Metal
As of February 2025, the metal and mineral markets are experiencing mixed trends:.
Gold is experiencing strong growth, fueled by geopolitical tensions, increased central bank purchases, and heightened investor uncertainty.
Aluminum is expected to be the best-performing base metal in 2025, with a projected price increase of 6.3% due to supply constraints, particularly in China.
Critical minerals like lithium, nickel, and cobalt saw significant price drops in 2023 due to oversupply, though demand for clean energy applications continues to rise.
Market Growth: The global metal and mineral market grew to $8.4 trillion in 2024 and is projected to reach $10.2 trillion by 2028, fueled by industrialization and infrastructure projects.
Copper
Copper continues to be a vital resource in various industries, with demand remaining strong due to its essential role in renewable energy, electric vehicles, and infrastructure. Recent market trends indicate steady pricing, influenced by global supply constraints and increasing investment in sustainable mining practices.
As of February 2025, the Democratic Republic of the Congo (DRC) has solidified its position as a leading player in the global copper industry. In recent years, the DRC has experienced significant growth in copper production. By 2022, the country accounted for nearly 10% of global copper output, ranking as the fourth-largest producer worldwide. This upward trend continued, and by 2023, the DRC surpassed Peru to become the world's second-largest copper producer, with actual production reaching approximately 2.84 million tonnes.
Lead
Lead prices have shown resilience, with forecasts indicating a potential surplus in the lead market. Despite a tight concentrate market, a larger 'micro' lead market surplus and a broadly bearish 'macro' narrative could lead to a decline in lead prices.
Lead remains a critical component in various industries, particularly in lead-acid batteries, which account for a significant portion of lead consumption. The automotive sector's demand for lead-acid batteries continues to be a primary driver of lead consumption.
In summary, the lead market in 2025 is characterized by a balance between supply growth and potential price pressures. While industrial demand, particularly from the automotive sector, continues to support lead consumption, market dynamics suggest a cautious outlook for lead prices.
Zinc
Zinc prices are projected to increase by 4.2% in 2025. This anticipated rise is attributed to structural supply constraints, particularly China's smelter capacity cap.
Zinc remains a critical component in various industries, particularly in galvanization, which protects steel against corrosion, and in die casting, where it serves as a vital component in the automotive and consumer goods industries. Additionally, zinc plays a crucial role in the chemical industry for the production of alloys and as a key ingredient in fertilizers and nutrients, enhancing agricultural productivity.
In summary, the zinc market in 2025 is characterized by rising prices, a projected supply surplus, and sustained demand from various industrial applications. These dynamics suggest a positive outlook for zinc, with potential for continued growth in the coming years.
Nickel
Nickel prices have faced downward pressure in 2024, with a significant decline observed throughout the year. However, a price recovery is anticipated, with prices expected to bottom out before steadily increasing through 2026.
Nickel remains a critical component in various industries, particularly in the production of stainless steel, batteries, and alloys. The growing demand for electric vehicles and renewable energy technologies is expected to drive increased consumption of nickel in battery manufacturing.
In summary, the nickel market in 2025 is characterized by a price recovery following a challenging period, with sustained demand from various industrial applications. These dynamics suggest a positive outlook for nickel, with potential for continued growth in the coming years.
Cobalt
Cobalt prices have declined sharply, falling from $82,000 per metric ton in April 2022 to approximately $21,550. This downturn is primarily due to overproduction in the Democratic Republic of Congo (DRC) by China's CMOC Group, which doubled its cobalt output in 2024. The market is facing a glut of supply and a shift in demand, particularly due to changes in the electric vehicle (EV) sector.
Cobalt remains a critical component in various industries, particularly in the production of batteries for electric vehicles, aerospace applications, and defense sectors. However, the shift towards LFP batteries, which do not require cobalt, is impacting demand.
In summary, the cobalt market in 2025 is characterized by a significant oversupply, declining prices, and shifting demand patterns due to changes in battery technologies. These dynamics suggest a cautious outlook for cobalt, with potential for continued challenges in the coming years.
Lithium
After experiencing a substantial decline in 2024, lithium prices are projected to stabilize in 2025. The global surplus of lithium is expected to decrease, with estimates suggesting a reduction to approximately 80,000 tonnes of lithium carbonate equivalent (LCE) by the end of the year. This adjustment is anticipated to support price recovery, with expectations of modest improvements as the year progresses.
Lithium remains a critical component in various industries, particularly in the production of batteries for electric vehicles (EVs) and energy storage systems. The growing adoption of EVs and renewable energy technologies is expected to drive sustained demand for lithium. Additionally, advancements in battery technologies, such as the development of lithium metal batteries, promise higher energy densities and longer life cycles, further bolstering demand.
In summary, the lithium market in 2025 is characterized by a narrowing surplus, stabilizing prices, and sustained demand from various industrial applications. These dynamics suggest a cautiously optimistic outlook for lithium, with potential for continued growth in the coming years.
Gold
Gold has experienced a significant price surge in early 2025, a level not seen in recent years. This price jump is largely driven by rising geopolitical tensions, such as the ongoing trade and tariff wars between the US and China, which have spurred investors to seek safe-haven assets. The election of Donald Trump as US president has also contributed to an acceleration in gold prices, as uncertainty surrounding his return has further fueled market volatility.
In summary, the gold market is experiencing a period of remarkable growth, fueled by both macroeconomic factors and investor sentiment. However, the sustainability of these price increases will depend on how well the global economy stabilizes and whether the geopolitical uncertainties that have driven the demand for gold persist.
Silver
Silver prices have risen approximately 14% in 2025. This increase is attributed to factors such as geopolitical tensions, including President Donald Trump's recent tariffs, and a strong U.S. dollar. Analysts predict that silver could reach between $35 and $40 per ounce in 2025, driven by its dual role as both a precious and industrial metal.
The silver market is projected to remain in a significant deficit for the fifth consecutive year in 2025, with industrial demand continuing to be the primary driver. This sustained deficit is expected to support higher silver prices.
In summary, the silver market in 2025 is characterized by rising prices, sustained industrial demand, and a significant supply deficit. These factors contribute to a positive outlook for silver, with potential for continued growth in the coming years.
Tin
Tin prices have surged to near two-year highs, driven by escalating supply threats from disruptions in major producing nations like Myanmar, Indonesia, and the Democratic Republic of Congo. Market players anticipate further price increases, with tin gaining 31% this year, outperforming base metals as a hedge against inflation
Tin remains a critical component in various industries, particularly in soldering for electronics, tinplate for packaging, and as an alloy in brass and bronze. The rise in electronic devices, particularly smartphones and electric vehicles, continues to drive demand for tin.
In summary, the tin market in 2025 is characterized by rising prices, supply challenges due to geopolitical factors, and sustained demand from various industrial applications. These dynamics suggest a cautious outlook for tin prices, with potential for continued growth in the coming years.