Prices of metals key gauge of global recovery

Much will depend on whether China can continue its heady revival and build on imports of commodities; new waves of Covid-19 outbreaks in US, Europe dent hopes of rebound

Published Wed, Oct 14, 2020 · 09:50 PM

Metals

London

THE performance of industrial metals will be a key indicator of just how much the global economy can recover in the coming months.

Prices of copper, other base metals and iron ore have surged in the last few months mainly because of soaring China imports since June.

Since their low point in March this year, copper is up by 55 per cent, nickel by 39 per cent, zinc by 37 per cent, lead by 15 per cent and tin by 7 per cent. Iron ore, which supplies the steel industry, has risen by 43 per cent.

In recent weeks, prices of metals and iron ore have slipped from their 2020 peaks. Copper, the bellwether of metals, remains 7 per cent below its 2018 highs…