Commodities Daily Update

Overall Commodities are mixed this morning , as gold rose 0.77% to a three-month high of $4,716.80 per ounce amid U.S. fiscal concerns and reduced expectations for aggressive interest-rate increases, while silver slipped 0.46% to $69.21. Industrial metals were broadly higher, led by zinc’s 2.96% gain, followed by aluminum at 1.41%, nickel at 1.20% and copper at 0.17%. Gold-mining ETFs advanced alongside bullion, with GDX and GDXJ gaining approximately 0.8%. Mining-sector news included Agnico Eagle’s planned C$57.1 million investment in Radisson Mining, preliminary support for up to $1.1 billion in U.S. Export-Import Bank financing for Ivanhoe Electric’s Santa Cruz copper project, and several encouraging precious- and base-metals drilling updates. The positive metals performance came despite global crude-steel production declining 0.3% year over year in July. Oil prices moved lower Monday as traders took profits following gains of more than 6% last week and awaited details of new U.S. sanctions on Iran. WTI crude declined approximately 2.1% to $85.20 per barrel, while Brent fell 1.7% to around $91.00. Despite the pullback, ongoing disruptions around the Strait of Hormuz and the potential for sanctions targeting buyers of Iranian crude continue to support elevated geopolitical and supply risk. Natural gas traded near $2.80 per MMBtu as the market balanced warmer weather, strong power-generation demand and lower production against softer LNG feedgas flows and above-average inventories. Refined-product markets remain tight, with elevated gasoline and diesel margins reflecting constrained global fuel supplies and high refinery utilization.

Oil & Gas

Oil prices moved lower Monday morning as traders took profits following gains of more than 6% last week and positioned ahead of expected new U.S. sanctions on Iran. WTI crude declined approximately 2.1% to around $85.20 per barrel, while Brent fell 1.7% to roughly $91.00. The pullback came despite continuing disruptions around the Strait of Hormuz and the possibility that new sanctions—particularly measures targeting purchasers of Iranian crude—could further restrict global supply. The market remains highly sensitive to developments involving Iran, leaving geopolitical risk elevated even as crude gives back part of its recent advance.

Natural gas traded near $2.80 per MMBtu, leaving Henry Hub prices well below crude oil’s recent geopolitical-driven highs. Gas-market attention remains focused on late-summer weather, electricity-generation demand and LNG export activity. Refined-product markets continue to face tighter conditions, with gasoline and diesel margins elevated as U.S. refineries operate near maximum utilization while global fuel supplies remain disrupted. Overall, Monday’s movement appears to be a near-term consolidation following last week’s rally rather than a meaningful reduction in supply risk.

• Oil & Gas:
  • Pricing
    • WTI (2.3%) to $85.06 (Oct)
    • Brent (1.7%) to $92.81 (Oct)
    • Natural gas +1.4% to $2.812 (Sep)
    • RBOB (2.1%) to $3.278 (Sep)
    • ULSD (2.3%) to $4.391 (Sep)

Metals markets were mixed Monday morning as U.S. equity futures edged lower and the Dollar Index gained 0.18%. Gold rose 0.77% to $4,716.80 per ounce, reaching a three-month high amid mounting U.S. fiscal and debt concerns and reduced expectations for aggressive near-term interest-rate increases. Silver moved against the trend, declining 0.46% to $69.21 per ounce, although it remained up more than 17% for the month. Gold-mining equities followed bullion higher, with the VanEck Gold Miners ETF gaining 0.83% and the VanEck Junior Gold Miners ETF advancing 0.84%. Both funds have rallied more than 36% over the past month.

Industrial metals were broadly higher. Copper gained 0.17% to $6.598 per pound and remained up 16.12% year to date. Aluminum advanced 1.41% to $3,227 per metric ton, nickel rose 1.20% to $16,860 and zinc led the complex with a 2.96% gain to $3,980. The gains came despite softer steel-market data, as the World Steel Association reported that global crude-steel production declined 0.3% year over year in July and 0.6% during the first seven months of 2026.

Mining-company news was active across both precious and base metals. Agnico Eagle agreed to invest C$57.1 million in Radisson Mining Resources, which is expected to give Agnico a roughly 10.45% ownership position. Great Atlantic Resources, Lavras Gold and Goliath Resources each reported encouraging gold-drilling results, including evidence of high-grade mineralization and expanded discovery zones. In base metals, Ivanhoe Electric received preliminary support for as much as $1.1 billion in U.S. Export-Import Bank financing for its Santa Cruz copper project in Arizona. Bravo Mining reported additional nickel, copper and precious-metals mineralization in Brazil, while Ganfeng Lithium agreed to invest $180 million in Lithium Argentina as the companies finalize their Argentine lithium joint venture. Among major mining equities, Newmont gained 1.1% premarket, while Freeport-McMoRan slipped 0.1%.

• Metals Snapshot:
  • Gold +0.77% to $4716.8/oz, Monthly +15.71%, YTD +8.65%:
  • Silver (0.46)% to $69.21/oz, Monthly +17.09%, YTD (1.97)%:
  • Copper +0.17% to $6.598/lb, Monthly +0.69%, YTD +16.12%:
  • Aluminum +1.41% to $3227/mt, Monthly +0%, YTD +0%:
  • Nickel +1.2% to $16860/mt, Monthly +0%, YTD +0%:
  • Zinc +2.96% to $3980/mt, Monthly +0%, YTD +0%:
  • VanEck Gold Miners ETF +0.83% to $103.63, Monthly +38.6%, YTD +19.89%:
  • VanEck Junior Gold Miners ETF +0.84% to $133.70, Monthly +36.56%, YTD +16.53%:
  • US Dollar +0.18% to $98.975, Monthly (2.17)%, YTD +0.66%:
  • CBOE Volatility Index (0.3)% to $17.45, Monthly (5.21)%, YTD +5.55%: