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HSBC expects silver’s market deficit to shrink from 140 million ounces in 2025 to 5 million ounces this year, and to widen only to 12 million ounces in 2027.

Mine supply, scrap and recycling are all rising while industrial and jewelry demand fall.

Large-bar buying from China and India is recovering and ETFs are “starting to rebuild,” but the bank says those flows are not large enough to power a strong new rally.

Its year-end targets are $70 for 2026 and $65 for 2027, and it does not expect silver to challenge $100 again anytime soon.

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https://t.co/HpM3FRWit9

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India’s Adani Group will finance a Codelco copper exploration project in Chile that could provide long-term supply for its smelting complex.

The two companies signed an agreement to develop the Kaburkaala project in the northern Antofagasta region, Codelco said.

India relies on copper imports to meet demand in the world’s fastest-growing major economy and has been seeking to secure supply through overseas investments.

Source: Reuters

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Uzbekistan aims to double its uranium output to 15,000 metric tons a year by 2030, more than Canada produced in 2024.

The increase would add 7,500 metric tons a year to the nuclear fuel market. Canada produced about 14,300 in 2024.

State-owned Navoiyuran is already among the world’s six largest producers. Its output rose 35% last year, and first-half profit rose 138% to $348 million.

The growth depends on developing new deposits and securing processing chemicals.

Uzbekistan expects alternatives to sulfuric acid to reach 40% of the reagents it uses by 2030.

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One in four central banks surveyed by DBS are actively evaluating Asian hubs as potential locations for storing official gold reserves.

About half cited legal stability and political neutrality as key factors when choosing a new storage location.

Among asset managers and banks, roughly half said state-backed gold infrastructure had increased their interest in Asian hubs.

Source: DBS

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Minerals 260 lines up A$410M for gold project https://t.co/wemUpHSWCv

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Troilus hits gold in Quebec ground marked as waste https://t.co/Ute02xyVGf

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Altius Minerals has agreed to acquire TNR Gold in an $86 million deal, offering TNR shareholders a 60% premium.

The acquisition adds royalty exposure to Argentine copper and lithium:

• Los Azules: A 0.36% net smelter return royalty on McEwen Copper’s project, whose investors include Rio Tinto and Stellantis.

A 2025 feasibility study outlines average annual production of about 148,200 metric tons of copper cathode over 21 years. Commercial production is targeted for 2030, subject to financing and approvals.

• Mariana: A royalty on Ganfeng’s operating lithium brine project, where Altius already holds one.

Source: Altius Minerals

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Silver demand from solar panels is forecast to fall 19% in 2026 to 151 million ounces, down from 186.6 million in 2025, according to the Silver Institute.

BMO expects solar to give back roughly half its demand gains by 2030 as installations stagnate and manufacturers use less silver.

With solar demand weakening, prices will increasingly depend on investment inflows, BMO says.

Its $50–$70/oz forecast for the second half of the decade assumes inflows match 2025's record.

The Silver Institute still expects a sixth consecutive market deficit in 2026, at 46.3 million ounces.

Sources: Silver Institute, BMO

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“You may call it technically a recession, but basically the economy has faced some supply shocks this year, mostly from the strong decline in copper production.”

– Chilean Finance Minister Jorge Quiroz, speaking to Bloomberg on November 11.

Chile's copper output fell 15% year over year in September, according to Cochilco.

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Chile copper outlook worsens as price forecast rises https://t.co/wvocluSH2k

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India has banned exports of lithium-ion battery black mass, effective immediately.

The shredded-battery powder holds lithium, cobalt, nickel and manganese.

New Delhi wants it recycled at home, alongside a 15 billion rupee incentive scheme for critical mineral recycling.

India exported none of it in the last fiscal year, according to trade think tank GTRI.

Source: India’s Ministry of Commerce and Industry

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Newfoundland’s Memorial plans mining master’s https://t.co/c0KR3yu3IP

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USA Rare Earth begins Brazil shipments to Pentagon   https://t.co/5OTf7GtBkw

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Victory, Curtin University team up on rare earth processing https://t.co/XoBpChfXEP

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A single 90,000-metric-ton project could decide whether Argentina overtakes Chile in lithium by 2035.

GEM Mining Consulting forecasts Argentina’s output at 481,000 metric tons of lithium carbonate equivalent against Chile’s 426,000. Without Pozuelos-Pastos Grandes, Argentina would be at about 391,000, behind Chile.

Chile’s own output is still expected to grow, but its share of global supply would fall from roughly 18% to 12%.

Australia would remain the largest producer at about 966,000 metric tons, followed by China at 619,000.

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Copper available in LME warehouses rose 87% in October, to 246,150 metric tons from 131,450 a month earlier.

Stocks of Congolese origin rose by 49,875 metric tons to 86,400, or 35% of the total.

Chinese-made copper fell to 11% of available stocks from 28% a month earlier.

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The Dutch central bank moved part of its €72 billion gold reserve out of New York and Ottawa to London this summer.

Until then, a third of its 612 metric tons sat at the Federal Reserve Bank of New York. The Dutch central bank said gold in London is the quickest to deploy in a crisis.

The Netherlands Court of Audit found no agreements between the central bank and the finance minister on how the gold could be used in a crisis.

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Lithium Americas’ flagship Thacker Pass costs jump 31% https://t.co/JWAQSFfGom

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Argentina could claim Chile’s South American lithium crown by 2035 https://t.co/EENRzkmhZf

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EverMetal acquires UK critical metals recycler Advanced Alloys https://t.co/jWd2ibXcY9

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Simandou’s 120Mtpa export target faces logistics test https://t.co/iy9yJKzRTm