Daily metals

This Morning Base metals were mostly firmer early Tuesday, with zinc and lead leading gains against Monday's official close. Zinc rose 1.0%, lead gained 0.9%, copper advanced 0.2%, and nickel and tin each added 0.1%. Aluminium was the only faller, down 0.6%. Macro & Geopolitics China's August exports grew faster than in July, while imports rose sharply but slightly missed forecasts, offering a broadly supportive but mixed signal for metals demand. The dollar remained near a two-week low, helping dollar-priced commodities. Brent crude rose above $97 a barrel after Iran threatened further retaliation against U.S. attacks, adding to inflation and transport-cost concerns. Markets priced in about a 60% chance of a Federal Reserve rate increase at the September 16 meeting. In Europe, the European Central Bank was expected to raise rates to 2.5% on Thursday, adding to concerns that higher borrowing and energy costs could weigh on industrial demand. Base Metals Copper reached another record high, touching $14,617 a tonne, as shipments into the United States continued to reduce availability elsewhere. COMEX stocks stood at a record level, while 51% of LME copper warrants had been cancelled and Shanghai Futures Exchange stocks remained at their lowest level since January 2024. China's unwrought copper imports fell to 382,000 tonnes in August from 425,000 tonnes in July, although immediate supply tightness remained the stronger market influence. Zinc extended its rally to a more than four-year high. Aluminium lagged as China's exports of unwrought aluminium and aluminium products fell to 626,000 tonnes in August from 643,000 tonnes in July. Separately, India's NALCO agreed to build a 500,000-tonne-per-year brownfield smelter expansion using Emirates Global Aluminium technology, with first production expected by the end of 2030. Precious Metals Gold gained 0.6% to $4,432.79 an ounce as the dollar weakened, recovering after two sessions of losses. Silver climbed 1.2% to $66.96, while platinum rose 0.6% to $1,837.13 and palladium gained 0.6% to $1,396.70. Middle East tensions supported demand for safe-haven assets, but expectations of higher interest rates remained a restraint. U.S. producer-price data due Thursday and consumer-price data due Friday will be important for the next move. Steel China tightened rules governing how automakers pay suppliers, including steel producers. The measures set clearer payment starting dates, limit delays in accepting delivered products and discourage the forced use of bills and other non-cash payment instruments. Better enforcement could improve cash flow for mills and processors serving the automotive sector, although it does not directly increase steel demand. Separately, India's Shyam Metalics reported that its stainless-steel sales rose 16.44% year on year in August. Rare Earth Metals China exported 4,735 metric tons of rare earths in August, up 12.1% from July but down 18.2% from the same month a year earlier. Shipments during the first eight months of 2026 fell 11.1% year on year, while their dollar value increased 53.5%, indicating higher average export values and continued supply sensitivity. Some Chinese suppliers were reportedly reluctant to ship to the United States. A fuller breakdown, including rare-earth magnets, was scheduled for release on September 20. Forex The dollar index fell to around 98.82, close to a two-week low, supporting metals priced in U.S. currency. The euro traded around $1.16 on Tuesday and could remain firm ahead of the ECB's expected rate increase on Thursday, although European political risks may limit gains. The yen strengthened to a seven-month high near 153 per dollar as stronger Japanese wage and growth figures increased expectations of further Bank of Japan tightening. Watch Today German July export, import and trade-balance figures were due during the European session, alongside French trade and current-account data. The Chilean central bank's policy decision was also due, with markets expecting rates to remain unchanged; the outcome could affect the peso and sentiment around the world's largest copper-producing country.