Base Metals Price Outlook Economic Forecast

Base Metals Price Outlook

Base metal prices fall slightly in December    

Prices for base metals slid a marginal 0.1% over the prior month in December, softening from the 4.4% decline tallied in November, which had marked the worst reading in nearly two years. 

Fears of a global economic slowdown, amid the emergence of the Omicron variant, shook investors’ confidence in December, resulting in falling prices for six out of the twelve commodities tracked by our panelists. Prices for copper slid in the month, weighed on by a stronger greenback amid a more hawkish Fed, and news of Las Bambas mine in Peru returning to normal operational capacity. Moreover, still-downbeat automotive activity continued to weigh on both EU and U.S. HRC steel prices, while prices for alumina recorded the strongest losses amid subdued aluminium smelting activity, due to elevated energy costs. This, however, sparked supply worries, buoying prices for aluminium. Similarly, iron ore prices recorded gains, on hopes of stronger Chinese demand following the end of the country’s winter Olympics, while positive EV sales data supported prices for nickel and cobalt. 

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Base Metals Historical Price Data

2015  2016  2017  2018  2019  
Aluminium1663.69  1604.6  1968.4  2107.64  1794.37  
Alumina377.2  310.14  348.34292307692  472.02134615385  333.93521072797  
Copper5508.57  4871.3  6171.78  6527.31  6008.57  
Nickel11835.3  9596.5  10414.13  13110.42  13917.88  
Lead1787.3  1866.99  2313.17  2239.45  1996.65  
Zinc1929.03  2092.83  2890.89  2920.33  2548.76  
Tin16053.44  17960.96  20068.1  20134.02  18633.23  
Iron Ore55.82  58.61  71.77  69.67  93.88  
Steel (USA)461.14  519.95  619.92  828.46  603.52  
Steel (Europe)422.10344827586  455.12260536398  601.75  649.11877394636  530.27969348659  
Molybdenum17019.775568244  14131.704843581  17659.119469124  26381.87  25693.62  
Cobalt28440.24  25490.73  55850.9  72920.08  33296.91  

Aluminium prices in USD per metric ton (mt).
Alumina prices in USD per metric ton (mt).
Copper prices in USD per metric ton (mt).
Nickel prices in USD per metric ton (mt).
Lead prices in USD per metric ton (mt).
Zinc prices in USD per metric ton (mt).
Tin prices in USD per metric ton (mt).
Iron ore prices in USD per metric ton (mt).
Steel (USA) prices in USD per metric ton (mt).
Steel (Europe) prices in USD per metric ton (mt).
All prices are average of period (aop).

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities


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