Investment Rating - The report maintains a preference for platinum, copper, and rhodium as preferred metals, while cobalt is deemed least-preferred [12][20][30]. Core Insights - The metals market is experiencing significant volatility due to global policy uncertainty, particularly surrounding tariffs, which are impacting demand and supply chains [12][20][27]. - The implementation of tariffs is expected to lead to price divergence between regions, with U.S. prices likely to be at a premium compared to international prices [3][17]. - Concerns over global economic growth, particularly in China, are intensifying, which could further affect metal consumption [5][23]. Summary by Sections Muddled Outlook - The market has seen a range of views on metal prices, with uncertainty prevailing due to tariffs and their potential impact on monetary policy and economic growth [2][14]. - Policymakers in China will need to increase support to bolster internal demand to meet GDP growth targets [2][23]. Price Forecast Changes - Price forecasts for metals have been adjusted due to recent volatility, with platinum and copper remaining preferred, while cobalt is least-preferred [7][29]. - The report indicates that rhodium has moved from neutral to preferred due to tightening market conditions [7][30]. Tariffs and Their Impact - The U.S. imports a significant portion of its metal demand, and the ongoing tariffs could disrupt commodity supply chains and increase risks for demand [16][17]. - A potential 25% tariff on copper is anticipated, which could further complicate the market dynamics [16][18]. Supply and Demand Dynamics - Supply issues are expected to continue influencing prices, with specific metals like cobalt and manganese experiencing price fluctuations due to supply constraints [26][67]. - The report highlights that while demand for electric vehicles (EVs) is a key driver for some metals, recent trends indicate a slowdown in EV sales momentum [25][26]. Commodity Price Performance - The report notes that prices for various metals have shown sharp volatility, with some metals experiencing a decline due to economic growth concerns [27][28]. - Gold prices reached a record high of USD 3,167/oz, driven by safe-haven demand amid economic uncertainty [28]. Specific Metal Insights - **Copper**: Prices are expected to remain balanced in the near term, but potential tariffs could lead to a structural deficit in the long term [71][72]. - **Aluminum**: The market is projected to remain in modest surplus in 2025, with robust demand from China offsetting some weaknesses [69][70]. - **Cobalt**: The market is expected to remain in surplus due to increased supply and a challenging demand outlook [66].