Lithium (+30%), copper (+34%), steel (+27%) and aluminum (+14%) rival gold in 2025

Industrial metals tracked gold’s strength in 2025, with year‑to‑date gains of more than 34% for copper, 27% for steel, 14% for aluminum, and 30% for lithium. A July 50% tariff on steel and aluminum, plus copper‑intensive goods, sparked inventory moves and price spikes, while mine outages and energy constraints tightened supply.