Metals Daily

This MorningTin rebounded sharply overnight, surging 4.3% to $56,289 (cash) — reversing yesterday's steep correction. The rest of the base metals complex edged lower: copper fell 0.7%, aluminium dropped 0.5%, nickel lost 0.3%, and zinc slipped 0.2%. Lead was unchanged.Base Metals — Copper & Broader Industrial MetalsCopper eased overnight, with cash prices around $13,036/mt. Industry data shows ongoing supply tightness on the one hand, with notable disruptions continuing in major producing regions, and mixed demand signals on the other. This structural backdrop continues to lend volatility to copper prices, which remain elevated but face short-term headwinds from demand uncertainty and profit-taking flows. Longer-term sentiment for copper still centers on demand from electrification and infrastructure growth.Key fundamentals and recent drivers:Mine-level performance from major producers indicates uneven supply contributions across regions — a factor that can tighten markets and sustain price volatility. Copper is increasingly discussed alongside safe-haven assets — a signal that macro risk sentiment is bleeding into base metal markets, intensifying cross-asset correlations.Tin saw a dramatic reversal overnight, jumping over 4% to trade around $56,495/mt (3m) after sharp losses earlier this week. The bounce suggests speculative interest remains strong despite recent warnings of bubble conditions. Globe-wide tightness in stockpiles and evolving demand dynamics keep tin in focus for continued volatility.Takeaway for base metals: supply interruptions paired with macro risk and speculative interest amplify price volatility, keeping benchmark metals like copper and tin in the spotlight.Precious Metals — Safe Haven Surge ContinuesGold and silver prices have continued their powerful uptrend, climbing to fresh record highs.Gold surged above $5,100/oz, reflecting large investor flows into safe-haven assets amid policy uncertainty and geopolitical risk. Analysts suggest even higher targets if macro tension persists. Silver also hit historic peaks, with sharp percentage gains that outpaced gold, highlighting both safe-haven and industrial demand influences.Drivers include escalating geopolitical tensions and tariff-related uncertainty in major economies, markets pricing diminished confidence in fiat currency strength — particularly the U.S. dollar — boosting tangible asset demand, and currency market shifts reinforcing precious metal appeal.Impact on metals markets: continued risk-off flows into gold and silver often coincide with increased cross-market volatility, which can indirectly lift industrial metals through broader asset repricing and hedge flows.Currencies — Dollar Weakness & Yen StrengthThe dollar has weakened further to multi-month lows, lifting dollar-priced commodities. The yen has strengthened sharply amid intervention speculation, adding further pressure on the greenback.What This Means for Market ParticipantsBase Metals: Volatility remains elevated, driven by supply disruptions, speculative flows, and currency swings. Tin's wild swings this week highlight the speculative nature of current markets.Precious Metals: Safe-haven demand supports ongoing rallies at record levels.Currencies: Dollar weakness remains a key catalyst for commodities broadly.