Global metals trading turned highly volatile with iron ore prices showing one of the most unusual spikes in recent market history. At the same time, silver continued its massive yearly rally, while gold and copper slipped in the short term after recent gains.
The broader metals space is now showing a clear split between long term strength and sharp short term corrections.
Iron ore jumps 105% in a single day as metals market shocks traders
Iron ore in the Chinese market surged to 1647 CNY per ton after a massive 105.88% daily jump. Weekly gains crossed 101.59% and monthly gains stood at 109.41%.
Year to date performance also crossed 108.61% while yearly gains reached 126.70%. This makes iron ore one of the most extreme movers in the entire commodity market.
International iron ore prices, however, stayed stable at $110.09 per ton with a small daily decline of 0.22%. This shows a sharp disconnect between regional pricing and global benchmarks.
Steel markets also remained firm. HRC steel rose 0.27% to $1145.05 per ton and is up 22.57% year to date. Scrap steel however fell 1.89% during the day.
Steel in China also slipped slightly but remains higher compared to last year.
Silver hits 127% YoY as gold and platinum stay under pressure
Silver prices traded at $75.07 per ounce after falling 1.01% in the day. Despite short term weakness, silver remains up 127.30% year over year, making it one of the strongest metals in the market.
Gold prices also fell to $4505.85 per ounce. Gold is down 5.02% for the month and 3.22% for the week. However, it still holds a yearly gain of 36.41%.
Platinum also declined 1.04% to $1939.30 per ounce. It is down across weekly and monthly charts but remains up 79.25% compared to last year.
Copper prices slipped slightly to $6.24 per pound. Even after the fall, copper is still up 9.69% year to date and 34.08% year over year.
Lithium and industrial metals show mixed performance across global demand
Lithium prices rose 1.68% in the day to 182000 CNY per ton. The metal remains one of the strongest performers in the long term with a massive 188.66% yearly gain.
Cobalt hydroxide stayed mostly flat but continues to hold strong yearly growth above 82%.
Iron ore outside China remained stable with small weekly losses but steady yearly gains of 10.04%.
Silicon and titanium remained mostly flat or slightly negative across short term charts.
Scrap steel also declined but is still up 8.76% year to date.
Overall, metals markets are showing extreme divergence. Iron ore and lithium are driving strong upside moves while precious metals like gold and platinum are facing short term pressure. Silver remains the standout performer with triple digit yearly gains.