Deutsche Bank’s latest Global Mining & Commodities Survey reveals a shift in investor preferences, with gold emerging as the favored commodity in the short term, while copper maintains its appeal for the medium term. This change is driven by concerns over China’s economic slowdown and potential delays in the energy transition. The survey indicates a growing preference for early-cycle commodities like iron ore and coal, alongside expectations of easing supply constraints for metals crucial to decarbonization efforts. While ESG factors continue to influence perceptions of the mining sector, investors are increasingly focused on local environmental issues such as water stress and community relations.