) Research in a note has given its 2025 outlook for mining stocks, flagging a complex interplay of global economic uncertainty, geopolitical factors, and structural industry reforms.
The analysts said that much of this recovery will hinge on the trajectory of global trade policies and stabilization of key markets. The imposition of tariffs, particularly on Chinese metals, is expected to provide a lifeline to U.S.-based steel producers, while creating headwinds for copper—a commodity highly sensitive to global trade and growth.
However, a resolution may also lead to a normalization of energy-intensive metal prices, such as aluminium, where Russian production plays a major role in global supply chains.China’s policies on metal production remain a cornerstone of the global mining narrative. Copper, despite near-term vulnerabilities tied to global trade uncertainty, is projected to enter a structural deficit by late 2025, supporting higher prices.