Silver, Copper, Aluminum prices will go up

The broader rotation from the technology sector into the industrial sector that we referenced two days ago suggests that copper and aluminium prices could continue to rise on the back of this rotation and the prevailing uncertainty. The same applies to silver.

It is not unimaginable for silver to recover and return to the record highs observed toward the end of January. There are structural drivers that could support such a move.

These include the convolution of two parallel trends. First, silver is increasingly perceived as a safe haven amid broad geopolitical and geoeconomic uncertainty, including the ongoing tariff situation. Second, silver remains a commodity with unresolved demand dynamics. Unlike gold, it is not purely a store of value. It is a functional input used in key infrastructural and hardware projects linked to electrification and technology production.

Aluminium could ride on a similar wave, supported by the broader industrial rotation and structural demand.

Another important component is oil. Oil prices have shown resilience despite tariff-related and geopolitical uncertainty.

What is particularly important is the spike in shipment prices over the past few months. These shipment prices incorporate geopolitical and geoeconomic risk, changes in routing, and, most importantly, rising insurance premiums.