Quarterly Metals Outlook & Analysis - Sucden Financial > Metals Outlook > Market Insights

In-depth analysis and price forecasts for base, precious and ferrous metals

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

Latest

Quarterly Metals Report – Q2 2026

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.

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.

Q2 2026