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Aluminum has now fallen 21% since hitting a four-year high in June.
It touched $2,988 a metric ton in London on Tuesday, the lowest since October 20.
ANZ also expects a surplus in 2027 as Middle East supply returns and Indonesian projects ramp up.
Low inventories are giving some support, with available LME stocks at their lowest since March 2025.
Source: Reuters
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Aluminum is expected to swing into a surplus in 2027, potentially of more than 1 million metric tons, as analysts eye new supply from Indonesia and a recovery in flows from Gulf smelters.
▪️CRU: 711,000 metric ton deficit in 2026 → 1.4 million metric ton surplus in 2027
▪️Wood Mackenzie: 900,000 metric ton deficit in 2026 → around 500,000 metric ton surplus in 2027
▪️Bank of America: smaller surplus of 239,000 metric tons in 2027
CRU expects Middle East output to rise to 6.4 million metric tons from 4.8 million this year, and Indonesian output to more than double to 3.2 million metric tons in 2027.
Reuters says expectations of extra supply helped push aluminum below $3,000 a metric ton this week, its lowest since December. Wood Mackenzie says a surplus could still come with elevated premiums.
Source: Reuters
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US critical minerals funding to withstand congressional shift, advisers say
American Barrick files for proposed IPO
Gold is down 1.8% at $4,040/oz (GCZ26) after a hotter-than-expected US CPI: consumer prices rose 0.4% in October vs 0.3% expected, with core up 0.3%.
CME FedWatch after the print showed a 100% chance of a December Fed hike.
Gold touched $4,024 intraday.
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Price volatility has pushed 23% of energy storage developers, investors and miners to defer or cancel projects that looked viable, a DLA Piper survey of 550 found.
More than half call it a major constraint on mining or processing investment.
Companies are turning to vertical integration, already adopted by at least 37% of developers and 32% of mining and raw materials producers.
They are also rethinking how prices are set. Among producers, 48% lean toward long-term fixed pricing with periodic resets.
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Market volatility adds new hurdle to critical minerals investment: report
USA Rare Earth has started commercial-scale shipments of heavy rare earth carbonate from Serra Verde in Brazil to a US government-funded buyer.
The 15-year take-or-pay deal sets price floors of $110/kg each for neodymium and praseodymium, $575/kg for dysprosium and $2,050/kg for terbium.
Source: USA Rare Earth
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Sponsored Resource Review video: Newfoundland and Labrador targets mining barriers
The @NorthernMiner video host @Devan_Murugan explores the @cim_icm Newfoundland and Labrador Branch’s recent Mineral Resources Review 2026 in St. John’s.
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Market volatility adds new hurdle to critical minerals investment: report
Discovery beats forecasts despite higher gold costs
Dispatch from the ground: Pakistan, day one
Singapore’s central bank has opened its currency vault to foreign central banks and sovereign entities, with room for up to 500 tonnes of gold.
A GST framework for wholesale gold services is expected to take effect in April 2027. OTC gold clearing is expected to start live trading in the first quarter of 2027.
MAS hasn’t said how much gold is stored or which central banks have signed up.
Source: Monetary Authority of Singapore
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Op-Ed: Can Chagai become a low-carbon battery minerals hub?
Copper’s biggest new mine stumbles again as costs soar
China border checks cut Oyu Tolgoi exports by 70%
Glencore, CNGR back $380M Brazil nickel mine with $40M
India’s copper demand grew 12% to 2.1 million metric tons in the year to March 2026, outpacing the country’s 7.7% GDP growth.
Data centers made up less than 1% of it, according to the International Copper Association India.
Infrastructure led instead, rising 29% and accounting for 22% of domestic consumption. Automotive demand rose 14% after a sluggish FY2025.
Growth accelerated from 9.3% the year before.
Source: ICA India via The Economic Times
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Aluminum is expected to swing into a surplus in 2027, potentially of more than 1 million metric tons, as analysts eye new supply from Indonesia and a recovery in flows from Gulf smelters.
▪️CRU: 711,000 metric ton deficit in 2026 → 1.4 million metric ton surplus in 2027
▪️Wood Mackenzie: 900,000 metric ton deficit in 2026 → around 500,000 metric ton surplus in 2027
▪️Bank of America: smaller surplus of 239,000 metric tons in 2027
CRU expects Middle East output to rise to 6.4 million metric tons from 4.8 million this year, and Indonesian output to more than double to 3.2 million metric tons in 2027.
Reuters says expectations of extra supply helped push aluminum below $3,000 a metric ton this week, its lowest since December. Wood Mackenzie says a surplus could still come with elevated premiums.
Source: Reuters
Show more
End of a dollar-centered world nears, gold to replace some bonds, fund manager says
Two weeks ago, @TaviCosta laid out the playbook: when governments turn to yield control and dollar debasement, the winners line up in first, second and third order effects.
1st gold & silver. 2nd metals. 3rd emerging markets.
Since that interview on Top of Mine, Brazil is already up 11%:
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Mining is the cheapest way to invest in AI right now, according to @TaviCosta.
Costa, founder of Azuria Capital, says mining's share of global equity markets has shrunk to a margin of error, and he expects that to change drastically as institutions shift from ignoring the sector to calling it critical.
Full conversation below:
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