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Metals

Precious, base, and battery metals across COMEX, LME, and Fastmarkets

Metals Market Context

  • -LME warehouse stocks near multi-year lows across base metals complex
  • -China Caixin Manufacturing PMI: 50.5 (expansion territory)
  • -Copper treatment charges (TC/RCs) compressing on tight concentrate supply
  • -Green capex tailwinds: grid buildout, EV infrastructure, data centers
  • -Central bank gold buying provides structural floor for precious metals
  • -LFP chemistry gaining share vs NMC, reducing cobalt demand intensity
  • -Lithium spot prices stabilizing after 80%+ correction from 2022 peak