Steel and Iron Ore

As we move into Q2 2026, metals markets are moving away from conflict‑led shocks and toward a more fragmented, metal‑by‑metal setup. With much of the geopolitical premium already absorbed, price action has become more selective and range‑bound, exposing thin liquidity and elevating the importance of local supply conditions. Copper still anchors sentiment across the complex, but price behaviour is increasingly differentiated as markets separate genuinely tight metals from those facing surplus constraints and precious metals capped by rates and dollar dynamics.

This report provides a concise morning update with fundamental and technical analysis and commentary for USD, EUR, GBP, and JPY currency pairs.

In this report, we address the key questions and potential risks for 2026, aiming to understand the underlying reality in the market, which appears to be increasingly driven by speculation.

Our daily commentary, covering market news and closing prices of LME aluminium, copper, lead, nickel, tin, zinc, iron ore, steel, and precious metals.

This report provides a comprehensive analysis of the EV market, with a particular focus being on supply chain analysis through mining, battery cell production, and sales of EVs. Additionally, we examine the implications of EV-specific tariffs, assessing their impact on cross-border trade, manufacturing costs, and company competitiveness.