New Delhi, Jan. 2 -- Metals are expected to outperform in 2026, driven by tight supply and strong demand, according to ING's Commodities Outlook 2026.

The report adds that copper is expected to be in deficit due to high demand and disruptions at Grasberg (Indonesia), flooding at the Kamoa-Kakula mine (DRC), and an accident at the El Teniente mine (Chile), and distortions to trade flows amid US President Trump's tariffs.

"Our refined copper balance for 2026 is now showing a deficit of around 600kt for 2026, following a deficit of around 200kt in 2025", the report stated.

The global aluminium market too is expected to remain in a deficit through 2026, driven by China's self-imposed 45 million tonne capacity cap and power constraints outs...