Metals

Benchmark three-month LME copper edged up 0.06% to $14,342/t overnight, on track for a 0.03% weekly gain marking its tenth straight advance. SHFE copper rose 0.58% to 109,170 yuan/t. The dollar's overnight slump on fading September rate-hike odds supported dollar-priced metals, while LME copper backwardation narrowed to $57.93/t from $171.40/t a week earlier. Read →

LME three-month aluminium rose 0.4% to $3,298/t, touching a three-week high of $3,306.50/t amid persistent supply tightness and LME stocks at 245,975t, the lowest since 1990. SHFE aluminium gained 1.08% to 24,320 yuan/t. Analysts cite physical drawdowns and firmer seasonal China demand as support, with the market expected to stay in deficit. Read →

LME aluminium added 0.3% to $3,293.5/t, hitting a three-week peak on tight availability and improved risk sentiment. SHFE aluminium climbed after earlier gains to 24,510 yuan/t, its highest since June 4. LME stocks remain near multi-decade lows despite potential Middle East supply recovery, keeping the market structurally tight. Read →

DCE January iron ore contract closed up 1.32% at 726.50 yuan/t ($108.15/t); SGX October contract rose 2.17% to $99.40/t. Satellite data show blast-furnace and coke-oven utilization climbing steadily since Aug 25 amid easing coking-coal supply curbs. China steel exports jumped 7.8% week-on-week to 2.55 Mt (third straight gain, +23.9% y/y), while higher freight rates added cost support. Read →

China Baowu, the world's largest steelmaker, is exploring a 15-25% stake in BHP's Jimblebar mine (BHP 85% owner), which produced 62.5 Mt for BHP in FY2026 (25% of its output). The mine was valued at $3.2 billion by BHP in 2014. No decision reached; BHP and Baowu declined comment. This follows Baowu's prior Rio Tinto Pilbara partnership and amid CMRG's ongoing pricing pressure on Australian miners. Read →

DCE most-active September contract fell 6 yuan to 759 yuan/t in daytime trade. Global shipments rose to 35.72 Mt (up 2.73 Mt w/w) while China port arrivals dropped, highlighting ample supply. Prices remain range-bound near $95-100/t amid weak property-linked steel demand. Read →

Imported iron ore inventories at 47 major Chinese ports dropped 2.44 Mt (1.4%) to 171.3 Mt by Sep 3, a one-month low though still 18.8% above year-ago. Mills increased in-plant stocks amid higher sintering-fines consumption. Typhoon disruptions contributed to the weekly decline. Read →

The World Gold Council reported central banks added a net 23 tonnes of gold in July. China bought 20t and Poland 8t, with the Czech National Bank adding 2t for its 41st straight month of purchases. Year-to-date official buying totals 130t, underscoring sustained sovereign demand that supports gold prices amid shifting investor flows. Read →

Goldman Sachs Research projects gold reaching $4,900/oz by end-2026, citing central banks buying an average 50t per month, up from 17t pre-2022, as the structural driver. Rising use of gold call options for hedging may amplify volatility and push prices higher than the base case. The forecast assumes easing Fed rate-hike expectations in the second half. Read →

De Nederlandsche Bank relocated 86 tonnes of its gold reserves from New York and Ottawa vaults to London between March and August. The move boosts crisis preparedness and tradability amid geopolitical tensions, raising London’s share of Dutch holdings to 32% while cutting North American exposure. Total reserves stay unchanged at 612.4 tonnes. Read →

All six main LME base metals rose, led by zinc, after President Trump said a new wave of US attacks on Iran would likely be short-lived. The comment eased fears of prolonged regional escalation that had sent crude higher and pressured risk assets the prior day. The move reversed some of Wednesday's losses tied to Middle East tensions and a stronger dollar. Read →

Three-month LME copper fell 0.3% to $14,226/t in official trading after hitting a seven-month high of $14,441.50 on Tuesday. Zinc dropped 1.2% to $3,875/t from a four-year peak of $3,990 the prior day amid tight inventories outside China. Renewed US-Iran strikes lifted oil and the dollar while raising bets on higher US rates, weighing on the complex. Read →

Tuesday LME official closes showed copper cash at $14,395/t, zinc cash at $4,113/t, nickel cash at $16,325/t, aluminum cash at $3,260.50/t, lead cash at $1,873/t. The figures reflect the session before the latest Iran-related volatility and provide the benchmark reference for Wednesday's moves. Read →

SMM listed spot averages including copper cathode at 16,234 USD/t up 91, aluminum ingot at 3,615 USD/t up 41, zinc ingot at 3,977 USD/t up 54, and nickel cathode at 19,256 USD/t up 368. Lithium carbonate prices eased slightly. The data capture domestic Chinese pricing amid ongoing LME volatility and low SHFE copper stocks. Read →

Tangshan billet fell 20 yuan/t to 3,020 yuan/t with rebar futures down 1.04% to 3,142 yuan/t and spot rebar averaging 3,336 yuan/t, down 10 yuan. Hot-rolled coil averaged 3,375 yuan/t, down 4 yuan. Rising coking coal prices provide cost support but weak terminal demand and futures weakness limit gains ahead of the Golden September peak season. Read →

Overseas shipments rebounded while Chinese port inventories rose, keeping the market in a loose supply-demand balance despite peak-season restocking hopes. Spot prices traded in a narrow range with limited upside from high stocks and resilient miner output. The tug-of-war between seasonal demand expectations and inventory pressure caps near-term price gains. Read →

China iron ore futures fell as concerns over steel demand limited buying, following a recent rally. Traders cited ample supply from Australia and Brazil plus high port stocks. The move aligns with broader market caution ahead of potential policy signals on infrastructure and property. Read →

The Dutch central bank moved 86 metric tons of gold, worth about $12 billion, from New York and Ottawa to London between March and August to improve tradeability and crisis preparedness amid rising geopolitical unrest. London now holds nearly a third of its 612-tonne reserves, the largest share. The shift highlights central banks prioritizing accessible, neutral storage locations over US or Canadian vaults. Read →

Spot gold rose 1.1% to $4,373.87/oz, rebounding from a near one-month low, while US gold futures gained as the dollar slipped from a near three-week high and Treasury yields eased from multi-year peaks. Traders cited softer yields supporting the non-yielding metal ahead of Friday’s US nonfarm payrolls report, with a 64% chance of a September Fed rate hike priced in. Silver, platinum, and palladium also posted gains of 1.2-2.4%. Read →

Spot gold advanced more than 1% to around $4,434.70/oz after hitting a near one-month low, supported by a weaker dollar and lower yields that reduce opportunity costs for bullion. Investors await Friday’s key US jobs data to gauge Fed policy bets, with markets pricing in roughly 62% odds of a September rate hike. Other metals including silver and platinum firmed alongside. Read →

