Metals & Mining


April 15, 2026

Metals & Mining Weekly: Nothing Can Stop the “US HRC Spot Price Momentum Train”… at Least for Now

By Gordon L. Johnson II

LME Metal Prices Surge Higher vs. Previous Close: Yesterday, Copper +2.16% to $6.02/lb; aluminum +1.19% to $1.65/lb; nickel +3.03% to $9.25/lb; zinc +0.72% to $1.57/lb; lead +0.09% to $1.10/lb; gold +2.14% to $4,842/oz; silver +5.22% to…

Read More >>

March 31, 2026

Metals & Mining Weekly: Supply Tightness Peaking, War Premium Enters the Equation

By Gordon L. Johnson II

LME Metal Prices Mostly Higher Today vs. Previous Close: Today, Copper +0.94% to $5.57/lb; aluminum +0.94% to $1.62/lb; nickel -0.39% to $9.02/lb; zinc +0.66% to $1.55/lb; lead +0.35% to $1.08/lb; gold +3.70% to $4,678/oz; silver +7.22%…

Read More >>

March 11, 2026

Metals & Mining Weekly: Framing the Setup Into 1Q’26 Steel Earnings Results

By Gordon L. Johnson II

LME Metal Prices Mixed Today vs. Previous Close: Today, Copper +1.34% to $5.92/lb; aluminum +2.25% to $1.66/lb; nickel -1.29% to $9.32/lb; zinc +0.11% to $1.61/lb; lead -0.17% to $1.10/lb; gold -0.23% to $5,180/oz; silver -1.90% to…

Read More >>

March 2, 2026

Metals & Mining Weekly: Nucor Spot Prices Tops $1,000/ton; US Supply Surges to >4yr High

By Gordon L. Johnson II

LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -1.92% to $5.92/lb; aluminum +0.94% to $1.57/lb; nickel -2.00% to $9.32/lb; zinc -0.48% to $1.61/lb; lead -0.35% to $1.10/lb; gold +0.60% to $5,311/oz; silver -6.52% to…

Read More >>

February 18, 2026

Metals & Mining Weekly: U.S. Mills Maintain the Upper Hand, But Price Hikes Slow to Stick

By Gordon L. Johnson II

LME Metal Prices Flat-to-Higher vs. Previous Close: Today, Copper +2.35% to $5.83/lb; aluminum flat at $1.53/lb; nickel flat at $9.20/lb; zinc flat at $1.59/lb; lead +0.86% to $1.09/lb; gold -0.23% to $5,046/oz; silver +6.24% to $78.11/oz;…

Read More >>

February 10, 2026

Metals & Mining Weekly: U.S. Mills Keep Pushing – But Spreads Are Doing the Talking

By Gordon L. Johnson II

LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -0.36% to $5.92/lb; aluminum -0.28% to $1.54/lb; nickel -0.39% to $9.16/lb; zinc -0.89% to $1.60/lb; lead +0.86% to $1.09/lb; gold -0.23% to $5,046/oz; silver -1.60% to…

Read More >>

February 2, 2026

Metals & Mining Weekly: U.S. HRC Lead Times Edge Lower w/ U.S. HRC Spot Prices Near Multi-Month High = Seasonality ‘Headwinds’ Nearing?

By Gordon L. Johnson II

LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -3.41% to $5.94/lb; aluminum -5.12% to $1.55/lb; nickel -3.8% to $9.15/lb; zinc -3.92% to $1.63/lb; lead -1.4% to $1.09/lb; gold -4.45% to $4,676/oz; silver -8.26% to…

Read More >>

January 27, 2026

Two of the “Big Three” U.S. Steel Mills Reported Earnings Yesterday… and Wall Street Appears Worried

By Gordon L. Johnson II

Bottom Line: Yesterday, before the open, Steel Dynamics (STLD; NC) reported results that missed on the top line and generated just $84mn of Q4 free cash flow – far short of the ~$210mn the market…

