Metals

LME three-month copper rose 0.32% to $14,289/t overnight on supply concerns from Chile's 12.8% YoY output drop in August and Escondida supervisors rejecting a contract offer, paving the way for potential strike action after a fatal accident. SHFE stocks fell to 38,744 t, the lowest since January 2024. The rebound was insufficient to prevent a 2.28% weekly decline driven by a stronger dollar and bond market rout. Read →

LME official closing prices showed copper cash at $14,485-14,487/t and three-month at $14,453-14,455/t. Aluminum cash settled near $3,203-3,204/t, zinc at $3,953.50-3,954/t, nickel at $15,855-15,860/t, lead at $1,855-1,856/t. Prices reflect ongoing physical tightness outside the US amid holiday pauses in China. Read →

Supervisors at BHP's Escondida, the world's largest copper mine, voted 95% to reject the company's final collective bargaining offer and authorize strike action, triggering mandatory five-day government mediation. The vote follows a fatal maintenance accident and adds to broader Chilean output weakness, supporting physical market tightness ahead of Chinese smelter maintenance. Read →

The most-traded Dalian contract closed at 702.5 yuan (US$105)/mt on 30 September, up 0.5%, before the National Day holiday shutdown. China factory PMI rose to 50.1 in September. Vale shares edged up while Rio Tinto and others were mixed; Singapore futures provide the main live price signal during the holiday. Read →

Spot gold held near $4,188/oz early Friday, down over 2% for the week, as a stronger dollar and record-high Treasury yields weighed on prices ahead of the September US nonfarm payrolls report due at 12:30 GMT. Traders now price only a 26% chance of a Fed rate hike this month versus 70% earlier in the week, with an 80% probability seen for December. Silver rose 0.7% to $61.26/oz while platinum and palladium also gained modestly but remain on track for weekly declines. Read →

Spot gold edged 0.2% higher to $4,165/oz Thursday after August US inflation data came in softer than expected, cutting October Fed rate-hike odds to 31% from 69% a week earlier. HSBC lowered its 2026 average gold price forecast to $4,490/oz, citing near-term pressure but expecting central banks to resume buying near or below $4,000. Silver gained 0.2% to $60.51/oz and platinum rose 0.1%, while palladium fell 2.2%. Read →

South Korea’s central bank will purchase gold from local producers starting mid-December once its transaction system is ready, with roughly 1 metric ton potentially available. This marks the Bank of Korea’s first reserve gold buying since 2013 and follows its August announcement to support foreign-exchange reserve management. The central bank holds 104.4 tonnes of gold, or 3.1% of reserves, stored primarily in London. Read →

Benchmark three-month copper on the LME rose 0.1% to $14,453 per tonne amid China’s official manufacturing PMI climbing to 50.1 in September from 49.8, its first expansion in months. SHFE copper stocks fell 17.8% week-on-week to 38,744 tonnes, the lowest since January 2024, as pre-holiday demand drained inventories before the National Day shutdown. The metal is on track for a third straight monthly gain of about 1.1%. Read →

The 1,020-member supervisors’ union at BHP’s Escondida, the world’s largest copper mine, voted 95% to reject the final contract offer and authorize strike action. Chilean law now requires at least five days of mandatory government mediation before any legal stoppage. The vote adds fresh supply risk after a fatal accident recently halted operations at the mine that produced 1.26 million tonnes in FY2026. Read →

Analysts at Wood Mackenzie and Zijin Tianfeng forecast China’s refined copper output will grow only 3-3.4% in 2026, the slowest pace since at least 2000, versus 10.4% in 2025. Smelters face tightening scrap supply from a tax crackdown plus falling sulphuric acid prices that erode margins, with seven plants scheduling 30-60 days of maintenance that will cut 80,000 tonnes. The slowdown is expected to support prices into Q4. Read →

LME copper contracts were little changed as attention turned to supply amid subdued trading volumes during China’s National Day holiday. Prices slipped earlier in the week after soft Chinese industrial earnings data, but physical tightness outside the US and ongoing mine risks remain in focus. Read →

Iron ore futures fell below CNY 720 per ton for a third straight session. Only around 8% of Chinese mills remained profitable, the lowest since September 2024, due to persistently elevated coke prices. China Mineral Resources Group advised steelmakers to avoid Rio Tinto’s Pilbara Blend ore, pressuring demand for major Australian supply. Read →

62% Fe iron ore fines were assessed at US$96.73 per metric ton on September 29, down 0.20% on the day. China’s crude steel output fell 3.7% y/y in August and 3.1% over the first eight months. Port stocks rose 0.76% w/w to 152.17 million metric tons while SGX and DCE futures also declined. Read →

China Iron and Steel Association called on producers to curb output to align with weak domestic demand. Only 7.8% of blast-furnace mills were profitable in mid-September, down from 32.5% at end-August, due to high coke costs and subdued consumption. Australian iron ore shipments to China rose 6.2% w/w ahead of National Day holiday restocking. Read →

Spot gold and silver prices fell in late US trading Wednesday as cooler August PCE data reduced October Fed hike odds but failed to halt a further rise in long-dated Treasury yields. The report notes the complex traded lower despite the inflation print, with yields remaining the dominant driver. This dynamic underscores how bond-market moves continue to weigh on non-yielding precious metals even amid shifting rate expectations. Read →

Gold held steady near $4,192 per ounce while silver gained modestly on October 1 as markets assessed US rates, Treasury yields, the dollar and geopolitics. The piece highlights five straight days of rising gold ETF holdings as evidence of persistent longer-term investment demand despite the September correction. Key watches include yields, Fed policy signals and upcoming jobs data. Read →

Spot gold changed little at $4,146.66 per ounce in early Asian trade Thursday while silver fell 0.4 percent, platinum 0.1 percent and palladium 0.4 percent. US gold futures for December eased 0.3 percent. The report captures the overnight consolidation after Wednesday’s session where softer US inflation data provided only brief support before yields reasserted pressure. Read →

China’s official manufacturing PMI rose to 50.1 in September from 49.8 in August, returning to expansion territory for the first time since June. A private survey showed a five-month high of 52.1. The rebound in factory activity, supported by AI-related demand, provides a positive signal for industrial metals consumption ahead of China’s National Day holiday. Read →

The two main unions at Antofagasta Minerals’ Centinela copper mine in Chile, representing 708 members, rejected the company’s contract offer and entered mandatory government mediation. Union leaders said a legal strike could begin as early as Oct. 13 if talks fail. Centinela produced 240,400 tonnes of copper in 2025, adding to broader supply concerns from operational issues and weather. Read →

Chinese lithium carbonate futures on the Guangzhou exchange fell 25% in September to below 120,000 yuan per tonne. Concerns over slowing EV battery and energy storage demand, plus a new consumption tax on lithium-ion batteries and halted new projects, weighed on prices. The drop reverses earlier optimism from mine supply constraints and export growth. Read →

The most-traded DCE I2701 iron ore contract settled at 705 yuan/mt, down 0.91% from the prior session, with spot prices at Qingdao port falling 6-10 yuan/mt week-on-week amid thin trading. Arrivals at Chinese ports reached 29.46 million mt for the week while global shipments were steady; mill losses persist and most producers hold output steady, with some shifting maintenance after the holiday due to tight coke supply. Restocking demand has largely run its course, leaving prices without near-term support. Read →

