60
declined by 2.2% in the first five months
of 2020.
Brighter future? See Box.
OTHER METALS
The smaller metal markets also held up
well. For example, lead was quoted on
the LME at US$ 1 882; nickel US$ 14
952 and zinc US$ 2 484. Scrap prices
also remained firm.
Soft lead scrap was worth US$ 1 630 – 1
710 while prices for V2A scrap ranged
from US$ 1 050 – 1 180. V4A scrap was
at US$ 1 550 – 1 700. Those for old zinc
scrap were between US$ 1 560 and US$
1 970.
After zinc, nickel is the industrial metal
with the second-best price growth to
date – 8.5%. However, the involvement
of speculative investment funds may
have played a major role here too.
Market observers suggest nickel is cur-
rently overvalued and advise caution.
The International Lead and Zinc Study
Group reported a 4.3% decrease in
global lead metal production in the first
six months of the year, mainly as a result
of lower output in China, India, the US
and the EU. Refined lead metal usage
over the same period was down 5.9%.
World zinc production fell 7.5% and
usage of refined zinc was down 3.7%.
market analysis
LME Non-Ferrous Prices & Stocks Reference date: September 24, 2020
/ Aluminium / Copper
– LME prices (in U.S. dollars/MT)
– LME stocks (x 1000 metric tonnes)
– LME prices (in U.S. dollars/MT)
– LME stocks (x 1000 metric tonnes)
/ Lead / Zinc
– LME prices (in U.S. dollars/MT)
– LME stocks (x 1000 metric tonnes)
– LME prices (in U.S. dollars/MT)
– LME stocks (x 1000 metric tonnes)
S O N D J F M A M J J A S
1744 1809 1805 1799 1764 1705 1536 1491 1486 1597 1671 1722 1759
910 948 1150 1425 1115 1115 1213 1213 1652 1563 1486 1486 1486
1000
1500
2000
2500
3000
3500
1000
2000
3000
4000
5000
6000
S O N D J F M A M J J A S
S O N D J F M A M J J A S
5792 5932 6000 6186 5965 5687 4854 5085 5241 5984 6533 6728 6707
271 241 185 135 160 160 216 216 221 221 72 77 77
4000
5000
6000
7000
8000
9000
0
100
200
300
400
500
S O N D J F M A M J J A S
S O N D J F M A M J J A S
2117 2132 2000 1912 1900 1846 1672 1707 1660 1787 1835 1984 1873
70 70 68 66 67 67 71 71 69 69 135 135 135
0
500
1000
1500
2000
2500
0
70
140
210
280
350
S O N D J F M A M J J A S
S O N D J F M A M J J A S
2313 2482 2440 2406 2354 2062 1879 1932 1975 2067 2285 2529 2440
598 532 520 513 752 752 754 754 1230 1230 2193 2193 2193
1000
1500
2000
2500
3000
3500
300
500
700
900
1100
1300
1500
1700
1900
2100
2300
2500
S O N D J F M A M J J A S
CONTRIBUTED BY
* Ralf Schmitz, German non-ferrous
trade association VDM (Europe)
* Robin Latchem
58-59-60_manonferrous.indd 60 28-09-20 16:31
