For metals market participants, the key question is no longer what the next headline will be, but how it will influence inflation, energy costs and supply-demand balances.
Our latest Quarterly Metals Report examines the forces driving price action across metals markets as we move through the second half of 2026. From evolving policy expectations and inflation trends to supply constraints and shifting positioning, the report explores why markets are becoming increasingly selective and where key risks and opportunities may emerge.
Key questions covered include:
🔹What's next for copper as markets navigate tariff risk and supply tightness?
🔹Has aluminium's disruption-led rally run its course, or do low inventories still support prices?
🔹Can nickel break higher as Indonesian supply discipline tightens the market?
🔹Can gold hold near historic highs as central bank buying offsets the impact of firm real yields, a stronger US dollar and a cautious Federal Reserve?
