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Base metals entered 2026 with strong momentum after a sharp Q4 rally, but the outlook is becoming more complex. Policy uncertainty around U.S. tariffs, concentrated inventories, and uneven demand signals from China are increasingly shaping price behavior across the metals complex. Natalie Scott-Gray, StoneX Senior Metals Analyst, explains how supply risks, speculative positioning, and trade distortions are redefining prospects for copper, tin, aluminum, nickel, zinc, and lead. Download the Stone
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