Daily metals

This Morning Copper leads the early Wednesday advance, trading 0.4% above Tuesday’s official close at $14,402.50 a tonne. Tin is up 0.3% at $55,695 and lead has edged 0.1% higher to $1,867, while zinc is effectively unchanged at $3,891.50. Aluminium is the weakest metal, down 0.7% at $3,200, followed by nickel with a 0.6% decline to $16,775. The split reflects stronger exchange-specific support for copper and zinc alongside softer momentum elsewhere. Macro & Geopolitics European markets are set to begin the day with some relief from energy costs after Brent fell more than 2% to around $86.40 a barrel. Iran’s renewed discussions with Oman over managing the Strait of Hormuz encouraged hopes of improved flows, although vessel traffic remains restricted and Iran has said the waterway will remain closed until conditions are met. Lower oil prices helped pull the U.S. 10-year yield toward 4.63%, supporting risk assets ahead of U.S. inflation data. Germany’s stronger second-quarter growth and improved business sentiment offer a firmer European backdrop, while Nvidia’s results will test global appetite for technology and other growth-sensitive assets. Base Metals Copper reached a six-month high as available LME stocks fell by 11,925 tonnes to 106,950 tonnes, reviving concerns that tariff-driven shipments into the United States are leaving other regions short of accessible metal. Zinc remains similarly tight: the LME cash premium over three-month delivery has expanded to $131 a tonne, although Chinese exports into Hong Kong warehouses are beginning to add to availability. Fund positioning remains heavily bullish. Aluminium and nickel were lower this morning, while tin held firm and lead posted only a marginal gain, leaving copper and zinc as the complex’s clearest supply-led markets. Precious Metals Gold eased 0.3% to around $4,643 an ounce after reaching a more than three-month high on Tuesday, with traders reducing exposure before U.S. inflation figures. Silver gained 0.9% to $69.26, platinum rose 0.4% to $1,865 and palladium advanced 1.3% to about $1,344. Lower oil and bond yields are supportive, but the immediate direction depends on whether inflation data reinforces expectations that U.S. rates will remain unchanged in September. Steel Volkswagen’s management is seeking support for a restructuring plan that could involve substantial job reductions and, as a last resort, German plant closures. Labour representatives and Lower Saxony have submitted alternative proposals, underscoring the disagreement over the scope of the overhaul. The dispute reflects pressure from weak vehicle-market economics, Chinese competition and tariff costs, and could weigh on expectations for automotive-related steel demand if production plans remain uncertain. Rare Earth Metals Lynas Rare Earths reported strong demand for permanent-magnet materials outside China, with its average selling price rising 59% during the financial year. The producer plans to make up to 7,200 tonnes of neodymium-praseodymium available annually to Japanese industry through 2038, while discussions on a U.S. magnet facility remain at an early stage. Its proposed Texas heavy rare-earth facility will no longer proceed. For Europe, the results highlight competition for secure, non-Chinese magnet supply and continued dependence on overseas expansion projects. Forex The dollar index was steady near 98.93 early Wednesday but remained on course for a roughly 1% August decline, reflecting concern about U.S. fiscal policy and expanded Treasury bond buybacks. The euro ended Tuesday around $1.1677, leaving European buyers in a somewhat better position against dollar-denominated metals than earlier in the month. China’s yuan has also strengthened beyond 6.72 per dollar, potentially reducing Chinese import costs while making exports less competitive. U.S. inflation data is the main near-term currency catalyst. Watch Today July U.S. PCE inflation, durable-goods orders and the second estimate of second-quarter GDP are scheduled for 12:30 GMT and could move the dollar, yields and metals. Nvidia reports after the U.S. market close, providing a significant test of global risk appetite and expectations for AI-related copper demand. UK distributive-trades data will also offer a reading on domestic demand conditions.