nagle said the firm has stopped new business with iron ore trader Radiant World and taken a non-material provision on its exposure. The step follows earlier reviews of invoice discrepancies at the trader. It signals tightening credit conditions for Chinese-linked iron ore counterparties. Read →

BHP workers at Port Hedland notified two days of industrial action for Aug 8-9 over unresolved wage negotiations. The hub handles roughly 80 million tonnes of iron ore annually; up to 16 shipments could face delays. Action comes as iron ore prices sit near multi-month lows, adding supply-side uncertainty. Read →

Spot gold rose 0.1% to $4,081.09 per ounce on Wednesday, supported by a weaker dollar. Traders await Friday's US July payrolls report for clues on Federal Reserve policy, with 57% odds now priced in for a September rate hike. Geopolitical progress on US-Iran talks eased oil prices, reducing near-term inflation pressures that had weighed on metals. Read →

On Tuesday gold gained 0.55% to $4,088.50 per ounce while silver rose 2.64% to $60.24. Platinum surged 6.18% and palladium 6.46% as Treasury Secretary Bessent comments on US-Iran talks sent oil prices lower for a second day, pulling yields down and easing inflation expectations. Read →

NYMEX platinum closed up 7.41% at $1,746.80 per ounce and palladium up 7.47% at $1,350.50 on August 4. US Section 232 tariff proposals on downstream metals raised risk premiums for PGMs despite no direct coverage, while unresolved import restriction probes added to supply concerns from Russia and South Africa. Read →

Aircraft engine OEMs ramped widebody and narrowbody deliveries in H1 2026, boosting nickel superalloy and premium titanium needs. New melting and forging capacity expansions will sustain higher nickel demand through 2030. Read →

USTR carved out aluminum scrap from new Section 301 tariffs effective Aug 1 to avoid disrupting US smelter feedstock supply. The exemption prevents higher costs and production cuts for downstream aluminum users. Read →

Kaiser Aluminum reported 6% higher Q2 shipments, driven by aerospace, packaging and engineering restocking plus onshoring. The firm raised its full-year outlook and expects the trend to continue into 2027. Read →

Copper futures climbed to $6.59/lb on tight concentrate and scrap supply in China, pushing treatment charges higher. Long-term support comes from clean energy and AI data center demand despite softer July manufacturing data. Read →

SGX iron ore futures fell to $92.85/t, the lowest since late June 2025, before recovering little changed. Seasonally weaker Chinese demand and narrowing steel mill margins weighed on prices. Lack of major new stimulus from Beijing hurt sentiment further. Read →

Odisha inspected sites and found consistent grade manipulation by lessees including JSW, Tata Steel, SAIL and others, causing revenue loss. Stricter checks already limit lower-grade ore offers in the merchant market. Disruption in India's top iron ore state risks tightening domestic supply for its steel sector. Read →

Unions will impose 24-hour loading bans on Aug 8-9 at BHP's Port Hedland, the world's largest iron ore export hub, despite progress in talks. The action could hold up 16 shipments; BHP says it has contingency plans. Next meeting set for Aug 18, same day as BHP's annual results. Read →

The Bank of Korea established a framework to purchase gold from domestic producers at international market prices via KRX and KSD systems. This marks its first domestic gold buys in 13 years and aims to diversify reserves and boost holdings. The move adds fresh central-bank demand to the physical market. Read →

Spot gold rose 0.2% to $4,062.41/oz Tuesday while silver jumped 1.2%, platinum 0.9% and palladium 0.9%. Traders weigh uncertain U.S.-Iran talks and upcoming U.S. jobs data for Fed rate clues. Weaker jobs could ease rate-hike odds and support metals. Read →

The US Trade Representative exempted aluminum scrap from new Section 301 forced-labor tariffs effective Saturday, removing a temporary 10% duty after industry input highlighted supply-chain disruption risks. Scrap serves as key feedstock for US aluminum production, and the carve-out prevents output cuts at smelters and downstream fabricators. The move supports domestic recycling capacity amid ongoing onshoring trends. Read →

Antamina processed 67% copper-only ore in Q2 2026 versus 23% a year earlier, lifting 100%-basis copper production to 108,500 tonnes while zinc output dropped 62% to 54,000 tonnes, Teck Resources reported. The shift followed the mine plan and higher copper grades; a temporary pipeline outage further cut zinc concentrate sales. Teck kept full-year copper guidance unchanged amid tight concentrate markets and record-low treatment charges. Read →

Iron ore futures retreated as much as 2.3% to $93.65 a ton in Singapore, the lowest intraday level since early July 2025. The Dalian most-traded contract declined nearly 3%. The drop compounds softness from a challenging China demand outlook and concerns over major physical trader Radiant World. Read →

Futures fell as much as 1.9% to $94.10 a ton in Singapore and nearly 3% in Dalian. Chinese mill margins weakened further with hot-metal output down for a fourth week; construction activity hit its lowest since the pandemic start. Vitol and Cargill halted business with trader Radiant World over fake-invoice concerns. Read →

The most-traded September DCE iron ore contract fell 2.16% to 703 yuan. Weak steel-mill demand and rising port inventories continue to pressure prices. Read →

Spot gold climbed 0.4% to $4,055.76 per ounce after oil prices fell more than 5% following U.S. President Donald Trump's decision to hold off on new attacks on Iran in favor of talks. Silver gained 0.9% to $58.13, platinum rose 0.5% to $1,649.35, and palladium added 1.7% to $1,294.92. The moves reflect reduced near-term inflation pressure from energy prices and a softer dollar after yen intervention. Read →

