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    Learn Metals

    A start-here guide to traded metals: gold, copper, platinum, palladium, aluminium and zinc. What each is used for, where it is mined and how it is quoted.

    Metals split into precious metals (gold, platinum, palladium) and industrial base metals (copper, aluminium, zinc). Each has its own demand and supply story, so start with what the metal is used for and where it comes from.

    Start here

    1. Learn Gold →The most traded metal, and the reference point for the others.
    2. Gold market hub →XAU/USD key facts and current sources.
    3. What moves gold prices →Rates, the dollar, risk and demand: a framework you can reuse for other metals.
    4. Gold vs DXY →Metals are priced in dollars, so the dollar matters for all of them.
    5. Learn Bonds →Yields set the opportunity cost of holding metals that pay no interest.
    6. Position size calculator →Size a trade before you place it.

    Key terms in plain language

    Precious vs base metals
    Precious metals (gold, platinum, palladium) are rare, high value per ounce and partly held as investments. Base metals (copper, aluminium, zinc) are produced in millions of tonnes and priced mainly on industrial demand.
    Gold (XAU)
    Priced in US dollars per troy ounce and paying no interest, so real yields and the dollar matter. COMEX gold futures (GC) are 100 troy ounces. See Learn Gold for the full path.
    Copper
    Used mainly in building construction and in electrical and electronic products, so its price is often read as a gauge of industrial demand. COMEX copper (HG) is 25,000 pounds priced in cents per pound; LME copper trades in 25-tonne lots in US dollars per tonne.
    Platinum (XPT)
    A precious metal used in vehicle catalytic converters, jewellery, industry and investment. South Africa mined more than 70% of the world's platinum in 2024, according to the USGS. NYMEX platinum futures (PL) are 50 troy ounces.
    Palladium (XPD)
    Used mainly in catalytic converters for petrol (gasoline) engines. Russia and South Africa are the two largest producers, so supply depends heavily on two countries. NYMEX palladium futures (PA) are 100 troy ounces.
    Aluminium
    A light metal used in transport, construction and packaging. Smelting uses large amounts of electricity, so power costs matter for supply. China produced nearly 60% of the world's primary aluminium in 2024, according to the USGS. LME aluminium trades in 25-tonne lots.
    Zinc
    Used mostly to galvanize steel, a coating that protects it from corrosion, so demand follows steel and construction. LME zinc (special high grade, 99.995%) trades in 25-tonne lots.
    Troy ounce vs tonne
    Precious metals are priced per troy ounce (about 31.1 grams); base metals per tonne or, on COMEX copper, per pound.
    LME and COMEX
    The London Metal Exchange is the main venue for base metals; COMEX and NYMEX (CME Group) list US futures for gold, silver, copper, platinum and palladium. Retail CFDs usually track one of these prices.

    Related tools and pages

    Frequently asked questions

    What is the difference between precious and base metals?

    Precious metals such as gold, platinum and palladium are rare and partly held as stores of value, and are priced per troy ounce. Base metals such as copper, aluminium and zinc are produced in far larger volumes, are priced per tonne and depend mainly on industrial demand.

    Why is copper called 'Dr. Copper'?

    Because copper is used so widely in construction and electrical products, traders watch its price as a read on industrial activity. It is a market nickname, not a reliable forecaster of the economy.

    Why do platinum and palladium depend on cars?

    Both are used in catalytic converters that clean exhaust gases, so vehicle production and the mix of petrol, diesel and electric cars affect demand. Supply is concentrated in South Africa and Russia, which adds supply risk.

    How do traders get exposure to metals?

    Through futures on exchanges such as the LME and CME Group, exchange-traded products, mining shares, or leveraged CFDs. CFDs and futures carry a high risk of loss because of leverage. Read the risk disclosure first.

    Sources (6)

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    Official or primary sources used for the facts above. Figures and terms change, so check the source before acting on them.

    1. U.S. Geological Survey — Mineral Commodity Summaries 2026: Platinum-Group MetalsPlatinum and palladium production by country.Accessed
    2. U.S. Geological Survey — Mineral Commodity Summaries 2026: CopperCopper end uses and production.Accessed
    3. U.S. Geological Survey — Mineral Commodity Summaries 2026: AluminumPrimary aluminium production by country.Accessed
    4. U.S. Geological Survey — Mineral Commodity Summaries 2026: ZincGalvanizing as the leading use.Accessed
    5. CME Group — Platinum futures contract specsContract units for CME metals.Accessed
    6. London Metal Exchange — LME Zinc contract specifications25-tonne lots; also LME Copper and LME Aluminium.Accessed

    Written by Volodymyr Kravchenko from official sources. See the methodology.

    This content is provided for educational purposes only and is not investment advice. Trading involves risk, and past performance does not guarantee future results. Affiliate relationships may exist. Always conduct your own independent research before making financial decisions.

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