Industrial and precious metals rose across global markets in Wednesday’s midday session, with gains in battery materials, steelmaking inputs, and energy benchmarks. According to transactional data published by the Shanghai Metals Market (SMM), the move was led by a 2.97% rise in the most-active domestic lithium carbonate contract and a 3.69% rise in polysilicon futures. Base metals on the Shanghai Futures Exchange and the London Metal Exchange posted steadier gains. The move came alongside an upward revision to oil price forecasts from the US Energy Information Administration. Shipping constraints in the Middle East continue to disrupt maritime logistics, adding a layer of supply friction across commodity markets.
Base and Ferrous Metals Rise Across SHFE and LME
Gains were broadly consistent across Chinese and international exchanges. On the SHFE, tin contract values grew by 1.44%, while aluminum and zinc recorded afternoon increases of 0.93% and 0.70% respectively. These movements left nickel as the sole major base metal to register a marginal decline, finishing down by 0.16% at the midday bell. At the same time, parallel movements were observed on the LME, where overseas copper rose 0.27% and tin contracts advanced by 1.14%.
In the ferrous metal and mining input sectors, coking coal contracts grew by 2.17% alongside a 1.75% rise in refined coke values. Construction manufacturing assets such as raw iron ore, standard rebar, and hot-rolled steel coils, maintained narrower positive tracking, with all three products closing within a tight 0.28% to 0.37% margin. At the same time, precious metals also gained, with COMEX silver rising by 1.12% outpacing a 0.54% rise in spot gold, while domestic SHFE silver contracts adjusted upward by 1.22%.
According to market researchers, this broad synchronization across distinct metal categories points towards easing macro risk rather than sudden adjustments in physical supply. Spot prices holding against near-month contracts suggests industrial buyers are purchasing to schedule rather than stockpiling. Adding to this, the narrow trading bands observed in core industrial materials like copper and steel also suggest that global factory utilization rates are holding steady, providing a firm floor for inventory liquidations without introducing unexpected price distortions to the international supply chain.
Why the EIA Raised Its 2026 Brent Forecast
The gains come amid shifts in energy supply and monetary policy expectations. Citing security restrictions affecting crude transport through the Strait of Hormuz, the EIA raised its projected 2026 Brent spot average from $82 to $87 a barrel. On the other hand, the agency’s long-term forecast points towards an expected drop down to a $69 average by 2027 as Middle Eastern production structures normalises, returning toward its historical baselines.
Compounding these international energy constraints are localized fuel deficits in Eastern Europe. Shipping data confirmed Russia has taken its first ever import of motor gasoline from Indian refiners, offsetting domestic refinery outages.
These raw material movements occurred against a relatively flat currency backdrop, with the U.S. dollar index stabilizing at 99.87. Global asset managers remain quite sensitive to upcoming inflation data, with rate expectations evenly split. Current data indicates a 52% probability that the Federal Reserve maintains current interest rates in September, against a 48% probability of a 25-basis-point tightening cycle. This fine balance keeps capital flows cautious, as investors watch whether energy sector costs feed into the wider service economy. For more news on commodities, check out our dedicated page here.
