Base Metals Prices

Base metal prices increased 1.2% month on month in November, following October’s 5.9% rise.

Most base metals saw their average prices climb in November relative to October. Renewed confidence in future demand appeared to have played a major role, driven by growing expectations that the Fed will cut interest rates in December. Moreover, supply tightness across several markets continued to push prices higher: Ongoing export suspensions for tin in Myanmar and cobalt in the DRC drove strong gains for both metals, while expectations of reduced output from Chinese smelters lent further support to copper prices. In contrast, alumina, iron ore and nickel registered slight declines—nickel was the only base metal to experience a notable drop in price, driven by persistent oversupply from top producer Indonesia.