Daily metals

This MorningStrong gains across the base metals complex overnight. Aluminium and tin led the rally, both surging 2.9% — aluminium to $3,295 (cash) and tin to $56,207 (cash). Copper rebounded 1.5% to $13,103, zinc gained 1.7%, and nickel added 1.0%. Lead edged up 0.2%.Copper & Broader Base MetalsCopper prices rebounded sharply overnight, with cash prices climbing back above $13,100/mt after profit-taking earlier in the week. The turnaround reflects renewed buying as the dollar tumbled to multi-year lows, making dollar-priced metals cheaper for holders of other currencies.Aluminium posted the strongest gain at 2.9%, supported by tight inventory conditions and dollar weakness. Tin continued its volatile run, also jumping 2.9% to trade around $56,400/mt (3m) — maintaining elevated levels despite recent swings.Why it matters: The sharp reversal underscores how sensitive metals markets are to currency moves. Dollar weakness is currently overriding profit-taking pressures and exchange margin adjustments.Supply Considerations & Inventory SignalsGlobal base metals inventories, particularly for copper and aluminium, have remained relatively tight over recent months, supporting prices structurally. Declines in LME shadow stocks for aluminium and combined copper inventories offer a bullish backdrop for near-term supply risk narratives.Precious Metals — Safe Havens Still in the SpotlightPrecious metals remain buoyant, with gold soaring beyond $5,200/oz and silver continuing strong performance amid macro and geopolitical risks. Elevated precious metal prices continue to reflect spill-over from currency volatility and geopolitical concerns, reinforcing their dual role as both commodity assets and safe havens.Currencies — Dollar Slump Shakes MarketsThe U.S. dollar has weakened sharply, with the dollar index sliding to multi-year lows amid policy uncertainty and comments from Washington interpreted as favouring dollar depreciation. This has boosted commodity prices across the board.The Japanese yen has strengthened noticeably against the dollar on speculation around potential intervention. Other major currencies like the euro and Swiss franc have gained sharply as investors seek alternatives to the dollar.What This Means for Market ParticipantsBase Metals: Dollar weakness is the dominant driver, overriding short-term profit-taking. Structural supply tightness and low inventories remain supportive.Precious Metals: Safe-haven flows continue to push gold and silver higher amid elevated geopolitical and macro risk premiums.Currencies: The dollar rout remains the key catalyst for commodity markets broadly.