Industrial Metals — Silver, Cobalt & Copper Q4 2025 Recap
Year-end 2025 review of LME and LBMA-benchmarked metals, with focus on North African mining basin production economics and 2026 outlook.
Abstract
Q4 2025 saw silver consolidate above multi-year support levels while cobalt entered a stabilization phase after the post-2023 reset. Copper held firm despite Chinese demand softness, supported by tightening mine supply. This snapshot reviews LBMA/LME benchmarks, mining cost structures in North African basins, and the H1 2026 outlook.
Inside this brief
- ●Silver — LBMA fixings and demand outlook
- ●Cobalt — DRC production and refining margins
- ●Copper — global supply-demand balance
- ●North African mining basin economics
- ●H1 2026 outlook and key catalysts
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About Kolva Insight
Kolva Insight is the research division of Kolva.ai, publishing quarterly briefs and monthly snapshots across energy & materials, agribusiness, automotive supply, mines & metallurgy, chemicals, and construction materials. Our methodology combines ERP-aggregated operational data (anonymized) from the Kolva platform with public market sources — ICIS, Reuters, OPEC MOMR, IEA OMR, LBMA, LME, Argus, Drewry, and industry sector publications.
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