Insight
LME Week 2025 Summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
LME Week 2025 delivered as much excitement as always. Though the week before LME there was an outbreak of stability, White House tariffs and China's rare earths restrictions reminded us why planning for disruption matters. Despite the turbulence and uncertainty, the mood was upbeat with "higher for longer" heard in conversations. Four themes emerged: geopolitical uncertainty and higher risk premiums; China's critical pivot as it matures; the enduring energy transition; and supply facing simultaneous feast and famine. Metals face a delicate balancing act. Success demands flexibility as shifting trade, new supply regions, and emerging tech reshape the landscape. To find out more, please read our summary of key messages across various metals markets gathered during the week.
Table of contents
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LME 2025 - It's a wrap!
- Geopolitical shifts are on everyone’s mind
- China’s next economic move is critical as it matures
- The energy transition endures
- Supply is a story of simultaneous feast and famine
- Conclusion
Tables and charts
This report includes the following images and tables:
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US wields higher tariffs with and without agreementPEV sales and penetration by regionClass I nickel balanceClass II nickel balance (NPI+FeNi)Copper - potential new frontiers open up
What's included
This report contains:
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