Copper-tracking ETF CPER rose 2.58% to $39.34. Southern Copper shares jumped 5.43% to $185 and Freeport-McMoRan gained 5.75% amid expectations of fresh Chinese infrastructure spending. The moves reflect heightened demand hopes for the top refined copper consumer. Read →

Heavy snow, rain and winds in Chile halted operations at Lundin Mining's Caserones mine since July 18, with restart expected in 2-3 weeks. Antofagasta halted Los Pelambres and other producers faced evacuations. The disruptions add to existing supply tightness from tariffs, scrap limits and low LME/SHFE inventories, supporting prices near $13,750 per tonne. Read →

East China aluminum ingot prices averaged 23,643 RMB/ton as of July 30, up 6.17% from July 1. Rigid Chinese capacity caps near 45 million tonnes, low inventories and downstream restocking in EVs, solar and grids drove the rebound despite seasonal weakness. Read →

Iron ore futures on DCE dropped toward CNY 720 per ton, their lowest since June 2025, as average losses at Tangshan steel mills widened beyond CNY 100 per ton. Weakening demand outlook for the steelmaking input pressured prices. The move signals sustained pressure on the iron ore complex from Chinese mill profitability. Read →

The 62% Fe iron ore benchmark fell to 98.25 USD/t on July 30. Prices are down 0.11% over the past month and 0.88% year-over-year. This reflects ongoing softness in the seaborne market tied to Chinese consumption. Read →

Central bank net gold purchases hit 289t in Q2, up sharply from a revised 57t in Q1 and a Q2 record. Poland led with 51t added and China with 33t, while sales moderated with Russia the main seller at 22t. The rebound underscores sustained official-sector demand amid softer prices and geopolitical factors. Read →

Spot gold fell 0.7% to around $4,075/oz on Friday but is set for a 1.7% monthly gain, its first in five months. Bargain buying near $4,000 and Middle East developments supporting rate-cut hopes aided the complex. Silver, platinum and palladium also posted monthly advances despite daily declines. Read →

Comex gold futures rose 1.58% to settle at $4,100.10 on July 30 after the Federal Reserve held rates steady. The move followed the central bank's decision and came amid shifting rate expectations. Spot gold traded near $4,075/oz in subsequent sessions. Read →

US refined copper imports jumped 13% YoY in the first five months of 2026, with CME warehouses now holding 58% of global visible stocks as the tariff threat sustains a premium. ShFE stocks plunged to a 2.5-year low of 69,610 tons, pushing the Yangshan premium to a four-year high of $115/ton. LME stocks fell to 262,000 tons with open inventory near six-month lows, creating a backwardation and risking a lasting regional market fracture. Read →

Lithium carbonate spot traded flat at 146,000 CNY/T on July 30. Prices have fallen 8.75% over the past month but remain more than double year-ago levels. Recent permit clearances for major mines like CATL's Jianxiawo signal potential supply increases offsetting demand growth from energy storage. Read →

LME aluminium rose 1.03% and nickel 0.98% on July 29 while copper declined 0.76%, the largest drop in the complex. Traders cited easing supply tightness signals in China and profit-taking in aluminium after recent gains. Read →

Rio Tinto's half-year results showed copper and aluminium generating 56% of underlying earnings, with copper alone at 39% and its EBITDA up 84% versus a 1% decline for iron ore. BHP's prior half also saw copper surpass iron ore in driving profits. This shift matters as China's steel output eases while new supply arrives, pressuring iron ore margins for the majors. Read →

Iron ore futures fell toward CNY 720 per tonne at a 13-month low. Weak steel demand, property contraction and rising port inventories pressure the physical market as Chinese steel mills deepen losses. This highlights immediate headwinds for the iron ore complex. Read →

Physically backed gold ETFs saw $8.9bn outflows in June across all regions, with North America losing the most, cutting AUM 13% to $526bn. H1 net inflows still reached $8bn overall, led by Asia's record strength while Europe added inflows and North America posted losses. Holdings fell 74t in the month but rose 18t year-to-date. Read →

Official gold reserves rose a net 41t in May, driven by Poland's 18t purchase and China's 10t addition, with Uzbekistan, Kazakhstan and Singapore also buying. The activity extends the multi-year trend of emerging-market central banks accumulating gold. 89% of surveyed central bankers expect global reserves to increase over the next 12 months. Read →

China's net imports of refined copper fell 13% year-on-year to 1.374 million metric tons in the first half of 2026 per World Bureau of Metal Statistics data. Imports dropped 10% while exports rose 5% to 324,000 tons, marking the weakest first-half reading since 2017. High prices and competition with US tariff-driven demand reduced China's import appetite, with Shanghai Futures Exchange stocks at a 2.5-year low of 69,610 tons and the Yangshan premium spiking. Read →

Battery-grade lithium carbonate averaged 21,457.33 USD/tonne on July 28, down 125.83 or 0.58%. Industrial-grade lithium carbonate fell 126.49 or 0.60%. The moves reflect ongoing weakness in battery materials pricing amid shifting supply flows from Australia to China and Indonesia. Read →

LME copper spot price closed at 13,643.50 USD/tonne on July 28, down from 13,770.61 the prior session. The level aligns with broader base metals pricing data showing modest daily moves across copper, aluminum and zinc contracts. Tight physical availability in China continues to influence global benchmarks. Read →