China’s carbon steel hot-rolled coil export prices remained broadly stable during the week of September 20-24, with Mysteel assessing SS400 3mm commercial-grade HRC at Tianjin port at $498/t FOB, down just $1/t on the week. Export deals stayed limited as mills focused on domestic supply ahead of the National Day holiday. August HRC export volumes rose 12.6% year-on-year to 1.52 million tonnes, the first annual increase this year per customs data. Read →

Inventories of imported iron ore at China’s 47 major ports increased for the second straight week to 172.17 million tonnes by September 24, up 805,700 tonnes or 0.5% week-on-week. Steel mill imported ore stocks also built, reaching a seven-month high as mills stockpiled ahead of the holiday while daily consumption eased. The build reflects ample global supply and restrained mill buying amid ongoing losses. Read →

Spot gold held near $4,180/oz on Wednesday, down about 6% for September. Traders priced in higher Fed rates after oil-driven inflation concerns lifted yields, with PCE data due later. Silver, platinum and palladium also face monthly losses as the dollar strengthens. Read →

Workers at Antofagasta Minerals' Centinela copper mine in Chile voted 98.73% to reject the company's final contract offer. The unions must now enter mandatory mediation before any strike can begin. Centinela produced 240,400 metric tons of copper in 2025, adding near-term supply risk to a market already tight on Chinese inventories. Read →

LME copper futures rose toward $14,500 per ton as workers at Antofagasta's Centinela site overwhelmingly rejected the wage offer. The move heightens strike prospects at a key Chilean operation. Prices remain near September's record high with the metal on track for a third straight monthly gain. Read →

SMM will halt updates on Chinese metal prices and news from Oct 1-7 for the National Day holiday. The pause covers spot quotes, inventories, and analysis across copper, aluminum, nickel, zinc, tin, lead, and lithium. Traders face a data blackout during the extended break. Read →

Shanghai spot copper premiums pulled back this week as imported cargoes replenished the market and pre-holiday buying slowed. Premiums over the SHFE 2610 contract averaged around 1,140 yuan per ton Monday. The center is expected to remain under pressure short-term despite support ahead of the holiday. Read →

China’s most-traded January iron-ore contract on Dalian fell 1.1% to 703.5 yuan (US$105) per tonne on September 28, its lowest since August 20, while the Singapore October contract traded down 0.68% at US$94.45. Crude-steel output dropped 3.7% year-on-year in August and 3.1% over the first eight months of 2026; CISA urged mills to restrain production as port inventories rose and profitability weakened. Holiday restocking offered limited support, leaving iron ore prices under pressure from subdued demand. Read →

The DCE most-traded contract fell 8.5 yuan to 705.0 yuan/mt and Qingdao Port spot prices dropped 10, 12 yuan/wmt as SMM reported restocking demand largely complete. The MMi 61% port spot index fell the most (-1.74%), collapsing the high-low grade spread; global shipments recovered but arrivals eased. CISA mid-September pig iron output aligned at 1.770 million mt/day (-1.4%), confirming softening demand support near term. Read →

CISA and major producers including Baowu, HBIS, Ansteel and Shougang issued a joint initiative for strict output controls, voluntary restraint and inventory reduction amid “strong supply, weak demand, low prices, thin profits.” Only 7.8% of blast-furnace mills were profitable in mid-September versus 32.5% end-August; the move targets alignment with actual demand and could further reduce iron-ore import needs. Read →

Australia's top gold producer Northern Star rejected an unsolicited A$38.7 billion ($27.1 billion) cash-and-stock bid from South Africa's Gold Fields that would have created the world's No. 2 gold miner by output. The board called the offer opportunistic and materially undervalued its assets while exposing shareholders to higher jurisdictional risk via a large equity component. Northern Star shares rose 6.2% on the news while Gold Fields shares fell sharply, underscoring ongoing consolidation pressure in the sector. Read →

Barrick Mining signed a new collective bargaining agreement with unions at its Loulo-Gounkoto gold complex in western Mali, calling off planned strikes by workers at the mine and related contractors. The deal resolved 15 demands around overtime pay and expenses after talks on September 21. It removes immediate operational disruption risk at one of Mali's largest gold operations following prior government disputes. Read →

All SHFE base metals fell midday with copper down 0.72%, aluminum 0.68%, zinc 0.97%, tin 1.25% and nickel 1.18%. LME copper fell 1.01%, tin 1.72% and zinc 0.86%. Lithium carbonate's most-traded contract dropped 4.15%. Read →

Unions at BHP's Escondida, the world's largest copper mine, rejected management's request to pause contract negotiations after a fatal maintenance accident on Wednesday. Operations are gradually resuming after regulatory checks; supervisors vote on the offer next week. Read →

LME copper fell as much as 1.6% after China reported industrial enterprise profits rose only 4.2% YoY in August, the weakest since November. Traders cite the upcoming National Day holiday and macro caution despite prior tightness signals. Read →

CISA called on mills for voluntary production restraint amid only 7.8% of blast-furnace mills profitable in mid-September, down from 32.5% end-August. Subdued demand and high coke prices squeezed margins; Australian shipments to China rose 6.2% w-o-w as mills rebuild stocks ahead of National Day holiday. This supports near-term iron ore demand despite longer-term weak steel consumption. Read →

10 major Chinese ports iron ore inventories rose to 102.594 Mt (+681,500 Mt w-o-w), ending three weeks of draws, with the full build in fines. 35-port total reached 145.45 Mt (+1.12 Mt). Rising arrivals and pre-holiday restocking outweigh weak hot-metal output (2.3943 Mt/day). This adds to port stock pressure and caps upside for 62% Fe prices. Read →

CISA reported end-user steel demand failed to recover meaningfully in September despite the seasonal peak. Mill inventories of five major products rose 1.7% early September to 16.52 Mt; trader stocks in 21 cities at 9.59 Mt. High coking coal/coke costs pressure prices with limited upside despite firm input costs; production cuts remain limited even as some mills record losses. Read →

Imported iron ore stocks at 47 major Chinese ports rose for the second straight week to 172.17 Mt (+805,700 Mt or 0.5% w-o-w, +18.3% y-o-y). Steel mills trim production amid losses while building pre-holiday ore stocks; spot and futures prices declined on weakening demand. This reinforces loose supply-demand balance for iron ore ahead of Golden Week. Read →

Spot gold fell 2.1% to $4,198.10/oz and US futures to $4,231.00 as higher oil prices stoked inflation fears and boosted expectations for further Federal Reserve rate hikes this week. Silver dropped 3.4% to $62.08/oz, platinum 2.7% to $1,730.78/oz and palladium 2.8% to $1,231.46/oz. The move underscores how energy-driven inflation signals are pressuring non-yielding assets across the complex. Read →

Northern Star Resources rejected an unsolicited A$39bn ($27bn) offer from South Africa’s Gold Fields as opportunistic and undervaluing its assets. The deal would have created the world’s second-largest gold miner and Australia’s largest with 2.4 million ounces annual output, mostly from Western Australia. Shares in Northern Star rose 7% after the rejection, highlighting consolidation pressure in the gold mining sector amid volatile prices. Read →

