Bank of America Securities: Defense spending growth triggers a "military industry dividend" in metals, with strong structural growth in demand for aluminum and copper.

Bank of America Securities released a research report pointing out that as the world becomes more multipolar, defense spending and its impact on metal demand are receiving more attention. Defense spending is on the rise, and NATO's latest pledge to allocate 5% of GDP to defense highlights this trend. If spending is more focused on equipment and infrastructure rather than personnel, the mining sector will disproportionately benefit.