Why sentiment in industrial metals markets has been collapsing

Industrial metals prices just suffered their biggest quarterly drop in years as markets price in China's exposure to the risks of Covid-19, inflation, rising interest rates and stalled growth.

The unexpected speed and magnitude of the decline was due in part to sales of metals such as aluminum and nickel purchased in anticipation of disruptions in supplies of imported materials from Russia following Russia’s invasion of Ukraine, which did not materialize.

"The supply of metals is going up because it's being stimulated. Demand is slowing and the trend is towards surpluses," said Julian Kettle, vice chairman of metals and mining at consultancy Wood Mackenzie.

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