Higher base metal prices despite economic turmoil

Disappointing economic figures from China (especially from trade and the automotive sector) have not reversed the positive sentiment in base metal markets. Optimism about a possible positive outcome of the trade negotiations is the main driver for the current price increases in the base metal complex. In the event of a positive result, the prices will rise further, but this result is already largely priced in. And finally, after the trade war dust has settled, fundamental drivers will take over in base metal markets and they show a mixed picture.