Palladium traded at $1,237/oz, down more than 3% on the day with a 52-week range of $1,171, $2,265. The decline aligns with the broader precious metals complex selloff driven by higher oil prices and rate-hike expectations. FT markets coverage notes parallel moves in platinum, gold and silver amid the risk-off sentiment. Read →

Benchmark three-month LME copper rose 0.08% to $14,632/t early Friday and is set for a weekly gain after SHFE copper inventories fell 15.9% to 47,147 tons. The LME cash-to-three-month spread widened to a $124.75/t backwardation, signaling acute near-term tightness in the key consumer market. The moves follow pre-holiday stockpiling and smelter maintenance cuts in China. Read →

BHP's Escondida, the world's largest copper mine, suspended operations Wednesday after a worker died during maintenance and is now resuming progressively following safety assessments. The incident adds to already tight physical supply signals in copper. Escondida is a joint venture with Rio Tinto and JECO Corp. Read →

Nyrstar announced a strategic review of its Budel zinc smelter in the Netherlands, citing high energy costs, low treatment charges, and lack of Dutch grid-cost relief in the 2027 budget. The review will conclude by year-end while operations continue normally. The move intensified zinc supply concerns and supported LME zinc prices. Read →

Battery-grade lithium carbonate futures on GFEX fell 4.79% to close at 124,400 yuan/t amid weak spot buying and lower weekly production from spodumene and lepidolite processors. Spot prices drifted lower with downstream purchase intentions below 130,000 yuan/t. The decline reflects ample near-term supply in the battery metal. Read →

China’s National Bureau of Statistics reported average 20mm HRB400E rebar prices dropped RMB 17.6/mt (0.6%) to RMB 3,165.1/mt in mid-September versus early September. HRC, wire rod and other steel products also declined 0.4-1.3%. The data reflect persistent weak property-sector demand pressuring finished-steel prices. Read →

Rio Tinto and China Baowu completed industrial-scale trials at Baoshan Zhanjiang using hydrogen-based shaft furnace DRI from pellets with one-third Pilbara Blend ore. The DRI was converted to steel via BOF and tested in an electric smelting furnace, showing mid-grade Pilbara ore can support lower-carbon steelmaking pathways. Read →

Gold traded around $4,270 an ounce, down more than 2% for the week. Elevated energy prices from the US-Iran impasse lifted bond yields and boosted odds of further Federal Reserve rate hikes. Oil steadied after a surge while negotiators explored a phased Hormuz deal. Read →

Spot gold eased 0.5% to $4,265.50 per ounce, its lowest since September 16. Higher oil after a Houthi attack and Fed officials signaling more rate hikes pressured prices. The dollar hit a two-month high and 10-year Treasury yields reached near two-decade highs. Read →

Spot gold fell 0.2% to $4,270.40 per ounce and is down more than 2% for the week. A firmer dollar and expectations of sustained high US rates to fight inflation weighed on bullion. Silver slipped 0.5% to $63.58 while platinum steadied and palladium fell 1.3%. Read →

LME three-month copper settled at $14,783/t on Sep 22, up 0.8% and $92 below the Sep 10 record. Shanghai cathode inventories fell to 43,900 t, the lowest since 2023, as fabricators restock ahead of holidays and refineries plan maintenance. LME cash copper flipped to a $62/t premium to three-month, signaling physical tightness. Read →

Benchmark three-month LME copper fell 0.6% to $14,655/t on Sep 23 after testing $14,833/t. A stronger dollar and profit-taking capped gains following the prior rally. Comex inventories hold 69% of global exchange copper, while LME cash traded at a $76/t premium. Read →

SMM #1 refined nickel averaged 126,725 yuan/t this week, up 1,625 yuan/t WoW. El Nino drought and expected NPI disruptions at IMIP supported prices. LME nickel 3M rose about 1.6% WoW amid China-US talks on critical minerals. Read →

Iron ore futures in China traded around CNY 710 per ton, near one-month lows. Ample Australian shipments above 21 million tons week-on-week and rising port arrivals from Australia and Brazil added to supply pressure. Chinese steel mills face widening losses from high coking coal prices amid Shanxi mine suspensions, while softer construction and manufacturing demand weighs on ferrous purchases; prices hold some support from expected pre-Golden Week restocking. Read →

BHP and China Baowu Steel renewed their steel decarbonisation partnership via a new five-year MoU, extending collaboration since 2020. Focus areas include modified blast furnace technologies using Pilbara ores targeting at least 30% lower CO2 intensity versus conventional operations, potentially exceeding 80% with carbon storage and renewables, plus continued DRI trials with Pilbara ore processed in Baowu’s planned demonstration electric smelting furnace. Prior hydrogen DRI trials produced iron at 50% of blast-furnace CO2 intensity and supported near-zero emissions potential in electric smelting tests. Read →

Average imported iron ore margin fell to -0.73 yuan/mt from 1.82 yuan/mt, driven by higher lump premiums and rising Brazilian freight rates. As of Sep 23, blast furnace operating rate across 242 mills stood at 88.76%, down 0.17pp week-on-week, with daily hot metal output at 2.3943 million mt, down 4,800 mt. Deeper mill losses reduce production incentives, with more maintenance scheduled and hot metal output expected to decline further from October. Read →

China’s integrated steelmakers built up inventories of imported iron ore sintering fines to a seven-month high ahead of national holidays, per Mysteel’s latest survey. Daily consumption of the feedstock retreated slightly. Blast furnace mills continue pre-holiday restocking even as overall demand indicators remain subdued. Read →

Spot gold was little changed at $4,285.31/oz and December futures at $4,321.40/oz in early Asian trade Thursday. Silver fell 0.6% to $64.08/oz while platinum held at $1,749.47/oz and palladium edged up 0.2% to $1,261.95/oz. The moves reflect broad pressure on the complex from a firmer dollar and shifting rate expectations. Read →

Spot gold dropped 0.9% to $4,316.59/oz and December futures fell 0.5% to $4,353.30/oz amid a stronger dollar at a two-month high and hawkish Fed remarks reinforcing tighter policy views. Silver fell 2.7% to $65.28/oz, platinum lost 2.3% to $1,790.48/oz and palladium declined 2% to $1,280.72/oz. Geopolitical comments on Iran added to volatility but did not offset the macro headwinds. Read →

Flash S&P Global US composite PMI rose to 58.4 in September, well above the 55.2 consensus, with services at 58.7 and manufacturing at 57.0. Spot gold fell to session lows near $4,282.81/oz, down about 1.74% on the day as stronger US data reinforced rate-hike bets. The acceleration in business activity to a five-year high weighed on safe-haven demand across precious metals. Read →

Benchmark three-month LME copper fell 0.66% to $14,651/t by early Wednesday as the stronger US dollar made dollar-denominated metals more expensive for non-US buyers. SHFE copper slipped 0.23% to 110,960 yuan/t. The Yangshan import premium eased to $117/t but stayed well above early-month levels, reflecting sustained though moderating Chinese physical demand ahead of holidays. Read →

Comex December copper hit a fresh session high near $6.87/lb while LME three-month copper rose 0.7% to $14,766/t. SHFE-monitored stocks have dropped 70% since early June; Shanghai social inventories hit a three-year low. LME cancelled warrants rose another 6,700 t to 122,150 t, leaving just 133,725 t available in the system. Read →

