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Money Market FundsBASELINE VIEW – PRECIOUS METALS:
Precious metals all posted strong gains through 2025, supported by resilient demand, safe-haven flows and firm ETF inflows. Investment positioning remains constructive across the complex. Overall, precious metals enter 2026 with solid fundamental and sentiment support, though gains may moderate if risk appetite improves.
BASELINE VIEW – INDUSTRIAL METALS:
Copper and aluminium rallied on tightening supply expectations, while zinc remains firm near term despite rising output. However, demand growth is moderating in 2026, keeping markets broadly balanced or in small surpluses before structural deficits re-emerge later in the forecast period. The broader base metals outlook, therefore, shifts from short-term balance to widening deficits and firmer prices beyond 2026.
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