Global Metals Market Overview for the Week of March 02–07, 2026
🔎 The global metals market stayed volatile this week as Middle East tensions pushed defensive flows into precious metals, while base metals faced renewed supply-chain pressure. Geopolitics continued to outweigh most traditional supply-demand signals.
📈 Gold and silver remained the main focus as safe-haven demand strengthened amid the U.S.–Israel–Iran escalation. Gold moved above $5,300/oz at several points, while silver outperformed in some sessions by benefiting from both defensive demand and industrial expectations, showing that sentiment still favors capital preservation over risk expansion.
🏭 In base metals, aluminum stood out as the market grew more concerned about possible supply disruptions from the Gulf. LME aluminum rose to its highest level in four years, reflecting the region’s importance to non-China supply, while any risk around the Strait of Hormuz could quickly lift premiums and spot prices further.
🧭 Copper showed a more mixed picture. Logistics disruptions in Africa and project developments in South America continued to support supply concerns, but the global surplus narrative and worries about slower Chinese growth made the rally less convincing, leaving copper more sensitive to short-term macro signals.
⚠️ Near term, precious metals still have the advantage if geopolitical stress stays elevated, while base metals are likely to remain selective based on their own supply stories. The next focus will likely stay on the Middle East, the U.S. dollar, and whether China delivers clearer support for industrial demand.