BASELINE VIEW – PRECIOUS METALS:
Gold remains structurally strong as a safe haven amid Middle East tensions, despite short-term pressure from a stronger dollar and elevated oil prices. Platinum is supported by tight supply and steady industrial and automotive demand, while palladium faces higher volatility due to balanced supply and shifting automotive trends. Overall, precious metals may see short-term volatility but should remain structurally supported over the longer term.
BASELINE VIEW – INDUSTRIAL METALS:
Copper and aluminium remain supported by structural demand and tight supply, though both are experiencing short-term volatility from macroeconomic pressures and geopolitical disruptions, particularly in the Middle East. As with most asset classes, base metals markets are to remain sensitive to evolving global geopolitical developments.
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