LME zinc cash settled at 3,631.50 USD/tonne, up from 3,576. Nickel cash closed at 16,860.00, down from 17,080. Aluminum cash stood at 3,159.50. The mixed session follows recent LME inventory draws and China trade flow shifts reported earlier in the week. Read →

China's crude steel production fell 3% year-on-year to 499.95 million tons in the first half of 2026. Rebar inventories rose to 4.94 million tons in the week to July 17. SGX iron ore contracts settled at $99.00/t on Monday, supported by ample supply from Australia and Brazil despite weaker steel demand. Read →

SGX iron ore (IODEX) futures settled at 97.70 USD per tonne, down 0.13% from the previous close of 97.83. The market shows limited movement as China remains the key importer for seaborne iron ore from Australia and Brazil. Read →

A Reuters poll of 29 analysts cut the median 2026 gold price forecast to $4,509/oz from $4,916/oz three months earlier, the first trim since late 2023. Central banks remain the key demand driver even if purchases slow from record levels. Structural supports like geopolitics and fiscal concerns stay intact despite the pullback from January's $5,595 record. Read →

Spot gold edged steady near $4,024.54/oz with U.S. futures down 0.4% as markets await the Fed decision and Chairman Kevin Warsh comments at 1800-1830 GMT. A 68% chance of unchanged rates and 32% of a 25bp hike is priced in. Silver rose 0.5% while platinum and palladium fell. Read →

LME total aluminium stocks fell to 271,275 tonnes on July 24, the lowest since January 1998 and less than one day's global consumption. On-warrant stocks stood at 245,350 tonnes. Gulf smelters accounting for 9% of capacity faced Iranian attacks and Strait of Hormuz disruptions, forcing consumers to draw down inventories; most remaining metal is Russian-origin. Read →

As of midday close, SHFE base metals broadly declined with copper down 0.12%. Lithium carbonate and SHFE silver dropped over 2%. LME and SHFE tin plus stainless steel posted gains. Domestic prices reflected mixed overnight moves in LME and SHFE sessions. Read →

SMM 1# Copper Cathode averaged 15,553.87 USD/tonne, up 70.53. A00 Aluminum Ingot at 3,417.95 USD/tonne, up 3.37. Zinc Ingot 3,651.46 USD/tonne, up 19.79. Tin Ingot 61,766.14 USD/tonne, up 1,186.84. Battery-grade lithium carbonate 21,583.16 USD/tonne, up 168.46. Read →

Iron ore futures dropped toward CNY 740 per ton near three-week lows. Imported iron ore inventories at Chinese ports stayed elevated and steel mill stockpiles rose 8% last week. Record Pilbara shipments underscore abundant global supply pressuring prices. Read →

Beijing’s China Mineral Resources Group is banning some BHP and Fortescue purchases to force yuan payments and Chinese benchmarks during contract talks. BHP’s 62% iron ore EBITDA margin contrasts with struggling Chinese steelmakers amid overcapacity. The shift threatens Australian miners’ dominance as China pushes green steel and scrap recycling. Read →

China’s iron ore port stocks rose slightly in the latest data. CISA members’ daily crude steel output held steady in mid-July. Thinning stocks elsewhere lifted pellet premiums to multi-year highs. Read →

Spot gold fell 0.73% to $4,045 per ounce and silver dropped 1.71% to $57.47 as the U.S. dollar strengthened ahead of the July 29 FOMC decision. The moves reflect markets pricing a higher chance of a rate hike, reducing safe-haven appeal for the metals. Read →

State Street's Aakash Doshi said gold should consolidate near $4,000 through summer but its next major leg higher targets $4,750-$5,500 over six to nine months once rate expectations ease. He cited resilient central-bank buying, strong Chinese imports, and record global debt as structural supports despite higher real yields. Read →

Author Willem Middelkoop said China bought over 150 tonnes of gold in June and favors lower prices to accumulate more, with total Chinese demand 150-200% above year-ago levels. He argued central banks are driving a gradual monetary reset by shifting reserves from Treasuries to physical gold, moving price discovery toward Shanghai. Read →

China's copper demand is expected to grow by 452,500 mt in 2026, driven by stronger wire rod orders, electric vehicle demand and grid expansion. This rising smelter intake is keeping treatment and refining charges under pressure through the third quarter. The trend underscores tightening physical market conditions for copper concentrates. Read →

Spot premiums for registered copper arriving at China's ports from late July to August have breached triple digits, setting new yearly highs. Supply deficit narratives are lifting CIF China copper premiums since late June. The move signals tightening availability and stronger buying interest in the physical market. Read →

Dalian iron ore futures posted their largest weekly decline in six weeks amid mandated blast furnace production cuts ahead of events in China and subdued steel demand. The move pressures benchmark 62% Fe pricing and highlights weakness in the China steel cycle. Read →

Chinese stainless steel exports declined 17.6% year-on-year in the first half of 2026. The drop reflects broader challenges for Chinese steel export flows amid global trade frictions and softening overseas demand. Read →

Imported iron ore inventories at Chinese mills increased in the latest week as blast furnace utilization and consumption declined. Higher port and mill stockpiles signal easing supply pressure on the 62% Fe market. Read →

