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Copper Battling Headwinds Despite Long Term Optimism


Copper prices set an all-time high of $10,845 in early March after Russia’s invasion of Ukraine, but have since pared gains amid LME liquidity issues and rising headwinds to global growth. “Green demand” optimism underpins copper’s bullish long term prospects, but fading ex-China stimulus and strong mine supply growth could see prices moderate from elevated […]

April 1, 2022

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Base Metals Rally Gets Messy Amid LME Liquidity Crunch

Base Metals

Base metals prices have retreated from early-March extremes. Risk-aversion hit the complex despite tight underlying physical markets and feared disruption to Russian supply amid sanctions. Damaged confidence in the LME and liquidity issues following nickel’s price spike and trading halt, hopes for a diplomatic resolution to the Ukraine war, and risks to growth from higher […]

March 18, 2022

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War and Strong Fundamentals Send Nickel Price Soaring


Nickel prices have had a roaring start to 2022. An extended drawdown of visible inventories reflects acute global physical market tightness, particularly for Class 1 refined nickel. The market is struggling to satisfy demand from the burgeoning electric vehicle battery sector and improving expectations for stainless steel demand growth in China.  Acute supply risks due […]

March 4, 2022

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Aluminium Price Riding Wave of Supply Constraints

Primary Aluminium

The aluminium market is experiencing an array of supply pressures and threats. Combined with robust demand these have underpinned the metal’s rally to near all-time highs. Supply headwinds from surging energy prices and Ukraine tensions could prove transient. However, decarbonisation goals will constrain output growth in the coming years amid rising demand. This could exacerbate […]

February 22, 2022

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How Will Ukraine Tensions Impact Base Metal Prices?

Base Metals

The threat of a Russian invasion of Ukraine has stoked geopolitical tensions between Russia, the US and its European allies. A military incursion and subsequent retaliatory sanctions could affect base metals markets via disruption to Russia’s metal supply, higher energy costs for Europe’s metal producers and macro-led risk-reduction.   Background Russia has amassed a sizeable […]

February 3, 2022

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AMT Virtual Base Metals Forum – Panel Recording

Base Metals Event

On 18th January 2022, Amalgamated Metal Trading Ltd. (AMT) hosted a panel of leading industry analysts from BMO Capital Markets, CRU and Fastmarkets to discuss the key themes likely to drive base metal markets through 2022. We also provided a brief recap of base metal performance in 2021. The recording is available below.   Moderating: […]

January 11, 2022

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Zinc Supply Hit by Europe’s Worsening Energy Crisis

Base Metals

The spiralling cost of energy and emissions allowances in Europe continues to undermine the economics of Europe’s zinc production. Capacity reductions and smelter closures will exacerbate acute zinc supply pressures in Europe, where visible inventory is at critical lows. This should continue to underpin the LME zinc price, spreads and regional physical premiums in Q1 […]

December 22, 2021

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Metal Prices Sensitive to Shifting Inventory Demands

Base Metals

Base metal availability and pricing remain sensitive to trends in supply-chain inventory requirements amid global shipping disruption. A bullwhip effect may be playing out in the global goods sector. This could weigh on prices if global freight issues ease during 2022. Growing barriers and risks to international metals trade may drive governments to develop or […]

December 10, 2021

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Monthly Ferrous Futures Report – November 2021


The ferrous complex was weaker across the board in November. Iron Ore spot dipped below 100 down to 87 in the middle of November but recovered back to 100 at the end of the month to average 95. Declines in futures on the back of production cuts, falling steel demand and over supply of iron […]

December 3, 2021

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