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HSBC expects silver’s market deficit to shrink from 140 million ounces in 2025 to 5 million ounces this year, and to widen only to 12 million ounces in 2027.
Mine supply, scrap and recycling are all rising while industrial and jewelry demand fall.
Large-bar buying from China and India is recovering and ETFs are “starting to rebuild,” but the bank says those flows are not large enough to power a strong new rally.
Its year-end targets are $70 for 2026 and $65 for 2027, and it does not expect silver to challenge $100 again anytime soon.
Ontario’s Lecce warns that Democrats offer no tariff cure mining.com/ontarios-lecce-wa…
Critical minerals companies backed by billions in US government support face a new risk: heightened scrutiny from a Democratic-controlled Congress.
Washington holds equity stakes in MP Materials, Lithium Americas and Trilogy Metals, and about 10% of USA Rare Earth under a $1.6 billion Commerce deal.
TD Cowen’s John Miller doesn’t think the intent is necessarily to break existing contracts. Marex’s Ed Meir expects a pause as earlier deals are reviewed.
Source: Bloomberg
Nickel jumped 3.8% to $16,375 a tonne, its highest in more than five weeks, after Indonesia said it would act against a major ore trader.
The country’s forestry task force said it would take action against companies owned by or affiliated with businessman Arif Kurniawan for operating illegally in forest areas.
Local media have reported that Kurniawan controlled a large share of Indonesia’s nickel ore trade, raising concerns over potential supply shortages.
Macquarie expects Indonesia’s exports of nickel and nickel products to fall about 6% this year, more than it forecast at the start of the year.
Faster mine approvals start with better project planning, BBA says
mining.com/faster-mine-appro…
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Dysprosium oxide delivered to Europe cost 6.8 times the Chinese price at the end of June. By late September, it was 16.3 times, according to Benchmark Mineral Intelligence.
SMM quotes put European dysprosium oxide at $3,300–4,200/kg, compared with $215–220/kg in China. That translates to a gap of 15 to 19 times.
Terbium oxide rose $300 to $7,300–8,300/kg, while gadolinium oxide gained $100 to $2,700–3,000/kg.
SMM says all three materials were largely unavailable in Europe.
Poland’s central bank now holds 700 tonnes of gold, worth about $91.4 billion.
Governor Adam Glapinski confirmed the figure, up from the 672 tonnes he cited in October.
Poland leads central bank buying this year with 123 tonnes through September, ahead of China at 103 tonnes. They are the only two above 100 tonnes, according to the World Gold Council.
Turkey is the largest seller at 82 tonnes, followed by Russia at 62 tonnes.
Source: WGC
China’s refined copper spot inventories have fallen about 44% in under three weeks, from 131,300 tonnes on October 15 to 73,100 tonnes on November 2.
The Shanghai spot premium hit a 2026 high of 2,100 yuan a tonne on November 5, up 300 yuan in a day, Mysteel data show.
The squeeze is on the supply side. Concentrate and scrap are scarce, and smelter cuts are expected to average nearly 90,000 tonnes a month.
Demand has recovered only modestly, and downstream buyers are resisting the higher premiums.
Chibougamau offers copper growth for Central Asia: BMO mining.com/chibougamau-offer…
Gold miners have outrun bullion since Wednesday’s open.
▪️Agnico Eagle: +5.8%
▪️Newmont: +4.8%
▪️GDX: +4.0%
▪️Barrick (NYSE: B): +3.3%
COMEX gold futures are up 2.0%, at about $4,125 an ounce.
Codelco halts Andina mine as tailings spill threaten river mining.com/codelco-halts-and…
AngloGold plans $900 million mine expansion amid stronger profit mining.com/anglogold-plans-9…
B2Gold cuts cost forecast as Goose faces crunch mining.com/b2gold-cuts-cost-…
Gold, silver, platinum and palladium futures are all higher this morning, led by palladium at 5.6%.
Platinum has gained 2.5%, while gold and silver are each up 1.5%.
Spot gold also touched its highest level in more than two weeks. Reuters reports a weaker dollar, lower yields and falling oil prices supported bullion.
MPs have been told that demand for the rare earths used in permanent magnets will jump 16-fold by 2030, as Britain looks to rebuild its military.
A parliamentary committee set 10 tests to de-risk the UK’s critical mineral supply chains.
Its verdict: the government does not currently appear able to pass any. Chair Liam Byrne calls Britain “dangerously exposed.”
The government points to £400 million for domestic production and recycling, and a 2035 goal of no more than 60% of any critical mineral from a single country.
China’s reprieve on rare earth export restrictions runs to January 2027.
Gold fell 6.3% in October. Gold ETFs still attracted $2.7 billion, lifting holdings by 19 tonnes to a month-end record of 4,275 tonnes, according to the World Gold Council.
European funds led with $1.8 billion in inflows, followed by Asian funds with $1.3 billion. North America was the only region with outflows, at $512 million.
Year to date, global gold ETFs have attracted $41 billion, the third strongest first ten months on record.
Rio Tinto injects $144 million into Resolution Copper after land battle win mining.com/rio-tinto-injects…
