Metals Selloff Creates New Winners and Losers Amid Volatility
The article analyzes the current state of base and precious metals markets, highlighting a tug-of-war between bullish factors (structural deficits, AI-driven data center demand) and bearish pressures (global growth reassessments, high energy prices, interest rate risks). Base metals have been highly volatile, with the LMEX hitting an all-time high in June before plunging after the US-Iran ceasefire collapse. Standard Chartered provides medium-term outlooks: copper remains range-bound but elevated due to tariff uncertainty and supply issues; aluminum prices have retreated after hitting four-year highs, with supply constraints potentially persisting; platinum group metals are still searching for a floor but have positive catalysts. The IEA warns copper supply has worsened considerably due to sulfuric acid disruptions from the Iran war and geopolitical conflicts, while demand surges from grid expansion, renewables, and AI data centers.
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