Global Metals Weekly

The report highlights a paradigm shift where metals are viewed as essential for global electrification and AI, despite a decade of underinvestment. Supply constraints and government-led de-risking of projects are expected to drive higher valuations and supportive price environments for copper, aluminum, and gold.

Key Takeaways

• 1.Metals are transitioning from 'unloved' assets to 'essential' strategic commodities, driven by electrification, AI data center needs, and government supply chain fortification.
• 2.Persistent supply constraints are caused by a decade of low capital expenditure and recurring operational disruptions at major mines like Escondida and Kamoa-Kakula.
• 3.Copper demand is expected to see a CAGR of 2.6% from 2025-2035, significantly outpacing the previous decade, fueled by Western decarbonization and electrification efforts.

Table of Contents

• Governments reinvigorate their interest the miners
• Constructive demand outlook for the mined commodities
• Supply still struggling to keep up with rising demand
• No longer unloved
• Constructive long-term demand outlook
• Supply constraints persist
• Disruptions keep coming
• Appendix
• Price forecasts and summary of rationale/risks
• Supply and demand balances
• Stocks mentioned
• Price objective basis & risk

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