Commodity Markets 2025: Supply Constraints, Shifting Demand, and Macroeconomic Uncertainty Drive Prices

Copper prices have been boosted by supply shortages and increasing demand from renewable energy and electric vehicle sectors. The International Copper Association projects that demand could outpace supply by nearly 10 million tonnes by 2035, indicating a long-term bullish case.

The gold market has seen sustained central bank purchases, particularly from emerging-market economies diversifying away from the US dollar. As of late 2025, gold is trading above $2,700 per ounce, with analysts forecasting further gains if interest rates remain elevated or economic growth slows.

Platinum's price performance has been subdued due to a tug-of-war between industrial applications and declining use in diesel catalytic converters. However, platinum is finding new demand in hydrogen fuel cells and other clean-energy technologies, offsetting the decline in automotive demand.