October 7, 2025 08:00 PM GMT metal&ROCK | Europe The Price Deck – 4Q25: Macro Tailwinds A supportive macro backdrop drives a positive metals outlook, with a falling USD, rate cuts and low inventories. We see most upside for gold and uranium, copper is well supported, and cautious on iron ore and zinc. We are most above 2026 consensus for precious metals, copper and aluminium. Macro tailwinds abound; real assets set to benefit: A weaker USD, rate cuts, a Fed that appears more tolerant of inflation and genera ...