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.
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 |