Metals
Metals divide into ferrous (iron and steel) and non-ferrous (base metals like copper, aluminium) and precious (gold, silver). The LME in London is the price-setter for base metals. China dominates both supply (as producer) and demand (as consumer).
Ferrous Metals
Ferrous metals — iron ore, coking coal, scrap, and steel — form the backbone of industrial production. Iron ore is the world's second-most traded commodity by volume after oil. The Pilbara (Australia) and Carajas (Brazil) are the dominant supply origins; China is ~70% of seaborne demand.
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Base Metals
Copper, aluminium, zinc, nickel, lead, and tin trade on the LME. Copper is the 'commodity with a PhD in economics' — a bellwether for global growth. Aluminium is energy-intensive to produce, making it a proxy for electricity costs. Nickel is critical for EV batteries.
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Precious Metals
Gold, silver, platinum, and palladium. Gold is the reserve asset — driven by real rates, USD strength, and geopolitical risk. Silver has industrial demand (solar panels, electronics). PGMs (platinum group metals) are critical for catalytic converters and hydrogen fuel cells.
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