Commodities and Energy Transition - Market Lens on Silver and Lithium

The energy transition is no longer viewed only through the lens of decarbonisation. It is increasingly linked to energy security, technological development and resource resilience.

As themes such as AI, defence modernisation, electrification and infrastructure growth evolve, the management and availability of key resources are becoming more important. This places commodities at the centre of a broader shift: supporting cleaner energy systems, while also helping address security, supply chain and long-term industrial needs.

This series takes a market lens on the supply, demand, and macro dynamics of the resources that are key inputs to the global energy transition. In this edition, the focus is on silver and lithium.

Key takeaways:

• Silver – Solar remains a major driver of silver demand despite substitution risks, while broader industrial uses, improving investment appetite, and a persistent market deficit may continue to support silver spot levels.

• Lithium – Energy-security concerns and demand beyond EVs, particularly battery storage, are strengthening lithium’s demand outlook, while signs of tighter inventories and constrained supply growth could reinforce the market backdrop.

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This document is not intended to be, or does not constitute, investment research as defined by the Financial Conduct Authority.