In this presentation, Jeffrey Christian of CPM Group gives an update on gold, silver, platinum, and palladium prices before turning to copper.

He explains why precious metals appear to be settling into a summer consolidation period, with gold trading near $4,500, silver holding within its recent range, and platinum and palladium also moving within broader trading bands.

Jeff then turns the focus to copper, where CPM Group remains constructive on the long-term outlook but less aggressive than many other market forecasts. He discusses why copper demand tied to construction, electrification, vehicles, power grids, AI, and data centers needs to be analyzed with more nuance and less uncritical enthusiasm.

While CPM expects the copper market to remain tight, with refined supply falling short of fabrication demand. Jeff also explains why some long-term copper price expectations may be too optimistic.

Courtesy of the CPM Group