Benchmark three-month copper on the LME fell 0.99% to $14,133.50 per metric ton by 0300 GMT, while the SHFE contract dropped 1.65% to 107,710 yuan. Zinc cancelled warrants hit 30,875 tons, the highest in over a year, but LME zinc still fell 1.43%. Renewed Middle East hostilities lifted oil and the dollar, reviving inflation concerns and rate-hike odds that pressure demand for dollar-priced metals. Read →

LME three-month zinc hit $3,990, its highest since May 2022, before easing to $3,933; copper touched $14,441.50, a seven-month high, then fell. Tight LME zinc stocks at 68,250 tons and Chinese inventory drawdowns supported prices earlier, but a firmer dollar from bond selloffs and Middle East fighting reversed gains. Other LME metals including aluminium, nickel and tin also eased. Read →

LME three-month copper fell 0.86% to $14,152 per ton and SHFE copper dropped 1.35%. LME zinc declined 0.82%. A stronger dollar after Middle East oil spikes and hawkish Fed comments outweighed supply tightness signals such as rising zinc cancelled warrants. US factory slowdown data added to demand concerns across the complex. Read →

Producers offered Japanese buyers $310-$325 per ton premiums for Q4 shipments, down 18-22% from Q3 levels of $395. Weak spot prices, improving Asian balances from Indonesian supply, and softening European premiums drove the lower bids. Global primary aluminium output fell 1.7% year-on-year in July amid Gulf disruptions. Read →

On Sep 1 the 62% Fe benchmark settled up 0.17% at $95.84/t and Dalian’s most-traded contract rose 0.76% to 727 yuan/t as port-side spot prices firmed 3-5 yuan. Buying reflected mills replenishing inventories rather than stronger end-user demand; China’s July crude steel output fell 3.6% y/y to 76.93 Mt. This provides short-term support but keeps the price range capped near $93-100/t since June. Read →

Mysteel projects a global iron-unit surplus of 30 Mt in H2 2026 as supply growth outpaces demand. H1 hot-metal output at 247 surveyed mills fell 0.6% y/y to 410 Mt while port stocks absorbed the excess. The 61% Australian fines index is seen trading $88-105/t in H2 versus $97-113/t in H1, with annual average around $100/t. Read →

Spot gold dropped 0.6% to $4,304.01/oz, its lowest since August 7, after US airstrikes on Iran triggered retaliation and lifted oil prices. Higher crude stoked inflation and Fed rate-hike odds near 67%, pressuring non-yielding metals while the dollar held firm. Silver, platinum and palladium also fell 1-1.4%. Read →

Spot gold slipped 0.6% to $4,304/oz amid US-Iran clashes that boosted oil and yields. Traders priced in a 67% chance of a September Fed hike per CME FedWatch, with futures down over 1%. Other PGMs declined alongside as physical and ETF demand stayed sidelined. Read →

Spot gold edged up 1.2% above $5,000/oz and silver rose 3.8% to $79.85/oz, rebounding from sharp swings tied to profit-taking and policy uncertainty. PBOC extended its gold-buying streak to 15 straight months through January, adding 40,000 oz to reach 74.19 million oz. Analysts noted institutional and official-sector support persists despite near-term volatility. Read →

LME zinc rose as much as 2.5% to $3,980.50 per ton, its highest level in more than four years. Supply disruptions at mines in China and curtailed Iranian ore shipments from Middle East conflict tightened the market, while LME stocks stayed below 100,000 tons. Smelter treatment charges fell to minus $117.50 per ton, signaling acute concentrate tightness that lifted prices for the fifth straight month. Read →

Executives from Tsingshan, GEM, Lygend and Huayou Cobalt discussed coordinated cuts at HPAL plants amid weak prices and high costs. One proposal floated a 30% reduction in mixed hydroxide precipitate output, though no agreement was reached. Indonesia supplies over 60% of global nickel, so any cuts would tighten battery-material supply. Read →

LME three-month copper rebounded 1.20% to $12,873 per ton for a 3.24% weekly gain, while nickel rose 1.87% to $17,475 per ton. Support came from mine disruptions, tight refined availability outside the US and profit-taking after earlier rallies; SHFE copper ended the week up 1.60%. Read →

SHFE zinc rose 1.66% to 26,710 yuan per ton, capping a 5.57% August gain. LME stocks down over 20% in two months and negative treatment charges near minus $110 per ton drove the move, with China poised to export more refined metal to ease global tightness. Read →

DCE May iron ore contract fell 0.37% to 813 yuan ($116.42/t) after hitting 831.5 yuan, highest since July 2025. SGX February contract dropped 1.05% to $107.90/t after peaking at $109.40. Rally driven by China PBOC easing hopes reversed by fears of Beijing price curbs and steel mills pausing buys; port transaction volume plunged 54.9% Wednesday per Mysteel. Read →

SGX 62% Fe near-month contract rose 0.05% to $96.05/t on Monday. DCE September delivery gained 1.22% to 748 yuan/t. Gains supported by falling Chinese port inventories (down 1.03% month-on-month to 154.77 Mt) and tightening low-grade shipments amid typhoon disruptions. Read →

BHP redirected Jimblebar Blend Fines cargoes to Malaysia and Vietnam after CMRG halted purchases during contract talks. Lowlands Blue discharged 95kt in Malaysia (first since 2019 tracking); Cape Yamabuki 75kt to Vietnam. Jimblebar inventories at Chinese ports surged 360% to 8.1 Mt by mid-January amid dispute. Read →

Spot gold held at $4,454.68/oz after a session low, with futures up 0.5% to $4,503.70. Traders price 65% odds of a September Fed rate hike following hawkish comments, while Trump threats against Iran add safe-haven bids. Silver rose 0.4% to $66.77/oz, platinum 0.7% higher. Read →

Gold ETF holdings rose 2.7 moz or 2.8% since July 20 lows to 98.9 moz, tracking a 15% price rebound. Silver ETFs gained 20.4 moz or 2.6% to 801.2 moz amid a 16% rally, though still 7.2% below January levels. Analysts cite Iran conflict, inflation and US debt as likely future drivers. Read →

Spot gold edged lower in late US trade as renewed US-Iran escalation lifted oil prices and Treasury yields, pressuring non-yielding metals after Friday's hawkish Fed comments. Silver held modestly higher amid the volatility. Read →

Shanghai Futures Exchange copper contract edged up 0.4% to 108,820 yuan/t while LME three-month copper rose 0.22% to $14,314.50/t on warrant cancellations that cut available stocks. Rate-hike concerns capped gains as other base metals showed mixed moves with zinc boosted by falling LME stocks. Read →

Sinomine Resource Group secured a further 300,000 metric tons lithium concentrate export quota from Zimbabwe after an initial 200,000-ton allocation. The quota supports feedstock needs for its Chinese smelters as Zimbabwe enforces quotas ahead of a January 2027 raw-concentrate export ban. Read →

Slovalco began gradual restart of its Žiar nad Hronom smelter with plans to reach 75,000 mt annual capacity by February 2027 after a three-year idling due to high power costs. The €100 million restart, backed by power deals and ETS support, returns Slovakia to primary aluminum production. Read →

