Paul Williams, Greg Wittbecker, Robert Edwards, Neil Hawkes, Craig Lang, Alex Tuckett and Nikhil Shah
This year, LME metal prices slumped by between 25% and 55% in the months after March and April, as concerns grew over the global macroeconomic outlook and investors took flight from metals. While some LME prices have since rallied, the outlook for the major metal markets for 2023 remains highly uncertain.
Significant risks to global metals demand persist as the Fed’s efforts to combat rising inflation in the US could throw the economy into a meaningful recession, while the looming energy crisis in Europe during the winter months, and continued war in Ukraine, could ignite a much more severe downturn in the region.
Elsewhere, China is exposed to the inflation and growth problems in the rest of the world, but it also has its own domestic concerns headed by the government’s zero Covid-19 policy. Additionally, restoring confidence in the all-important residential property sector will be key.
And what of supply for 2023? The combination of lower metal prices, the deepening energy crisis, mine project ramp-ups and cost increases suggest production disruptions and cutbacks could remain high next year.
Join us for this must-see pre-LME Week webinar and listen to CRU’s metal experts providing their answers to the following crucial questions:
• How will the major global developments outlined above shape global market balances and the path of LME metal prices in 2023?
• What are the major upside and downside risks to watch out for?
Please share your questions with us and join the webinar for this exciting discussion.