• Expect a zinc deficit this year as mine supply is likely to disappoint.
• Gold and silver to rally above $3,000/oz and $30/oz over the next 12 months.
• Constructive on uranium as years of inventory drawdowns are compounding.
• Palladium prices set to trend lower; given palladium demand is dominated by auto catalysts, it should also underperform platinum.
• Expects copper and aluminium to rise to an average of $12,000/t and $3,250/t by 2026.