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Markets faced a “soft-landing but sticky” backdrop: growth held up, yet inflation and policy uncertainty kept risk elevated and dispersion high. The US stayed resilient but uneven as labour demand cooled and the Fed remained cautious. The ECB stayed meeting-by-meeting. Australia felt higher-for-longer, rotating into defensives.
Global nickel prices have surged to near US$18,000 per tonne on supply concerns, particularly around potential production cuts in Indonesia and regulatory uncertainty. The rally has been amplified by speculative flows and broader base-metals momentum, despite elevated inventories and mixed demand fundamentals.
Zinc prices are edging higher as physical markets tighten, supported by steady demand from steel, infrastructure and renewable energy projects alongside shrinking exchange inventories, particularly on the LME. With supply growth limited and visibility low, declining stocks are increasing concerns around future availability, which can underpin higher prices. For ASX investors, this environment favours zinc-exposed producers, developers and explorers, as well as diversified miners with meaningful base-metal exposure, all of which stand to benefit from improving project economics and margins as zinc’s outlook strengthens.
Tin prices have been climbing sharply because the metal is suddenly caught between rising demand and tightening supply. Electronic devices, artificial intelligence hardware, solar panels and electric vehicles all rely on tin-based solder and components, pushing consumption higher just as long-neglected supply struggles to keep up. Production has been disrupted in key regions by political instability, mine closures and regulatory crackdowns, and underinvestment means new sources aren’t coming online fast enough. In this article we discuss some of the ASX stocks that can benefit the most from the rising tin prices.
Silver has quietly moved into a powerful uptrend, and it’s not happening by accident. The metal is being pulled in two directions at once, as a financial haven and as an industrial workhorse. For ASX investors, this creates an opportunity. Exposure comes through producers, developers, and explorers whose revenues and valuations tend to rise as silver prices strengthen, offering leverage to a market driven by both fear and future-focused demand.
Global data point to a softening but still mixed growth backdrop, with US manufacturing in mild contraction contrasted against resilient services activity. Labour indicators such as ADP employment and continuing jobless claims show cooling private hiring and more challenging re‑employment conditions, reinforcing expectations of earlier and deeper Federal Reserve rate cuts. Core US PCE inflation is running at a steady, moderate pace, allowing the Fed to stay on hold while waiting for clearer evidence that inflation is durably converging to the target.
