However, some counterarguments could arise.
Are prices overextended compared to the current use and fundamental value of the metals? An eternal question in Markets.
However, looking at the 2025 yearly close, it doesn’t appear that demand is stalling for now.
On the other hand, what could make the difference would be if alternative metals begin to squeeze as harshly as Silver and Gold. Platinum and Palladium have begun a catch-up move to their peers. However, metals that still have some room to rally could be copper and aluminum, which are widely used in electronic gear and electricity production.
Are the bottlenecks from huge investments into AI still going to be as big in 2026 as supply tries to catch up to the demand? AI spending may not increase, but it will likely continue at least through 2026 and should maintain a high demand bar in the coming years.
Will potential unseen inflation be a booster or a diminishing factor for metal prices? Inflation, by itself, boosts metal prices as the relative purchasing power of fiat currencies decreases. However, if another wave forms on the surface and central banks start hiking again, metals might experience some stalling.
For example, with the Bank of Japan adopting a progressively more hawkish (yet hesitant) tone, there will be less “cheap” funding for the commodities. Don’t forget the Swiss National Bank, which took its rates to 0% in June 2025. It is expected to maintain its rates low for now and will surely have
An unexpected global slowdown could also slow the demand for tech centers, which would imply a lesser demand for industrial metals.
Despite the volatility in geopolitics and trade, consumption and GDP growth continued on a strong upward path in 2025. With Market bubble fears and slowing hiring, economies may experience at least a slowdown, with a tail risk for the worst.
Predicting future flows is a daunting, multi-billion-dollar task where the best in the industry attempt to provide their views on end-2026 prices.
I will provide my attempt at forecasts for the final 2026 prices, along with a bearish and bullish case, to offer hypothetical price ranges for primary traded metals.
