Learn about the current gold stock quotes, gold futures on the Moscow Exchange, and price forecasts for aluminum and copper in 2025. Evaluate the non-ferrous metals market and its impact on investments.
The theme of this article is stock quotes: gold, copper, and aluminum. Metals are the core of the global economy. In 2025, market attention is concentrated on strategic futures: gold, copper, and aluminum. These are not just raw materials — they are indicators of large-scale shifts in the world system. Their price reflects fears, expectations, and the technological transformation reshaping the entire resource market. Today, they are much more than just simple hedging instruments. They are a projection of the future.
Gold | It remains the benchmark of trust. In an environment where real interest rates are unstable and central banks cautiously balance between a recession and overheating, it once again becomes a safe haven. Gold cannot be printed, and it does not depreciate in the whirlpool of inflation. Key players are building up reserves, including China, India, and several BRICS countries. Official demand from regulators has reached multi-year highs. Against the backdrop of geopolitical turbulence, great power rivalry, and the advance of de-dollarization, gold is turning into an anchor restraining systemic risk. This is why gold futures on the Moscow Exchange remain in high demand. |
Copper | It is the electrical blood of the 21st century. The growth of electric vehicles, solar and wind power, and digital infrastructure creates a long-term wave of demand. Industrial electrification is impossible without stable access to this resource. Yet new deposits are opening slowly, while logistics and geopolitics (for example, in Peru, Chile, and Africa) are creating deficit conditions. Spot and futures prices react instantly to any supply chain disruption. The market closely monitors every piece of news from mines and terminals. |
Aluminum | It is the undervalued hero of the transformation. This is the metal of lightness, strength, and energy intensity. Its production requires enormous electricity consumption, directly linking its price to energy markets. In the drive toward net-zero emissions and carbon footprint reduction, aluminum’s role in construction, aviation, packaging, and defense is rapidly increasing. Western sanctions on supply, unstable production in China, and rising electricity costs are forming conditions for a structural shortage. Exchanges are recording heightened volatility and speculative activity. Aluminum price forecasts, for example, are becoming increasingly difficult to obtain. |
The focus of the article is to determine which of these metals can deliver the best results in 2025. It examines fundamental drivers, price trends, futures curve behavior, and signals from commodity markets. This material will be useful for those seeking to understand the economy through the behavior of basic assets, forecast macro shifts, and build effective positions in the commodity market.
Global economic background
The key factor of 2025 is the struggle of central banks with persistent inflation without undermining economic growth. The US Federal Reserve has completed its cycle of aggressive tightening but is in no rush to cut interest rates. Inflation in the United States remains above target, standing at around 3.2% according to the latest data.
Core inflation is slowing but remains sticky due to rising wages and strong consumer activity. The labor market is resilient, with US GDP growth in Q1 ranging between 1.4–1.7%. The Fed is balancing between the risk of overheating and the threat of a slowdown.
The European Central Bank is in a more difficult position. The eurozone economy is stagnating: Germany is in a technical recession, while France and Italy are showing zero growth. Inflation is easing faster than in the US, with consumer prices averaging +2.5% across the eurozone, but the industrial sector is weakening. The ECB has started a rate-cutting cycle, but cautiously, so as not to fuel import growth and weaken the euro. The exchange rate directly impacts commodity costs, including metals. This means that the copper price forecast for 2025 could vary significantly for European consumers.
China is focused on stimulating domestic demand. The People’s Bank of China is in a period of monetary policy easing, conducting liquidity-support operations, and expanding credit to the real sector. GDP growth is around 4.8–5.0%. The construction sector remains problematic, but industrial production and exports are recovering. China is stepping up programs to accelerate its transition to a “green” economy, increasing raw material imports, and building long-term metal reserves. Chinese demand is a key factor for copper and aluminum.
The IMF forecasts global economic growth to be between 2.9% and 3.1% in 2025. Leading economies are moving at different speeds, making the global backdrop uneven. Emerging markets, particularly India, Indonesia, and Vietnam, are accelerating, which supports demand for industrial metals.
Geopolitical tensions are adding instability. The conflict between the US and China extends beyond tariffs: supply chain control, access to technology, and influence in Africa and Latin America directly affect the commodity market. Any escalation could disrupt copper and aluminum supplies.
Military and political risks in the Middle East continue to provoke spikes in oil and energy prices, thus impacting the production of energy-intensive metals such as aluminum. The non-ferrous metals market is developing exponentially.
Against this backdrop, metals are becoming not just a diversification tool but a mechanism for capturing macro trends. Their value reflects the balance of monetary policy, real growth, and global instability. In a multipolar world, commodity-linked assets are turning into a critical element of a strategic portfolio.