Newmont posted adjusted profit of $2.10 per share versus $1.99 expected. Quarterly gold production fell to 1.29 million ounces from 1.48 million a year earlier due to lower grades and seismic issues at some sites. The company expects Q3 output broadly in line with Q2 and $1.4 billion in 2026 development capital. Read →

24-carat gold rose Rs 960 to Rs 1,45,890 per 10 grams and 22-carat rose Rs 850 to Rs 1,33,700 over the last 24 hours. 18-carat gold increased Rs 690 to Rs 1,09,390. Silver held steady at Rs 2,40,000 per kilogram. Read →

Bank of America lowered its 2026 average gold price forecast 14% to $4,360 an ounce on a more hawkish Fed outlook. The bank still sees $5,000 per ounce possible once tightening ends and maintains a longer-term bullish stance on the metal. Read →

Mutapa Energy Resources secured $300 million from Chinese entities including Huayou and others to develop the Sandawana lithium deposit. The deal advances mine and processing capacity at a site already producing ore, boosting Zimbabwe's role as a top lithium supplier to China. It supports Beijing's battery industry amid efforts to add domestic value through processing. Read →

Mutapa Energy Resources clinched $300 million from Chinese companies for Sandawana facilities. Zimbabwe produced about 10% of global mined lithium last year and plans a January 2027 concentrate export ban. The funding advances ore treatment to 3 million tons annually and higher-value sulfate output. Read →

Lithium carbonate futures on the Guangzhou exchange dropped to a five-month low near 144,000 yuan per tonne on restarted Australian and Chinese mines. CATL's Jianxiawo and other operations returning capacity signal potential oversupply in 2027 despite strong EV and storage demand. Prices remain up over 20% year-to-date but have retreated sharply from May highs. Read →

Panama is weighing a state-owned mining company to partner with First Quantum on reopening the shuttered Cobre Panama copper mine. Proposals include First Quantum holding 60-65% with the state owning the concession or a lease model. Near-record copper prices and economic needs are driving talks after the 2023 shutdown. Read →

Rebar futures stabilized around CNY 3,090 per ton after prior declines. Higher iron ore prices and resilient June crude steel output averaging 2.79 million tons per day lifted sentiment. Persistent property sector weakness with first-half real estate investment down 18% year-on-year and weather disruptions limited gains. Read →

Benchmark 62% Fe iron ore rose 0.09% to $98.47 per tonne on July 23. The move follows a 2.04% monthly decline and comes as Chinese steel output stays resilient. SGX and DCE futures reflect the narrow trading range near $98-100/t. Read →

Iron ore prices in China declined amid an ongoing demand-supply imbalance. Domestic output fell 7% in the first half of 2026 while imports remained strong. The imbalance caps upside despite steady miner shipments from BHP, Rio Tinto and Vale. Read →

Gold and silver prices in India declined for the second consecutive trading session, with gold falling about 4,400 rupees per 10 grams and silver about 9,600 rupees per kilogram. The move reflects local market pressures on retail demand and currency factors. Spot gold traded around $4,058 per ounce globally. Read →

Indian gold prices fell Rs 591 and silver Rs 1,300 per relevant unit on Friday, extending pressure from prior sessions. The decline tracks local buying patterns and rupee movements affecting physical markets. Broader spot prices remain elevated near recent highs around $4,058 per ounce for gold. Read →

Gold prices in Pakistan dropped Rs 4,600 per tola on Friday, following recent downward pressure in regional markets. The move highlights local retail and import dynamics in South Asia. Global benchmark gold held near $4,058 per ounce. Read →

Comex copper jumped 3.3% to $6.55/lb while LME three-month copper rose 1.7% to $13,851/t. Shanghai Futures Exchange deliverable copper stocks fell 82% since early May and the domestic spot premium hit 435 yuan/t. LME cancelled warrants reached 56% of inventory as traders ship metal to the US ahead of potential tariffs. Read →

Chilean Foreign Affairs Minister Francisco Pérez Mackenna said the country targets $100 billion in copper projects over the next decade. The push aims to capture data-center demand and reduce reliance on China as its main buyer. The announcement came at Bloomberg’s Sustainable Business Summit in Singapore. Read →

DCE most-active i2609 contract closed at 739.5 yuan/mt, down 1%. Qingdao spot prices fell 4-8 yuan/mt with mills sidelined. SMM data showed blast-furnace utilization at 89.49%, down 0.5pp WoW, and hot-metal output down 13,500 mt/day WoW; iron-ore demand expected to stay weak. Read →

Vale reported Q2 iron-ore production of 75.971 Mt, up 0.8% YoY, with record S11D and Brucutu output plus Capanema/VGR1 ramp-up. Pellet output fell 7% to 7.303 Mt. Iron-ore sales rose 3.1% to 79.747 Mt. Read →

Vale shares advanced after its Q2 report showed iron-ore output at its highest second-quarter level since 2018, with gains also in copper and nickel. Production strength came from S11D records and project ramp-ups despite some pellet weakness. Read →

Mysteel published latest Jingtang-port HRC export quotes including 3.0*1250*C SPHC from HBIS Tangsteel/Chengsteel and Shougang Group on FOB terms. Quotes cover minimum 500-tonne lots with 60-day delivery. Read →

Spot gold traded flat at $4,133.08 an ounce in early Asian hours on July 23. A modest dollar pullback lent support while elevated bond yields and upcoming ECB, Fed, BOJ and BOE decisions weighed on the outlook. Higher rates typically pressure non-yielding assets like gold. Read →

