The latest economic data from the US Commerce Department shows that gross domestic product (GDP) grew at an annualised rate of 3.4% in the third quarter of 2026, covering July to September.
A major driver of growth was business investment, particularly spending related to artificial intelligence (AI). Consumer spending also remained resilient, increasing at an annualised rate of 3.8%.
The GDP figures are the first estimate for the third quarter and the final quarterly GDP release before the US midterm elections.
Resource prices were mixed overnight, with no major moves apart from silver, which fell 2.7%.
Copper was slightly lower but could find support in the coming sessions after Rio Tinto (ASX:RIO) paused underground operations at its Oyu Tolgoi copper mine following seismic activity.
Most of Oyu Tolgoi’s copper concentrate is sold into China, while shipments have also been affected by delays at the Mongolia-China border crossing.
Source: The Wall Street Journal
Write to Callum Newman at Mining.com.au
Main image: Unsplash
