Metals & Mining – Pre-Market (Feb 6, 2026)
Synopsis
Equity futures point to a firmer open following yesterday’s pullback, with U.S. benchmarks up roughly +0.5% in early trading. Precious metals are mixed: gold is modestly higher, rebounding after slipping below $4,850/oz yesterday, while silver remains volatile and is on track for weekly losses. Volatility remains elevated across precious metals after futures margin requirements were raised again to manage risk.
In bulk commodities, Asian seaborne metallurgical coal prices may ease into the remainder of Q1, reflecting stable Indian demand and softer Chinese buying. In base metals, labor disruptions at a major Chilean copper operation were resolved, allowing production to gradually return toward normal levels after operating at roughly 55% capacity.
Metals Snapshot
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Gold: +0.4% to $4,908.60/oz | Monthly +9.2% | YTD +13.1%
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Silver: (3.6%) to $73.96/oz | Monthly (8.8%) | YTD +4.7%
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Copper: (0.1%) to $5.81/lb | Monthly (4.1%) | YTD +2.3%
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Nickel: (3.1%) to $16,680/mt | Monthly (6.4%) | YTD +1.2%
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Zinc: (2.4%) to $3,255/mt | Monthly +1.5% | YTD +6.3%
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Aluminum: (1.1%) to $3,014/mt | Monthly (2.6%) | YTD +1.5%
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Gold-focused mining equities: +2.6% to 94.86 | Monthly +0.3% | YTD +7.8%
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Junior mining equities: +2.5% to 124.20 | Monthly (0.6%) | YTD +6.5%
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U.S. Dollar Index: Flat at 97.84 | Monthly (0.8%) | YTD (0.5%)
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Volatility Index: (6.8%) to 20.28 | Monthly +47.6% | YTD +45.6%
On Deck
Key upcoming releases include European trade and industrial data, U.S. consumer sentiment, and next week’s U.S. retail sales and inflation data from China.
Metals & Mining – Post-Market (Feb 5, 2026)
Synopsis
Equity markets closed lower, with major U.S. indices down about (1.2%). Precious metals sold off sharply, with gold falling below $4,850/oz and silver sliding toward $73/oz. Investor sentiment remained cautious amid broader equity weakness, even as data showed record monthly inflows into gold-backed investment products during January.
Strategists remain constructive on commodities overall, citing diversification benefits and longer-term supply discipline, particularly in precious and battery metals.
Metals Snapshot
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Gold: (2.2%) to $4,841.50/oz | Monthly +9.6% | YTD +12.4%
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Silver: (13.1%) to $73.28/oz | Monthly (0.7%) | YTD +7.8%
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Copper: (2.0%) to $5.73/lb | Monthly (3.0%) | YTD +1.9%
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Nickel: +0.3% to $17,220/mt | Monthly +2.8% | YTD +4.4%
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Zinc: +1.3% to $3,333/mt | Monthly +6.5% | YTD +8.8%
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Aluminum: (1.8%) to $3,047/mt | Monthly +0.9% | YTD +2.7%
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Gold-focused mining equities: (6.3%) to 92.46 | Monthly +11.6% | YTD +15.1%
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Junior mining equities: (7.0%) to 121.17 | Monthly +11.1% | YTD +14.6%
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U.S. Dollar Index: +0.3% to 97.95
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Volatility Index: +18.2% to 22.03
Energy – Pre-Market (Feb 6, 2026)
Oil & Gas Pricing
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WTI crude: (0.2%) to $63.19/bbl
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Brent crude: Unchanged at $67.50/bbl
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Natural gas: +2.3% to $3.589/MMBtu
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Gasoline: +0.6% to $1.937/gal
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Diesel: +0.1% to $2.396/gal
Market Drivers
Crude prices stabilized after sharp declines yesterday tied to geopolitical developments and weaker equity markets. Diplomatic discussions involving major oil-producing regions continued to weigh on sentiment. Attention today turns to delayed U.S. petroleum supply data and the weekly rig count.
Natural gas prices moved higher despite forecasts calling for above-normal temperatures across much of the U.S., as traders focus on the potential for another historically large storage withdrawal.
Energy – Post-Market (Feb 5, 2026)
Commodities
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WTI crude: (2.8%) to $63.29/bbl
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Brent crude: (2.8%) to $67.55/bbl
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Natural gas: +1.3% to $3.509/MMBtu
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Gasoline: (2.0%) to $1.927/gal
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Diesel: (3.3%) to $2.390/gal
Market Drivers
Oil prices fell sharply as markets priced in diplomatic progress involving major energy-producing regions and softer global risk sentiment. Natural gas strengthened after the largest weekly storage draw on record, underscoring tight near-term supply despite warmer weather forecasts.
