Detection of COVID’s Omicron variant has raised another huge concern for the world, keeping the metal markets under pressure. Restrictions on cross-border travel are also a worry, putting a question mark over the normalization of daily life.
Global logistics remain under pressure as firm demand and tight equipment supply have propelled freight costs to all-time highs, creating a huge supply chain threat for major smelters.
Non-ferrous metals demand in Asia remains firm overall, although aluminium has weakened a little on a slight oversupply. Market hopes remain positive for copper and aluminium; there may be short-term market disturbance during the holiday season in December and January but there is continuing confidence in a prosperous longer term.