The China Iron and Steel Association urged about 45 mills including Baowu, Ansteel, HBIS and Shougang to cut production and inventories to match orders and profitability. Chinese crude steel output fell 3% year-on-year in H1 2026 while consumption dropped 3.6%, pushing mill inventories to a three-year high of 16.02 million tons. Korean producers see potential relief from oversupply and price pressure if cuts prove deep and sustained. Read →

On Tuesday September 22, the 62% Fe benchmark CFR China settled at $97.32 per tonne, down 0.19%, while DCE most-traded iron ore futures fell 0.98% to 708 yuan per tonne. Vale New York shares edged up 0.28% to $14.19 and Rio Tinto rose 0.46% to $97.49 amid Chinese mills' cautious pre-holiday imported ore purchases. August crude steel output fell 3.7% year-on-year to 74.61 million tonnes. Read →

The most active Dalian iron ore contract for January 2027 delivery fell 1.05% to close at 708.00 yuan per tonne. SGX most-traded contract stood at $97.21 per dmt as of September 21. Spot prices eased 3-5 yuan per wet tonne with mills buying only as needed amid maintenance losses and rising port stocks. Read →

Spot gold traded around $4,340 an ounce, erasing prior-session gains. Traders monitored US-Iran diplomacy and Fed comments on how energy costs will shape the rate path after the central bank's first hike in three years. Lower oil prices reduced immediate inflation pressures that had supported bets on further tightening. Read →

Bullion recovered from a 1.2% drop as Brent crude pared losses to near $98 a barrel after an 8% slide over four sessions. Easing Middle East export concerns and renewed US-Iran diplomacy cut the risk of sustained energy-driven inflation. The moves lowered the odds of additional Fed rate hikes that weigh on non-yielding metals. Read →

Spot gold fell 0.2% to $4,345.99 per ounce while US gold futures rose 0.2% to $4,382.70. Silver dropped 0.4% to $66.78, platinum 0.8% to $1,818.21 and palladium 0.4% to $1,302.61. Markets weighed higher-for-longer rates from major central banks alongside geopolitical developments. Read →

Benchmark three-month copper on the LME rose 1.4% to $14,725 per tonne, touching $14,762.50, its highest since September 10. Available LME copper stocks fell to 133,725 tonnes after 9,600 tonnes of cancellations in Asia, shifting the cash contract to a $47 per tonne premium over the three-month contract. Yangshan copper premium eased to $119 per tonne while traders position ahead of China holidays and a potential Trump-Xi meeting. Read →

Capstone Copper agreed to sell its Cozamin copper-silver-zinc-lead underground mine in Zacatecas, Mexico, to Luca Mining for up to $385 million including $275 million cash upfront, $15 million in shares, $35 million deferred and up to $60 million in copper-price-linked contingent payments. The deal is expected to close in Q4 2026 subject to approvals and allows Capstone to redeploy capital into growth projects in Chile and the US. Cozamin is forecast to average 20,000 tonnes of copper and 1.3 million ounces of silver annually through 2030. Read →

SMM midday comment noted broad gains in base metals and new-energy materials as the dollar weakened. SHFE copper and coking coal each rose more than 1% while lithium carbonate and polysilicon advanced over 2%. The move aligns with firmer physical signals including pre-holiday buying in China. Read →

SGX October iron ore futures settled near US$97.05/t (up US$0.05) and DCE main contract near 715 yuan/t (down 0.07%) on Sep 21. CISA data showed large Chinese mills’ average daily crude steel output at 1.924 Mt in early September, up 2.0% from late August, with mill finished-steel stocks also rising 1.7%. The modest output increase supports iron ore demand but weak downstream conditions and CISA calls for production controls limit price upside. Read →

As of Sep 18, imported iron ore inventories at China’s 47 major ports reached 171.36 Mt, up 1.13 Mt or 0.7% week-on-week per Mysteel survey. Australian ore stocks rose to 85.25 Mt and Brazilian to 52.80 Mt, with daily discharge averaging 3.51 Mt. The rebound reverses prior destocking and adds supply pressure despite steel mills building holiday buffers ahead of Golden Week. Read →

CISA reported large/medium Chinese steel enterprises averaged 1.924 Mt daily crude steel output Sep 1-10, up 2.0% from late August, with finished-steel inventories at member mills rising 1.7% to 16.52 Mt by Sep 10. The uptick ends a brief contraction but occurs amid oversupply signals and CISA urging mills to curb output and inventories. It highlights resilient blast-furnace production despite thin mill margins. Read →

COMEX gold rose 0.17% to $4,391.30/oz and silver gained 0.58% to $66.80/oz in early Asian trade on Sep 22. Softer oil prices and hopes of US-Iran talks supported prices, while St. Louis Fed President Alberto Musalem's hawkish comments on further rate hikes capped gains. Investors await more Fed signals on policy. Read →

Artemis Gold (TSXV:ARTG) will acquire Vista Gold (TSX:VGZ) in a $427 million all-share transaction, adding the Mt Todd gold project in Australia's Northern Territory. The deal values Vista at a 29% premium and gives Artemis a pathway to over 1 million oz annual production alongside its Blackwater mine. Closing is expected in January 2027 after approvals. Read →

Spot gold rose 0.3% to $4,357.31/oz, silver 0.7% to $66.48/oz, platinum 0.8% to $1,811.28/oz and palladium 0.7% to $1,309.78/oz on Tuesday. Lower US Treasury yields provided support even as higher-for-longer rate expectations limited broader gains across the complex. Read →

LME copper closed Friday up 0.62% at $14,563/mt amid higher open interest. Multiple Chinese smelters enter maintenance October-November amid tight concentrates and blister, limiting refined supply growth. Shanghai social inventories fell sharply pre-holiday with spot premiums firming as downstream buying sentiment improved modestly. Read →

Three-month LME copper rose 0.3% to $14,539/mt Friday and headed for a weekly gain above 2%. Yangshan premiums hit $121/mt, the highest since October 2022, reflecting stronger Chinese physical demand. SHFE stocks rose modestly after prior draws while LME tightness eased slightly into contango. Read →

BHP and China Baowu renewed their 2020 partnership with a new five-year MoU focused on modified blast-furnace tech and DRI trials using Pilbara ore. Target is at least 30% lower CO2 intensity versus conventional BF, potentially over 80% with CCS and renewables. Prior trials showed hydrogen DRI from Pilbara ore at half conventional BF emissions intensity, supporting future EAF pathways. Read →

Dalian most-traded iron ore contract settled at 715.5 yuan/t ($106.83/t) after rising 0.70%, driven by mills restocking ahead of the October National Day holiday. Benchmark 62% Fe futures stayed broadly flat near $97-98/t CFR China with Qingdao spot prices unchanged. August China imports hit 108.54 Mt (+3.1% YoY) while daily hot-metal output slipped 0.7% MoM, highlighting the gap between short-term buying and structural demand weakness. Read →

The most-active DCE iron ore contract for January 2027 delivery rose 0.70% to close at 715.50 yuan/t ($106.67/t). Gains reflect Chinese steelmakers accelerating seaborne purchases ahead of the holiday break despite ongoing pressure from weak domestic steel demand and thin mill margins. Read →

Spot gold fell as much as 0.7% below $4,350 an ounce, erasing last week’s modest gain. Traders assessed persistent inflation risks and the Federal Reserve’s first rate hike since 2023, with several policymakers scheduled to speak this week. Higher rates increase the opportunity cost of holding non-yielding bullion. Read →

