DBT Bureau
Pune, 7 March 2026
Precious metals steadied after recent liquidation, crude prices remained volatile amid Middle East tensions, aluminium gained on supply risks, copper inventories hit a 20-year high, and natural gas edged up on weather-driven demand expectations, according to a weekly commodities market update by Geojit Investments.
- Precious metals steadied yesterday after the previous session’s liquidation, as widening tensions in the Middle East rattled global markets and bolstered safe haven demand. Earlier this week, spot gold briefly spiked above USD 5,400 per troy ounce and spot silver approached USD 96 per troy ounce, before both gains were pared back by a sharp rebound in the U.S. dollar.
- Fighting has damaged several tankers and sharply slowed traffic through the Strait of Hormuz, a critical chokepoint that handles roughly 20% of the world’s oil supply and a comparable share of liquefied natural gas shipments from key Middle Eastern producers.
- Crude prices jumped as the U.S.–Israeli war on Iran disrupted Middle East supply flows, though the pace of gains eased from earlier sessions after President Donald Trump signaled that the U.S. Navy could escort vessels through the Strait of Hormuz.
- The OPEC+ has announced a minor increase in oil production of 206,000 barrels per day, starting in April 2026.
- Aluminium is set to end the week higher, as war in the Middle East threatened to cut off shipments from the region that produced 8% of the world’s supply last year.
- Copper inventories across the world’s three largest metal exchanges have surpassed 1 million metric tonnes for the first time in over 20 years, driven by weak demand in China and recent stockpiling in the U.S. Combined stocks on the COMEX, LME, and SHFE now stand at 1,012,065 MT.
- NYMEX natural gas futures edged higher, supported by expectations of increased demand from a bout of late season cold projected for mid-March, alongside concerns over LNG supplies from Qatar amid the ongoing Iran crisis.
