DBT Bureau
Pune, 9 May 2026
Precious metals continued their upward momentum amid easing dollar strength, persistent geopolitical tensions between the U.S. and Iran, and optimism around global industrial demand, while base metals and energy markets reacted to shifting supply and ceasefire developments.
- Precious metals regained strength after a brief correction in the previous session, extending their gains for another consecutive day on hopes of a peace agreement between the U.S. and Iran. Despite renewed hostilities between U.S. and Iran on Thursday, U.S. President Donald Trump said the ceasefire was still in effect.
- The Dollar Index, that measures greenback against a basket of six currency rivals, slipped below 98 marks.
- The U.S. Federal Reserve maintained its benchmark interest rate within the 3.5%–3.75% range, as announced at the conclusion of its two-day policy meeting last week, citing ongoing concerns over inflation. This meeting marked the final one under the chairmanship of Jerome Powell, and there is a possibility that policy path could shift under the incoming chair.
- Crude oil prices declined after the previous session’s rebound, as fresh clashes between the U.S. and Iran threatened a fragile ceasefire and dampened hopes for progress toward reopening the Strait of Hormuz.
- The UAE’s exit from OPEC has raised doubts about unity within the cartel, highlighting growing discord among Gulf oil producers. This move undermines OPEC’s grip on global oil supply and deepens the rift between the UAE and its neighbor, Saudi Arabia.
- LME copper prices climbed to their highest level in over three months, remaining on course for a weekly gain as markets evaluated the ceasefire, with strong demand from data centers providing additional support.
- China’s primary aluminium production in March rose 2.7% yoy, as supply fears linked to the Iran conflict supported prices of the light metal. Aluminium production climbed to 3.85 million metric tons in March.
- China’s refined copper output reached a record high in March, defying planned output cut. Refined copper production in March surged 8.7% yoy to 1.33 million metric tonnes, surpassing the record set in December.
- NYMEX natural gas futures edged up on a smaller-than-expected weekly storage build, a decline in output in recent weeks and forecasts for more demand over the next two weeks than previously expected.
Source: Geojit Investments Limited
