Trade Uncertainty Sparks Volatility in Metal Markets, Goldman Sachs Warns

Metal markets are expected to remain volatile due to ongoing trade uncertainty, according to Goldman Sachs' co-head of global commodities research, Daan Struyven.

In a note to investors last week, Struyven cited high uncertainty from trade wars as a fresh catalyst for more swings in metals such as silver, copper, platinum, and palladium.

Struyven noted that implementing tariffs is unlikely to create new critical mineral supply due to the time it takes to build mines and smelters, but can still pull metal inventories into the US without requiring large-scale government purchases.

Copper could be particularly vulnerable to big price swings in the near future due to its role in AI infrastructure buildout and fears of a shortage.