According to the latest report from the Organization of the Petroleum Exporting Countries (OPEC), the base metals index declined by 1.1% month-on-month in February, ending a five-month streak of gains. The decline was largely driven by weaker prices across most industrial metals as post-holiday activity in China normalized and expectations emerged that the United States may scale back tariffs on key metals. However, improving global industrial activity helped limit losses, with the global manufacturing PMI rising to 51.9 during the month. Meanwhile, inventories at London Metal Exchange warehouses increased modestly on a monthly basis, though they remained slightly lower compared to the previous year.

In contrast, the precious metals index extended its upward trend for the eighth consecutive month, supported primarily by rising gold prices. Gold continued its rally amid strong safe-haven demand, diversification by major central banks, and declining US real yields driven by expectations of potential Federal Reserve rate cuts. Although silver and platinum recorded sharp monthly declines due to profit-taking and softer industrial demand, both metals remained significantly higher on a yearly basis, highlighting the continued strength of the broader precious metals market.