Base Metals Prices

Base metal prices decreased 1.9% month on month in June, following May’s 3.4% rise.

In June, average base metal prices fell for the first time in four months. Six of the 12 metals in our basket lost ground, with the magnitude of those declines more than offsetting advances among the rest. Aluminium and nickel led the retreat: Aluminium prices weakened as the unwinding of the U.S.-Iran war eased fears of supply disruptions, while nickel fell after Indonesia signaled plans to increase mining quotas. Iron ore prices also declined, weighed down by seasonally softer demand. On the upside, gains were comparatively muted. Copper—the largest component of our basket—edged higher, as expectations of steeper U.S. tariffs on refined copper were undermined by a stronger U.S. dollar, while zinc benefited from production disruptions following accidents at facilities in Kazakhstan and Peru.