Gold and other precious metals pared big losses in choppy trading conditions after data showed a fast rise in overall US consumer prices, but a more subdued gain in core inflation.
A gold bar at the Royal Canadian Mint in Ottawa, Ontario, Canada, on Monday, May 11, 2026. A strong run-up in gold prices has driven a surge in Canadian exports of precious metals, which rose by 70% between December 2024 and March 2026, according to customs-based data. Photographer: David Kawai/Bloomberg
The aluminum market is facing a deepening shortage as the closure of the Strait of Hormuz throttles supply, with spot prices for the metal spiking while exchange inventories slump.
Metals from aluminum to zinc dropped after tensions in the Middle East escalated and expectations for US rate hikes weighed on the demand outlook for commodities.
Copper edged higher after a rise in orders for metal in London Metal Exchange warehouses, bucking a broader downtrend on the exchange as traders weighed US President Donald Trump’s fraught push to reach a peace deal with Iran.
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