Most base metals have been in strong uptrends through 2025, since the April Liberation Day sell-off. The exceptions have been lead and nickel that have tended to trade sideways since the initial recovery off the April lows. All the metals retreated in mid-November on the back of a rout in US equities. That was triggered by concerns about an AI bubble, which turned out to be short-lived. Copper ended November 2025 at a record high, with tin at a multi-year high – both due to supply concerns. The global economic climate is subdued, but markets are finding buoyancy on the expectation that the Fed will cut rates again ... (full story)