KGHM approved its Strategy 2055+ committing over PLN 32 billion ($8.55 billion) in capex through 2030 with targets of 730,000 t annual copper output and 1,290 t silver. Nearly 80% of spending targets Polish core assets including a new mine to secure ore supply for domestic smelters. Read →

The most-traded DCE iron ore contract climbed 0.7% to 726.50 yuan per tonne in early Asian trade. Nanhua Futures analysts cited improved supply-demand dynamics and investor expectations for seasonal demand pickup in China. This lifts near-term pricing sentiment for 62% Fe fines amid stable port stocks. Read →

Fed Chair Kevin Warsh's Jackson Hole speech emphasized that underlying inflation has not meaningfully improved and the Fed has 'work to do' if progress stalls toward the 2% target. Markets quickly priced in roughly 50% odds of a September rate hike, up sharply from prior levels, strengthening the dollar and yields. Gold and silver sold off sharply in response, with the moves reversing recent gains tied to Treasury bond-buyback support. Read →

The World Gold Council reported central banks net purchased a record 288.9 tonnes of gold in Q2 2026, up 62% year-over-year, led by Poland (51t) and China (33t). Beijing separately confirmed a net 20t purchase in July, lifting official reserves to an all-time high. Analysts note this structural bid from official institutions continues to provide a floor even as spot prices react to short-term rate signals. Read →

In his first Jackson Hole keynote as Fed chair, Warsh stated the Fed must gain confidence that underlying inflation is moving clearly and sufficiently toward the 2% target, or 'we have work to do.' The remarks boosted September rate-hike probabilities to around 60% and pressured precious metals by reinforcing the case for tighter policy amid sticky price data. Read →

LME three-month zinc fell 0.4-1% to around $3,855-3,876/t after hitting a four-year high of $3,949.5/t Wednesday. Stocks climbed to a three-week high of 97,875t with 1,100t inflows to Singapore and Hong Kong warehouses. The cash premium widened to $232/t, its highest since December, signaling ongoing near-term tightness despite the build. Read →

Overnight LME copper settled at $14,232.5/t, down 0.64%, while the most-traded SHFE contract fell 0.49% to 108,220 yuan/t. Spot premiums in Shanghai held firm at an average 310 yuan/t against the front month after rising 60 yuan/t, supported by tight SX-EW supply and month-end restocking. LME cash premium rebuilt to around $189/t amid persistent physical tightness. Read →

Comex September copper fell 0.5% to $6.5645/lb, retreating over 3% from Wednesday's record high of $6.7775/lb ahead of Fed Chair Kevin Warsh's Jackson Hole speech. LME three-month copper closed near $14,336/t with stocks at 237,475t and cash premium at $189/t. China's July industrial profits rose just 11.2% YoY, the slowest pace this year, shifting focus to ground-level demand. Read →

Inventories of imported iron ore at China’s 47 major ports reached 173.75 million tonnes on August 27, up just 146,300 tonnes or 0.1% week-on-week and 20.8% above year-ago levels. The near-flat reading reflects steady arrivals offset by modest outbound volumes amid cautious steel mill purchasing. Elevated stockpiles continue to cap upside for seaborne prices despite any short-term restocking signals. Read →

Baoshan Iron & Steel reported a 6.3% drop in first-half net income, citing weak domestic consumption, difficulty raising prices, and export pressure from trade barriers and carbon tariffs. Elevated raw-material costs are compounding the margin squeeze and are expected to persist through year-end. The earnings highlight ongoing headwinds for blast-furnace operators and finished-steel demand. Read →

Spot gold fell 0.5% to $4,576.30/oz and U.S. futures eased 0.8% to $4,629 after a three-month high earlier in the week. Traders priced a 34% chance of a September rate hike and 74% by December following July PCE at 3.7% y/y. Warsh's first Jackson Hole address later Friday is expected to address inflation and policy without forward guidance. Read →

New Fed Chair Kevin Warsh's first Jackson Hole speech Friday draws focus after July FOMC and bond-market volatility. Markets seek clarity on inflation fighting amid higher long-term yields and Treasury buyback plans. No major forward guidance is anticipated as Warsh has commissioned task forces and prefers markets to set rates. Read →

Northam Platinum shares jumped as much as 11% after an unsolicited non-binding approach from a major unnamed South African PGM producer for asset or corporate transaction. The company launched a competitive bidding process to maximize value ahead of Friday results. Sibanye-Stillwater and Impala ruled themselves out; Valterra is seen as likely suitor. Read →

LME zinc futures rose as much as 1% extending a seven-day rally and holding near the highest levels in more than four years. Spot metal commands a widening premium over futures, mirroring copper tightness, as LME inventories stay low while Chinese stocks build. The backwardation signals near-term physical scarcity for the galvanizing metal. Read →

Three-month LME copper hit $14,343/t, close to the $14,527.50 all-time high, after 65,400 tonnes of warrants cancelled for withdrawal. COMEX stocks rose for a 46th straight day to a record 675,185 tonnes as traders arbitrage ahead of possible 15-30% US refined copper tariffs from 2027. The flow turns a projected 639,000-tonne 2026 global surplus into a de-facto balanced or tighter market outside the US. Read →

LME three-month zinc touched $3,949.50/t, the highest since June 2022, before easing on stronger US inflation data. Cash premium over three-month widened to $132/t, the highest since December, as LME stocks fall while Shanghai Futures Exchange stocks more than double this year. Chinese refined zinc exports are arriving at LME warehouses, easing but not ending the London squeeze. Read →

Comex September copper touched $6.7775/lb ($14,940/t), a new all-time high, before retreating 1.6%. LME cash-three month spread narrowed to $127/t from a five-year peak above $400/t earlier in the week after inflows, though nearer-dated tightness persists with September-October at a $100/t premium. Shanghai deliverable stocks fell for a sixth straight day while COMEX inventories keep building on tariff positioning. Read →

BHP plans workforce reductions at its large Pilbara Mining Area C iron ore operation as it deploys more driverless haul trucks. The cuts target part of a 1,600-strong workforce amid broader tech-driven efficiency pushes. This signals cost discipline at a major producer even as seaborne supply remains ample. Read →

Samarco, the Vale-BHP JV, will invest R$13.8 billion ($2.7 billion) to restore full 26-27 Mtpa capacity from current 60% levels starting 2028. The plan targets regaining second-largest pellet exporter status with added tailings-derived fines output. Added supply from this restart adds to seaborne iron ore availability pressuring prices. Read →

Export HRC offers from Chinese mills stabilized with deals clustered at $490-493 per tonne FOB. Rebar export indications at Tianjin port held at $478-483/t amid port disruptions from recent typhoons. Steady export flows provide a floor for Chinese steelmakers despite soft domestic property demand. Read →

