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US Henry Hub surged on freeze-offs that cut nearly 10% of production, pushing prompt futures above $6 for the first time since 2022. LNG feedgas risk and low EU storage drove Dutch TTF higher despite milder forecasts.

Davos reinforced a new risk narrative: fragmentation, sticky inflation, and geopolitical strain. Markets signalled shifting confidence, a softer USD, stronger gold and silver, resilient equities, and renewed focus on secure supply chains.

The aluminium market is entering a phase where infrastructure and system design matter as much as resource availability. Power systems, carbon policy, and trade rules are fragmenting what was once a single global market into multiple constrained pools of supply. This note examines where those constraints originate and how they shape aluminium pricing and availability.

Maduro’s arrest revived Venezuela oil optimism, but diluent shortages and degraded infrastructure cap near-term supply. Canada stays the USGC base load; SAGD is the upside.

Tin prices above $52,000/t are rising even as exchange inventories build. The market’s pricing power sits in China’s midstream processing chain, where regulatory risk, smelter decisions, and buffer-building can outweigh warehouse signals.

Policy risk, geopolitics, and structural AI investment shaped markets in 2025, yet returns were resilient. Explore the year’s defining themes across equities, rates, oil, and gold, plus a detailed month-by-month timeline.

Explore a curated 2026 gold, silver and copper mining M&A target list, with potential bidders and concise deal theses, plus expandable deep-dives on each company.

Copper prices have surged into early 2026 on macro rotation and systematic flows rather than near-term physical tightness. With Chinese inventories rising, spot premiums weakening, and the CME–LME arbitrage fading, market mechanics look increasingly misaligned.

Nickel has rallied ~30% into the high-$18k range on systematic short-covering and futures-led flows, not tightening fundamentals—making $19–20k a likely exhaustion zone.

As we enter the beginning of a new year, it is necessary to assess which elements of our market analysis and expectations remain valid for 2026 and which themes and fundamentals are genuinely actionable.

Copper has delivered one of its strongest years in more than a decade as prices rose by more than one third in 2025 and have now reached record levels above $13,000 per tonne.

Silver’s reclassification as a critical mineral and a structurally undersupplied market have triggered a powerful price rally and a wave of consolidation across the mining sector. As silver prices more than doubled in 2025, producers increasingly favoured M&A over greenfield development, snapping up high-grade assets in safe jurisdictions, particularly across North America and Mexico.

The global aluminium market is fragmenting as EU CBAM rules, US tariffs and China’s production cap redirect trade flows and reshape regional premia. Clean, verifiable metal increasingly commands premiums in Europe, North America, Japan and Korea, while high-carbon Indonesian and Chinese supply is pushed into a widening discount corridor. Scrap scarcity and evolving freight patterns further reinforce this bifurcation, tightening premia even amid a nominal primary surplus.

Given the magnitude of investment into the precious metals sector this year, many gold and silver miners have enjoyed strong re-ratings, with elevated equity valuations underpinned by record free cash flow and strengthened balance sheets.

A comparative evaluation of upstream oil investment opportunities in the American continent.

The New Metals Standard has been devised by George Griffiths of AMT Futures to explore the return to tangible value in a world of shifting monetary order and industrial transformation.

14/11/25 In a recent FOW interview, our Managing Director James Proudlock shares how the firm is expanding beyond its retail roots to deliver deeper insight, smarter technology, and broader global reach. Read the full article below. Original source: https://www.fow.com/insights/amt-futures-gears-up-for-growth

13/11/25 Proof of Work, in Metal Lately the global search for independent stores of value has expanded beyond vaults to blockchains. Digital tokens for gold signal how physical wealth can be represented through programmable ownership. Long before tokenisation arrived on the finance scene, certain materials already embodied many similar traits - decentralised, verifiable, energy-backed: Aluminium is one. Cryptocurrencies draw value from computation that confirms ownership – el

27/10/25 Preface Copper completes the circuit. Where gold anchors monetary trust and silver bridges currency with industry, copper carries production itself, the medium through which energy and policy flow. Keynes’ definition of wealth as what can be produced rather than held - fits well with copper as it embodies that idea of a material mined, melted, and moulded into use. Copper’s Role in the New Standard Across energy, rare earths, fertilisers, and semiconductors, scarcity

21/10/25 Preface The New Metals Standard continues its exploration of value grounded in production and scarcity. If gold anchors confidence, silver connects it to utility. It is the bridge metal, part store of value, part industrial feedstock. Across history, silver has linked monetary systems to the real economy. It trades with the psychology of money yet moves with manufacturing cycles. That dual nature makes it central to a world shifting from abstract liquidity toward tan