Metals Strategist: Electrifying outlook for metals

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Metals Strategist: Electrifying outlook for metals

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Metals Strategist

Electrifying outlook for metals

Electrification to boost metals; critical minerals key 26 June 2026

The global economy has been electrifying for a while now. The initial focus has shifted Commodities

from decarbonisation to energy resilience and new technologies that run on power. As a Global

result, governments have prioritised fortifying supply chains, with a focus on critical Global Commodity Research

minerals, the building blocks. Tariffs were the focus initially, but the toolkit has BofA Europe (Madrid)

expanded to include import restrictions, minimum prices and stockpiling mechanisms. Michael Widmer

Governments are also investing actively into sometimes early-stage mining assets. Yet, Commodity Strategist MLI (UK)

countries are not going it alone and international cooperation is a key feature, reflected +44 20 7996 0694

in recent joint US/ EU/ Japan and G7 initiatives. The EU, true to its free-market DNA, has michael.widmer@bofa.com

also signed free trade agreement with resource-rich countries. Danica Averion Commodity Strategist

MLI (UK)

Focus on data centres, but other sectors matter too +44danica_ana.averion@bofa.com20 7996 2325

The three big sectors often discussed around electrification – grid, data centres and EVs Francisco Blanch

– could deliver more copper demand growth going forward than the entire copper Commodity & Deriv Strategist

market in the past decade. Data centres are metals intensive through the investment BofA+34 91Europe514 3070(Madrid)

required in the grid, but also because the facilities themselves need mined commodities. francisco.blanch@bofa.com

Data centres come in different shapes and sizes, but as a rule of thumb, metals Clifton White