Comex gold futures fell 1% to $4,649/oz after July headline PCE rose 3.7% YoY, a tenth above forecasts, while core held at 3.3%. The print firmed the dollar and yields, ending gold's five-day winning streak though it remains up 14% for August on Treasury buyback support. Traders now eye Fed Chair Warsh's Jackson Hole speech for rate clues. Read →

Spot gold held above $4,600/oz after recovering some losses from the PCE-driven selloff. The metal snapped a five-day rally as inflation stayed above the Fed target, boosting September rate-hike odds. ETF inflows exceeded 28 tonnes last week amid debasement-trade buying tied to US debt concerns. Read →

The People's Bank of China purchased 20 tonnes of gold in July, the largest monthly addition since October 2023, extending its buying streak to 21 months and lifting reserves to 2,366 tonnes. Chinese gold ETFs saw inflows of 5 tonnes, reversing prior outflows. The central bank cited strategic reserve diversification amid geopolitical fragmentation. Read →

US tariff prospects on refined copper pulled 885,000 tonnes of imports in H1 2026, draining LME stocks by 65,400 tonnes recently and turning a projected 639,000-tonne global surplus into a de facto deficit. Three-month LME copper hit $14,343/t intraday, within 1.3% of the January record. The arbitrage flow to COMEX inventories, now at a 46-day record high, tightens physical availability outside the US. Read →

LME three-month zinc reached a fresh four-year high of $3,858/t on Tuesday with cash-to-three-month backwardation widening to $131/t on low stocks of 95,050 t. China turned net exporter again in July, shipping 9,200 t of refined zinc with some cargoes heading to LME warehouses in Hong Kong. The inflows provide relief to shorts without collapsing the rally driven by non-Chinese tightness. Read →

COMEX September copper hit a record $6.7270/lb ($14,830/t) on Tuesday, up 1.8%, as the US siphon effect intensified ahead of potential 15-30% tariffs from 2027. LME three-month copper closed at $14,251/t after touching $14,343/t. CRU now views the 2026 market as balanced at best rather than in surplus. Read →

Second-round coke price rises of 100-110 yuan/t from Hebei/Tianjin coking plants, plus ongoing coking coal shortages from Shanxi safety checks, squeezed steel mill margins and offset pre-holiday restocking signals. SGX 62% Fe near-month contract fell 0.21% to $95.7/t while DCE September contract rose 0.21% to 729.5 yuan/t. This highlights cost pressure as the dominant near-term driver for iron ore pricing. Read →

Most-traded DCE I2701 contract closed at 713.5 yuan/mt, down 0.28% from prior day, with Qingdao spot prices slipping 0-2 yuan/mt amid sluggish trading as steel mills restocked selectively. SGX 62% Fe settled at $97.20/t. Blast furnace maintenance impacted 1.4337 Mt hot metal this week, up 67,400 t WoW; rising coke prices and uncertain peak-season demand led some mills to delay restarts, keeping raw material buying cautious and the market in a fluctuating range. Read →

Gold edged down to near $4,640 an ounce, pulling back from a three-month high but still up about 7% over the past week. The pullback follows US Treasury bond-buyback intervention that supported the debasement trade and lifted prices above the 200-day moving average. Traders now watch upcoming US PCE data and Fed Chair comments at Jackson Hole for the next directional signal. Read →

Central banks net purchased 288.9 tonnes of gold in Q2 2026, up 62% year-over-year and the strongest second-quarter total on record, led by Poland (51t) and China (33t). ETF outflows of 45t in the quarter reversed with strong recent inflows, including $637 million into SPDR Gold Trust on a single day. The dual demand engine underpins gold near record highs ahead of key central-bank meetings. Read →

Physically backed gold ETFs recorded net inflows of $6.38 billion in the week ending Aug 21, the fifth consecutive positive week, led by US ($4.37 billion) and UK funds. Year-to-date net inflows reached $23.611 billion. Strong buying at prices above $4,500 signals renewed investor interest following the metal's technical breakout and macro support. Read →

Benchmark LME three-month copper rose 0.2% to $14,240 per tonne as cancelled warrants hit 240,250 tonnes (50% of stocks), mostly in US and Asian warehouses, signaling metal heading to Comex or US buyers amid tariff expectations. A weaker US dollar supported dollar-priced metals. Zinc hit $3,850 per tonne, highest since June 2022, on LME stock drawdowns and non-China shortages; other metals saw minor moves. Read →

Three-month LME copper fell 0.4% to $14,159 per tonne as LME stocks rose to 238,575 tonnes and SHFE stocks jumped 28.4% to 89,548 tonnes, narrowing cash-to-three-month backwardation and easing prior squeeze concerns. Weaker dollar capped losses ahead of Jackson Hole. SHFE copper contract edged higher while other LME metals were mixed. Read →

LME official prices showed copper cash at $14,290-$14,291 per tonne and three-month at $14,233-$14,235; aluminum cash $3,227; zinc cash $3,979; nickel cash $16,845-$16,860. Figures reflect recent session settlements amid ongoing inventory and tariff-driven flows. Read →

Iron ore settled essentially flat at US$95.34 per tonne on Monday, August 24, 2026. China’s port inventories fell 1.24 million tons to 145.54 million tons with daily outbound volumes up 48,000 tons, signaling mill restocking ahead of potential stimulus rather than fresh end-use demand. This occurs against China’s crude steel output falling about 3% in the first half to 499.95 million tons and July production hitting its weakest level since 2017 at 76.93 million metric tons, keeping the complex in fragile balance. Read →

Steel rebar futures fell to around CNY 3,070 per ton, retreating from multi-week highs to four-week lows. Weak construction activity and elevated rebar inventories continued to weigh on sentiment as China’s property market remained under pressure with new home prices falling year-on-year in July. Weak mill profitability limited buying appetite while only about one-third of steelmakers were profitable at the end of July, though improving blast-furnace operating rates offered some support. Read →

Iron ore futures hovered around CNY 710-713 per ton on August 25. China’s steel output fell 3.6% year-on-year to 76.93 million tons in July, the lowest for the month since 2017, while inventories remained elevated. Weak property activity weighed on demand with home prices down and only about one-third of steelmakers profitable, though fresh Chinese stimulus signals provided some support. Read →

Gold consolidated near a three-month high after a four-day rally fueled by the US Treasury's ramped-up buybacks of long-dated government debt. The intervention revived concerns over US fiscal policy and dollar weakness, pushing bullion up about 7% over the past week to nearly $4,700/oz intraday before a modest pullback. Focus now shifts to upcoming US inflation data and Fed Chair Kevin Warsh's Jackson Hole speech. Read →

Physically-backed gold ETFs saw net inflows of nearly 47 tonnes worth about $6 billion last week, the largest weekly demand since mid-October 2025. North American funds led the buying, with inflows across all regions as investors positioned amid the rally driven by Treasury moves. This marks a sharp reversal from prior outflow trends and adds to safe-haven demand for gold. Read →

