March 9, 2026 – Metals, Mining & Energy
Metals & Mining Snapshot
| Asset | Price | Daily Move | Monthly | YTD |
|---|---|---|---|---|
| Gold | $5,094.40/oz | -1.2% | +0.3% | +17.4% |
| Silver | $83.30/oz | -1.2% | +1.3% | +18.0% |
| Copper | $5.74/lb | -1.1% | -3.7% | +1.1% |
| Nickel | $17,332/mt | -0.7% | +0.9% | +4.3% |
| Zinc | $3,347.80/mt | +1.4% | -2.6% | +5.7% |
| Aluminum | $3,397.97/mt | -0.6% | +9.8% | +14.0% |
| GDX (Gold Miners ETF) | $98.51 | -2.8% | -1.5% | +18.2% |
| GDXJ (Junior Gold Miners ETF) | $131.74 | -3.2% | -0.5% | +19.7% |
| Dollar Index (DXY) | 99.28 | +0.3% | +2.5% | +1.0% |
| VIX | 31.69 | +7.5% | +82.5% | +112.0% |
Equity futures are pointing to a weaker open to begin the week following last week’s market decline, with the S&P 500 and Dow futures both trading lower in pre-market activity. Gold and silver prices are modestly lower as a stronger U.S. dollar and expectations for fewer near-term interest rate cuts weigh on precious metals. Rising oil prices and renewed inflation concerns are reinforcing the view that central banks may remain cautious about easing policy.
Demand for gold from central banks remains a supportive long-term factor. China’s central bank extended its gold buying streak to 16 consecutive months, increasing reserves to 74.22 million ounces. Meanwhile, industrial metals are seeing mixed performance as global economic signals remain uneven. India’s steel sector continues to show strong growth, with finished steel exports rising 36.6% year-over-year and crude steel production up 11.2%, highlighting resilient demand in emerging markets.
In equity research, analysts are turning more cautious on select mining names. JPMorgan downgraded both First Quantum Minerals and Lundin Mining, reflecting softer copper price expectations and project-specific risks. In pre-market trading, several major mining stocks—including Barrick Gold, Freeport-McMoRan, and Newmont—are trading lower alongside the pullback in metals prices.
Precious Metals
Exploration activity remains active across the gold sector. First Mining Gold reported encouraging drilling results from its Duparquet project in Quebec, including multiple high-grade gold intercepts. The company also began an environmental baseline program, a key step toward securing regulatory approvals and advancing the project toward development.
Base Metals
In base metals, NGEx Minerals received approval from Argentine authorities for an exploration adit at its Lunahuasi project, a high-grade copper-gold-silver deposit. Underground development is targeted for late 2026. Elsewhere, Canada Nickel announced progress connecting its Crawford Nickel project in Ontario to the regional power grid, allowing engineering work to begin. Fireweed Metals also launched work on an updated feasibility study for its Mactung tungsten project in Yukon, with completion expected in early 2027.
On Deck – Key Economic Data
| Date | Event |
|---|---|
| Mar 9 | Germany Industrial Production, China Trade Balance |
| Mar 10 | Germany Trade Balance, US NFIB Small Business Index, US Existing Home Sales |
| Mar 11 | Germany CPI, US CPI |
Upcoming inflation data from the U.S. will likely be the most closely watched release this week, as investors look for signals on interest-rate policy and commodity demand trends.
Energy Snapshot
Oil & Gas Pricing
| Commodity | Price | Daily Move |
|---|---|---|
| WTI Crude (Apr) | $103.41 | +13.8% |
| Brent Crude (May) | $105.25 | +13.5% |
| Natural Gas (Apr) | $3.337 | +4.7% |
| RBOB Gasoline | $3.006 | +9.4% |
| ULSD Diesel | $3.990 | +10.1% |
Energy markets are experiencing significant volatility following escalating conflict in the Middle East. Oil prices surged overnight—at one point rising nearly 30% in early trading—as disruptions to regional production and shipping routes intensified supply concerns. Output in Iraq has fallen sharply due to storage constraints linked to the effective closure of the Strait of Hormuz, while Kuwait has begun cutting production and declared force majeure on shipments. Analysts estimate that 3.5 to 4.0 million barrels per day of global supply may currently be shut in.
Geopolitical developments have further amplified market uncertainty. Israeli strikes targeted Iranian fuel depots, drone attacks were reported near Saudi oil facilities, and tanker traffic through the Strait of Hormuz has largely halted, leaving hundreds of ships anchored nearby. These disruptions have forced traders to seek alternative supply routes and pushed Asian buyers to aggressively bid for fuel shipments.
Some potential relief measures are being discussed. The G7 is reportedly considering a coordinated release of strategic oil reserves, and Saudi Arabia has begun offering additional crude supplies through tenders. The U.S. has also suggested redirecting sanctioned Russian oil shipments toward markets such as India. However, with maritime security risks still elevated, shipping activity remains constrained.
Natural gas prices are also rising amid weather and supply concerns. Forecasts call for colder temperatures in parts of the Midwest and Northeast later this month, which could increase heating demand. Internationally, European gas prices have surged as the conflict threatens LNG supply routes and energy infrastructure.
On Deck – Energy Market Events
| Date | Event |
|---|---|
| Mar 9 | SPR Stockpile Update |
| Mar 10 | EIA Short-Term Energy Outlook, API Inventory Data |
| Mar 11 | OPEC Monthly Oil Market Report, DOE Petroleum Status Report |
| Mar 12 | IEA Oil Market Report, EIA Natural Gas Storage |
| Mar 13 | Baker Hughes Rig Count |
These reports will be closely watched as investors assess how global supply disruptions and geopolitical risks are reshaping the outlook for energy prices.
Energy markets delivered one of their strongest weekly rallies in several years as geopolitical tensions drove sharp supply disruptions. U.S. and Israeli strikes on Iran triggered retaliatory attacks across the region, damaging infrastructure and threatening tanker routes through the Strait of Hormuz—one of the world’s most critical oil shipping lanes.
The resulting bottleneck has stranded hundreds of tankers outside the strait and forced several producers to shut in output due to limited storage capacity. At the same time, refined product markets—particularly diesel and jet fuel—have significantly outperformed crude due to infrastructure damage and storage limitations.
Governments and industry are exploring alternatives to stabilize markets. Saudi Arabia is increasing flows through the East-West pipeline to export crude via the Red Sea, while the United States is considering strategic petroleum reserve options and naval escorts for tanker traffic. Despite these disruptions, the International Energy Agency notes that global supply levels remain adequate for now.
Natural gas markets have also rallied, supported by colder weather forecasts and stronger LNG demand. European gas prices surged as much as 57% for the week amid concerns that Middle East disruptions could affect global LNG supply chains.
Bottom Line:
Commodity markets are entering the week with elevated volatility as geopolitical risks drive sharp movements in oil and natural gas prices. While metals have pulled back slightly amid a stronger dollar, structural demand from central banks and emerging markets remains supportive. Investors will be closely watching inflation data, energy supply developments, and policy responses from major governments for clues about the next direction in commodity markets.
