Overnight the USD Index slipped 0.10% to 98.8 while AUD/USD climbed 0.62% to 0.7163, easing pressure on Australian exporters and supporting modest gains in lithium carbonate to 152250 CNY/t (+0.83%) and spodumene SC6 to 2200 USD/t (+3.04%). Copper rose 1.85% to 6.5795 USD/lb on LME positioning with no offsetting macro data from China PMI. Lithium hydroxide bucked the trend, falling 2.10% to 128000 CNY/t. No Tier-1 supply events materialised in the 12-hour window; the Grasberg force majeure declared by Freeport-McMoRan after the September 2025 incident continues to remove an estimated 591 kt of refined copper through end-2026, yet this overhang produced no fresh price reaction overnight. Cameco’s McArthur River/Key Lake uranium circuit remains at full run-rate following the May 2026 restart, leaving markets without incremental tonnage signals. On the ASX, BHP and Rio Tinto carry direct exposure to the 1.85% copper move through their Chilean and Australian operations, while Lynas Rare Earths and Iluka Resources sit on unchanged neodymium oxide pricing at 106 USD/kg and ongoing Chinese rare-earth export suspensions through November 2026; Energy Fuels’ White Mesa qualification for Japanese terbium offtake remains the only non-overnight corporate item in view.