Daily metals

This Morning Tin stood out at the start of Monday’s business day, climbing 0.7% from Friday’s official close to $55,900 a tonne. The other five metals were softer: aluminium declined 0.3% to $3,215 and nickel lost 0.2% to $16,860. Lead and zinc each eased 0.1% to $1,855 and $3,818, respectively, while copper was virtually unchanged, down less than 0.1% at $14,211.50. The result was a defensive opening overall, although copper held above $14,200. Macro & Geopolitics European markets face a cautious start as investors await Washington’s detailed sanctions package against Iran, with potential measures targeting countries trading with Tehran. Brent crude retreated 1.4% to about $93 a barrel after gaining 6.6% last week, but threats to Gulf exports leave energy and freight costs exposed to renewed volatility. U.S. 30-year Treasury yields remained near 5.25%, keeping financial conditions tight despite plans to at least double Treasury bond buybacks. Markets assign roughly a 40% probability to a Federal Reserve rate rise in September. U.S.-Canada trade negotiations have also collapsed, prompting Ottawa to announce retaliatory tariffs covering steel and other American goods. Base Metals Copper is balancing a softer dollar against clearer evidence that last week’s supply squeeze is unwinding. LME stocks stood at 238,575 tonnes on August 20, still around 16% above August 14, while Shanghai inventories jumped 28.4% last week to 89,548 tonnes. The narrowing LME cash premium also points to improved nearby availability. Supply-side developments were mixed: Peru’s Las Bambas mine restarted on August 21, but low river levels are raising logistics costs at Papua New Guinea’s Ok Tedi operation. For aluminium, Hydro’s new long-term power agreement with Statkraft secures about 8.8 terawatt-hours over the contract period, strengthening longer-term electricity security for its operations and supporting visibility on European smelting costs. Precious Metals Gold advanced 0.8% to around $4,641 an ounce, reaching its highest level in more than three months as dollar weakness, fiscal concerns and geopolitical risk sustained demand. Silver held near $68.98, platinum edged 0.1% higher to about $1,879 and palladium was broadly flat at $1,350. This week’s U.S. inflation figures and Federal Reserve messaging will test the rally, particularly with long-term Treasury yields still elevated. Thailand will meanwhile consult its gold industry over proposed trading and import taxes aimed at tracking illicit funds. Steel The breakdown of U.S.-Canada trade negotiations has replaced expectations of tariff relief with a widening dispute. Canada plans retaliatory duties on U.S. steel and other goods after Washington imposed 50% levies on Canadian products, potentially disrupting established North American supply channels and limiting material available for export. In manganese alloys, British technology company Natrium Redox Technologies has proposed restarting Australia’s mothballed Liberty Bell Bay smelter. The plan seeks shared funding with the government of up to A$15 million and would initially restore conventional output before adding a pilot facility for lower-emissions, battery-grade manganese production. Forex The euro held around $1.1680 after gaining 0.9% last week, while the dollar index remained near multi-month lows after losing 0.8%. The firmer euro continues to soften the local-currency cost of dollar-priced metals for European buyers, although high outright LME values limit the benefit. Canada’s dollar weakened modestly, with the U.S. currency rising to around C$1.3790 following the collapse of trade talks. Dollar direction this week will depend heavily on U.S. inflation data, Treasury yields and signals from the Federal Reserve. Watch Today The main scheduled risk is U.S. Treasury Secretary Scott Bessent’s sanctions announcement on Iran at 18:00 GMT, which could move oil, freight, gold and inflation-sensitive metals. European markets will also monitor remarks from Norges Bank Governor Ida Wolden Bache.