The People’s Bank of China added 15 metric tons in June, its largest monthly purchase since October 2023 and 20th consecutive month of buying. Official reserves reached 2,346 tonnes. Central banks in emerging markets bought the dip while institutional investors sold amid rising U.S. rates. Read →

Bank of Tanzania purchased about 28 metric tons since late 2024 to bolster reserves and support the shilling. A 2024 mining rule requires exporters to sell at least 20% of gold output to the central bank. The purchases add roughly $3.68 billion in reserve assets. Read →

Copper pulled back from its highest level since early June as traders awaited White House action on import tariffs. The prospect of tariffs has already pulled large volumes of metal into the US this year, tightening the global market. US Department of Commerce recommendations on levies remain delayed. Read →

Grupo Mexico reported Q2 net profit of $2.20 billion, up nearly 79% year-over-year, driven by higher copper prices averaging $6.16 per pound. Revenues rose 35% to $5.71 billion while copper output fell 3.7% to 257,537 tonnes. The miner maintained its full-year 2026 production guidance of 1.034 million tonnes. Read →

LME copper futures rose more than 1.5% to $13,854.50 per metric tonne. China’s Yangshan import premium hit its highest level in over a year amid scrap shortages and smelter maintenance, boosting demand for imported refined copper. LME stocks fell as Beijing inventories stayed near seasonal lows; US tariff expectations added support. Read →

China State Shipbuilding Corporation delivered the 41,800-tonne Wontanara, the world's largest and fastest self-unloading transshipment vessel, to Rio Tinto's SimFer JV for the Simandou project in Guinea. The ship unloads at 12,000 tonnes per hour and will support ramp-up of high-grade ore shipments to China. It marks a logistics advance that could accelerate supply growth and influence seaborne iron ore flows and pricing. Read →

Comex Stat data showed Brazil shipped a record 42.2 million tonnes of iron ore in June, up 51% month-on-month and 17.4% year-on-year, with 32.1 million tonnes to China. The surge adds to seaborne supply and supports Chinese mills amid soft domestic steel demand. Read →

Latest Chinese futures settlement data for iron ore, rebar and related contracts released after Tuesday trading. Moves reflect ongoing pressure from seasonal demand weakness and supply inflows ahead of further Simandou ramp-up. Read →

Spot gold rose to near $4,057.60/oz (+1.26%) and silver to near $58.92/oz (+4.67%) in early Tuesday trading after defending the $4,000 level following last week’s selloff. Short covering drove the rebound while the dollar index held near 101 and 10-year yields near 4.60%. Geopolitical tensions in the Strait of Hormuz added defensive support but higher oil kept yields firm, capping upside. Read →

August gold futures opened at $4,013.40/oz on Tuesday and rose to $4,063.40/oz by early morning. Fighting between the U.S. and Iran raises inflation risks while markets price a 16.6% chance of a 25bp Fed hike next week. Gold trades in a tight range near $4,000 as investors weigh geopolitical support against higher-for-longer rates. Read →

China's copper tax crackdown has collapsed scrap supply and driven import premiums to $100 per tonne, the highest since May 2025. Traders pay more for imported cathode to meet demand as domestic availability tightens. This signals a physical market squeeze supporting LME copper prices near $13,600/ton. Read →

LME on-warrant copper stocks fell 35% in one week to 131,000 tonnes while Shanghai inventories dropped another 20%. Yangshan premiums returned to the May 2025 peak. The divergence between tightening physical markets and macro uncertainty supports copper prices. Read →

Lithium carbonate prices fell 4.95% to CNY 144,000 per tonne on July 21, reaching the lowest level in nearly four months. The drop reflects higher global supply outlook despite resilient EV demand in China. Prices remain over 108% higher year-over-year. Read →

LME copper, nickel and tin traded higher while aluminum, zinc and lead moved lower in early July 20 trading. Copper posted the largest gain near +0.5%. The mixed session reflects ongoing physical tightness in copper against broader base metals sentiment. Read →

Iron ore futures fell as much as 1.6% on the Singapore Exchange and 2.2% on the Dalian Commodity Exchange to multi-week lows. Deteriorating profit margins at Chinese steel mills and US-Iran tensions weighed on demand expectations for the steelmaking raw material. Read →

June steel output reached 83.67 million tons, up slightly month-on-month but down 3% year-to-date, with first-half property investment falling 18%. June iron ore imports climbed to a six-month high of 112.69 million tons, lifting six-month imports 6.3% to 628.87 million tons while port stocks eased from record highs. Read →

BHP and unions at the world's largest iron ore export port made progress in enterprise agreement talks but reached no deal, scheduling further negotiations for July 28. The site handles about $80 million of BHP iron ore daily; recent short stoppages have not significantly disrupted operations. Read →

Gold surged past $4,070/oz on July 21 after softer-than-expected US inflation revived Federal Reserve rate-cut hopes. A weaker dollar and Middle East tensions supported safe-haven buying. The move lifts local Pakistani bullion prices, with 24k gold at Rs424,536 per tola. Read →

Gold closed fractionally lower at $4,008/oz but held above the $4,000 level. Silver outperformed with a +0.80% gain to $56.36/oz amid a volatile month. A firmer dollar on geopolitical tensions and cautious Fed rate views weighed on the metals. Read →

