Market sentiment shifted as the United States nomination of Kevin Warsh as Federal Reserve Chair sparked a technical correction across the precious metals space.
The appointment effectively cooled speculative fever by propping up the U.S. dollar and tempering immediate expectations for an aggressive rate-cut cycle.
On the policy front, the Trump administration introduced "Project Vault", a strategic move to insulate domestic supply chains for critical minerals through a massive US$10 billion loan facility.
Precious Metals
Gold (US$4,951/oz)
The yellow metal’s record-breaking run hit a snag after briefly touching US$5,600, retreating as the Warsh nomination propped up the greenback.
Higher yields and a firmer U.S. dollar forced a sharp rethink of the safe-haven trade that dominated the opening weeks of the year.
While prices dipped, institutional appetite remains a structural pillar, with central banks continuing to accumulate bullion during the technical pullback.
Silver (US$75.75/oz)
Silver took a harder hit, tumbling from its US$121 peak as speculative positions were liquidated in a savage correction.
The high-beta metal felt the brunt of margin calls, yet the price drop triggered a surge in ETF inflows as opportunistic buyers moved in.
The iShares Silver Trust saw its largest weekly volume since 2021 as investors moved to capitalise on the high-octane price action.
Energy
Crude Oil (Brent US$68.10/bbl; WTI US$63.50/bbl)
Crude remained largely stuck in neutral as the market weighed flat U.S. production growth against the thinning of geopolitical risk premiums.
The corporate spotlight remains on BP, with the major facing growing heat from shareholders to tighten its strategy following a dip in annual profits.
Investment flows are being heavily scrutinised as the sector navigates a third year of price pressure from broader economic headwinds.
Natural Gas & LNG (US$3.41/MMBtu)
U.S. natural gas is coming off a massive 78.4% jump in monthly pricing, driven by a significant winter demand spike.
The IEA is flagging accelerating gas demand for the rest of 2026, primarily to feed the power-hungry AI data centre build-out.
Global supply remains ample, but local infrastructure bottlenecks are keeping regional price volatility firmly on the table.
Coal (US$107.10/t)
Thermal coal is finding a second wind as U.S. power generators delay the retirement of units to prevent grid instability during the AI boom.
The sector isn't without its risks, however, with illegal mining in India facing renewed regulatory heat following a fatal accident in Meghalaya.
Despite the long-term decarbonisation narrative, coal's role in baseload energy security remains a persistent market factor.
Uranium (US$85.25/lb)
The nuclear trade is still in favour as Washington pushes for energy independence through enrichment and domestic supply chains.
Lotus Resources has tapped the market for A$76 million (US$50 million) to restart its Kayelekera mine in Malawi.
With first shipments expected in Q2, the company is positioning itself to fill the void created by Western pivots away from Russian-origin fuel.
Industrial Metals
Copper (US$12,840/t)
Copper bounced back from five-week lows as the dollar's momentum stalled out and supply tightness re-emerged.
The headline story of the week was the collapse of the US$75 billion merger between Rio Tinto and Glencore.
The two titans couldn't bridge the gap on valuation, meaning both will now have to hunt elsewhere to grow their red metal pipelines in a deficit-prone market.
Lithium (US$18,400/t)
The lithium market is showing signs of maturity with prices settling into a more stable, albeit lower, trading range.
The U.S. State Department is leading a critical minerals ministerial to shore up supply chains under the Project Vault banner.
Policy is clearly catching up with market reality as the West looks to build its own battery metal stockpiles.
Nickel (US$16,680/t)
Nickel staged a minor relief rally after sliding to multi-month lows amid a well-supplied refined market.
Traders are keeping a close watch on production costs for stainless steel to gauge when the price floor might be established.
With LME inventories remaining high, any significant upside depends on supply-side disruptions that have yet to materialise.
Aluminium (US$3,045/t)
Aluminium is holding above US$3,000 as high energy costs continue to throttle European smelting capacity.
Supply discipline is the order of the day, with producers matching output to selective demand from the aerospace and automotive sectors.
The market remains in a holding pattern as it gauges the true pace of the global industrial recovery.
Iron Ore (US$100.11/t)
Iron ore is treading water as the Australian majors focus on operational margins over outright tonnage expansion.
Despite the mixed signals out of China's property sector, producers are prioritising cost control to protect dividend yields.
The narrative remains one of discipline as the industry adjusts to a more stable, less explosive demand complexion.
