Copper has once again been named the top industrial metal for price growth prospects at the London Metal Exchange (LME) Seminar, securing 46% of votes in an informal poll, slightly down from 53% last year.
Tin followed in second place with 36%, up from 23% last year. Tin has surged 31% this year, outperforming other LME metals, including zinc and copper, which saw gains of 17% and 16%, respectively.
The tin market is expected to face a 10,000-metric-ton deficit in 2024, and its price, closely linked to copper, continues to climb, according to Tom Langston of the International Tin Association.
Aluminium, which received 4% of the vote, faces pressure from a surge in supply, particularly recycled metal, said Jorge Vazquez of Harbor Aluminium, who warned of no scarcity for the next three years.
Amy Gower of Morgan Stanley noted that Chinese copper demand is stronger than expected, with insufficient capital spending on new mines. Copper is projected to trade around $9,500 per metric ton, with the potential to surpass the May record of $11,100.
On Monday, LME copper was trading at $9,895 per ton.
