BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

June 24, 2026

Global Commodities

BMO Metals Brief Global Commodities

Helen Amos Analyst

helen.amos@bmo.com +44 (0)20 7664 8180

 Q3 2026 Metals & Bulk Commodity Price Outlook: In case you missed it, yesterday we published

our Q3 2026 Metals & Bulk Commodity Price Update, in conjunction with the Metals & Mining George Heppel Analyst

equity team. This includes our views on commodity macroeconomics, commodity and equity george.heppel@bmo.com +44 (0)20 7664 8106

target changes, preferences and summary views on each major commodity under our coverage.

Alona Yunda Senior Associate

 New Precious Metals Monitor: In our latest Precious Metals Monitor: China'sBack...ButNotIndia, alona.yunda@bmo.com +44 (0)20 7664 8122

we highlight how precious metals have come under pressure following the hawkish June FOMC

Walid Hasanzadeh Associate meeting, which lifted front-end yields and triggered a broad positioning unwind. Although gold

has shown some resilience (with ETF flows turning positive last week after five consecutive walid.hasanzadeh@bmo.com +44 (0)20 7872 1565

weeks of outflows), recovery remains tentative and continued outflows in silver and PGMs Legal Entity: BMO Capital Markets Limited

highlight weaker conviction across the broader complex. On the physical side, strong Chinese

imports (driven by policy easing and PBOC purchases) contrast with softer Indian demand amid LME Index (LMEX) seasonal weakness and new import duties.

6,100

 China rolls out auto boost programme: On Tuesday, China rolled out a package of new measures 6,0005,900

aimed at expanding automobile consumption across the industrial chain, with a particular focus 5,800

on reforms in “auto circulation” and steps to boost the auto aftermarket. This comes amid 5,700

5,600