AMT Insight – Base Metals: Speculative Bubbles Build

Base Metals Copper Lead Nickel Primary Aluminium Tin Zinc

12 April 2024: After a weak start to 2024, base metal prices jumped in March and early April, mainly driven by speculative forces. There are three reasons to believe that prices look overextended. First, net speculative positions look very high for copper and tin and rallies in nickel and zinc look difficult to justify given […]

April 15, 2024 - Dan Smith

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Base Metals: China Bounce Back to Boost Prices

Base Metals Copper Lead Nickel Primary Aluminium Zinc

31st January 2023: Last year was a weak period for most of the base metals and prices trended lower through the year, although nickel was an exception and followed its own bullish path. By contrast, aluminium, copper, tin and zinc prices have all rallied this year, despite a weak fundamental backdrop. While there is currently […]

January 31, 2023 - Dan Smith

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Lead Market Outlook Challenged By Conflicting Regional Drivers


Lead market sees increase The LME lead price has risen higher overall since June amid falling LME inventories and physical tightness in the US and Europe. Shipping issues have so far shielded LME prices from significant exports of lead from China amid heavy oversupply there, but the threat of shipments may temper the potential for […]

August 10, 2021

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Lead Playing Catch-Up Amid Pandemic-Era Underperformance


Why is lead bouncing back? The LME lead price rebounded strongly from March lows. Macro-led fund interest in commodities and lead’s relative cheapness underpinned gains. The rise is at odds with the metal’s weak fundamental narrative, which will likely continue to weigh on its relative price performance versus the rest of the base metals complex. […]

May 19, 2021

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