BHP Group reported a record-breaking year for iron ore production, yet its copper output struggled to keep pace. The mining giant anticipates a further decline in copper yield for the coming fiscal year, citing diminishing ore grades at its massive operations in northern Chile. This production forecast adds pressure to a sector already navigating shifting global trade policies.

Gold and silver prices retreated as investors recalibrated their expectations following signs of easing inflation. The Renewable Fuels Association noted that the new tariff regime could provide a necessary boost for U.S. ethanol producers, though market reaction remains cautious. Analysts are closely watching how these supply-side shifts, combined with aggressive trade interventions, will influence commodity valuations through the end of the quarter.