Global Metals Weekly: Metals go from unloved/underappreciated to essential

Research evidence excerpt

Global Metals Weekly: Metals go from unloved/underappreciated to essential

GDP will increase from here, in Europe and the US potentially hitting half of Commodity Strategist

MLI (UK)

where China’s is as economies electrify. Meanwhile, South 32 said that projected zinc daryna.kovalska@bofa.com

consumption increases would require the equivalent of three Taylor-sized projects (a Rachel Wiser

mine the company is bringing to market in the US) to be developed each year over the Commodity Strategist

BofAS

next decade. rachel.wiser@bofa.com

Equity Research

Supply still struggling to keep up with rising demand Jason Fairclough >>

Research Analyst

Supply headwinds persist, with Anglo American and Codelco highlighting persistent MLI (UK)

increases in capex intensities. Similarly, Cochilco expects a 2.0% decline in Chilean jason.fairclough@bofa.com

copper production in 2026 on lower ore grades, scheduled maintenance and operational Caio Ribeiro >>

constraints. Miners also continue to face disruptions, with the three largest copper Merrill Lynch (Brazil)

mines delivering around 660kt fewer units since 2024; Ivanhoe and First Quantum are caio.ribeiro@bofa.com

working on restarting operations at Cobre Panama and Kamoa Kakula, but there is Matty Zhao >>

uncertainty over the exact timeline and only a gradual ramp-up to previous nameplate Merrill Lynch (Hong Kong)

capacity, respectively. As for aluminium, the Iran war has removed units from the matty.zhao@bofa.com

market, but China’s smelters are producing above the government-imposed capacity cap. See Team Page for List of Analysts

Nonetheless, South 32 confirms a decline in LME inventories, while physical premia

suggest markets are tightening in the US and Europe. BofA Global Research Reports

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