Metals: Caught in a Supply-Demand Tug of War

In the face of a deep, global economic contraction in the first half of 2020, prices of industrial metals have been remarkably resilient. Copper has rebounded to pre-pandemic levels at the start of the year, and while aluminium prices are lower than at the start of 2020, they are well off their recent lows. Iron ore prices, too, are higher so far this year but steel has fallen significantly.