Central banks added a net 289 tonnes in Q2 2026, a record for any second quarter and more than five times Q1 volumes. Poland led reported buyers with 51 tonnes in the quarter, while China added 33 tonnes; year-to-date Poland tops accumulators at 82 tonnes. This structural demand underpins prices even as investor flows accelerate on Treasury and debasement themes. Read →

Copper futures dropped to around $6.55 per pound on Monday as LME stocks hit 238,575 tons and SHFE stocks jumped 28.4% to 89,548 tons. The inflows narrowed the cash-to-three-month premium, signaling better near-term availability. Zijin Mining flagged potential 57,000-ton output loss at Kamoa-Kakula from flooding, underscoring ongoing mine supply risks. Read →

SMM assessed 1# copper cathode at $16,022.35 per tonne, up $22; A00 aluminum at $3,532, up $19; 0# zinc at $3,833, up $27; and battery-grade lithium carbonate at $23,819 per tonne, up $1,232. Nickel cathode rose to $19,508 per tonne while tin fell. SHFE copper stocks climbed 19,817 tonnes to 89,548. Read →

Central Sulawesi (Morowali) and other key nickel areas face generally manageable weather through August 30. The outlook supports steady production at major laterite operations that dominate global nickel supply for batteries and stainless steel. Read →

China's National Bureau of Statistics reported domestic iron ore production at 536.055 million mt for January-July, down 8.7% year-on-year with July output at 67.148 million mt, a 20% drop. Lower local output supports higher seaborne imports, sustaining demand for Australian and Brazilian 62% Fe fines amid flat benchmark prices around $95-96/t. Read →

CISA member mills averaged 1.973 million mt daily crude steel output August 1-10, up 5.8% from late July, while finished steel inventories climbed 5.6% to 17.18 million mt. Rising supply during the off-season builds stocks and weighs on rebar and HRC prices despite steady blast-furnace utilization. Read →

Fortescue achieved first hot metal production via electric smelting at its Christmas Creek pilot using Pilbara ore and renewable power. The milestone advances commercial-scale green iron output, positioning the miner to supply lower-carbon feedstock for EAF steelmaking and differentiate from traditional blast-furnace routes. Read →

Shagang lowered HRB400 16-20mm rebar to Yuan 3,250/t EXW and other longs by Yuan 50/t for late August amid soft demand. The move by the top EAF producer signals margin pressure on electric-arc furnaces versus integrated mills as finished steel inventories rise and property-related buying stays muted. Read →

Spot gold rose 0.8% to $4,641.27/oz, hitting its highest since May 15. A weaker dollar, fueled by U.S. Treasury plans to expand long-bond buybacks, supports prices. Focus turns to upcoming PCE inflation data and Fed Chair Kevin Warsh's Jackson Hole speech for rate clues. Read →

International gold spot climbed 0.38% above $4,633/oz while silver eased 0.71% to $68.75/oz. Prices reflect broader precious metals strength from dollar weakness and debt-related flows. No major new central-bank or ETF data released in the period. Read →

Copper futures eased 0.11% on Aug 20 to settle at US$6.48/lb. Traders weighed mixed Chilean June mine output, including Codelco declines, against softer global factory signals. Miner shares including Southern Copper and Freeport-McMoRan rose, pointing to longer-term supply tightness from the world's top producer. Read →

Alcoa signed a binding conditional 10-year gas sales agreement with Equus Energy for 50 TJ/day supply to its Pinjarra and Wagerup alumina refineries in Western Australia. The deal follows pre-FEED progress on the Equus Gas Project and positions Alcoa as the foundation domestic customer. Supply is targeted for the early to mid-2030s pending approvals and FID. Read →

CISA mills lifted crude steel output 5.8% in early August versus late July to 1.973 million tonnes per day, though still 4.9% below year-ago levels. Rebar prices drifted lower to 3,216 yuan per tonne on August 13 amid building finished-steel inventories at 17.18 million tonnes. Iron ore benchmark held at $95.16 per tonne with Dalian January contract falling 1.19% to RMB 707, reflecting the supply-demand mismatch in construction steel. Read →

Social HRC inventory in 86 major Chinese warehouses rose 1.24% week-on-week to 4.4982 million tonnes. HRC production increased slightly while apparent demand weakened further in the off-season. Coke price hikes expected next week and iron ore consolidation provide cost support, but the most-traded HRC contract is forecast to trade in the 3,260-3,360 yuan range. Read →

SMM data for 10 key ports show iron ore stocks at 105.40 million tonnes, down 1.55 million tonnes week-on-week. DCE most-active I2701 contract settled at RMB 707 per tonne, down 1.19%, with Qingdao spot prices slipping RMB 4-5 per tonne. Spot transactions stayed light as mills bought on an as-needed basis. Read →

Spot gold edged 0.4% higher to $4,537/oz on Friday after hitting its highest level since early June. The metal is up 3.6% for the week as a weaker dollar and US Treasury plans to double longer-dated bond buybacks to at least $4 billion per operation lower yields. Silver rose 1.3% to $68.93/oz, platinum climbed 2% to $1,865/oz and palladium gained 0.8% to $1,344/oz, with all heading for weekly advances. Read →

Hong Kong Exchanges and Clearing reported record physical delivery of 145kg of gold in its US dollar-denominated gold futures on Wednesday, more than double the prior 63kg peak from 2018. The surge follows the July 6 relaunch with a trading fee waiver; average daily volume reached 9,974 contracts with $1.35 billion in value since then. Read →

Peru's Sunafil launched an investigation into MMG's Las Bambas copper mine after a Tuesday maintenance accident killed two workers and injured three, prompting a temporary suspension. The mine, which produces about 2% of global copper supply, plans a gradual restart on August 21. Las Bambas has a history of community protests and operational halts in Peru, the world's third-largest copper producer. Read →

LME copper cash-to-three-month backwardation peaked at $545/ton Monday with cash hitting a record $14,912/ton before easing to $176/ton after 38,150 tons of deliveries, including from China and U.S. sites. Large long positions and low live stocks of 103kt triggered the squeeze around the August prompt date. U.S. tariff expectations continue pulling metal westward, sustaining arbitrage and risk of further volatility. Read →

LME on-warrant copper inventories rose more than 35kt Wednesday, the largest increase since 2024, following a 20kt+ jump Tuesday with Trafigura contributing significantly. The inflows eased a historic squeeze that had cut stocks 75% from April highs, though underlying physical tightness persists amid U.S. premium and China demand dynamics. Read →

SQM reported Q2 adjusted EBITDA of $1.32 billion, beating estimates on record lithium volumes and higher prices, lifting shares 2% in New York. The company raised its 2026 global lithium demand forecast to over 2.1 million metric tons from 1.9 million and outlined $3 billion capex for 2026-2028 focused on Chile projects. It sees stable Q3 prices amid stronger battery storage demand. Read →

BHP reported net profit of $9.8 billion for FY ended June 30 2026, up 9% YoY, with revenue up 15% to $58.8 billion. WAIO iron ore production hit a record 291.2 million mt with shipments supporting the result; realized iron ore price rose 3% to $84.56/mt. The iron ore segment delivered $14.5 billion underlying EBITDA. Read →

