Industry Notes

Industry Notes / Global mining: the metal map / Chapter 10 of 12 · Bar

Leaders and laggards: two narratives break

2026 is not a precious-metal bull; industrials lead

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YTD move sketch
Tin
37.5%
Copper
18%
Palladium
−22%

Tin ~+37.5% leads metals; copper ~+18%; palladium ~−22% lags. Gold roughly flat YTD. Commodities are strong—just not the gold story.

Source：LME / 现货 YTD（截至 2026-08 中下旬公开口径）

Research notes, not investment advice.