Metals & Mining Pre-Market – February 9, 2026
Synopsis
U.S. equity futures are pointing modestly lower following last week’s mixed close, despite the Dow reaching new record highs. Early indications show the S&P 500 down 0.2% and the Dow lower by 0.1% in pre-market trading.
Precious metals are firm, with gold back above $5,000/oz, as investors position ahead of key economic data later this week, including the U.S. employment report and CPI inflation data. Ongoing central-bank demand remains supportive, with continued accumulation reported from Asia.
Market commentary highlights ongoing volatility in silver, prompting caution on near-term positioning, while copper and aluminum continue to benefit from tight supply conditions and long-term structural demand, despite some expectations for incremental supply relief in 2027.
Mining equities are modestly higher in pre-market trading, tracking strength in underlying metals prices.
Metals Snapshot
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Gold: +1.2% to $5,037.20/oz | Monthly +12.0% | YTD +16.1%
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Silver: +4.1% to $79.94/oz | Monthly +0.9% | YTD +13.4%
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Copper: +0.2% to $5.89/lb | Monthly (0.2%) | YTD +3.7%
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Nickel: +0.7% to $16,800/mt | Monthly (5.0%) | YTD +1.9%
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Zinc: +1.1% to $3,290/mt | Monthly +6.1% | YTD +7.4%
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Aluminum: +1.0% to $3,045/mt | Monthly (4.2%) | YTD +2.6%
Mining equity benchmarks are also higher:
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Broad gold miners +1.5% | Monthly +5.2% | YTD +13.5%
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Junior gold miners +2.3% | Monthly +5.4% | YTD +13.0%
Macro indicators:
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Dollar Index: (0.4%) to 97.22 | Monthly (1.9%) | YTD (1.1%)
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Volatility Index: +4.7% to 18.60 | Monthly +22.6% | YTD +18.8%
Base Metals
Recent corporate updates highlighted:
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Stable steel shipment volumes year-over-year, with modestly higher realized pricing and steady full-year shipment expectations.
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Continued strong exploration results across multiple projects, with drill results reinforcing long-term resource potential.
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New financing activity aimed at advancing development projects and supporting future investment decisions.
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Ongoing exploration programs across precious metals, base metals, and uranium assets, with a focus on expanding known mineralization zones.
On Deck – Key Economic Events
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Monday: Eurozone Sentix Economic Index
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Tuesday: U.S. retail sales, trade prices, employment cost data; China CPI and PPI
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Wednesday: U.S. nonfarm payrolls, unemployment rate, wage data, and Treasury budget update
Energy Pre-Market – February 9, 2026
Oil & Gas – Pricing
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WTI crude: +0.1% to $63.59
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Brent crude: +0.1% to $68.11
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Natural gas: (6.7%) to $3.192
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Gasoline: +0.8% to $1.969
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Heating oil: (0.6%) to $2.400
Crude prices are little changed following last week’s pullback, as geopolitical risk premiums ease modestly. The U.S. dollar is weaker, providing some support to commodity prices. Attention remains on diplomatic developments in the Middle East, evolving trade dynamics involving crude flows, and broader global demand expectations.
Natural gas prices are sharply lower after last week’s steep decline, driven by warmer-than-normal temperature forecasts across much of the U.S. and recovering production levels. European gas prices are also under pressure, while storage levels remain well below historical averages.
Services
Sector activity included:
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Announced consolidation through a large all-stock transaction, reshaping the offshore drilling landscape.
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New agreements supporting domestic lithium processing capacity.
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Updated capital market filings and financing activity across the services space.
On Deck – Energy
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Tuesday: Short-term energy outlook, weekly inventory data
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Wednesday–Thursday: OPEC and IEA monthly reports, U.S. storage data
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Friday: Weekly rig count
Energy Weekly Recap – Week Ending February 6, 2026
Commodities & Dollar
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WTI: (1.8%) to $64.03
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Brent: (1.1%) to $67.54
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Natural gas: (21.0%) to $3.434
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Gasoline: +1.0% to $1.961
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Heating oil: +4.2% to $2.425
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Dollar Index: +0.64% to 97.48
Oil markets were driven primarily by geopolitical headlines, while natural gas retraced sharply following weather-driven volatility earlier in the winter.
