Precious Metals - The report highlights that gold remains a strong investment, with central banks continuing to increase their gold holdings, and gold ETFs experiencing sustained inflows during the interest rate cut cycle, indicating a bullish trend for gold prices [1][20] - Silver is expected to see significant price increases, driven by financial demand rather than industrial demand, with the gold-silver ratio indicating that silver is undervalued compared to gold [1][20] Industrial Metals - Copper is projected to experience a bullish market due to a clear supply-demand gap, supported by macroeconomic factors such as tariff reductions and increased capital expenditures, alongside strong demand from the energy and AI sectors [2][3] - Aluminum supply may face constraints due to high demand from data centers, with potential production risks and a tightening global supply-demand balance expected in 2026 [3] - Tin supply is limited due to global resource scarcity, while demand is expected to rise from the semiconductor and AI sectors, leading to a price increase [4] - Nickel prices are anticipated to recover as supply disruptions in Indonesia continue to impact the market [4] Energy Metals - Lithium demand is expected to surge, particularly from energy storage applications, with supply growth projected to slow down due to reduced capital expenditures by producers [7] - Cobalt prices are likely to rise due to export controls from the Democratic Republic of Congo, which will create a supply gap that cannot be compensated by increases in Indonesian production [8] Minor Metals - Tungsten prices are expected to rise due to persistent supply-demand imbalances, with limited new supply expected before 2027 [9] - Antimony prices are projected to remain high due to rigid supply constraints and potential easing of export controls, which could enhance price elasticity [10] - The rare earth sector is expected to see improved supply-demand dynamics, with prices likely to rise as demand from electric vehicles and robotics increases [11]