Gold: eternal hedge or fading trend?
Gold is a universal barometer of global risk. Its value has historically responded to inflation, real interest rates, dollar fluctuations, and the level of global uncertainty. During times of economic turmoil, gold demonstrates steady demand. In periods of stability, it retreats into the background. However, the year 2025 is shaping conditions under which gold once again returns to the spotlight.
The correlation between gold and inflation is particularly strong when real rates are negative. When government bond yields fail to cover rising prices, interest in the precious metal grows. In the 1970s, gold surged amid double-digit inflation in the US. Between 2008–2011, it climbed during the era of quantitative easing. In 2020, it spiked again during the COVID crisis and zero-rate policies. In all these cycles, gold acted as an asset that preserved purchasing power when fiat currency lost it.
Stock quote: gold has always served as a safe haven.
As of 2025, Fed rates remain near 4.5–5%, but the real rate (adjusted for inflation) does not exceed 2%. If inflationary pressure intensifies, gold will gain momentum. If the Fed cuts rates faster than expected, it will again trigger upside potential. The US dollar remains strong, but its resilience is being questioned. Amid rising de-dollarization and the expansion of yuan and gold settlements among Global South nations, the dollar’s dominance is gradually eroding. This opens a window of opportunity for strengthening gold prices.
Jewelry demand remains steady: India, China, and the Middle East are still the largest consumers. However, the main driver is institutional and sovereign demand. From 2022 to 2024, central banks bought gold at a record pace. According to the World Gold Council, more than 1,100 tons were purchased annually over the past two years. The leading buyers are China, India, Turkey, Kazakhstan, and Uzbekistan. The reasons are clear: a desire to reduce reliance on the US dollar and strengthen national sovereignty. All indications suggest that this trend will continue into 2025. Gold futures on the Moscow Exchange are expected to rise.
Gold-focused ETFs recorded net inflows at the start of 2025 after a year of outflows in 2023. This signals a shift in expectations. Market participants are once again considering gold as a portfolio balancer in an environment of structural instability.
Gold is not losing relevance. As long as inflation, geopolitical risk, and the threat of new monetary crises exist, demand for gold will persist. In 2025, it is not a fading trend but the core of risk management strategy. Considering the massive shifts in the global currency system and growing interest from state institutions, the potential for further growth remains significant.
Copper as metal of energy future
Copper is the backbone of the new infrastructure. Electric vehicles, charging stations, solar panels, wind turbines, data centers, transformers, and high-voltage grids are impossible without stable and large-scale copper supply. Every electric vehicle contains 3–5 times more copper than an internal combustion engine car.
The shift to renewable energy doubles the need for cables, generators, transformers, and distribution systems. The International Energy Agency expects copper demand in the energy sector to rise by more than 40% by 2030. However, the market is already feeling a shortage of this metal, and the copper price forecast for 2025 is becoming a key factor in the current cycle.
The volume of new copper mining projects critically lags behind demand. Major deposits require 7–10 years to develop, while capital expenditures are climbing. Output in Peru and Chile, countries that account for more than 35% of global production, faces political instability, protests, and regulatory shifts. African nations (DR Congo, Zambia) offer high potential, but logistics risks, corruption, and geopolitics constrain expansion. A decade of underinvestment in exploration and development has resulted in a structural deficit.
Copper is no longer just an industrial metal — it is an indicator of “green” growth. As the largest consumer, China is ramping up support for electrification, infrastructure projects, grid construction, and industrial automation this year. The “new urbanization” program fuels demand. India is accelerating its shift toward renewables and distribution grid development. Consumption in both countries is expected to grow 4–7% annually.
Copper prices rose by more than 20% in 2024, breaking through the $10,000-per-ton mark. In 2025, a new stable range of $9,800–$11,500 is forming. Analysts at Bank of America, Goldman Sachs, and Trafigura forecast potential new record highs if the deficit persists and Chinese stimulus strengthens. The base metals market is taking on new, almost sacred significance for investors.
At the start of 2025, the copper futures curve on the LME and COMEX shows signs of backwardation, which is a clear indication of spot shortages. Declining warehouse inventories and rising premiums for immediate delivery reinforce signals for buyers. For hedgers, this is a sign of stronger demand and supply instability. For short-term speculators, it presents opportunities for momentum strategies.
Copper is more than just a resource — it is a systemic bet on the world’s energy transformation. In 2025, it stands as an asset supported by long-term fundamental trends, constrained supply, and a new economic logic. The shift toward digitalization, decarbonization, and industrial retooling places copper at the very center of future economic architecture.
Aluminum: undervalued favorite?
