Here's what the commodity backdrop looks like as we head into May.

🔶 Copper: The structural deficit is confirmed. Supply disruptions at major mines are not resolved. LME prices remain elevated. The energy transition demand story is accelerating, not slowing. This is the single most important commodity for European explorers to be working on right now.

⬛ Lead: Quiet, steady, underappreciated. Data centre and 5G construction cycles are creating durable new demand. Watch this one.

🔷 Zinc: Regional divergence between China and the rest of the world is the story. Ex-China tightness is real. Upward LME pressure expected through H1.

⚪ Silver: Five-year deficit continues. Industrial demand from solar and EVs is structurally growing. Record prices are pulling forward polymetallic project development globally.