November 21, 2025

Global Commodities: Metals headed for even greater heights

13 minutes

Greg Shearer shares J.P. Morgan’s outlook for base and precious metals in 2026. We retain our structural, multi-year bullish outlook for gold, seeing prices heading to $5,000/oz by 4Q26 as the long-term trend of official reserve and investor diversification into gold has further to run. In base metals, we are most convicted on our bullish view on copper, seeing prices rising towards $12,500/mt over 1H26 as acute supply disruptions are set to tighten a refined copper market and stress fragile ex-US inventory cover.

Speaker:

Greg Shearer, Head of Base & Precious Metals Research

This podcast was recorded on November 21, 2025.

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