The global metals market remained mixed on Tuesday as precious metals moved lower while industrial metals continued showing strength. Silver remained the biggest standout with a massive 126.97% yearly gain even after falling 2.73% during the day. Prices stood at $74.84 per troy ounce.
Gold also slipped 1.15% to $4458.41 per troy ounce. Weekly losses reached 1.86% while monthly losses touched 3.10%. Despite the recent correction, gold is still up 35.52% compared to last year as investors continue treating the metal as a long term safe haven asset.
The broader metals market showed signs of profit booking after strong rallies earlier this year.
Silver and copper prices stay strong despite short term pullback
Silver prices have remained one of the strongest performers in the commodity market this year. The metal is now up 5.01% year to date and continues to attract attention from both industrial buyers and investors.
Copper prices stayed relatively stable at $6.36 per pound with only a 0.11% daily decline. The metal has gained 12.19% this year and 36.84% over the past 12 months. Analysts continue to watch copper closely because it is widely seen as a signal of global industrial demand and economic activity.
HRC steel prices also showed strength. Prices rose 23.85% year to date and climbed 38.69% from last year to reach $1158.04 per tonne. Steel prices in China remained mostly flat with a slight 0.10% daily increase.
Iron ore prices stayed under pressure in the Chinese market. Iron Ore CNY prices slipped 2.31% on a weekly basis while global iron ore prices fell 0.37% on the day.
Lithium jumps 187.80% YoY as battery metals remain in focus
Battery related metals continued attracting attention in the market. Lithium prices stood at 177000 CNY per tonne after falling 1.67% during the session. Even with the short term decline, lithium has surged 187.80% over the past year and nearly 50% year to date.
Cobalt hydroxide prices remained stable at $56526.46 per metric tonne. Yearly gains still remain very high at 86.13%.
Platinum prices dropped 0.69% to $1938.20 per troy ounce. The metal is down 6.61% this year despite being up more than 81% compared to last year.
Titanium prices remained unchanged while silicon and scrap steel prices continued showing weakness on a monthly basis.
The latest market moves show that industrial and battery metals are still holding strong long term momentum even as short term corrections continue across global commodity markets.