In the United States, some aluminum smelters have been sold to be converted into data centers.

Last year, gold ETFs purchased nearly as much gold as central banks, after having purchased zero the prior year.

The all-in price for aluminum in the US Midwest has reached approximately $6,000 per ton, a level that is still insufficient to incentivize new domestic production.

Morgan Stanley forecasts copper prices will remain above $12,000 per ton through the medium term, partly due to strategic stockpiling.

The incentive price needed to bring a new copper mine online is approximately $10,000 per ton.

The United States, European Union, United Kingdom, Australia, and South Korea are all considering or discussing strategic stockpiling of base metals.

In contrast to Turkey, China's central bank increased its gold purchases in March in response to a pullback in prices.

In March, Turkey's central bank sold gold reserves to support its currency, the lira.

China's capacity to increase aluminum production is capped.

The Middle East region accounts for approximately 9% of global aluminum production.

It typically takes about 12 months to repair and restore production at a disrupted aluminum smelter.

A downward-sloping futures curve (backwardation) in commodity markets is typically a bullish signal for spot prices, as it reflects low inventories and high immediate demand.

Recent conflict-related strikes on facilities and energy infrastructure have caused a loss of about 4% of global aluminum production.

The physical premium for aluminum in Europe has doubled from approximately $300 to $600 per ton.