Commodities Focus: Base metals shrug off supply closure announcements as power shortage risks have now become two-sided
Greg Shearer discusses the recent supply closure announcements across base metals markets and why prices have seemingly shrugged off the headlines. As gas and power prices continue to rise in Europe, this week brought two additional closures of zinc and aluminum smelter capacity on the continent. Despite this and ongoing power rationing impacting supply in China as well, base metals prices have traded lower on the week as concern is now also rising that energy shortages are reaching a pivot point where demand could and will likely begin to be more severely impacted as well. Speaker: Greg Shearer, Head of Base and Precious Metals Research This podcast was recorded on Aug 19, 2022. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-4184535-0 For more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.