Huatai Securities: Improvement in supply and demand may become the main theme of the metal industry in 2026.

Huatai Securities pointed out that supply and demand improvement may become the main trend of the metal industry in 2026. During the stage of loose monetary policy and economic recovery, it is expected to trigger a convergence of the gold-silver ratio, with silver prices potentially showing more strength in an upward trend than gold in 2026. The supply and demand pattern of the copper and aluminum industries in 2026 may be in a situation of short supply.