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Money Market FundsBASELINE VIEW – PRECIOUS METALS:
Precious metals retain a constructive baseline. Gold should remain supported by central-bank buying, fiscal concerns, geopolitical risk and any easing in real yields, although elevated prices leave it vulnerable to consolidation. Within PGMs, platinum is preferred to palladium because persistent deficits and depleted stocks offer stronger structural support.
BASELINE VIEW – INDUSTRIAL METALS:
Base metals have a cautiously constructive outlook, but current strength partly reflects inventory distortions and regional supply dislocations. Copper retains the strongest long-term demand case, while aluminium and zinc remain supported by low usable stocks and refining constraints. Slower Chinese activity and improving supply should limit near-term upside.
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