Spot gold dropped 0.5% to $4,354.30 an ounce amid fresh Iran-US tensions and expectations of further central-bank tightening. Oil prices eased on hopes of diplomatic progress, while silver, platinum and palladium also moved lower except palladium which rose 0.8%. Analysts noted official-sector demand continues to underpin prices structurally. Read →

Net central-bank purchases hit 23 tonnes in July with China adding 20 tonnes for its 21st straight month of buying. The pace of 91 tonnes per month far exceeds the pre-2022 average of 17 tonnes, providing a structural floor despite recent price volatility and rate-hike pressures. Read →

LME three-month copper held near $14,460/t on Friday, on track for a 1.6% weekly gain. Rebounding Chinese physical demand, shown by the Yangshan import premium reaching $121/t, offset Fed hawkish signals on rates. SHFE copper also rose, with low inventories supporting the move. Read →

LME copper slipped 0.2% to $14,467.50/t but headed for a 1.6% weekly advance. Stronger Chinese physical buying lifted the Yangshan premium to $121/t, its highest since October 2022, while SHFE stocks sat at 54,780 t, the lowest since January 2024. The move countered uncertainty over potential US refined copper tariffs. Read →

LME copper rose 1.2% to $14,408/t as Chinese buyers returned after a selloff. The Yangshan premium climbed to $118/t on Wednesday, its highest since October 2022, and domestic premiums over SHFE hit 645 yuan/t. SHFE-monitored stocks fell to 54,780 t amid shipments to the US on tariff expectations. Read →

A fatal fall killed a subcontractor on September 16 at Korea Zinc's Onsan smelter in South Korea during roof work on the roaster-acid system. No production cuts or shutdown notices have been issued yet as investigations continue. The 640 ktpa zinc facility's output impact remains uncertain pending inspection scope. Read →

Singapore iron ore futures rose for a third day, gaining about 1% this week to as high as $97.45 a ton and erasing earlier losses. The move came as Chinese steelmakers increased seaborne purchases ahead of the October National Day holiday, even with weak underlying steel demand and shrinking mill margins. Prices remain below the $100 psychological level for a sixth session. Read →

The most-traded DCE iron ore contract rose 0.35% to 711 yuan ($105.94) a ton while the SGX October benchmark added 0.26% to $96.05 a ton. Steelmakers booked more seaborne cargoes, with daily transaction volumes jumping 43% to 1.41 million tons on Wednesday per Mysteel data. Rebar futures gained 0.1% and hot-rolled coil 0.24% on the Shanghai exchange amid persistent mill losses. Read →

Vale New York shares rose 2.41% to $14.47 while Rio Tinto and BHP also gained over 2% as Chinese mills accelerated seaborne iron ore purchases before the October 1-7 holiday. Daily seaborne volumes hit 1.41 million tonnes, up 43%, supporting steel futures with rebar up 0.1% and hot-rolled coil 0.24%. The 62% Fe benchmark held near $97.41 a tonne. Read →

Spot gold traded around $4,350 an ounce after rising almost 2% on Thursday, recovering most losses from the prior three sessions. The rebound followed the Fed's first rate hike since 2023 and a drop in oil prices that reduced inflation concerns. Lower Treasury yields across maturities also eased pressure on the non-yielding metal. Read →

Spot gold rose 2.3% to $4,360.36 per ounce on Thursday, rebounding from a near six-week low. Easing oil prices to a one-week low and a softer US dollar supported the move, with silver up 4.2%, platinum up 1.8% and palladium up 1.6%. Traders assessed the Fed's rate increase and signals of further hikes. Read →

Venezuela's interim government and opposition are close to an agreement to transfer about $4 billion in central bank gold reserves from the Bank of England to the Federal Reserve Bank of New York. The deal would give legal control to the interim government of Delcy Rodríguez but bar immediate sales; the gold could serve as collateral for borrowing to fund earthquake reconstruction. This would end a seven-year dispute over the holdings. Read →

LME three-month copper rose 0.7-1.1% to around $14,188-$14,231 per tonne on signs of active Chinese buying. The Yangshan premium jumped 7% to $118 per tonne, its highest in nearly four years, as buyers restock after a price dip. BNP Paribas noted the move eases prior tightness while LME spreads shifted into contango. Read →

LME copper climbed about 1.1% to near $14,237 per tonne amid firmer Chinese import appetite. The Yangshan premium rose to $118 per tonne, the strongest level in almost four years, signaling restocking by Chinese buyers. COMEX-LME premium narrowed and inflows to US warehouses slowed amid ongoing US tariff uncertainty. Read →

Aluminium Bahrain (Alba) CEO said the smelter operates at 80% of pre-Iran war capacity, or 1.3 million tonnes per year from lines 4-6. Exports route via Jeddah and Sohar after Strait of Hormuz issues; alumina arrives by 300-350 daily truckloads. Full 1.6 million tonne capacity return depends on raw materials and regional stability. Read →

Lithium Argentina closed a $180 million strategic investment from Ganfeng Lithium via a six-year 4% unsecured convertible note convertible at $12.50 per share. Proceeds plus cash will repay $259 million in notes due January 2027, strengthening the balance sheet for Caucharí-Olaroz Stage 2 and PPG project integration. Ganfeng stake rises to 16.1% on full conversion. Read →

Dalian iron ore futures climbed 0.35% to 711 yuan per tonne as mills booked seaborne cargoes ahead of October National Day holidays, with Mysteel data showing a 43% jump in transactions. SGX October futures edged 0.26% higher to $96.05, remaining below $100. Analysts noted tumbling mill margins may limit further restocking and output gains. Read →

Shanghai Futures Exchange rebar rose 0.1% and hot-rolled coil 0.24% alongside iron ore gains. Coking coal and coke also advanced over 1%. Weak underlying steel demand from construction persists despite the short-term buying surge. Read →

China Baowu, the world’s largest steelmaker, is exploring a 15-25% stake in BHP’s Jimblebar mine, which produced 62.5 million tonnes for BHP in FY2026. The interest comes amid ongoing contract tensions and could deepen Chinese influence over major Pilbara supply. Read →

The Federal Reserve raised its benchmark rate by 25 basis points for the first time in three years and signaled another hike likely before year-end via its median dot plot at 4.1%. Gold fell 2% over three sessions to around $4,270/oz as higher yields increase the opportunity cost of holding non-yielding bullion. The move followed sticky inflation and elevated oil prices, pressuring precious metals broadly. Read →

COMEX gold fell 0.88% to $4,348.90/oz and silver 0.90% to $64.335/oz on Thursday following the Fed's unanimous 25 bp hike and projections for further tightening. The decision shifts focus to yields and the dollar as headwinds for non-yielding metals. Oil's decline provided some relief but did not offset the hawkish policy tilt. Read →

Nornickel is in talks with China's North Copper Co. to process its copper concentrate at facilities in Houma, Shanxi, potentially closing its polluting Norilsk smelter. The upgrade could take up to two years and targets Nornickel's higher-nickel concentrates. The move shifts final-stage processing to China, cutting costs amid sanctions and customer proximity. Read →

