Base metals have seen a strong start to the new year, though they have not reached the record highs set by precious metals. Copper and aluminum continue their rallies from last year, while the price of nickel has seen a particularly sharp jump since the end of last year. A common thread driving all three metals is the primary concern over supply. Copper, now trading nearly $2,000 higher than its May 2024 peak, is being buoyed by fears of new US tariffs alongside persistent raw material shortages. This has been evident in the rising inventories on the COMEX. Tariffs initially applied only to semi-finished copper ... (full story)