Global metals markets are seeing heavy swings again. Silver prices have surged 124.65% compared to last year, making it one of the biggest gainers across the commodity space. Lithium prices have climbed even higher with a massive 194.86% yearly jump.
Gold prices remain above the key $4,400 level even after recent losses. Copper, platinum, and steel prices are also staying elevated as industrial demand and supply concerns continue to impact the market.
Most metals saw profit booking during the latest session, but long term gains still remain strong.
Silver and gold prices stay in focus despite sharp weekly fall
Gold prices dropped 1.71% during the session and traded at $4,489.06 per troy ounce. The metal is down 6.62% for the month and has gained 4.21% so far this year. On a yearly basis, gold prices are still up 36.81%.
Silver witnessed much sharper volatility. Prices fell 4.64% during the day and are down over 14% for the week. Silver traded at $74.06 per troy ounce. Despite the correction, silver remains one of the strongest performers in the metals market with yearly gains of 124.65%.
Platinum prices also weakened. The metal traded at $1,935.80 per troy ounce after falling 2.10% during the day. Platinum is down nearly 6% this year but still higher by 84.40% compared to last year.
Lithium and copper prices continue showing strong momentum
Lithium prices remained elevated at 186,500 CNY per ton. The metal has jumped 57.38% this year and nearly 195% on a yearly basis. Lithium continues to stay closely linked with electric vehicle demand and battery production trends.
Copper prices slipped 2.19% during the latest session to $6.13 per pound. However, copper is still up 8.31% this year and 32.45% over the past year.
Cobalt Hydroxide prices remained mostly flat at $56,526 per metric ton. Even then, yearly gains stood at 90.70%.
Titanium prices saw little movement and traded at 48.50 CNY per kilogram. The metal is up 5.43% this year but remains slightly lower compared to last year.
Steel and iron ore prices remain stable
Steel prices traded at 3,183 CNY per ton with yearly gains of 2.81%. HRC steel prices remained stronger at $1,135 per ton and are up 21.39% year to date.
Iron ore prices also held firm. Iron Ore CNY traded at 798.50 CNY per ton while international iron ore prices stood at $110.54 per ton. Both benchmarks showed yearly gains above 10%.
Scrap steel prices climbed to $412.50 per ton and are up nearly 21% from last year.
Meanwhile, silicon prices continued to struggle. The metal is down 5.47% this year despite posting small yearly gains.
Overall, metals markets continue to witness sharp volatility as traders react to industrial demand, inflation pressures, manufacturing activity, and global supply concerns.