Base Metals Price Outlook Economic Forecast

Base Metals Price Outlook

Energy prices bounce back strongly in September

Energy prices jumped 9.0% month-on-month in September, rebounding from August’s 3.1% decrease and marking the second-best outturn since March.

The energy price recovery in the final month of Q3 was broad-based. Prices for oil and its derivatives trended firmly upwards in September, mostly on the back of sustained supply tightness amid still-constrained offshore oil production in the U.S. and as OPEC+ continued to resist pressure to accelerate the unwinding of production cuts in the face of the global energy crunch. Similarly, supply shortages, depleted stockpiles and expectations of higher demand in the winter sent natural gas prices soaring in September, which in turn added further fuel to the oil price rally due to gas-to-oil switches in several power plants in Asia. Meanwhile, prices for both thermal and coking coal continued to soar on the back of rising global demand for power generation and as the supply backdrop remained constrained. Lastly, uranium prices continued to surge thanks to booming investor demand.

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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  

Note:
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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