London Metal Exchange (LME) inventories: nickel unchanged, aluminium unchanged, zinc up 125 tonnes, lead down 1,050 tonnes, tin down 155 tonnes, copper up 1,675 tonnes.

Iran’s Supreme National Security Council secretary Mohsen Rezaei told Iranian state television Tehran is urging other countries, including neighbors, not to join Trump’s “economic war,” warning any state that imposes economic restrictions will be treated as an enemy and threatening “hellish” retaliation. Hamidreza Aziz, an Iran researcher at the Clingendael Institute, said Iran appears to be moving to earlier deterrence by signaling that preparations to attack Iran could themselves trigger a response. Aziz identified two emerging elements in the new doctrine: pre-emption to prevent perceived threats from materialising and asymmetric retaliation to raise the cost of any attack. He said Rezaei’s warning to Gulf states amounts to a de facto ultimatum and that Iran’s military-security apparatus is stepping up preparations for a possible new round of escalation.

CNBC, citing two senior Treasury officials, reports the US Treasury may tap roughly $1 trillion in its Treasury General Account (TGA) at the Federal Reserve to fund an expanded government bond repurchase program. Using the TGA would give the Treasury greater ability to influence long-term yields. Last week the Treasury unexpectedly raised repurchase size for off-the-run Treasuries from $2bn to at least $4bn; Treasury Secretary Bessent said operations could exceed that floor, but the department did not specify funding sources. Markets had largely expected funding via increased T-bill issuance; a TGA drawdown would alter near-term supply and liquidity expectations. The TGA is the government’s checking account at the Fed, financed by tax receipts.