Whither base metal markets in 2022?

As a new year begins, the global Covid-19 pandemic, China’s economic policies and global geopolitics continue to make the task of base metal market forecasters tough. Myra Pinkham asked experts to review the past certainties of 2021 and consider the uncertainties of 2022 and to give their views on the outlook.

Base metals could be facing something of a tug of war in 2022, with the big question being how much the positive impact on demand from the green energy transition will compensate for certain other more moderating factors. This comes after what many industry observers describe as a very positive year – even an exceptional year – in 2021, marked by multi-year and even in some cases record high prices.
But that is certainly not to say that the base metals markets did not also face some challenges last year, Andrew Cole, principal metals analyst for Fastmarkets MB, said, including some that were at least partly responsible for those high prices.

Gregory Shearer, head of metal research at JP Morgan, agreed, noting that due to a combination of supply disruptions and logistics and supply-chain issues, inventories were very tight, and supply struggled to catch up to what he described as very robust...


Myra Pinkham

January 14, 2022

14:40 GMT

New York