2024 Metals Reports & Forecasts by Quarter

A quarterly breakdown of metals prices for 2024, focusing on key metals such as copper, aluminum, nickel, lead, and zinc:

First Quarter (Q1) 2024

• Copper: Prices were around $8,500 per metric ton. The market was influenced by supply bottlenecks and demand from energy sectors.
• Aluminum: Prices were approximately $2,250 per metric ton. The market was broadly balanced with a tendency toward shortages.
• Nickel: Prices were about $16,500 per metric ton, facing downward pressure due to oversupply.
• Lead: Prices were around $2,150 per metric ton. The market was expected to be balanced.
• Zinc: Prices were approximately $2,500 per metric ton. A small surplus was expected.

Second Quarter (Q2) 2024

• Copper: Prices surged to $9,000 per metric ton, reaching a high of $11,104.50 per metric ton on May 20 due to supply constraints and strong demand.
• Aluminum: Prices increased to $2,300 per metric ton, with expectations of higher prices later in the year.
• Nickel: Prices dropped to $16,250 per metric ton, with a substantial surplus expected.
• Lead: Prices remained steady at $2,150 per metric ton.
• Zinc: Prices remained at $2,500 per metric ton, with a surplus expected to expand.

Third Quarter (Q3) 2024

• Copper: Prices were forecasted to be $9,500 per metric ton, with continued supply and demand challenges.
• Aluminum: Prices were expected to rise to $2,350 per metric ton.
• Nickel: Prices were projected to decrease further to $16,000 per metric ton.
• Lead: Prices were anticipated to stay at $2,150 per metric ton.
• Zinc: Prices were expected to increase slightly to $2,600 per metric ton.

Fourth Quarter (Q4) 2024

• Copper: Prices were expected to stabilize at $9,500 per metric ton.
• Aluminum: Prices were projected to reach $2,450 per metric ton.
• Nickel: Prices were expected to fall to $15,750 per metric ton.
• Lead: Prices were anticipated to remain at $2,150 per metric ton.
• Zinc: Prices were forecasted to stay at $2,600 per metric ton.

Overall Market Trends

• Copper: The market is expected to face a slight supply deficit, with prices supported by demand from green technologies and supply constraints.
• Aluminum: The market is expected to be balanced, with potential shortages pushing prices higher later in the year.
• Nickel: The market is expected to have a substantial surplus due to increased production in Indonesia.
• Lead and Zinc: Both markets are expected to have surpluses, with zinc facing a larger surplus due to production curtailments and project delays.

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