[MARKET ANALYSIS] Metals in the red with prices taking a breather from recent rallies

• Gold eased as focus shifted away from geopolitical risk toward upcoming US data releases, with bullion finding resistance at USD 4,500/oz and now trading near the bottom end of a USD 4,441.44-4,500/oz after a more than 4% rally across the prior three sessions. Meanwhile, Chinese gold reserves data this morning showed rising reserves for a 14th consecutive month. Spot silver fell back under USD 80/oz after peaking at USD 82.77/oz earlier.
• 3M LME copper prices are choppy but holding above the USD 13k/t mark and not far off record highs, with Friday also in focus amid a potential SCOTUS ruling on the Trump tariffs (Full Newsquawk Analysis on the feed).
•  Iron ore prices reached the highest since February, supported by expectations of macroeconomic support in China and pre-holiday restocking; futures rose for a fourth day, topping USD 108/ton in Singapore, after the PBoC said it would flexibly use multiple policy tools, including interest-rate cuts, though did not offer any timetable.
• Nickel prices fell from a 19-month high as the recent base-metals rally paused; recent gains have been driven by output risks in Indonesia and strong investment flows into China’s metals markets.

Metals are experiencing a pullback after recent gains as attention shifts from geopolitical risks to upcoming U.S. data releases. Gold and silver prices have retreated from recent highs, while copper remains steady above key levels amidst a closely watched legal ruling on tariffs. The dynamics in iron ore appear positive due to expected support in China, although nickel has dipped from a peak due to broader market consolidation.