Copper and aluminium prices are at levels last seen in 2009 on an official basis, at $5,163/65 and $1,586/87 respectively, while nickel prices have once again edged below $11,000 per tonne.
Importantly, though, markets may now have reached a point at which it is no longer possible to achieve material recovery, at least in terms of prices.
This was among the key themes that emerged when Metal Bulletin met up with Edward Meir, analyst at INTL FCStone and a familiar face on the Apex contest leaderboards, in a busy café near Grand Central Station in New York.
It all comes back to China, he said, whose influence has dominated markets for years: whether its economy grows, slows, shrinks, or even stays stable, it will have repercussions for metals markets, especially in light of the stock market crash there.
“People have lost complete confidence in [the...