Base Metals Prices

Base metal prices increased 0.7% month on month in September, following August’s 4.4% rise.

In September, average base metal prices rose for the second month in a row, although at a much slower pace than in August. Of the 12 metals in our report, nine saw prices rise in September, led by molybdenum, zinc and U.S. steel. Tight supply, import tariffs, stockpiling ahead of Chinese holidays and solid demand from the green transition and AI boom all supported prices. Base metal gains were limited, however, by a sharp drop in cobalt prices after six months of stability as supply crunches ease and China shifts towards cobalt-free batteries. Nickel also fell on uncertainty over Indonesia’s mining quotas, while tin was hit by the restart of mining activity at the Man Maw mine in Myanmar.