The metals sub-industry mines, refines, and sells industrial metals including copper, aluminum, steel, and nickel. These commodities are essential inputs for construction, manufacturing, electric vehicles, and renewable energy infrastructure. Copper is often called 'Dr. Copper' for its correlation with global economic health. The energy transition is creating structural demand for copper (EVs need 3-4x more copper than ICE vehicles) and aluminum (wind turbines, power grids), while steel demand tracks construction and manufacturing cycles.
LME copper, aluminum, and nickel spot prices drive revenue directly. China PMI manufacturing data leads metals demand by one month. US Steel capacity utilization rates indicate domestic pricing environment. Watch EV production ramp rates as a structural copper demand signal.