Q1 2025 Base Metals

"If the Chinese real estate market were to post a recovery, this would see domestic demand for copper tick higher and could lead to a tighter supply and demand balance overall, assuming all other things remain unchanged. This would underpin even higher prices than we are currently projecting"

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Q1 2025 Base Metals

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Key factors driving copper, zinc and key base metals prices in 2025

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Copper climbed to an all-time high above US$5/lb in Q1 2025, while zinc fundamentals remain firm after a 13% gain last year. But with tariffs looming and global supply chains in flux, base metals face an uncertain path forward. What should investors watch for in the months ahead?

Copper climbed to an all-time high above US$5/lb in Q1 2025, while zinc fundamentals remain firm after a 13% gain last year. But with tariffs looming and global supply chains in flux, base metals face an uncertain path forward. What should investors watch for in the months ahead?