The premium for imported copper over domestic supplies in China widened to $100 per ton on Friday per Shanghai Metals Market data, the highest in over a year and first three-digit level since May 2025. A tax shake-up has created scrap shortages and lifted import demand in the world's top copper market. This signals tighter physical availability and supports LME and Shanghai prices amid energy-transition demand. Read →

China will impose a 2% consumption tax on lithium-ion batteries starting September 1, rising to 4% in 2027, and a similar tax on solar cells from April 2027. Exemptions apply to sodium-ion, solid-state batteries and some advanced solar tech through 2028. The policy shift targets oversupply in clean-energy supply chains central to lithium and battery metals demand. Read →

Brent crude rose 2.4% to $90.18 per barrel on escalating US-Iran conflict and Strait of Hormuz disruptions, with knock-on effects for energy costs and inflation. Broader markets reacted while commodity prices including base metals faced volatility from supply risks and macro uncertainty. Copper and other LME metals traded amid these pressures without specific new moves reported. Read →

LME nickel prices advanced for a second straight week, with cash at around $16,675 per ton recently. This follows earlier quota cuts in Indonesia that supported prices toward two-year highs in May before some reversal. Rising nickel supports stainless steel and battery sectors in the energy transition. Read →

Iron ore futures retreated below CNY 760 per ton from one-month highs. Seasonal weakness in Chinese steel demand and narrowing mill margins weighed on prices. BHP's lower quarterly output and looming Port Hedland strike contrasted with Rio Tinto's higher shipments, while China Mineral Resources Group barred some mills from Fortescue lower-grade fines. Read →

China's steel exports reached 10.3 million tons in May 2026, the first time above 10 Mt this year, up nearly 8% MoM despite weak domestic demand. Exports for H1 fell 5.6% YoY to 57.87 Mt overall. Rebar and HRC futures showed marginal recovery amid maintenance cuts and destocking, but property/infrastructure weakness persists. Read →

Bank of America updated its forecast for platinum to reach $3,000 per ounce by Q4 2026, with palladium at $2,200, citing thin inventories, South African mine constraints, and rising Chinese jewelry demand substituting for expensive gold. The note highlights structural deficits and limited above-ground stocks as key drivers for the bullish outlook. Read →

Valterra Platinum expects first-half headline earnings to rise 1,388% to R18.5bn-R22.2bn, beating consensus, driven by an 80% year-on-year jump in the dollar basket price to $2,710/oz and higher volumes at Amandelbult mine. Production guidance holds at 3-3.4 million oz for the full year despite some Q2 disruptions. Read →

Spot gold traded little changed at $4,018.90/oz as investors weighed escalating Middle East tensions lifting oil prices and inflation risks against hawkish Fed comments. Silver rose 1.7% to $56.87/oz while platinum and palladium held steady near $1,592 and $1,249 respectively. Read →

Sinopec completed a pilot using its rapid adsorption-desorption process on produced water from the Yuanba gas field, yielding industrial-grade lithium carbonate. The method cuts costs over 35% versus conventional routes and shortens processing. It adds a potential domestic supply stream for China, which imports most of its lithium amid surging EV and storage demand. Read →

Copper slipped in after-hours trade after a Category 5 atmospheric river threatened Chile's central copper belt with up to 150 mm of rain and power outages. Escalating US-Iran hostilities triggered broader metals selling, though copper held steadier than gold or silver due to the supply risk. LME three-month copper closed at $13,585/t with cash metal up nearly 8% year-to-date. Read →

First Quantum Minerals is running a process to sell a minority stake in its large undeveloped Taca Taca copper-gold-molybdenum project in Argentina's Salta province. Interest reportedly includes Rio Tinto and Japanese traders Mitsubishi and Mitsui seeking long-term supply. The asset could produce over 320,000 tonnes of copper annually at peak, or about 1.5% of global mine output. Read →

The Dak Nong smelter in Vietnam's Dak Nong province produced its first primary aluminium. It is the country's inaugural primary smelter. The development adds new Southeast Asian capacity as global aluminium markets monitor supply additions and energy-transition demand. Read →

About 200 unionized operators and maintenance workers at BHP's Port Hedland operations staged an eight-hour stoppage Thursday after stalled pay talks. BHP's shares fell 2.3% as the action marks the first such disruption at the Pilbara hub in 26 years. The world's largest bulk-export terminal handles hundreds of millions of tonnes of iron ore annually, with further talks set for July 21. Read →

BHP approved a $900 million investment in the Ministers North high-grade deposit southeast of Yandi as a satellite to the existing operation. The project will add 20 million tonnes per year of capacity once ramped up, supporting the company's 305 million tonne medium-term target, with first ore expected in FY29. Site works begin this month under a joint venture with Itochu and Mitsui. Read →

China imported 628.86 million tonnes of iron ore in the first half of 2026, up 6.3% year-on-year per GACC data. June imports reached 112.68 million tonnes, up 15.3% month-on-month and 6.4% year-on-year, as mills built stocks ahead of summer demand. Daily crude steel output at major mills fluctuated around 2.0-2.1 million tonnes during June. Read →

HBIS Resources Co. expects a net loss of RMB 115-145 million ($16.9-21.3 million) for the first half of 2026. The Hebei Province-based miner cited ongoing market conditions in its profit warning. The announcement highlights persistent pressure on Chinese steel-related operations amid weak domestic demand. Read →