Samarco posted a Q2 2026 net loss of $328.5 million, narrower than the $1.689 billion loss a year earlier. Pellet sales held steady at 3.9 million mt with average realized price up 1% to $122/mt. The Phase 3 project completed engineering and licensing to restore full 30 million mtpa capacity by 2028. Read →

NMDC reported consolidated net profit of INR 20.05 billion for April-June 2026, up 2% YoY, with total income up 1.5%. Iron ore production rose 26% YoY to 15.12 million mt while sales increased 2% to 11.52 million mt. Read →

China produced 76.93 million mt of crude steel in July, down 3.6% YoY and the weakest July since 2017. Output is expected to rebound in August as mills ease maintenance, though demand stays muted with rebar and HRC stocks elevated. Read →

New York gold futures rose 2.1% to $4,516.10/oz in early US trade after the Treasury said it would at least double bond buybacks for longer-dated securities. The moves weakened the dollar and lowered yields ahead of Federal Reserve July meeting minutes. Physical demand from China and steady central bank buying continued to underpin the market. Read →

Gold rallied to its highest since early June, up as much as 3.8% above $4,499/oz, after the Treasury boosted long-dated debt buybacks. The surprise liquidity support drove 30-year bond yields lower and weakened the dollar. The move provided a tailwind for non-yielding bullion amid shifting rate expectations. Read →

Readily available LME copper inventories rose more than 20,000 tons on Tuesday, the largest daily increase since April, with Trafigura responsible for a significant share. Copper three-month prices held losses near $13,976/t in Shanghai trade after recent record highs driven by arbitrage ahead of potential US tariffs. The inflows relieve a historic supply squeeze while Chile output faces ongoing disruptions. Read →

Fastmarkets launched a monthly FCA Europe low-carbon copper cathode premium assessment on August 18 with a 1.5 tCO2e per tonne Scope 1-3 limit on Grade A cathode. The move responds to rising demand from automotive and wire/cable buyers seeking emissions data. It layers the low-carbon premium atop the standard LME cash price for greater transparency in sustainable copper trading. Read →

Traders delivered substantial copper volumes to LME warehouses, driving the biggest one-day stock increase since April and easing a prolonged physical squeeze. Trafigura accounted for a major portion of inflows amid wide spreads and tariff-related positioning. The development caps recent price gains while broader base metals face macro headwinds from higher yields and oil. Read →

China's crude steel production fell to 76.93 million metric tons in July, down 3.6% year-on-year and the lowest July since 2017, with year-to-date output down 3.1%. Construction demand remains weak due to property woes, but vehicle manufacturing and exports provide some offset. Iron ore imports rose 6% in the first seven months to 736.84 Mt and prices stayed steady between $93-100/t, with SGX at $95.10 on Monday. Read →

China's steel bar exports totaled 11.93 million mt in January-July, up 12.3% year-on-year, with July alone up 20.9%. Wire rod exports fell 5.2% over the period. Finished steel exports rose 2.9% in July, driven by infrastructure demand in Southeast Asia and the Middle East. Read →

BHP CEO Brandon Craig stated China's iron ore demand remains steady, supported by manufacturing activity. He noted stronger Indian demand for metallurgical coal as an additional positive factor for the market. Read →

Inventories of imported iron ore at China's 47 major ports tracked by Mysteel dropped 791,800 tonnes or 0.5% week-on-week to 174.22 million tonnes by August 13 due to typhoon disruption. Stocks remained 21.1% above year-ago levels despite the dip. Read →

Spot gold rose 0.2% to $4,342.33/oz in early Asian trade after Tuesday's nearly 2% drop. Yields eased from highs while traders await Fed minutes due at 2 p.m. ET; silver fell 0.5% to $62.99/oz, platinum rose 0.3%, palladium lost 0.3%. Read →

Front-month gold futures settled 1.17% lower at $4,366/oz and silver lost 3.3% to $63.941/oz amid a bond selloff pushing Treasury yields to multi-year highs. Demand remains resilient per Bank of America but ETF inflows needed for breakout. Read →

Spot gold traded at $4,369.08/oz, down 0.21% from prior close of $4,378.38. Prices fell 0.82% over the past week amid shifting inflation expectations and central bank policy signals. Read →

LME one-day copper contracts traded at a $75-per-ton premium to the next day, the widest since January when prices hit records. The flare-up reflects depleted LME stocks down nearly 50% since May as metal flows to US warehouses ahead of potential tariffs and tight Chinese smelter feedstock. This signals persistent near-term scarcity supporting prices despite softer China factory data. Read →

LME cash copper reached a record $14,830 per ton overnight while three-month copper rose 1.1% to $14,310. LME stocks have fallen 50% since May with flows to the US on tariff expectations; SHFE stocks are down over 80% since March. Zinc firmed 0.2%, aluminum rose 0.5%, tin added 0.5% and nickel gained 0.3%. Read →

SHFE copper dropped 1.19%, aluminum 0.35%, zinc 0.97% and tin 1.57% at midday close while nickel edged up 0.19%. LME copper fell 0.34% and zinc 0.59% with nickel up 0.42%. Domestic lithium carbonate futures declined 0.69% amid broader base metals pullback. Read →

BHP reported better-than-expected full-year earnings boosted by record copper prices that made the metal its largest earnings driver ahead of iron ore. The company declared its highest annual dividend in four years. Copper's structural demand from energy transition and data centers underpins the miner's shift in portfolio weighting. Read →

July crude steel output fell 3.6% year-on-year to 76.93 million tonnes, the lowest monthly total in 2026, with Jan-Jul down 3.1% to 577Mt. Weak property and construction demand plus slower growth drove the drop. Lower output tightens mill margins and reduces near-term iron ore demand from blast furnaces. Read →

BHP reported full-year underlying profit of $13.20 billion, up 30%, beating estimates, with copper earnings of $18.19 billion surpassing iron ore's $14.53 billion. The company declared a $1.72 per share dividend, highest in four years. Record iron ore output supported earnings while China demand remains steady per the new CEO. Read →

BHP full-year profit rose nearly a third on higher copper and iron ore prices plus record output, beating forecasts under new CEO Brandon Craig. Copper now leads earnings ahead of iron ore. China iron ore demand stays steady amid the miner's shift toward copper growth. Read →

Spot gold added 0.2% to $4,424.28/oz on Tuesday for a third straight session. Economists in a Reuters poll expect the Fed to hold rates through year-end; focus turns to Wednesday's July meeting minutes. Silver rose 0.9% while platinum edged higher. Read →

Gold's 9% August rebound to $4,400/oz signals renewed institutional and possible central-bank buying of large bars, per HSBC's James Steel. The move follows softer inflation data and lower oil prices; ETF inflows remain modest at $7 billion in early August per World Gold Council. Read →

