Industrial metals, including copper and aluminum, have experienced a strong start to the year, with copper reaching record highs and aluminum nearing a three-year peak. This surge is attributed to expectations of supply struggling to meet demand, potential Federal Reserve interest rate cuts, and enthusiasm from the artificial intelligence boom. However, concerns linger regarding softening demand, particularly in China, and geopolitical risks, such as potential US tariffs impacting trade relations with China, could temper further gains.