Spot gold fixed around $3,995/oz and silver around $56.45/oz on Thursday, both new 8-month lows. Resilient June US retail sales and a jump in crude above $80 on US-Iran tensions lifted rate-hike odds. Hawkish Fed expectations and stronger dollar weighed on the metals. Read →

Bank of America technicals flag further downside for gold with a possible test of $3,600 support before a bottom. The bank still recommends modest accumulation below $4,000 and sees miners as attractive at current levels despite cutting its 2026 average gold forecast to $4,360. Read →

Bank of America raised its platinum price target to $3,000/oz and palladium to $2,200/oz for Q4 2026. The upgrades reflect improving fundamentals and auto-sector demand for platinum-group metals. Read →

BHP produced 491.9 kt copper in Q4 ended June 30, down 5% YoY, with Escondida output lower on falling grades and Pampa Norte down 21%. Full-year FY26 output reached 1.95 Mt, down 3%, and the miner guided FY27 copper to 1.65-1.80 Mt due to further Escondida grade decline, tightening near-term supply expectations for the key energy-transition metal. Read →

BHP reported FY copper production of 1.95 million metric tons, down 3% from the prior year, missing its 1.9-2.0 Mt guidance range. The miner flagged further output declines ahead from lower grades at its giant Escondida mine in Chile, underscoring persistent supply constraints despite strong realized prices. Read →

Rio Tinto posted 3% YoY growth in H1 copper-equivalent production to support unchanged 2026 copper guidance of 800-870 kt, driven by 31% growth at Oyu Tolgoi. Lithium output jumped 53% YoY to 27.3 kt LCE on new project ramp-ups, with lowered copper unit cost guidance signaling operational gains in battery and industrial metals. Read →

BHP reported Western Australia iron ore output of 74.8 Mt in Q4 and full-year record 291.2 Mt on 100% basis, with average realised prices rising 3% to $84.56/wmt in FY26. The results came despite purchasing restrictions by China's state buyer amid contract talks. Higher prices and steady supply support the iron ore benchmark amid flat global steel demand. Read →

Rio Tinto achieved its highest Pilbara iron ore production since 2018 with Q2 sales up 7% YoY to 85.3 Mt. BHP reported record FY26 iron ore output of 265 Mt and guidance of 260-272 Mt for FY27. Strong operational delivery from both majors underscores resilient supply even as Chinese port inventories sit near 160 Mt and steel output remains subdued. Read →

The 62% Fe iron ore CFR China benchmark settled at $98.88 per tonne on July 15, up 0.6% weekly. SGX futures hovered near $100.55/t amid mixed signals from record miner output and steady Chinese port stocks. Prices reflect balanced supply against flat domestic steel demand and export-driven production. Read →

Spot gold pared earlier losses after US producer prices fell more than expected in June. Escalating Middle East tensions keep inflation and higher-for-longer rate concerns in focus, pressuring the metal. The move highlights gold's sensitivity to both data surprises and geopolitical oil spikes. Read →

Ghana's Gold Board purchased 50-54 metric tons of artisanal gold in H1 2026. Output is projected to match or exceed last year's record 104 tons, supporting FX earnings despite lower prices. The surge follows reforms curbing smuggling in Africa's top gold producer. Read →

Rio Tinto reported 3% YoY growth in first-half copper equivalent production. Oyu Tolgoi copper output rose over 30% in H1. The miner lowered full-year copper C1 cost guidance to US 30-50 cents per pound from 65-75 cents. Read →

Multiple 2026 sulfur supply shocks from the Middle East, China and Russia have raised nickel HPAL costs. The structural changes are expected to persist even if sulfur prices ease. Copper SX-EW operations also face feedstock pressure from the shortages. Read →

LME three-month prices moved higher early on July 14 with tin up 2.25%. Nickel led gains while aluminium and zinc posted modest declines. Lead stocks jumped more than 80,000 tonnes. Read →

Rio Tinto sold 85.3 Mt of Pilbara iron ore in Q2, beating Visible Alpha consensus of 83.6 Mt and up 7% YoY; global sales reached 88.8 Mt (+5% YoY). First-half sales of 157.7 Mt leave the miner needing a strong H2 to meet full-year guidance. Higher diesel costs from Middle East tensions lifted the cost curve but Pilbara unit cash cost guidance held; shares rose on the beat. Read →

Hundreds of workers at BHP’s Port Hedland iron ore operations will stage an eight-hour stoppage on July 16 after six months of failed talks on a four-year labor deal. The action, the largest at BHP’s iron ore ops in decades, threatens disruption to $80M daily throughput. Unions and company had a scheduled meeting on July 14. Read →

Imported iron ore inventories at China’s 47 major ports fell 1.36 Mt (0.8%) to 173.26 Mt as of July 9, the second consecutive weekly decline but still 20.8% above year-ago levels. New arrivals dropped sharply to 25.88 Mt (-10.1% WoW) amid rising port congestion (125 vessels on July 9). Stocks remain elevated overall. Read →

SGX IODEX iron ore futures settled at $100.05/t (+1.58 or +1.60%) with the contract trading between $98.55-$100.35; prior settle was $98.47. The move aligns with recent physical price recovery and optimism around downstream Chinese demand signals. Read →

New York gold futures slipped about 1% to near $4,030/oz in early trading after Tuesday's 2%+ gain. Higher oil prices from renewed US-Iran tensions raise inflation risks and real-yield pressure, offsetting softer CPI relief. Analysts note the $4,000 support holds but conviction remains low for safe-haven flows. Read →

