Base Metals Prices

Base metal prices decreased 1.9% month on month in November, following October’s 4.3% rise.

Prices for most base metals declined in November due to demand and geopolitical concerns. China announced additional stimulus measures early in the month, but they were largely disappointing for metal markets and the construction sector. In addition, Trump’s reelection caused a marked appreciation of the U.S. dollar, thus making metals less affordable for holders of other currencies. The prospect of global trade disputes and higher tariffs under his presidency also weighed on the complex. The notable outlier to the downward trend in the base metals complex was alumina, which hit fresh all-time highs due to ongoing supply disruptions in Australia, Brazil, Guinea and Jamaica.