Metals & Mining and Energy Market Recap
March 11, 2026
Metals & Mining
Equity markets showed modest weakness heading into Wednesday, with futures indicating a slightly softer start after Tuesday’s volatile session. Investors remain focused on geopolitical developments in the Middle East and the potential implications for global supply chains and inflation. In particular, markets are closely watching the upcoming February U.S. CPI report, where both headline and core inflation are expected to rise by 0.3% month-over-month, an outcome that could influence the Federal Reserve’s next policy steps.
Precious metals have been volatile as geopolitical uncertainty continues to drive safe-haven demand. Gold rallied strongly during Tuesday’s session but is modestly lower in early trading today as investors take profits. Silver has also seen significant year-to-date gains, reflecting both safe-haven demand and its industrial exposure.
In industrial metals, aluminum and iron ore remain supported by supply disruptions and logistics challenges linked to tensions in the Middle East. Aluminum prices are already up roughly 15% year-to-date, while iron ore prices are receiving support from expectations for stronger industrial production and tighter shipments from key suppliers. Meanwhile, copper and other base metals remain sensitive to changes in global growth expectations and Chinese demand trends.
Metals Snapshot
| Commodity | Price | Daily Move | Monthly | YTD |
|---|---|---|---|---|
| Gold | $5,195.70/oz | -0.9% | +1.9% | +19.7% |
| Silver | $86.48/oz | -3.5% | +3.0% | +22.4% |
| Copper | $5.85/lb | -1.7% | -1.9% | +2.9% |
| Nickel | $17,399/mt | -0.8% | -2.3% | +5.0% |
| Zinc | $3,302.90/mt | -1.3% | -3.0% | +8.8% |
| Aluminum | $3,429.30/mt | +1.1% | +9.8% | +14.6% |
| GDX | $102.40 | -0.9% | -2.4% | +20.5% |
| GDXJ | $137.87 | -0.8% | -1.6% | +22.1% |
| DXY | $99.00 | +0.2% | +2.2% | +0.7% |
| VIX | 25.27 | +1.4% | +43.2% | +69.0% |
Precious Metals
Gold producers and royalty companies continue to benefit from strong bullion prices. Franco-Nevada reported 18% year-over-year growth in quarterly gold equivalent ounce sales, with precious metals representing 90% of total revenue, highlighting the continued importance of gold and silver exposure within the portfolio. The company expects 510,000–570,000 GEOs in 2026, signaling steady production growth.
Meanwhile, Hochschild Mining reported solid fiscal 2025 results with $1.18B in revenue and $583.7M in adjusted EBITDA, supported by production of more than 311,000 gold-equivalent ounces. The company is also advancing its Monte do Carmo development project toward a potential final investment decision by mid-2026, which could serve as a key growth catalyst.
Base Metals
Several mining companies reported notable operational and exploration updates across copper, uranium, and battery metals.
Uranium developer Ur-Energy released an updated technical report for its Lost Creek project in Wyoming, outlining measured and indicated resources totaling nearly 12 million pounds of U3O8 and an after-tax project value estimate of approximately $244 million at long-term uranium prices of $89/lb.
Copper exploration activity remains active in South America. NGEx Minerals welcomed Lundin Mining as a strategic partner in the Los Helados copper project in Chile, a move that could accelerate project development and strengthen funding. Separately, Marimaca Copper reported encouraging drill results at its Pampa Medina deposit, including multiple high-grade copper intercepts.
Battery-related metals also saw development progress. Talon Metals reported new drilling results at the Tamarack nickel-copper-cobalt project in Minnesota, while graphite developer TLO began shipping graphite concentrate from its demonstration facility and launched a feasibility study for its planned Kilbourne Graphite project in New York.
Denison Mines also reported a strong financial position with C$465.9M in cash, supporting ongoing development of its Phoenix ISR uranium project, which is expected to reach first production in 2028.
Energy
Commodities
| Commodity | Price | Daily Move |
|---|---|---|
| WTI Crude (Apr) | $85.63 | +2.7% |
| Brent Crude (May) | $89.84 | +2.4% |
| Natural Gas (Apr) | $3.058 | +1.3% |
| RBOB Gasoline (Apr) | $2.706 | +2.5% |
| ULSD Diesel (Apr) | $3.488 | +4.2% |
Oil & Gas
Oil markets remain highly volatile as geopolitical tensions around the Strait of Hormuz continue to disrupt global energy markets. After plunging more than 11% during Tuesday’s session, crude prices rebounded overnight following reports that Iran may be deploying naval mines near the strait, one of the world’s most critical oil shipping routes.
The situation has prompted discussions among G7 nations and the International Energy Agency about the potential release of strategic petroleum reserves, with some reports suggesting the release could total as much as 400 million barrels. Several nations, including Germany and Japan, have already begun releasing reserves independently.
Meanwhile, disruptions to regional refining and shipping activity are emerging. Shipowners are reportedly avoiding the major oil hub of Fujairah, while attacks on vessels in the region have increased. Market participants are also monitoring the potential closure of additional infrastructure after a large refinery in the UAE suspended operations as a precaution.
Despite higher oil prices, U.S. producers have signaled that current price spikes may not immediately lead to higher production, suggesting supply could remain tight in the near term.
Natural gas prices are rebounding modestly after Tuesday’s decline, supported by supply disruptions and ongoing outages at some LNG facilities. However, warmer weather forecasts across much of the U.S. are expected to moderate demand in the near term.
E&P
Several exploration and production companies announced capital markets activity and operational updates. Diamondback Energy priced an 11 million share offering, raising approximately $1.9 billion, while BKV and Kosmos Energy also launched secondary offerings.
Independence Energy reported stronger-than-expected fourth-quarter results, supported by increased production following the acquisition of Antero assets. The company expects 2026 production to increase to between 345 and 375 MMcfed, reflecting the benefits of expanded acreage.
Meanwhile, Chevron and Shell are reportedly nearing agreements to restart significant oil production in Venezuela, potentially marking the first large-scale projects there since recent geopolitical shifts.
Pipelines / MLPs
TXO Partners announced that its Cross Timbers Energy joint venture has entered into agreements to sell assets totaling approximately $200 million, reflecting continued consolidation and portfolio optimization within the midstream sector.
On Deck
Investors will continue to monitor several key economic and energy market events this week:
Wednesday
- OPEC Monthly Oil Market Report
- DOE Weekly Petroleum Status Report
Thursday
- IEA Oil Market Report
- EIA Weekly Natural Gas Storage Data
Friday
- Baker Hughes Weekly Rig Count
These releases will provide additional insight into global supply conditions, production trends, and energy demand as markets navigate ongoing geopolitical uncertainty.
