Top commodities to watch
Some of the best performing commodities over the past year include:
Silver — the standout story, silver surged to all-time highs above $120 per ounce in late 2025 before consolidating, driven by a rare convergence of safe-haven demand, central bank buying and surging industrial appetite. Its role in solar panels, AI hardware and electrification infrastructure created a structural supply deficit. It currently trades around $58 per ounce following a correction from its highs, and remains in volatile price-discovery territory.
Gold — gold smashed through the $4,000 per ounce barrier and pushed towards $5,000 in 2025, posting one of its strongest annual gains on record. Elevated geopolitical tensions, sustained central bank purchases from emerging market nations and a broadly weakening US dollar drove demand. It currently trades around $4,100 per ounce, with several major banks forecasting further upside in 2026.
Copper — copper delivered its strongest annual performance since 2009, driven by supply disruptions and extraordinary demand from AI data centres, EV manufacturing and renewable energy infrastructure. Structural tightness in the copper concentrate market persists, with analysts forecasting a 2026 average price above $12,000 per tonne and a cumulative deficit projected for the years ahead.
Platinum — platinum broke out spectacularly in 2025 after years of range-bound trading. Supply concentration risks, combined with the ongoing substitution of palladium with platinum in automotive catalysts, drove the metal sharply higher. The addition of platinum group metals to the US critical minerals list added a further geopolitical premium.
Lithium — after years of price collapses following the 2022 peak, lithium staged a recovery in 2025 on the back of a major supply disruption and rebounding demand from EV and battery-storage manufacturers, though it remains well below its historic highs.
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