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<Research>HSBC Research: Commodities Show Strong Start; Copper, Aluminum, Precious Metals Poised for Outperformance
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Commodities, particularly metals, entered 2026 with a bang, with the CRB metals index surging by 10%, HSBC Global Research issued a research report saying. After a brief consolidation and spike in volatility, the broker remained optimistic, but selective.

HSBC Global Research's Metals & Mining team preferred commodities with structural demand drivers and limited supply-side capacity, with copper, aluminum, precious metals and battery raw materials standing out.

The broker believed that this commodity cycle is based on four enduring pillars, naming AI and data centers, EV demand, energy storage systems and de-dollarization theme & safe-haven demand.

HSBC Global Research's analysts highlighted six stocks favorable to metals and mining investment themes, including ZIJIN MINING (02899.HK), Freeport-McMoRan (FCX.US), VALE S.A. (VALE.US), Sibanye, Northam Platinum, and Arm Holdings (ARM.US).
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