Lithium Argentina closed a $180 million strategic investment from Ganfeng via a six-year 4% convertible note, using proceeds plus cash to repay $259 million notes due January 2027. Ganfeng's stake rises to 16.1% on full conversion. Funds strengthen the balance sheet for Stage 2 at Cauchari-Olaroz and the PPG project in Argentina. Read →

Three-month LME copper hit a low near $13,926/t before recovering modestly, its weakest since August 20, as warehouse stocks climbed nearly 20% since mid-August to 242,900 t. Rising oil prices above $107/bbl reinforced growth concerns for manufacturing demand. Yangshan premiums for imported copper rose to $110/t, the highest since early August, signaling firmer Chinese physical interest. Read →

Atlantic Copper inaugurated its CirCular facility in Huelva, Spain, with 550 million euro investment and 60,000 t/y capacity to extract copper, gold, silver, palladium, platinum, tin and nickel from end-of-life electronics. The plant processes mobiles, tablets, cameras and batteries as primary feedstock. It positions Spain among few nations with large-scale industrial e-waste metal recovery and supports EU circular economy targets. Read →

The China Iron and Steel Association called on 45 major mills, including Baowu, Ansteel, Shougang and HBIS, to strictly implement production controls and reduce inventories. Mills face oversupply, weak demand and plunging profitability with core steelmaking profits down 40% in H1. The move targets blast-furnace output to ease pressure on iron ore demand. Read →

Iron ore futures fell nearly 5% over the past week to around $96/t amid higher steelmaking input costs and eroding mill margins. Prolonged China property downturn and rising global supply from Australia and Brazil weigh on prices. Miners including BHP, Rio Tinto and Fortescue face softer near-term pricing. Read →

Capesize earnings stay near $50,000/day on strong iron ore volumes, yet Chinese crude steel output fell 3.7% y/y in August to 74.61 Mt with daily output at an eight-month low. CISA’s fresh call for output cuts and inventory reduction adds downside risk to ore demand. Port stocks remain elevated 14% above norms. Read →

Vale fell 0.96% to US$14.47 in New York while the Dalian iron ore contract slipped 0.14% to 707.5 yuan/t. China’s July crude steel output dropped 3.6% y/y to 76.93 Mt even as seven-month ore imports rose 6% to 736.84 Mt. Elevated port inventories signal mills are stockpiling rather than consuming. Read →

Spot gold rose 0.8% to $4,328.39/oz with silver up 1.5% to $64.60, platinum +0.7% and palladium +1.6-2.2%. Traders priced in a 92%+ chance of a 25bp Fed hike later Wednesday; easing oil prices and fiscal concerns provided support despite the expected rate increase. Read →

Bullion traded around $4,290/oz after a two-day drop. Elevated oil prices and inflation concerns kept rate-hike bets near certainty, with traders assigning a 92-93% probability of a Fed increase that typically weighs on non-yielding gold. Read →

LME three-month copper steadied after hitting a four-week low, with new deliveries into exchange warehouses signaling relief from the prior supply squeeze. Prices pulled back sharply from last week’s record high driven by US tariff anticipation that diverted metal to COMEX. The move highlights how tariff-driven inventory shifts, rather than broad demand changes, are dominating near-term price action. Read →

Benchmark three-month LME copper fell 1.2% to around $14,065/t, its lowest since Aug 20, after 9,600 tonnes of inflows lifted inventories and a stronger dollar weighed on industrial metals. COMEX stocks dipped for the first time in 58 days. The cash-to-three-month spread widened, indicating easing near-term tightness amid ongoing US tariff uncertainty. Read →

Three-month LME copper slipped 0.20% to $14,212/t and SHFE copper dropped 0.39% as traders focused on the delayed Section 232 tariff ruling now eyed for Sep 28. White House indecision has clouded inventory arbitrage flows, leaving brokers cautious and bearish near term. COMEX stocks had built steadily on tariff expectations before the recent pause. Read →

SHFE copper inventories fell 13.05% week-over-week to 54,780 tonnes, a new multi-year low, while global stocks diverge with COMEX building on US tariff flows and LME seeing selective inflows. The mismatch underscores how policy expectations are redirecting physical metal across regions faster than underlying mine or smelter supply shifts. Read →

China Mineral Resources Group instructed some steel mills to hold off on purchases of Rio Tinto’s flagship Pilbara Blend as annual contract talks reach a critical stage. The directive follows a similar pattern used against BHP and Fortescue, tightening CMRG’s leverage over more than half of China’s iron ore imports. It adds immediate pressure on seaborne supply flows and miner pricing power. Read →

Indonesia’s Trade Ministry opened a formal anti-dumping probe into nine categories of galvanised steel from China after domestic producers reported material injury. China accounted for 81% of Indonesia’s 2.56 million tonne imports of the products from 2023-2025. The 12-month investigation signals rising global protectionism against Chinese steel export surges. Read →

DCE January iron ore futures fell 1.6% to 708.5 yuan per tonne while SGX October contracts eased near 1% to around US$95.65 per tonne. Steel mill profitability plunged 22.51 percentage points week-on-week to a record low 7.79%, prompting output cuts. Port stock reductions limited the downside but failed to offset demand weakness. Read →

Gold fell as much as 2.2% below $4,300/oz after hotter-than-expected US inflation data and surging oil prices above $100 reinforced expectations of Federal Reserve rate hikes this week. Higher Treasury yields and a stronger dollar added pressure. The move highlights near-term headwinds for precious metals from tighter policy bets despite longer-term support factors. Read →

The World Platinum Investment Council revised its 2026 forecast to a slim surplus of 265,000 troy ounces from a prior 297,000-ounce deficit. Total demand is now expected to fall 18% year-on-year due to investor selling and weaker Chinese jewelry demand, though longer-term demand may benefit from AI infrastructure build-out. The shift marks the first surplus since 2022. Read →

Tharisa priced a $300 million five-year senior secured Nordic bond at 98% of par with an 11% coupon to fund completion of its Karo Platinum Project in Zimbabwe. The oversubscribed offering drew broad global institutional demand and will support first ore to the mill in Q4 2027, more than doubling the company's PGM output once ramped up. Read →

LME copper futures fell as much as 0.6% after hotter-than-expected US inflation data prompted traders to raise bets on Federal Reserve rate hikes. Most other major base metal contracts also traded lower amid a stronger dollar and broader risk-asset pressure. The move follows copper’s first weekly decline since June. Read →

Glencore and Mercuria are separately in talks with Venezuela’s government over potential deals for the state-owned Venalum smelter, Latin America’s largest with 430,000 tpa capacity. Discussions include operating the facility and securing access to its output. Interest comes amid global aluminium supply disruptions from Middle East conflict. Read →

SMM data shows SHFE copper inventories at 54,780 t after a 13.05% weekly drop, aluminium down 4.67%, while zinc rose modestly. Coordinated destocking in China reinforces physical market tightness outside the US, supporting near-term pricing for copper and aluminium despite macro headwinds. Read →

SMM spot prices on Sep 14 showed copper cathode at $16,193.77/t (-51.85), aluminium ingot at $3,580.94/t (-21.28), zinc at $3,914.05/t (-41.85), nickel at $18,752.32/t (-209.81), tin at $59,870.62/t (-1,147.03), and battery-grade lithium carbonate at $20,618.63/t (-520.58). SHFE inventories reflected mixed but generally tight conditions across the complex. Read →

