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Base Metals Prices

Base metal prices rose 0.5% month on month in September, following August’s 1.7% decrease.

September’s uptick was driven by a healthier demand backdrop in top consumer China. After months of anticipation of stimulus in the Asian giant, in September, commercial banks’ reserve requirements were cut, as were mortgage rates and down payments in big cities. These developments boosted home sales and contributed to a rebound in the country’s manufacturing PMI in September. Accordingly, prices for six out of 12 base metals tracked by our analysts posted gains. On the flip side, prices for nickel fell due to a growing market surplus in July, while copper prices ticked down amid rising output in top producers Chile and Peru at the outset of H2. Moreover, downbeat conditions in the manufacturing sectors of Western economies in September dented European and American steel prices.

This chart displays Iron Ore (US$/mt) from 2022 to 2023.

Base Metals Historical Price Data

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Molybdenum - - - - 42,359 41,561 35,333 37,394
Cobalt - - - - 74,418 77,119 52,082 51,504
Aluminium LME - - - - 3,255 2,882 2,356 2,336
Alumina COMEX - - - - 411 377 339 319
Copper LME - - - - 9,993 9,536 7,767 8,030
Nickel LME - - - - 28,348 29,018 22,105 25,581
Lead LME - - - - 2,326 2,200 1,976 2,110
High Grade Zinc LME - - - - 3,736 3,925 3,281 3,008
Tin LME - - - - 43,214 36,875 23,716 21,631
Iron Ore CFR China - - - - 143.09 138.33 105.58 99.77
Hot Rolled Coil Steel USA - - - - 1,215 1,308 834 695
Hot Rolled Coil Steel EUR - - - - 1,154 1,240 788 655

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Price forecasts and historical data for Base Metals.

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