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Metals Outlook

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Expert base, precious and ferrous metal insights

We produce two regular metal outlook reports. Our daily base metals analysis concentrates on the daily LME trading activity and any macroeconomic impacts and trends. Our benchmark Quarterly Metals Report provides an in-depth analysis of the base metals, precious metals, and ferrous metal markets and includes our outlook per metal for the months ahead.

Our metal market outlook reports leverage our expertise and position within the metals markets. As a Category 1 member of the London Metal Exchange (LME) and as a member of the London Bullion Market Association, we execute and clear a significant proportion of market activity. We also provide access to the CME’s base metal futures and options contracts on its COMEX exchange and copper on the Shanghai International Energy Exchange (INE).

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Quarterly Metals Report

Our quarterly metals report provides expert analysis and price forecasts for base metals, precious metals and ferrous metals, providing metal industry participants with actionable insights.

This in-depth report includes reviews of the macroeconomic environment and outlook for the global economy, central bank activity, analysis of manufacturing PMIs and geo-political influences.

Report highlights are also presented at our quarterly metals webinars by our research team and an expert from our industrial commodities team, providing broker insights.

Watch our Q2 2026 Metals Market Webinar

Metals

As we move into Q2 2026, metals markets are moving away from conflict‑led shocks and toward a more fragmented, metal‑by‑metal setup. With much of the geopolitical premium already absorbed, price action has become more selective and range‑bound, exposing thin liquidity and elevating the importance of local supply conditions. Copper still anchors sentiment across the complex, but price behaviour is increasingly differentiated as markets separate genuinely tight metals from those facing surplus constraints and precious metals capped by rates and dollar dynamics.
Quarterly Metals Report
Metals

As we move into Q1 2026, metals markets are defined less by new macro shocks and more by positioning and liquidity dynamics. The late-January sell-off has reset overstretched positions, pulling prices closer to fair value but leaving conviction fragile and volatility elevated. Copper remains the key transmission channel for market-wide swings, while thinning liquidity into February amplifies price sensitivity and keeps sentiment-driven moves dominant across both base and precious metals.
Quarterly Metals Report

Quarterly Metals Report

Aluminium Outlook
Copper Outlook
Lead Outlook
Nickel Outlook
Tin Outlook
Zinc Outlook
Gold Outlook
Silver Outlook
Palladium Outlook
Platinum Outlook

Daily Base Metals Analysis

Our daily base metals reports summarise the day's trading activity for the LME and other key base metal markets. In addition, we provide an overview of the day's significant macroeconomic trends, including relevant energy and precious metals commentary. The report also incorporates base metals pricing data, including LME closing prices.

For longer-term analysis and outlooks, our research team also produce our Quarterly Metals Report, which covers base, precious and ferrous metals.

Metals

Our daily commentary, covering market news and closing prices of LME aluminium, copper, lead, nickel, tin, zinc, iron ore, steel, and precious metals.
Daily Base Metals Report
Metals

Our daily commentary, covering market news and closing prices of LME aluminium, copper, lead, nickel, tin, zinc, iron ore, steel, and precious metals.
Daily Base Metals Report

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Base Metals

We execute and clear a significant proportion of the market activity on the London Metal Exchange (LME), the world's largest non-ferrous metals exchange. We also provide access to the CME’s base metal futures and options contracts on its COMEX exchange and copper on the Shanghai International Energy Exchange (INE).

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