Page 50 from: Recycling International January/February issue 2023
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LME Non-Ferrous Prices & Stocks Reference date: February 1, 2023
/ 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)
J F M A M J J A S O N D J
3100 3314 3984 3090 2900 2500 2458 2305 2102 2237 2315 2361 2630
823 823 584 584 381 381 309 309 577 577 415 415 415
1000
1500
2000
2500
3000
3500
4000
0
1000
2000
3000
4000
5000
6000
J F M A M J J A S O N D J
J F M A M J J A S O N D J
9870 9862 10420 9910 9500 8500 7710 7702 7353 7510 7966 8345 9345
91 75 137 137 125 125 103 103 93 93 73 73 73
4000
5000
6000
7000
8000
9000
10000
0
100
200
300
400
500
J F M A M J J A S O N D J
J F M A M J J A S O N D J
2328 2358 2400 2363 2200 2000 2013 1890 1753 1986 2163 2281 2198
53 44 40 40 39,6 39,6 37 37 27 27 20 20 20
0
500
1000
1500
2000
2500
3000
0
70
140
210
280
350
J F M A M J J A S O N D J
J F M A M J J A S O N D J
3642 3619 4054 4218 3800 3400 3115 3144 2810 2714 2974 3025 3508
1565 1444 1017 1017 815 815 773 773 441 441 176 176 176
1000
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3000
3500
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4500
100
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1300
1700
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2900
J F M A M J J A S O N D J
50
MARKET ANALYSIS
for such products to reduce their car-
bon emissions. They may have different
approaches but greater use of scrap
metal is key to their plans and that
means recyclers can look to share in the
premium for ‘green copper’ and so on.
In this vein, Aurubis and London-
based Anglo American signed a mem-
orandum of understanding during the
World Copper Conference Asia 2022
in Singapore.
Both companies want to develop cop-
per products that respond to the
increasing expectations for sustainably
sourced and supplied metals. The
objective of the collaboration is to
provide assurances for the way copper
is mined, processed, transported and
brought to market.
SHIPPING BLUES
Freight specialist Loadster reported in
mid-January that shipping groups had
cancelled 53 westbound sailings from
Asia to Europe in the first seven
weeks of the year, amounting 27% of
their original scheduled capacity.
‘Preliminary statistics from Container
Trade Statistics for November reveal
cargo volumes from Asia to Europe
fell 18.4% after a slump of 25.9% in
October but there are suggestions
that the data for December could turn
out to be much worse,’ it said. One of
the alliances, Maersk was quoted as
saying it expected a normalisation in
stock levels, economic outlook and
consumer habits but added ‘it is
uncertain exactly when this will occur’.
Meanwhile, freight rates continue to
be well below the record levels seen
during the height of the pandemic.
ALUMINIUM
Quotations for high-grade futures on
the LME were last at US$ 2 615 per
tonne with alloy around US$ 2 150.
However, stocks in LME warehouses
continue to decline. Analysts are posi-
tive. According to Goldman Sachs,
aluminium prices will rise this year due
to tighter supply and increasing
demand from China. Goldman Sachs
analyst Nicholas Snowdon expects the
aluminium market to move to a deficit
of 1.6 million tonnes compared to 500
000 tonnes a year ago. Because of the
currently weak dollar, scrap prices on
a dollar basis are around 10% higher
than on a euro basis in Europe.
COPPER
Copper has recently become signifi-
cantly more expensive in London, where
LME prices were around US$ 9 245 per
tonne. Apparent warehouse stocks are
very low at around 80 000 tonnes.
Traders report that demand is currently
very high and scrap metal is sometimes
difficult to obtain on the market.
Data from the EU Statistical Service in
Brussels is interesting. European coun-
tries imported 15 625 tonnes of
refined copper and alloys from Russia
48-49-50-51_manon-ferrous.indd 50 03-02-2023 14:06
