Weekly Base Metal Macroeconomic Slides
Despite increasingly weak Chinese macroeconomic data, the base metals outlook remains supported by tight physical markets, ongoing supply constraints and low inventories. Copper remains the preferred bullish exposure heading into Q4, zinc and lead continue to benefit from tightening supply conditions, while aluminium and nickel face a more mixed outlook as additional supply and policy developments create uncertainty. The balance of risks remains tilted toward continued market volatility. Financial markets continue to be shaped by a growing divergence between resilient industrial activity outside China and increasingly fragile Chinese domestic demand conditions. While physical metal markets remain exceptionally tight in several areas, investors are becoming more focused on the balance between slowing global growth signals, ongoing trade tensions, evolving tariff policy, and persistent supply-side disruptions.
- Base Metals