Base metals headed for the worst quarterly slump since the global financial crisis in 2008 as China’s economy recovered only gradually and fears of a world recession intensified.
The London Metal Exchange Index has tumbled 23% since the end of March, although the decline has been magnified due to prices spiking in March following Russia’s invasion of Ukraine. Tin has been the worst performer, plummeting 38%, while aluminum is down by around a third and copper has fallen by about a fifth.