Global Commodities: Base metals are back from the brink but not fully in the clear

A better-than-expected US-China trade reprieve and reduced recession probabilities has diminished the downside tail risks to both base metals demand and prices. While prices could continue to run higher in the near-term amid a further extension of Chinese demand front-loading following the 90-day tariff reprieve, we are cautious of the longevity of this extension and still think a more bearish reckoning is likely in 2H25 as all the pull-forward in demand eventually drives a rather significant hangover.

Speaker Gregory Shearer, Head of Base and Precious Metal Research 

This podcast was recorded on 16 May 2025.

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