Copper futures rose above $6.7 per pound on Monday amid signs of tightening global supply. China’s refined copper output is expected to decline for a second consecutive month in August due to shortages of concentrate and tighter recycled copper rules. Codelco in Chile expects production to fall this year from mine setbacks, while US tariff concerns divert metal to US warehouses. Read →

Lithium carbonate prices climbed 0.99% to 153,000 CNY per tonne on August 17. The gain extends a monthly rise of nearly 1% and marks an 85% increase from a year earlier. Strong demand from energy storage applications supports the rebound in this key battery metal. Read →

Lead prices advanced 0.56% to 1,906.28 USD per tonne on August 17. The metal posted a modest monthly gain of over 1% amid broader base metals activity. Other LME metals including aluminum, zinc and nickel also traded with small daily moves. Read →

Iron ore futures fell toward CNY 700 per ton near 14-month lows. China’s July new yuan loans posted a record contraction, signaling weaker property and infrastructure investment that drives steel use. Blast furnace operating rates rose slightly to 82.64% last week. Read →

The 62% Fe seaborne benchmark settled at US$95.17 per tonne on Friday, up 0.13%. Vale’s New York shares fell 1.23% to US$13.63 and Rio Tinto dropped 2.57% while Dalian futures rose 0.42% to RMB 710.5. Vale raised 2026 C1 cash cost guidance to US$22.50, 23.50 per tonne on stronger real and diesel prices. Read →

Inventories at 47 major Chinese ports dropped 791,800 tonnes or 0.5% week-on-week to 174.22 million tonnes as of August 13. Stocks remain 21.1% higher than a year earlier despite the decline. Typhoon disruption contributed to the reversal after three weeks of builds. Read →

Gold extended a two-week advance to trade near $4,400/oz after US retail sales and consumer sentiment data declined, easing rate-hike fears. The moves followed last week's nearly 1% gain and came as the dollar weakened. Read →

Silver shipments into India are picking up as traders and banks secure licenses under a new regime to capture attractive premiums. The rebound follows earlier disruptions from administrative hurdles. Read →

Australian federal and NSW governments pledged A$2.5bn ($1.77bn) plus Rio Tinto's A$1.1bn investment for a 10-year renewable PPA securing the 590kt/yr Tomago smelter until 2038. The deal supports jobs and decarbonisation while aluminium prices face Middle East supply risks and Indonesian expansion. It underscores government intervention to sustain domestic aluminium capacity amid energy and geopolitical pressures. Read →

LME registered aluminium stocks fell by half since January to 250kt, the lowest since 1990, after 2Mt/yr of Gulf primary output collapsed from the Iran conflict. Nearly all remaining warranted metal is pre-sanctions Russian brand held by one dominant player, tightening physical liquidity despite relaxed spreads. The drawdown highlights persistent supply-chain dislocation even as some Middle East capacity restarts. Read →

Combined LME and SHFE copper inventories fell to 274kt, their lowest share of global stocks, as COMEX holdings rose to a record 666kt on pre-tariff stockpiling. The 12-week decline tightens availability outside the US amid mine supply constraints and strong energy-transition demand. This divergence underscores regional inventory shifts pressuring physical premiums elsewhere. Read →

Vale New York shares dropped 4.30% to $13.80 on Thursday amid trader caution over Chinese construction activity. Iron ore is overwhelmingly a China story as the country buys more than two-thirds of seaborne supply. The move highlights fresh concerns about steel consumption in the property sector. Read →

Iron ore futures climbed above CNY 710 per ton, recovering from multi-month lows. Port inventories at major Chinese ports edged down to around 156.8 million tons. Daily hot metal production rose to 2.38 million tons while mill profitability improved to 33.77%. Read →

Net central-bank purchases hit 289t in Q2 2026, the strongest second-quarter total on record and up sharply from Q1's revised 57t. Poland led with 51t and China added 33t; other buyers included Uzbekistan and Kazakhstan while sales moderated. Survey shows 89% of reserve managers expect global reserves to rise and a record 45% plan to increase their own holdings over the next year. Read →

Federal and New South Wales governments will split A$2.5 billion over 10 years to secure operations at Australia's largest aluminium smelter, Tomago, owned by Rio Tinto and partners. Rio Tinto will invest at least A$1.1 billion alongside the funding for energy efficiency and a 10-year renewable power purchase agreement extending to 2038. The deal supports 1,000 jobs and decarbonisation of over 10% of NSW's electricity grid. Read →

Chilean miner Antofagasta reported 27% higher first-half EBITDA of $2.84 billion as elevated copper prices offset lower output and declared a doubled interim dividend. It lowered its full-year 2026 copper production target to 625,000-655,000 tonnes from 650,000-700,000 tonnes after a July shutdown at Los Pelambres mine due to extreme rains. The company cited ongoing supply constraints in a tight market. Read →

Vale and ABB signed a strategic alliance on August 11 to deploy AI, automation and digitalization across Vale's iron ore processing plants in Brazil. The partnership builds on a prior model plant in Itabira that achieved a 25% productivity gain and targets higher safety, output and energy efficiency. It supports Vale's position as a major seaborne supplier to China steel mills. Read →

Benchmark 62% Fe iron ore CFR China stood at $95.09 per tonne on August 12, up 0.53 or 0.56% from the prior day. The price is down 3.28% over the past month and 6.80% year-on-year. Steel benchmarks showed minor moves, with rebar and hot-rolled coil prices tracked separately on Chinese exchanges. Read →

SGX IODEX iron ore futures referenced a prior-day settlement around $95.77 per tonne. Dalian and SGX contracts continue to price 62% Fe fines for China delivery amid ongoing port stock builds and miner shipments. Read →

The Bank of Korea held 679,765 shares of SPDR Gold Shares worth about $250 million at end-Q2 2026 per SEC filing, its first gold-linked position since 2013 and none three months prior. This marks South Korea's central bank resuming exposure to gold prices amid geopolitical and economic uncertainty, joining broader central bank diversification trends without immediate physical bullion expansion. Read →

Spot gold was little changed at $4,408.55/oz after jumping 1% to its highest since June 5, following July CPI data showing 3.4% YoY rise that cooled September Fed rate-hike odds to 40%. Attention turns to upcoming PPI data; silver gained 0.3% to $65.47/oz while platinum and palladium eased. Read →

Filing shows Bank of Korea took a $250 million position in SPDR Gold Shares, its first gold-linked investment since 2013, providing price exposure without growing physical reserves. The move aligns with global central banks' shift toward gold amid uncertainty and diversification needs. Read →

DRC banned copper and cobalt concentrate exports last week, pushing LME three-month copper to a six-month high of $14,369.50 per ton and cash price to a record $14,453.60 per ton. The move tightens an already stressed concentrate market with negative smelter fees but has no material impact on global balances as Congo exports mostly refined metal and prior bans included waivers. LME stocks have dropped sharply to 214,550 tons with tightening cash-to-three-month spreads at $171 per ton, the widest since October. Read →