Read More >>

January 22, 2026

Metals & Mining Weekly: Metals Mostly Firmer as U.S. Sheet Tightens, Plate Lags, and Iron Ore Slips

By Gordon L. Johnson II

LME Metal Prices Mostly Higher vs. Previous Close. Copper +0.17% to $5.79/lb; aluminum +0.32% to $1.56/lb; nickel +0.31% to $9.49/lb; zinc +0.61% to $1.58/lb; lead +0.11% to $1.11/lb; gold -0.20% to $4,822/oz; silver +0.58% to $93.59/oz;…

Read More >>

January 15, 2026

Metals & Mining Weekly: HRC vs. Prime Spread Widens Further in January

By Gordon L. Johnson II

LME Metal Prices Surged Higher Yesterday. Copper -0.13% to $6.00/lb; aluminum +1.22% to $1.61/lb; nickel +0.59% to $9.56/lb; zinc +0.67% to $1.59/lb; lead +0.33% to $1.13/lb; gold +0.87% to $4,626/oz; silver +6.70% to $92.78/oz; platinum +2.57%…

Read More >>

January 8, 2026

Metals & Mining Weekly: Prices Up, Reality Down – Markets Bid on Hope, Not Demand

By Gordon L. Johnson II

LME Metal Prices Mostly Higher Yesterday. Copper -2.55% to $5.86/lb; aluminum +1.20% to $1.58/lb; nickel +4.76% to $9.85/lb; zinc +0.06% to $1.57/lb; lead +0.55% to $1.14/lb; gold -0.79% to $4,459/oz; silver -3.34% to $78.55/oz; platinum -5.67%…

Read More >>

December 19, 2025

Metals & Mining Weekly: US HRC Steel Prices Hold Firm Near $900/st as Mill Discipline Keeps Lead Times Steady

By Gordon L. Johnson II

LME Metal Prices Mostly Higher Yesterday. Copper +1.28% to $5.33/lb; aluminum +0.40% to $1.41/lb; nickel +1.24% to $7.53/lb; zinc +0.53% to $1.48/lb; lead +0.27% to $1.08/lb; gold -0.21% to $4,329/oz; silver -1.39% to $65.34/oz; platinum +1.28%…

Read More >>

December 11, 2025

Metals & Mining Weekly: Our Take Heading Into Next Week’s Q4 Steel Updates, HRC vs. Prime Scrap Spreads Widen Further, & Import Arbitrage Risk Back “in Play”

By Gordon L. Johnson II

LME Metal Prices Mostly Higher vs. Yesterday’s Close. Copper +0.74% to $5.29/lb; aluminum +0.47% to $1.41/lb; nickel -0.02% to $7.66/lb; zinc +0.10% to $1.48/lb; lead +0.82% to $1.10/lb; gold -0.40% to $4,212/oz; silver +0.71% to $62.25/oz;…

Read More >>

December 4, 2025

Metals & Mining Weekly: U.S. Plate Market Celebrates Producer Price Increases & HRC “Price Hike Parade” Appears Set to Continue (bullish)

By Gordon L. Johnson II

LME Metal Prices Mostly Lower vs. Yesterday’s Close. Copper -1.15% to $5.19/lb; aluminum +0.72% to $1.41/lb; nickel +0.02% to $7.75/lb; zinc +0.42% to $1.46/lb; lead +0.07% to $1.10/lb; gold -0.11% to $4,198/oz; silver -1.66% to $57.53/oz;…

Read More >>

November 26, 2025

Metals & Mining Weekly: Prices Likely Have Further Upside from Here on Lackluster Imports + Seasonal Maintenance (steel stocks likely to continue to outperform)

By Gordon L. Johnson II

Bottom Line Current Situation. Over the last two weeks, spot HRC has done exactly what the setup suggested – it’s drifted higher, up roughly 5%, with today’s +5.4% d/d surge to $900/st marking the strongest…

Read More >>