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<Research>HSBC Research Expects Weaker USD to Shore Up Metal Prices, Prefers Platinum/ Copper/ Rhodium/ Aluminum This Yr
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HSBC Research released a report on the 2026 metal market performance, anticipating continued demand for electric vehicles (EVs) and energy storage systems this year, energy storage systems remaining a bright spot, and slower-than-expected EV penetration. Against this backdrop, HSBC Research believes there will be a noticeable divergence between metals closely related to these end uses and other metals. At the same time, recent years of underinvestment have begun to slow supply growth, and trade restrictions, licensing issues, production caps, and other supply disruptions have further exacerbated this situation. Hedging demand and a weaker USD also support metal prices. In terms of price forecasts, HSBC Research has raised its price forecasts for most metals to reflect demand resilience, supply constraints, and the impact of a weaker USD. Platinum, copper, and rhodium remain its preferred metals, with 2026 target prices of USD2,513 per ounce, USD5.98 per pound, and USD10,125 per ounce, respectively. The broker has also upgraded aluminum to its top pick, with a target price of USD1.45 per pound. Its target price for gold is USD4,588 per ounce. AAStocks Financial News |
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