Copper, nickel, iron ore, uranium, coal, rare earths, gold, silver…Where are prices headed in 2025

2024 was generally a tough year for investors in commodities and commodity stocks, with a few exceptions (mainly gold and silver). On the demand side, a slowing global economy and uncertainty over global trade flows are mostly to blame. On the supply side, the bottlenecks of the COVID-19 pandemic are largely alleviated, and this means more ore is reaching the market.

Looking forward, geopolitical tensions and falling global interest rates may trigger both sharp and gradual support for commodities prices respectively. Three years of spiked inflation has increased the cost base for many producers, also potentially ratcheting up the floor price for many commodities.

One thing is certain - when it comes to commodities investing, there is an interesting and dynamic set of circumstances heading into 2025 and potentially into 2026. Prices will likely reflect 2024’s volatility, creating both dangers and opportunities for investors.