Aluminum is a key metal in industrial transformation. Its unique combination of lightness, strength, corrosion resistance, and high conductivity makes it indispensable in construction, automotive, aviation, packaging, electronics, and defense industries. In residential and commercial buildings, aluminum structures reduce weight, speed up assembly, and improve energy efficiency.
In transportation and aviation, weight reduction directly lowers the carbon footprint. In packaging, aluminum is used for its high sealability and recyclability. The aluminum price forecast can clarify demand dynamics on exchanges.
The global shift to decarbonization is turning aluminum into a strategic metal. European and Asian manufacturers are moving to lightweight alloys to meet new environmental standards. Electric vehicles and renewable energy require increasing amounts of aluminum for battery casings, cabling systems, cooling components, and solar panel frames. According to BloombergNEF, global demand for primary aluminum will rise by 40% by 2030.
Aluminum production is one of the most energy-intensive in metallurgy. More than 40% of costs come from electricity. This factor makes aluminum especially sensitive to energy price fluctuations. The European energy crisis of 2022–2023 led to over 1.1 million tons of capacity shutdowns. In China, energy-intensity caps tied to climate goals are in place. Yunnan, Shanxi, and Inner Mongolia have already introduced production quotas. These restrictions reduce supply and increase spot premiums.
China, as the largest producer, retains dominance, but the share of “green aluminum” (based on hydro and solar power) remains limited. This creates a niche for low-carbon producers: Canada, Norway, India, and Kazakhstan gain an advantage from cheap and clean electricity. In 2025, consumers, including large industrial corporations and retailers, are increasingly demanding environmentally certified aluminum, widening the price gap between gray and green supplies.
Although recycling is growing, it does not offset the shortage of primary metal. Recycling aluminum requires only 5% of the energy needed for production from ore. However, global scrap volumes do not cover demand, especially in regions with rapid industrial growth. Recycled aluminum accounts for about 30% of consumption, while demand for primary metal continues to rise. This strengthens price support and draws increased market attention.
In futures markets, aluminum shows signs of structural strengthening. Local backwardation scenarios are recorded, especially in Asian hubs where supply strains are intensifying. Liquidity in LME and SHFE contracts is growing, and spreads between near- and far-dated contracts are narrowing. Strong industrial demand and supply disruptions create a sustainable environment for an upward movement.
In 2025, aluminum is not just a mass-demand metal. It is a strategic element of the energy transition, logistical flexibility, and the ecological reorientation of industry. Undervalued in the past, it is becoming an asset that reflects the essence of economic shifts and the new logic of global production.
Conclusion
Gold, copper, and aluminum are three distinct assets that carry different levels of risk and require different strategic approaches. In 2025, each of these metals reflects a unique combination of macroeconomics, industrial demand, and geopolitics.
Gold is the center of gravity in times of instability. Gold futures on the Moscow Exchange are attractive due to their stability. With persistent inflation, slower rate cuts, and continued central bank purchases, its quotes remain near historical highs. The growth potential is reinforced by declining real yields and structural demand for assets independent of the fiat system. For those seeking capital preservation and protection against systemic risks, this is the first-choice asset.
Copper is the metal of acceleration. The electrification of transport, infrastructure development, the expansion of digital networks, and the intensification of the green transition make it a central element of industrial growth. Structural deficits and weak supply growth create conditions for a sustained trend. The spot market shows stress, and futures signal the potential for continued growth. With normalized demand in China and aggressive growth in India, the price of copper could break out of its current range.
Aluminum is the undervalued bet on production imbalance. Consumption growth in construction, defense, transport, and logistics coincides with shrinking capacity in Europe and China. Energy risks and environmental quotas make it sensitive to external shocks. At the same time, recycling cannot fully compensate for the demand for primary metal. This opens a window of opportunity for an upward movement, especially with rising premiums for green aluminum supply.
In this article, we have discussed the non-ferrous metals market.
In 2025, building a portfolio requires striking a balance between stability, growth, and leading trends:
- Conservative scenario: focus on gold. Support from central banks, protection against inflation and currency risks, minimal correlation with stock indices. Partial inclusion of aluminum as a hedge against energy shocks.
- Moderate scenario: a combination of gold and copper. Gold acts as a stabilizer, copper as a growth driver. Positioning for rising demand and a potential copper breakout if China’s economy stabilizes.
- Aggressive scenario: focus on copper and aluminum. A strategy for growth under structural shortages, anticipation of high premiums, and reaction to supply disruptions. Higher volatility, but also potential for leading gains during phases of industrial acceleration.
In the futures market, there is no single correct tactic. The choice depends on the time horizon, risk appetite, and understanding of the macro cycle. In 2025, however, metals do not just reflect the state of the economy — they shape it. Skilled work with these assets is not only a way to protect capital but also a path to the forefront of global transformations.
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