大宗商品价格展望：2026 年第一季度有望上行-metal&ROCK -The Price Deck

Key risks: With the BCOM Precious Metals Index up 66% and Industrial Metals up 13% (copper +35%), prices have already moved a lot, bringing demand destruction risks and disconnecting from cost curves. Chinese copper demand has slowed recently, while central bank gold buying has also slowed at higher prices. A more sustained global growth slowdown would weigh on prices, while energy price weakness and elevated by-product credits could drag down cost curves. | M December 15, 2025 09:00 PM GMT | | Foundation | ...