Base Metals Prices

Base metal prices decreased 3.8% month on month in June, following May’s 4.7% rise.

The three-month-long bull run in base metals came to a halt in June, when nine out of 12 commodities traded below the previous month’s levels. A deteriorating demand backdrop in top consumer China was a critical overarching driver behind the downturn. Additionally, supply has strengthened for several commodities in recent months. Copper output rose in Chile, while Indonesia postponed a ban on exports of the metal. Meanwhile, Chinese aluminium production reached an all-time high; Indonesian tin exports showed some signs of recovery; and the cobalt and nickel markets remained oversupplied. On the flip side, alumina prices continued to rise due to supply disruptions in Australia, and European steel prices gained some ground, supported by the ECB’s rate cut.