Administrators KordaMentha announced the permanent closure of the 60-year-old blast furnace at Whyalla steelworks in South Australia after failed restart attempts. The move affects 500 employees and 100 contractors, reducing the workforce from 1,700 to about 1,200 while the sale process continues with government support. The shutdown highlights challenges for aging integrated steel operations amid shifting technology and weak margins. Read →

DCE iron ore futures dropped to around 708.50 CNY/t, down 1.32% on the session and extending a multi-day decline. Weakening profitability at Chinese steel mills, with only about 30% profitable recently, drove production curbs including lower blast-furnace operating rates and pig-iron output. Port inventories slipped modestly while mill restocking remained limited, weighing on near-term demand for imported ore. Read →

Chinese blast-furnace operating rates fell 0.48 percentage points week-on-week to 89.08%, with daily pig-iron output dropping 5,200 tonnes to 2.4028 million tonnes. Mysteel’s SEADEX 61% Fe fines index declined $1.50/t to $95.85 while DCE futures settled 1.71% lower at 718 CNY/t. The cuts directly reduced demand for seaborne iron ore, pressuring prices and miner valuations including Vale. Read →

Mysteel’s survey showed imported iron ore inventories at 47 major Chinese ports declined 1.08 million tonnes or 0.6% week-on-week to 170.23 million tonnes as of September 10. The second straight weekly drop occurred amid subdued steelmaker demand and production curtailments. Spot and futures prices for imported ore weakened over the prior week as mills responded to deepening losses. Read →

Spot gold rose over 1% on Friday to around $4,377 after August core CPI rose 0.3% month-over-month, exceeding the 0.2% forecast and pushing CME FedWatch odds of a September rate hike to roughly 90%. The print reinforced expectations of tighter policy amid resilient inflation and higher oil prices, yet physical buying supported prices near $4,350 support. The move highlights gold's dual role as both a hedge and a rate-sensitive asset in the current environment. Read →

Tharisa successfully priced a $300 million five-year senior secured Nordic bond at 98% of par with an 11% coupon to complete its Karo platinum project in Zimbabwe, where first ore is expected in Q4 2027. The oversubscribed offering drew broad international demand and follows a 25-year mining lease and offtake agreement, positioning the company to more than double PGM output. The financing de-risks a major new supply source in a market facing potential deficits. Read →

The White House has not decided on refined copper import tariffs after weighing higher manufacturing costs against domestic mining incentives. Copper prices hit records on tariff expectations that drove massive US inflows and global inventory drains. The stall removes a key premium, with LME three-month copper falling over 3% and COMEX-LME spread turning negative. Read →

The premium for shipping copper to the US fell sharply after the Reuters tariff stall report. LME three-month copper dropped 3% to $14,329.50 per ton while COMEX prices fell 4.7%, narrowing the spread to near zero or negative. COMEX stocks reached a record 696,259 metric tons after months of tariff-driven inflows. Read →

Three-month copper on the LME fell 3.1% to $14,312 per ton after hitting a record $14,875 earlier Thursday following the Reuters report. COMEX October futures slid 4.2% as the tariff premium eroded. The metal had gained 16% this year on inventory shifts ahead of potential duties. Read →

Singapore iron ore futures fell nearly 3% this week to as low as $96.40/t, erasing a Tuesday rebound. Steel mill margins deteriorated with only around 8% of Chinese mills profitable, the lowest since September 2024, while hot metal output stayed seasonally weak. The drop signals softer near-term demand for the steelmaking ingredient. Read →

Dalian and SGX iron ore futures extended losses for a third session below CNY 720 per ton. Only 8% of Chinese mills remained profitable, down from 30% weekly and 60% a year earlier, squeezed by high coke prices. CMRG reportedly advised mills to avoid Rio Tinto’s Pilbara Blend amid contract talks. Read →

Mysteel’s SEADEX 61% Fines index dropped US$1.25/dmt to US$97.35 on Thursday. China’s blast furnace operating rate fell 0.48 percentage points week-on-week to 89.08%, with daily pig iron output down 5,200 mt to 2.4028 million mt. Rio Tinto shares fell 4.19% while Vale slipped 1.04%. Read →

Global gold ETFs recorded $18 billion in net inflows for August, the second-largest monthly total on record, pushing holdings to a record 4,189 tonnes and AUM to $615 billion. North America and Europe led with $7.7 billion and $7.9 billion respectively, reflecting renewed institutional allocation amid higher gold prices and portfolio diversification needs. Read →

BMI lowered its 2026 platinum average price forecast to $1,900/oz from $2,000 and palladium to $1,400/oz from $1,500, citing softer car sales and faster-than-expected recovery in South African mine output. The firm still projects deficits for both metals this year but notes platinum’s longer-term structural support from industrial uses. Read →

Three-month LME copper futures climbed 1.5% to $14,728 per tonne after touching $14,779 intraday, up nearly 18% year-to-date. Global copper mine production fell 1.1% in the first half of 2026 amid operational challenges at major mines. Comex copper for September delivery rose 2.2% to a record $6.739 per pound as tariff concerns distort trade flows. Read →

LME three-month copper slipped 0.4% to $14,645.50 per tonne after hitting $14,779 on Tuesday. China’s August unwrought copper imports dropped to 382,000 tonnes, the weakest August in six years and 6.7% below last year’s total through August. Global mine production fell 1.1% in H1 2026, with analysts now forecasting flat-to-lower output for the full year, the first annual decline since 2017. Read →

Chinese smelters are exceeding Beijing’s 45-million-tonne annual capacity cap, with output running above the limit for months due to strong margins and low alumina costs. Producers are investing in new smelters in Indonesia and elsewhere, including projects by Tsingshan partners and others in Kazakhstan and Angola. This expands China’s global share toward 63% as Western capacity lags. Read →

On Sep 9, Vale shares fell 0.77% to US$15.44 while the 62% Fe benchmark held near US$100/t; the most active Dalian contract closed down 0.87% at 738 CNY/t. Chinese mills remain in the Golden September restocking window but face structurally lower steel output. Vale reaffirmed its 335-345 Mt 2026 production guidance amid a seaborne surplus. Read →

Rio Tinto agreed to acquire the Aurukun bauxite project while facing CMRG instructions for some mills to hold off on Pilbara Blend purchases during contract negotiations. The pause echoes prior CMRG actions against other Australian miners. CMRG centralizes purchases representing over half of China’s annual iron ore import volumes. Read →

The most active January Dalian iron ore contract fell about 0.5% to CNY733.5/t in early trade as steel market weakness limits restocking gains despite pre-holiday support and elevated freight. Domestic supply is rising while mill margins stay pressured. Prices are expected to remain rangebound under persistent supply pressure. Read →

Spot gold held near $4,396.69/oz and silver at $67.30/oz with modest futures moves. Platinum climbed 0.1% to $1,897.57/oz and palladium 0.2% to $1,355.44/oz. The moves reflect shifting U.S. rate expectations and resilient data, giving PGMs relative strength versus gold and silver. Read →

Spot gold was nearly unchanged at $4,396.69/oz as traders awaited U.S. PPI today and CPI Friday. Markets price a 60% chance of a rate hike at the next Fed meeting. Platinum rose 0.1% while the WPIC noted a shift to the first platinum surplus since 2022 on weaker investment and jewelry demand. Read →

