Monthly Commodities Dashboard – Jan 2026

BASELINE VIEW – PRECIOUS METALS:

Precious metals are expected to remain well-supported into 2026, underpinned by tight inventories, supply risks, and strong demand linked to clean energy, automotive, and technology sectors. Policy shifts, strategic stockpiling, and macroeconomic tailwinds are likely to sustain momentum, with silver and PGMs showing particular upside potential.

BASELINE VIEW – INDUSTRIAL METALS:

Base metals face a mixed but generally tight market environment, driven by structural supply constraints, geopolitical trade policies, and infrastructure-driven demand in China and Asia. While oversupply pressures persist for nickel, the likes of copper and aluminium are poised for further strength, supported by regulatory developments, inventory tightness, and ongoing investment in downstream and energy-transition projects

Read report