Metals, Mining & Energy Market Update
March 16, 2026
Metals & Mining
Synopsis
U.S. equity futures pointed to a stronger start to the week, with the S&P 500 up roughly 0.8% and the Dow Jones Industrial Average higher by 0.6% in early trading following last week’s weaker close. Commodity markets remain heavily influenced by energy prices and global geopolitics. Gold and silver declined to begin the week as rising oil prices and persistent inflation concerns reduced expectations for near-term interest rate cuts.
Supply-side disruptions and structural demand trends continue to drive select metals markets. Tungsten prices have surged to record highs following Chinese export restrictions implemented in early 2025 and rising global defense demand. Meanwhile, ruthenium prices also reached all-time highs amid tightening supply and growing demand tied to artificial intelligence technologies. Industrial metals supply risks also remain elevated, as Aluminium Bahrain temporarily shut down several smelting lines—representing about 19% of capacity—due to disruptions related to tensions around the Strait of Hormuz.
Mining equities were mixed in early trading, with copper producer Freeport-McMoRan slightly higher while gold miners traded modestly lower.
Metals Market Snapshot
| Asset | Price | Daily Move | Monthly | YTD |
|---|---|---|---|---|
| Gold | $5,012.50/oz | (1.0%) | (0.7%) | +15.5% |
| Silver | $79.04/oz | (2.8%) | +1.4% | +11.9% |
| Copper | $5.77/lb | +0.2% | (0.6%) | +1.5% |
| Nickel | $17,296/mt | (0.1%) | +3.1% | +5.2% |
| Zinc | $3,272.90/mt | (0.5%) | (0.8%) | +6.7% |
| Aluminum | $3,397.60/mt | (0.7%) | +17.5% | +18.6% |
| GDX (Gold Miners ETF) | $92.88 | (0.4%) | (10.3%) | +8.7% |
| GDXJ (Junior Gold Miners ETF) | $124.99 | +0.9% | (9.1%) | +8.9% |
| Dollar Index (DXY) | 100.00 | (0.4%) | +3.2% | +1.7% |
| VIX | 25.27 | (7.1%) | +22.7% | +69.0% |
Precious Metals
Corporate activity across the precious metals sector highlighted ongoing capital discipline and exploration success. Perseus Mining agreed to sell its 70% interest in the Meyas Sand Gold Project in Sudan for $260 million, allowing the company to reallocate capital toward internal development projects while strengthening its balance sheet and potentially supporting shareholder returns.
Exploration results also continued to highlight strong mineralization across the sector. Banyan Gold reported several high-grade silver intercepts at its AurMac project in Canada’s Yukon territory, including extremely high concentrations across narrow vein structures. Meanwhile, Eldorado Gold received operating authorization for the Ormaque deposit at the Lamaque complex in Quebec, enabling the company to mine and process additional high-grade underground ore while evaluating potential increases to mill capacity.
In corporate capital allocation news, Dundee Precious Metals received approval to renew its share repurchase program, allowing the company to buy back up to 11 million shares, representing roughly 5% of its outstanding equity.
Base Metals
Mergers, acquisitions, and exploration updates remained active within the base metals sector. Blue Moon Metals finalized its acquisition of the Apex Germanium and Gallium mine from Teck Resources, issuing equity as part of the transaction and receiving regulatory approval to complete the deal.
Elsewhere, Aldebaran Resources reported encouraging drilling results from the Valeriano copper-gold project in Chile’s Atacama region. Several drill holes returned long mineralized intervals, and the company noted that its exploration program is progressing ahead of schedule and could exceed 30,000 meters of drilling this season.
On Deck
Investors will be closely monitoring a busy economic calendar this week, highlighted by U.S. retail sales and industrial production data on Monday and the Federal Reserve’s policy meeting on Wednesday. Inflation readings from the U.S. Producer Price Index and Eurozone CPI will also provide additional insight into global inflation trends.
Energy
Oil & Gas
Energy Market Pricing
| Commodity | Price | Daily Move |
|---|---|---|
| WTI Crude (Apr) | $97.21 | (1.5%) |
| Brent Crude (May) | $103.33 | +0.2% |
| Natural Gas (Apr) | $3.093 | (1.2%) |
| RBOB Gasoline | $3.045 | +0.1% |
| ULSD Diesel | $3.992 | (0.6%) |
Oil prices remained volatile as geopolitical tensions in the Middle East continue to disrupt global energy markets. Over the weekend the United States struck more than 90 Iranian targets on Kharg Island, though key oil export infrastructure was reportedly spared. Officials indicated that further action remains possible if Iran interferes with shipping through the Strait of Hormuz, one of the world’s most critical energy trade routes.
Energy logistics across the region remain strained. Oil loadings at the UAE’s Fujairah port were briefly suspended following a drone attack before resuming operations. At the same time, Gulf oil production has declined sharply as shipping disruptions and limited export routes have forced producers to store more crude domestically. Reports suggest UAE output has dropped by more than half from pre-conflict levels, while storage capacity in Saudi Arabia continues to rise.
To stabilize markets, the International Energy Agency has coordinated the release of approximately 400 million barrels of strategic petroleum reserves from member nations. Early deliveries from the U.S. Strategic Petroleum Reserve are expected to begin reaching markets within the next week.
Additional supply-side developments include rising U.S. frac spread activity, which increased for a fifth consecutive week, signaling a gradual pickup in North American drilling and completion activity. Meanwhile, China reported that refinery throughput rose modestly year-over-year, reflecting steady domestic demand despite tightening global supply conditions.
Natural Gas
Natural gas prices moved modestly lower as weather forecasts point to mixed demand conditions across the United States. Forecast models suggest above-normal temperatures across much of the western U.S. while the Northeast may experience cooler conditions. U.S. dry gas production remains steady near 110 Bcf per day, while LNG export demand remains strong with feedgas flows approaching record levels.
Longer term, energy companies remain optimistic about global gas demand. Industry forecasts suggest global liquefied natural gas demand could increase by more than 50% by 2040 and potentially rise as much as 85% by 2050 as countries transition toward cleaner energy sources.
Energy Sector Developments
Corporate activity within the energy sector remained active across exploration, production, and services. Several companies announced hedging strategies, capital market activity, and contract wins. In services, NESR secured multiple cementing contracts valued at roughly $300 million, while Helmerich & Payne announced the upcoming retirement of its Chief Financial Officer.
Pipeline and LNG infrastructure development also continued, with Venture Global disclosing additional details related to the second phase of its CP2 LNG export project.
Week Ahead
Energy investors will be monitoring several key industry updates this week, including the U.S. Strategic Petroleum Reserve stockpile update, weekly petroleum inventory data, natural gas storage figures, and the Baker Hughes rig count. Several industry conferences—including the Piper Sandler Energy Conference and the BNP Paribas Exane Industrials, Materials, and Energy Conference—may also provide additional insights into company outlooks and sector trends.
