BMI谨慎看好明年全球采矿业前景

Group 1 - The core viewpoint of the report is a cautiously optimistic outlook for most metals in 2026, with expectations of slight price increases due to reduced tariff uncertainties, strong demand related to net-zero emissions transitions, and supply tightness [1][2] - BMI predicts that gold prices will continue to rise in 2026 but may decline below $4,000 per ounce later in the year as monetary easing policies tighten, particularly with the Federal Reserve potentially halting interest rate cuts [2][3] - The report emphasizes that industrial policies will remain a key strategy for countries to secure critical minerals, primarily from the EU and the US [4] Group 2 - Governments are expected to adopt a dual approach by expanding domestic capacity while stabilizing overseas supply through investments and strategic partnerships [5] - The strong merger and acquisition momentum in the metals and mining sector is anticipated to continue into 2026, focusing on minerals required for energy transitions, including copper, lithium, and rare earths [5][6] - Investment in mining projects in frontier markets is expected to remain a focus in 2026, with a shift towards risk-averse development projects [7][8]