The global silver market is in a phase that is historically rare in this form: persistent supply deficits, potentially transformative demand from battery technology, government accumulation programs, and a growing decoupling of Asian prices from Western benchmarks. Reason enough to take a closer look at the key developments in detail.

The U.S. Department of Defense has announced the cancellation of a cobalt procurement tender, highlighting the ongoing challenges Western nations face in securing critical mineral supplies. The tender was originally designed to purchase up to 7,500 tonnes of cobalt over a five-year contract worth up to USD 500 million — the U.S. government’s first attempt to acquire cobalt since 1990 to replenish its strategic reserves. However, due to unresolved issues in the Statement of Work, the tender was postponed several times and ultimately withdrawn, marking a setback for the U.S.’s stockpiling efforts. Cobalt is a key raw material used in electric vehicle batteries, magnets, military systems, and jet engines. The U.S. and other Western countries are working to strengthen their critical metal supply chains and reduce reliance on China, which currently dominates cobalt processing and maintains a significant state reserve. The tender came in the wake of the Democratic Republic of Congo’s new export quota system, which replaced an earlier export suspension and caused cobalt prices to double since February. The U.S. had planned to procure alloy-grade cobalt from suppliers in Canada, Japan, and Norway under fixed five-year prices.

The International Copper Study Group (ICSG) held a meeting in Lisbon, Portugal, on October 7, 2025. Government representatives and industry advisors from major copper-producing and copper-consuming countries worldwide attended to discuss key issues affecting the global copper market. The following is the ICSG's assessment of the global refined copper supply-demand balance: