The metals sector includes both industrial metals (copper, aluminum, nickel…) and precious metals (gold, silver…), forming a strategic pillar of the global economy. Industrial metals are essential inputs for construction, electronics, and renewable energy, while precious metals serve as safe-haven assets and hedges against inflation and geopolitical uncertainty.
Current Economic Environment
This week, metal markets showed relative stability:
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Copper remained around USD 9,724 per ton in London (cash price), demonstrating resilience despite the strength of the U.S. dollar.
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Industrial metals benefited from a strong U.S. manufacturing PMI for August, signaling continued demand from the industrial sector.
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On the supply side, operators remain cautious about a potential revision of Codelco’s production forecasts following an accident at the El Teniente mine.
For precious metals:
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Gold remained stable at around USD 3,330 per ounce, with investors taking a wait-and-see stance ahead of the Jackson Hole symposium, given the absence of immediate catalysts.
Investment Recommendation
The metals sector offers diversified opportunities for investors seeking to combine cyclical growth with defensive assets:
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Industrial metals, such as copper, are structurally supported by the development of renewable energy, electric vehicles, and infrastructure projects. The stability in copper prices reflects resilience and potential for moderate gains.
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Precious metals, such as gold, provide protection against macroeconomic and geopolitical risks, serving as a hedge in times of uncertainty.
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Investors may consider diversified exposure through ETFs or leading mining companies to balance growth (industrial metals) and stability (precious metals).
👉 Recommendation: Maintain or initiate positions in both industrial and precious metals, particularly in companies with strong production capacity and low costs, in order to benefit from both cyclical potential and defensive stability.