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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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Canada’s mining and oil and gas sector is adding jobs faster than any other, up 3.9% in a year against 0.3% for the economy as a whole.

Payroll employment in mining, quarrying and oil and gas reached 226,600, the fastest growth of the 20 sectors Statistics Canada tracks.

The jobs pay C$2,584 a week on average, against C$1,355 across all industries.

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Pay growth for Canada’s mining and resource workers has gone from the fastest in the country to nearly the slowest in three years.

In July 2023, pay for those who stayed in their jobs was rising 11.5%, the most of any sector.

This October it rose 4.1%, tied for eighth of ten sectors and below the national 4.5%.

They are still the country’s best paid.

Weekly earnings in mining, quarrying and oil and gas averaged C$2,584 in August, against C$1,355 across all industries.

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Rare Earths Americas doubles mineralized zone at Homer project in Brazil  https://t.co/nxuuhyazgO

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Tungsten concentrate prices in China have rebounded 30.4% from their October low.

Prices had been sliding since the second quarter as imports of tungsten ore increased.

On October 20, major Chinese tungsten producers stepped in to buy, with long-term contract prices set well above spot levels.

Ammonium paratungstate (APT) has since gained 26.1%.

End-use demand has yet to fully recover, with buyers still purchasing mainly as needed.

SMM says the market bottom has been reached but identifies 600,000–700,000 yuan per tonne as a key resistance range for APT.

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Nemaska pause clouds Rio Tinto’s Quebec lithium plans https://t.co/EfNbydzemA

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BHP has cut 300 jobs in its Australian iron ore business and plans more as it reins in costs, Bloomberg reports.

The next cuts are expected to fall mainly on white-collar roles, in a division of more than 16,000 employees and contractors.

BHP says it mines iron ore there for about $16.40 a ton, against futures near $90

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The global lithium market will swing from a 79,000-metric-ton deficit this year to a 42,000-metric-ton surplus in 2027, Chile’s Cochilco forecasts.

Chile’s own output keeps rising, from 311,000 metric tons in 2025 to an expected 325,000 this year and 335,000 in 2027.

More of it is leaving as lithium sulfate, which rose to 21% of exports in the first seven months of this year from 11% in 2025 and has become a strategic product for Chinese refineries.

Chile holds 25% of the world’s available lithium reserves.

Source: Cochilco via Reuters

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Citi has cut its three-month lithium carbonate price target to $12,000 per metric ton from $20,000.

Its hydroxide target falls to $12,000 from $17,000, and its spodumene forecast to $1,200 from $2,000.

The bank cites slowing battery demand growth, trade uncertainty and macroeconomic headwinds, and has lowered its estimates for all three through the end of 2028.

In Guangzhou, the most-active lithium carbonate contract has fallen more than 40% since the end of August.

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Yttrium costs 125 times more in Europe than in China, Argus Media data show.

In October, a ton cost about $1.15 million in Europe, against $9,144 in China.

Before China’s export curbs, global prices were only marginally higher.

Dysprosium, used in high-tech magnets, now costs overseas buyers 20 times more than in China.

“Within the next year or two, really there is very limited ex-China supply which is going to be available,” a Project Blue research director said.

[MINING.COM @mining]

Pay growth for Canada’s mining and resource workers has gone from the fastest in the country to nearly the slowest in three years.

In July 2023, pay for those who stayed in their jobs was rising 11.5%, the most of any sector.

This October it rose 4.1%, tied for eighth of ten sectors and below the national 4.5%.

They are still the country’s best paid.

Weekly earnings in mining, quarrying and oil and gas averaged C$2,584 in August, against C$1,355 across all industries.

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Armenia’s mining revival hinges on more than minerals  https://t.co/cZN6tavwf8

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Sponsored video: Taking the Guesswork Out of Drilling

CAUR Technologies MD & Founder Daniel Campos in conversation with The @NorthernMiner video host, @Devan_Murugan.
https://t.co/LDw30DZL01

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A hot CPI reading, hawkish Fed remarks and a US dollar rally to a near 19-month high are weighing on gold, according to Jim Wyckoff, market analyst at American Gold Exchange.

Those factors “are working to press the gold market lower,” he told Reuters.

The US 10-year Treasury yield is back above 5%, at 5.10%.

Market snapshot:
Gold (GCZ26): $3,878.90/oz, down 3.04%
US 10-year yield (^TNX): 5.103%

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Titan, US military team up on graphite  https://t.co/tmoqy33yeQ

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Full interview: https://t.co/mvYbpX0O1t

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Physical gold demand is nearing record levels despite rising interest rates and recent price weakness, says Deutsche Bank’s Daniel Ghali.

Ghali estimates demand could match previous records in tonnage and surpass them in US-dollar value.

In this episode of Top of Mine, he also discusses copper’s potential supply squeeze in 2027 and why silver could underperform.

Watch the full episode on our YouTube channel.

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Tighter regulation not enough to stop importing illicit gold to UAE: report https://t.co/DEHq6ckuMW

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“Pakistan is profoundly unexplored,” says Robert Friedland.

He is taking Ivanhoe Mines into Pakistan. The company has signed a memorandum of understanding with Mari Energies to explore for minerals, its first move into South Asia.

Pakistan hosts Reko Diq, one of the world’s largest undeveloped copper-gold projects.

“We’re forming equal partnerships,” Friedland said. Ivanhoe expects to sign another agreement on Friday.

Our exclusive interview with Robert Friedland is coming soon on https://t.co/zKH2X4Hp0r. @robert_ivanhoe

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Ivanhoe Mines targets Pakistan copper with Mari Energies deal https://t.co/Wk7KjuzziA

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Aluminum for immediate delivery on the LME is trading at its biggest premium to three-month metal in 36 years.

The gap reached $176.80 a metric ton on Thursday, the widest since November 1990, pointing to acute near-term tightness.

LME inventories have more than halved since January to 226,350 metric tons, and almost all of the available metal is Russian. One entity holds 30% to 39% of the warrants.

“If you think about it, the LME aluminum price is effectively the price of the Russian metal now because it’s the only origin there,” a Wood Mackenzie analyst said.

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Jensen Huang’s resignation as Nvidia CEO raises questions about the AI investment boom that miners are counting on to drive metals demand.

S&P Global forecasts global copper consumption rising from 28 million metric tons in 2025 to 42 million in 2040.

AI, data centers and associated power generation account for about 2 million metric tons of that increase.

For copper, delays may matter more than cancellations. Postponed construction can shift metal purchases into later years, even if planned computing capacity is eventually built.

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Nvidia turmoil tests metals demand boom https://t.co/sQFOmm5Iqz