Metals are heading for more drama after a tumultuous 2021 dominated by supply squeezes, China’s property-led economic slowdown, and a global energy crisis that hints at more disruptions to come.
This year saw copper hitting a record as the pandemic roiled supply and demand, but tin was the star performer as base metals marched higher.
Gold bulls were ultimately left disappointed even as inflation raged. And iron ore suffered a boom-to-bust collapse from above $200 a ton to below $100 on China’s waning appetite. The contours of 2022’s other major drivers are already visible. Dangerously low inventories was a theme across metals