Base Metals: China Flatters to Deceive

Base Metals Copper Nickel Primary Aluminium Tin Zinc

15th May 2023: Base metal prices have diverged so far year, as fundamental drivers have started to reassert themselves. In particular, tin was supported by concerns about supply shortages, due to problems in Myanmar and copper prices have been resilient, helped by the green energy transition. By contrast, significant weakness was seen in aluminium, lead, […]

May 15, 2023 - 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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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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Bets Tempered For Future Battery-Grade Nickel Shortage


Why is there a shortage? In early March nickel prices retreated by ~20% from February highs. The sharp move came after China steel giant and top nickel producer Tsingshan announced plans to produce a precursor to battery-grade nickel from nickel pig iron (NPI). This dampened investor expectations for a future shortage of Class 1 nickel […]

March 16, 2021

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