Global commodity markets saw a sharp uptick this week, with copper and nickel hitting six-month highs as major industrial economies accelerate their transition toward domestic supply chain security.

Analysts suggest that the "reshoring" of manufacturing—particularly in the EV and renewable energy sectors—is creating a concentrated demand for raw materials that outpaces current mining output.

"We are entering a new era of resource competition," said a commodities strategist at Barclays. "Markets are pricing in long-term scarcity as nations build up strategic stockpiles."

Oil prices also remained firm above $85 a barrel, underpinned by ongoing geopolitical risks in the Middle East and tight supply management by OPEC+ nations.