LME aluminum futures rose 1.7% to $3,373 per ton while copper gained 0.4% to $14,215 per ton after hitting an all-time high on Monday. COMEX copper advanced 0.63% to $6.65 per pound. Moves reflect ongoing physical market tightness amid energy transition demand. Read →

LME copper futures closed virtually unchanged at $14,156.50 per tonne. Aluminum rose 1.4% to $3,364 per tonne. Prices reflect mixed macro signals with supply constraints supporting the complex. Read →

DCE main iron ore contract I2609 closed up 1.26% at 721.5 yuan per tonne. Qingdao port spot prices rose 3-6 yuan/tonne amid active trader quotes and modest steel mill buying. Reduced blast furnace maintenance next week supports modest demand expectations for the ferrous complex. Read →

Vale’s New York-listed ADRs dropped 3.83% to US$14.32 amid a broad Brazilian market sell-off that sent the Ibovespa down 2.50%. The move pressured iron ore proxies as traders reacted to the steep single-session decline in the major Brazilian miner. Read →

Imported iron ore inventories at 47 major Chinese ports reached 175 million tonnes as of August 6, up 1Mt or 0.6% week-on-week and 22.7% year-on-year. Arrivals surged 20% to 32Mt in the prior week, lifting vessels waiting to discharge from 121 to 126. Read →

World Gold Council data show central banks purchased a net 288.9 tonnes in Q2 2026, up 62% YoY, while gold posted its steepest quarterly decline since 2013. PBOC added 20 tonnes in July for its 21st straight month of buying. ETF flows turned mixed with SPDR Gold Trust seeing $637m inflows on Aug 7. Read →

OCBC expanded its mobile app to let mass retail customers buy and sell platinum and palladium bullion from 0.01 ounces, priced around S$23 and S$18 respectively. The move follows strong uptake of its existing gold and silver digital offerings, which grew 2.5x YoY in 2025. It broadens accessible PGM investment options in Singapore. Read →

LME three-month nickel fell to $16,760/t in Asian trade, down $369/t from the prior close, on expectations that Indonesia will raise nickel ore mining quotas for a major operation. The potential quota increase, possibly more than tripling for one miner, signals greater 2026 supply and weighed on sentiment. Indonesia's overall 2026 RKAB quota stands at 260-270 million wet metric tonnes with possible upward revisions. Read →

Additional workers joined the rolling strikes at BHP's Port Hedland operations in Western Australia. The action risks disrupting shipments from the world's largest iron ore export hub, which handles a large share of Australian supply to China. Supply concerns provide near-term support to iron ore prices despite soft Chinese demand. Read →

GACC data showed China's finished steel exports totaled 65 million tonnes in January-July 2026, down 4.4% year-on-year. July exports fell 1.9% month-on-month to 10.12 million tonnes. The decline reflects the impact of new export licensing requirements and points to weaker overseas demand for Chinese steel products. Read →

BHP workers at Port Hedland voted in favour of strike action amid a pay dispute. The hub ships the bulk of Pilbara iron ore exports, raising risks of vessel delays and supply tightness. The move adds upside pressure to seaborne iron ore benchmarks. Read →

China's finished steel exports reached nearly 65 million tonnes in the first seven months of 2026, down 4.4% year-on-year per GACC data. July volume was 10.12 million tonnes. Lower export flows ease pressure on domestic steel prices and signal cooling global demand for Chinese output. Read →

Spot gold fell 0.5% to $4,365.65/oz after hitting $4,434.84, its highest since June 5. The pullback follows a three-session rally fueled by flows and sentiment shift after weak July US jobs data reduced near-term rate-hike odds. Markets await Wednesday CPI and Thursday PPI prints to gauge Fed policy. Read →

LME three-month nickel fell to $16,760/t in Asian trading, down $369/t from the prior close. The drop followed reports that a major Indonesian miner's 2026 RKAB nickel ore quota could more than triple, raising prospects of larger overall supply increases beyond the expected modest revision. Indonesia accounts for the bulk of global nickel output, so any quota expansion directly pressures prices amid an already ample market. Read →

Toyota-Panasonic JV PPES, Nippon Light Metal, Fuji Springs and Panasonic Operational Excellence launched a scheme recycling aluminum scrap from EV battery cell sealing boards back into new parts. The closed-loop process aims to cut virgin ingot use by 200 tonnes per year, improving supply security and lowering costs in resource-scarce Japan. It targets rising demand for aluminum in EVs and batteries while reducing mining and refining impacts. Read →

Copper traded in a tight range near $14,000/t after six weeks of gains driven by tightening global supplies. A large flow of metal into US warehouses ahead of potential import tariffs has tightened availability elsewhere and lifted LME prices. Easing concerns over US interest-rate hikes also provided support after the metal hit its highest intraday level since late January. Read →

About 150 workers joined a 24-hour stoppage at BHP's Port Hedland hub on Sunday, the first major action there in 25 years. BHP ships $80 million of iron ore daily through the port, which handled 75% of Pilbara exports last year. Vessels continued loading; talks resume August 18. Read →

DCE most-active iron ore contract eased to 713.5 yuan per tonne while SGX September futures fell 0.26% to $94.75. China's July producer prices inflation hit a three-month low and consumer inflation cooled. Steel futures including rebar and HRC also weakened on thin demand. Read →

DCE iron ore contract held flat at 716 yuan per tonne; SGX September rose 0.21% to $95.25. China's July PPI eased more than expected and CPI cooled amid retreating global energy prices. Rebar eased 0.23% and HRC slipped 0.03% on the Shanghai exchange. Read →

Rebar and HRC prices weakened further in the week of August 3-7 on thin end-user demand while billet recovered slightly on replenishment buying. Imported iron ore prices remained generally weak amid the divergence in finished steel. Read →

Spot gold fell 0.5% to $4,322.28/oz Monday after hitting a seven-week peak Friday on weak US July jobs data that lowered odds of a September Fed rate hike. Silver slipped 0.2% to $63.45/oz, platinum lost 0.1% to $1,742.50/oz and palladium dropped 1.1% to $1,362.97/oz. Traders await Wednesday's US CPI and Thursday's PPI for signals on rates, with Middle East tensions adding risk via oil prices. Read →

MCX gold October futures held flat at ₹151,870 per 10 grams while silver September futures rose 0.9% to ₹233,532 per kg in early Monday trade. Volatility stemmed from mixed Middle East signals on Strait of Hormuz reopening talks and a 0.2% rise in the dollar index, with crude oil jumping 1% above $84/barrel. The moves weighed on bullion prices for non-dollar buyers. Read →

Physically backed gold ETFs recorded $3bn net inflows in July after two months of outflows, lifting AUM 1% to $530bn and holdings by 23t to 4,068t. Europe led with broad-based gains across regions, while year-to-date inflows reached $11bn or 39t. Positive flows coincided with higher gold prices and signal renewed investor interest amid central bank buying trends. Read →