The Market Brief Daily

Institutional-grade market analysis for metals and macro

We focus on the mechanics behind price formation: inventory buffers, delivery windows, funding and lease regimes, positioning pressure, and macro transmission across rates, FX, and commodities.

For informational purposes only. Not investment advice. See disclaimer.

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Research Feb 12, 2026

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Method

How we think

Clear mechanics, conservative claims, and a practical “what to watch” list.

Market structure

Delivery windows, exchange inventories, futures–physical linkage, settlement incentives, and positioning pressure.

Physical tightness

Lease and funding regimes, availability constraints, and conditions where paper and physical diverge.

Macro transmission

How rates, FX, and liquidity propagate into commodity and risk-asset pricing.