Three-month LME copper rose 1.1% to $14,674/t, surpassing Monday's record, with SHFE copper also hitting highs near 110,890 yuan. Physical metal is flowing heavily to the US on tariff expectations, pushing LME stocks down nearly 40% since late May and SHFE inventories to their lowest since January 2024 at 63,000 t. Zinc, aluminum, nickel and tin posted smaller gains amid the broader tightness. Read →

LME three-month copper touched an all-time peak of $14,635/t, up for a fourth session and 17% YTD, as refined copper shifts to the US ahead of possible tariffs and LME stocks drain. China peak-season demand is expected to support prices while mine output risks its first annual decline since 2017; other metals were mixed with nickel and zinc higher. Read →

LME copper fell 0.55% to $14,628/t after Tuesday's all-time high of $14,779/t as COMEX stocks climbed further to 797,275 short tons. Analysts see potential for a test of $15,000/t soon if tariffs proceed, though the move is increasingly policy-driven and vulnerable to delays; other LME metals edged lower. Read →

The LME all-in base metals index hit a record Tuesday on copper strength, aluminum gains and zinc above $4,000/t for the first time since 2022 before retreating on Middle East risks. Supply tightness drove the advance, but geopolitical threats to global growth now weigh on sentiment. Read →

The SGX 62% Fe benchmark settled at $100.02/t, up 0.45%. DCE most-traded contract climbed to 744.5 yuan/t. Vale shares rose 1.90% to $15.56 as mills enter peak season with controlled output and higher coke costs. Read →

Imports hit 108.54 Mt, up 3.1% y/y and beating forecasts for a drop. Delayed July clearances from typhoons drove the gain; global shipments to China rose 6.6% m/m per Kpler. Steel exports stayed firm at 10.16 Mt. Read →

DCE I2701 settled at 744.5 yuan/mt, up 1.36%. Qingdao spot prices gained 6-7 yuan/mt. Blast-furnace maintenance cut hot-metal output further while rising freight rates and September-October restocking sentiment lifted futures. Read →

China’s central bank added 20.2 metric tonnes of gold in August, its largest monthly purchase since October 2023, lifting official holdings to roughly 2,387 tonnes and marking the 22nd straight month of accumulation. The move came as prices pulled back earlier in the year and follows double-digit monthly buys since May. Central banks led by China and Poland remain the dominant buyers year-to-date, with reported purchases totaling around 130t so far in 2026. Read →

Core Lithium produced its first spodumene concentrate from the restarted Finniss plant in Australia's Northern Territory. The milestone came six months after the final investment decision, with plant throughput boosted 20% to 1.2 Mtpa via upgrades. First shipments of new concentrate are targeted for Q4 2026. Read →

LME cash copper settled near $14,371 a ton with zinc cash at $4,086 a ton amid backwardation signals. Aluminum cash was around $3,292 a ton while nickel and lead showed mixed moves. Stocks data reflected ongoing tightness in several contracts. Read →

China Mineral Resources Group instructed some steel mills to halt purchases and negotiations for Rio Tinto’s flagship Pilbara Blend as annual contract talks reach a critical stage. The move mirrors prior pressure tactics used against BHP and Fortescue to consolidate CMRG’s bargaining power over more than half of China’s iron ore imports. It directly threatens Rio’s sales into its largest market and adds downside risk to benchmark pricing amid already soft steel demand. Read →

BHP and Combined BHP Ports Unions failed to reach a four-year wage agreement at Tuesday talks; negotiations resume next week under Fair Work Commission facilitation. BHP’s latest offer includes a 17% pay rise over four years plus A$25,000 transition payments. Port Hedland handles the bulk of BHP’s iron ore exports, so prolonged disputes risk loading delays at the world’s largest iron ore port. Read →

People’s Bank of China bought 650,000 ounces of gold in August, its largest monthly addition since October 2023 and 22nd straight month of purchases. Official reserves reached 76.73 million ounces. Persistent central-bank demand underpins long-term gold prices even amid volatility from U.S. data and geopolitics. Read →

Spot gold rose 0.1% to near $4,407/oz as the dollar slipped, with traders eyeing Thursday PPI and Friday CPI prints that could shift Fed rate-hike odds. Silver gained 0.1% while platinum and palladium eased slightly. BMI lowered 2026 platinum and palladium forecasts on weaker auto demand and rising supply. Read →

Société Générale reports bullish signals across gold positioning, ETF flows, futures and options from retail to institutions. Market awaits August central-bank data to gauge durability of official-sector support, a core pillar of the current bull run. Read →

Three-month LME copper fell 0.27% to $14,377/t after strong US August payrolls of 162k boosted September Fed rate-hike odds. SHFE copper inventories plunged 13% last week to a January 2024 low of 63,000 tonnes while LME stocks slipped another 475 tonnes. US imports hit a July record on tariff expectations, draining metal from Asia and Europe and keeping the market tight outside the US. Read →

LME copper held near highs supported by thin ex-US availability and a soft dollar, extending a 10-week rally streak. Zinc and aluminum showed backwardation on low stocks while nickel and tin posted modest moves. Record US copper inflows continued amid ongoing tariff uncertainty. Read →

Benchmark LME copper rose 0.3% to $14,373/t, on track for a 10th straight weekly gain as ex-US inventories thinned and the dollar weakened. SHFE copper stocks fell 13% to 63,000 tonnes, the lowest since January 2024, while LME stocks dipped 475 tonnes with further withdrawals ordered. Read →

SGX iron ore futures rose as much as 1.6% to $101.10/t, the highest intraday level since July 2, breaking above the $100 mark for the first time in seven weeks. The move stems from traders unwinding long coking coal/short iron ore spreads plus optimism for mill restocking ahead of China's October National Day holidays and a seasonal construction pickup. Dalian futures gained 1.4% while coking coal eased after its rally. Read →

The most active DCE iron ore contract for September 2026 delivery gained 1 yuan to close at 738 yuan per tonne in daytime trading. Total volume across 11 contracts reached 245,977 lots. China remains the world's largest iron ore importer with DCE futures open to international investors since 2018. Read →

China Mineral Resources Group directed some mills to pause September shipment negotiations with Rio Tinto to pressure more volume into centralized procurement and strengthen bargaining power. The move targets Australia's top supplier during annual contract talks; DCE and SGX iron ore futures rose on the news. Read →

Spot gold fell 0.7% to $4,398.13/oz after August US nonfarm payrolls beat expectations and the unemployment rate held at 4.1%. Traders now price a 58.4% chance of a Fed rate hike at the Sept. 15-16 meeting, with CPI and PPI data due this week. Silver eased 1% to $65.53/oz, platinum lost 0.8% and palladium fell 0.5%. Read →

World Gold Council data show central banks net bought 23 tonnes of gold in July. China added 20 tonnes for its 21st straight month, Poland bought 8 tonnes and leads 2026 buyers with 90 tonnes YTD. Russia sold 6 tonnes, the largest seller that month. Read →

China Platinum spot gained 4.66 yuan (+0.23%) while imported palladium dropped 21.31 yuan (-1.37%) and domestic palladium fell 16.75 yuan (-1.12%) on Sep 7. Platinum futures extended a rebound amid sluggish spot trading; palladium futures swung lower on broader precious-metals pressure. Read →