Overview

• Silver climbed above $50 an ounce to a three-decade peak as investors sought safety and industrial demand signals strengthened.
• Gold briefly cleared $4,000 an ounce for a record before easing, with analysts describing a consolidation after months of gains.
• Copper traded around $10,800–$10,866 per tonne on the LME, marking a 16‑month high and one of the highest levels on record.
• Production setbacks at Quebrada Blanca, El Teniente and Indonesia’s Grasberg tightened supply, bolstering the copper rally.
• UBS lifted its copper target to $11,500 per tonne for September 2026, with Bank of America and Citi also raising forecasts as Fed‑cut expectations and a softer dollar supported metals prices.