Genesis Minerals will acquire Vault Minerals in an all-stock deal valuing the combined entity at A$12.6 billion ($8.71 billion). The merger creates Australia's third-largest gold producer with expected annual output of 600,000-700,000 ounces and A$2 billion in synergies. Deal ends takeover battle and signals further mid-tier consolidation in the sector. Read →

LME zinc warehouse stocks declined to 114,275 tons on July 13 from 119,200 tons on July 1, marking eight consecutive trading-session draws. The cash contract settled above the three-month price at around $3,571/t, creating backwardation. This points to tightening visible supply in the zinc market. Read →

LME nickel settlement prices reached US$16,405 per ton on July 13, sustaining a half-month high. The move occurs amid ongoing expectations of higher Indonesian supply and elevated exchange inventories. Nickel traded around $16,530/t near multi-month lows as ample refined supply limits recovery. Read →

Dalian Commodity Exchange main iron ore contract I2609 settled at 744.5 yuan per ton, down 0.47%. Port spot prices fell 4-6 yuan per ton. Weak steel mill buying and softening demand weighed on the market. Read →

Finished steel inventories at major Chinese spot markets hit 9.35 million mt, up 21.6% year-on-year. Property sales fell 13.6%, curbing construction demand during seasonal slowdown. Elevated supply and sluggish end-user offtake keep prices under pressure into July. Read →

Benchmark iron ore price declined 0.42% to 98.31 USD per ton. The move extends a 3.56% monthly drop despite being 1.60% higher year-on-year. SGX and physical benchmarks tracked the DCE weakness. Read →

Spot gold fell as much as 3.2% to below $4,000/oz after U.S. strikes on Iran and Fed Governor Christopher Waller's remarks boosted odds of a near-term rate hike to 43%. Higher yields and a stronger dollar from oil spikes weighed on the non-yielding metal. The move marks the largest intraday drop in over two weeks amid ongoing geopolitical and policy pressures. Read →

Gold fell 0.37% to $4,119/oz and silver eased as U.S.-Iran conflict escalation triggered a sell-the-news reaction after prior war premiums built in. Platinum rose 0.94% and palladium 2.13% on separate industrial and auto-catalyst demand. Mixed Fed minutes and oil-driven yield rises added to bullion pressure. Read →

The People's Bank of China added 480,000 troy ounces (14.93 tonnes) in June, its largest purchase since October 2023, extending a 20-month buying streak. Official holdings reached 75.44 million ounces despite gold's 12% June drop and hawkish Fed signals. The move underscores sustained official-sector demand amid price volatility and de-dollarisation efforts. Read →

A fire broke out in the sulphuric acid unit at Young Poong's Seokpo zinc smelter in North Gyeongsang province on July 9 and was extinguished within an hour with no casualties or leaks reported. The 400,000 t/yr capacity smelter supplies most of its sulphuric acid domestically. LME zinc prices rose as much as 3.4% to $3,638/t on supply concerns for the byproduct used in copper, nickel and fertilizers. Read →

LME three-month aluminium dropped 1.8% to $3,143.50/t after Emirates Global Aluminium restarted alumina production at its Al Taweelah refinery in Abu Dhabi following a 3.5-month outage from March attacks. Output is expected to reach 50% capacity within days and full levels by year-end. The metal still heads for a 1.8% weekly gain despite Gulf supply recovery signals. Read →

PT Kalimantan Aluminium Industry, owned by PT Alamtri Resources Indonesia, made its first primary aluminium exports in June, shipping 31,494 t to the US and 3,569 t to South Korea. The US seeks alternatives amid Gulf disruptions that lifted premiums to records. The smelter targets up to 350,000 t of ingot sales this year. Read →

Fire erupted at Young Poong's 728,000 t/yr Seokpo zinc smelter around 12:36 local time on July 9, triggering a level-one emergency response over hazardous gas risks. The blaze started in the facility and prompted evacuations; cause undetermined. Disruption risks affect domestic sulphuric acid supply, with 200,000 t/yr typically exported. Read →

DCE iron ore futures fell below CNY 750 per ton as Chinese steel mills reported mounting losses from high coking coal costs and weak finished steel prices. Global shipments last week totaled 30.38 million tons, down 14% week-on-week. Planned blast furnace maintenance is expected to further cut near-term demand. Read →

Iron ore prices posted their strongest weekly gain since early May on the looming BHP Port Hedland strike and ongoing CMRG restrictions on Fortescue products. The rally occurred despite softening Chinese steel fundamentals and high port inventories. Market participants are watching for further supply disruptions from the July 16 action. Read →

Spot gold fell 1.5% to $4,059.11/oz as U.S.-Iran strikes prompted Iranian claims of Strait of Hormuz closure, sending oil up 4% and the dollar and yields higher. Silver dropped 2.9% to $58.14/oz, platinum 1.8% and palladium 2.3%. Traders now price a 72% chance of a September Fed rate hike. Read →

Spot gold fell 0.9% to $4,084.80/oz in early Asian trade after U.S. strikes on Iranian targets and Iranian fire on Hormuz vessels. ANZ Research said the escalation raises odds the Fed keeps rates higher for longer, pressuring non-yielding assets. Read →

Official reserves rose a net 41 tonnes in May, led by Poland (18t) and China (10t, its 20th straight month). Year-to-date Poland leads with 64t; 89% of surveyed central bankers expect global gold reserves to rise over the next 12 months. Read →