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Metals Cap Worst Quarter Since 2008 on Global Downturn Angst

  • The LME metals index drops 25% since the end of March
  • Tin led losses, with copper and aluminum also tumbling
Updated on

Base metals booked the worst quarterly slump since the 2008 global financial crisis as China’s economy recovered only gradually and fears of a world recession intensified.

The London Metal Exchange Index tumbled 25% since the end of March, although the decline has been magnified due to prices spiking that month following Russia’s invasion of Ukraine. Tin has been the worst performer, plummeting 38%, while aluminum dropped by almost a third and copper by 20%. It was the first quarterly decline for the entire index since the start of the pandemic.