Base Metals Price Outlook Economic Forecast

Base Metals Price Outlook

Base metal prices rebound in November

Base metal prices rose 4.6% month on month in November, contrasting October’s 1.3% fall. This marked the first increase in prices since August and the strongest since March.

The majority of base metals tracked by our panelists posted healthy month-on-month gains in November. Soaring prices for aluminium, copper, nickel, lead and tin underpinned the overall upturn on rising hopes of more resilient-than-expected demand. Prospects of loosening Covid-19 restrictions in China, coupled with China’s recently announced measures to support the property sector and cut the reserve requirement ratio, boosted the consumption outlook and increased prices of base metals in turn. Moreover, more-resilient-than-expected EU and U.S. economies, a weaker dollar and hopes of slower interest rate hiking amid what seemed like a peak in global inflation added further upside pressure to prices in recent weeks. Less positively, November PMI data pointed to yet another deterioration in global manufacturing activity, which likely limited the price rally.

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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