United States API Crude Oil Stock Change

Argentina’s economic activity increased 3.5% year-on-year in December 2025, up from a 0.1% decline in November and marking a return to expansion. Growth was primarily driven by a significant strengthening in agriculture (32.2% vs 11.5%) alongside accelerated gains in mining (9.1% vs 7.3%) and utilities (10.7% vs 1.8%). Financial intermediation (14.1% vs 13.8%), real estate and business services (1.6% vs 0.5%), and transport and communications (1.8% vs 1.9%) also remained positive contributors. Furthermore, the construction (0.3% vs -2.5%) and education (0.3% vs 0.5%) sectors added to the expansion. Conversely, the recovery was limited by continued contractions in manufacturing (-3.9% vs -8.0%), trade (-1.3% vs -6.0%), and the public sector (-1.1% vs -1.1%), albeit at a softer rate. Additionally, hotels and restaurants moved into negative territory (-1.5% vs 0.8%). On a monthly, seasonally-adjusted basis, activity rose (1.8%), while the trend-cycle increased (0.3%).

Argentina Economic Activity Returns to Expansion

Zinc futures in the UK rose to $3,400 per tonne in late February, near the three-year high of $3,430 from January 29th amid persistent concerns of tight supply. Refined zinc production was on track to fall 2% last year, per the latest data, despite the 6.3% jump in mined output, consistent with output curbs among smelters in Kazakhstan and Japan, with the latter being pressured by the closure of the key Toho Zinc Annaka plant. Likewise, treatment charges for zinc rose toward $105 thousand tonnes, compared to 230.5 thousand tonnes at the start of last year, after their near depletion of on-and off-warrant stocks at the start of the fourth quarter. Base metals also received broad support from expectations that electrification push and datacenter investments would maintain consumption of industrial inputs despite headwinds to global growth.

Zinc Approaches 3-Year High

Tin futures in the UK rose to $47,700 per tonne in late February, extending this year's increase amid signs of thin supply. The Indonesian government seized 500 tonnes of tin and arrested suspects of illegal mining operations. The move doubled down on Jakarta's threat that it would crack down on mining activity that lack licensing after President Subianto ordered the closure of 1,000 illegal mines in Sumatra, tightening the outlook on supply from the key exporter. Elsewhere, operations in Myanmar's Man Maw mine remained slow since being closed for a resource audit in 2023, magnified by bottlenecks linked to the destruction of infrastructure following the country's aggressive earthquake. On the demand front, tin's utility in datacenters drove Asian traders to pile on futures contracts for speculative positions on AI technology following the crowded developments in silver, although trading halts by the SHFE drove prices to retreat from the record-high of $59,000 in late January.

Tin Rebounds on Tight Supply Outlook

US gasoline futures fell below $2 per gallon, moving away from a five-month high of $2.01 hit on February 19, as traders awaited developments from nuclear talks between the US and Iran, which are set for a third round on Thursday in Geneva, according to Oman’s Foreign Minister Badr Albusaidi. Donald Trump said he favors a diplomatic solution but warned of consequences if no deal is reached, keeping markets cautious given the Strait of Hormuz’s role as a key route for nearly a third of global tanker traffic. Meanwhile, Ukrainian strikes on Russian refineries forced Russian companies to export crude rather than gasoline. The EIA weekly report showed a 3.2 million barrel draw in national gasoline stocks for the second week of February, exceeding expectations for a 300 thousand barrel drop.

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Argentina Economic Activity Returns to Expansion

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Tin Rebounds on Tight Supply Outlook

Gasoline Futures Fall from 5-Month High

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United States API Crude Oil Stock Change