October 7, 2025 09:01 PM GMT China Materials | Asia Pacific 4Q25 Outlook – Equity Implications: Traditional Materials For 4Q, we prefer gold, copper and aluminum, with both macro and micro factors supporting prices. Gold – beneficiary of strong prices and above-peer volume growth: In addition to our constructive view on gold prices, we project Chinese gold miners will see continued double-digit volume growth for 2024-27, ahead of flattish-to-declining production globally. As such, we expect Chinese gold min ...

September 26, 2025 10:53 AM GMT metal&ROCK | Europe Copper Disrupted: Upside Risks Rising A supportive macro backdrop and an increasingly challenged supply side bring upside risks to copper. YTD disruptions are now almost at 5%, with 3 months of the year still remaining. However, demand destruction remains a risk, with signs of price sensitivity above $10k/t, particularly from China. Key Takeaways Source: Woodmac, Morgan Stanley Research estimates. Morgan Stanley does and seeks to do business with companies ...