Metals & Mining Insights
Gold
2026-04-17
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In early 2026, the gold price broke through $5,600, rising nearly fourfold in six years, with a gain of over 60% in 2025. However, the global gold mining index rose only 35%–45% over the same period, significantly underperforming gold ETFs. Affected by high all-in sustaining costs (AISC), mining companies failed to enjoy the benefits of the surging gold price, resulting in a divergence where gold prices hit record highs while mining stocks struggled.
Source: 研究院
Metals & Mining Insights
Copper
2026-04-11
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In 2025-2026, copper supply from Chile and Peru continues to be hit by strikes and accidents, pushing output to repeated record lows. LME copper prices have risen 24% to an all-time high of US$13,000 per metric ton, underscoring the growing instability of South American copper supply and potentially signaling long-term changes to the pricing system.
Source: 研究院
Metals & Mining Insights
Copper
2026-04-06
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In 2025, LME copper prices rose 24%, the largest annual gain since 2009, and in 2026 they briefly surpassed $13,000 per tonne. Core South American copper suppliers Chile and Peru face multiple shocks including strikes, power outages, and accidents. In 2026, Chile's copper output hit a nine-year low, intensifying supply instability that could reshape the long-term pricing system.
Source: 研究院
Metals & Mining Insights
Manganese
2026-04-04
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Simultaneous supply chain disruptions in South Africa, Gabon, and Ghana—the three major manganese ore producers—have tightened global supply. South Africa's exports hit a record, yet structural problems persist; Gabon faces transport interruptions and policy risks; and Ghana's audit has prompted investment caution. The combined impact of these disruptions is heightening market uncertainty.
Source: 研究院
Metals & Mining Insights
Lead, Zinc & Tin
2026-03-24
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The 2026 US-Israel war against Iran led to a blockade of the Strait of Hormuz, driving global oil prices to $120 per barrel and doubling diesel prices. This triggered a sharp increase in commodity costs, with iron ore miners facing a $2-per-gallon rise in diesel and a $500 million cost impact.
Source: IEA、Reuters
Metals & Mining Insights
Copper
2026-03-23
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The Strait of Hormuz blockade is stranding 40,000 tonnes of copper cathode per month; combined with Grasberg's 35% output cut, global copper supply could fall short by more than 400,000 tonnes in 2026, with prices potentially breaking above $15,000 per tonne.
Source: 研究院
Metals & Mining Insights
Manganese
2026-03-22
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Tropical Cyclone Narelle has been downgraded to a tropical low, with sustained wind speeds of 55-75 km/h and gusts of 85 km/h, affecting northern Australia. The focus is now on warnings for heavy rainfall and gusty winds. Its eyewall did not directly strike the main community on Groote Eylandt, and the impact was lighter than expected.
Source: NASA MODIS/Himawari