MSCI World Metals & Mining Index recovered to within ~5% of pre‑war level, showing a V‑shaped rebound in two weeks.
Bernstein says most mining stocks are richly valued with multiples above five‑year averages, citing valuation risks for copper and zinc.
Aluminium supply disrupted; Gulf region 9% of output, prices up 17% since conflict, Qatalum at 60% capacity, EGA damaged.
Gold price fell from $5,300 to $4,400, Bernstein cut 2026 forecast to $4,818/oz, expects $6,100/oz by 2030.