Most mineral and metal prices are expected to edge higher in 2026, according to a forecast by Fitch Ratings, as steady demand from infrastructure, energy transition projects, and industrial activity offsets lingering supply-side constraints. The outlook suggests a broadly supportive pricing environment after a period of volatility across global commodity markets.
Fitch noted that metals linked to electrification and decarbonisation—such as copper, aluminium, and nickel—are likely to remain firm, supported by investments in renewable energy, electric vehicles, power grids, and battery storage. At the same time, traditional industrial demand from construction and manufacturing is expected to stay resilient, particularly in emerging economies.
On the supply side, slower capacity additions, regulatory hurdles, and declining ore grades in key mining regions continue to limit output growth. While some new projects are scheduled to come online, analysts caution that these may only partially ease market tightness, keeping prices on a gradual upward trajectory rather than triggering sharp corrections.
Fitch added that geopolitical risks, trade policies, and currency movements could still influence short-term price fluctuations. However, the overall balance of demand and constrained supply points to modest but sustained price gains for most minerals and metals through 2026.