Daily metals

This Morning Base metals are mostly higher. Nickel leads after an overnight jump on sulphur supply concerns. Copper and aluminium are flat, zinc edges up, while tin and lead slip slightly. Macro & Geopolitics US-Iran tensions remain the main market driver. New US strikes and Iran's threats to energy exports have pushed Brent oil to around $85, up 18% in two weeks. Softer US inflation has reduced the chance of a July Fed rate hike, but higher oil prices keep inflation risks alive. China's growth slowed, while South Korea raised interest rates. Base Metals Nickel gained on fears of sulphur supply disruptions, which could raise costs for Indonesian producers. Copper is supported by weak US inflation, lower LME stocks and mine supply issues. BHP reported lower copper output, while lead remains under pressure from rising LME inventories. Precious Metals Gold fell as higher oil prices increased inflation concerns and expectations of further Fed tightening. Silver, platinum and palladium also weakened after recent gains. Steel Japan expects slightly higher steel output but weaker demand and exports. Australia's last manganese smelter will close after a failed rescue deal, reducing domestic ferroalloy supply. Rare Earth Metals Alcoa will build a gallium plant in Australia that could supply up to 10% of global production, helping reduce reliance on China. Forex The dollar stays near a one-month low after softer US inflation data. The euro remains firm, sterling strengthened, while the yen stays weak. Watch Today Markets will focus on TSMC earnings, UK economic data, US retail sales and jobless claims, Fed speeches, and any new developments in the Middle East.