Most mineral and metal prices are forecast to edge higher in 2026 driven by stabilizing global growth, reduced trade tensions, and sustained net-zero sector demand, with base and battery metals expected to outperform.
Indonesia controls over 60% of global nickel supply while China dominates graphite production and processing, creating OPEC-style concentration risk that drives Western government support for alternative supply sources.
Nickel demand is forecast to grow at over 7% annually and double to 5-6+ million tonnes by 2030, while new supply development outside Indonesia and China remains constrained by financing difficulties and long permitting timelines.
Western projects must demonstrate first-quartile costs to secure financing, with…
