Base metals were the second worst-performing sector of the commodities market in Q2 2023. While a composite for 29 raw material futures and forward markets in the U.S. and the U.K. edged 0.21% higher from March 31 through June 30, 2023, base metals fell 7.51% and were 9.94% lower over the first half of this year. Five of the six base metals fell in Q2 and over the first six months. LME tin was the only metal that moved to the upside in Q2 and since the end of 2022.
LME zinc three-month forwards were the worst-performing base metal in Q2, followed by LME three-month nickel and LME aluminum forwards. Zinc, nickel, and aluminum posted double-digit percentage losses in Q2, while zinc and nickel were down more than 10% since the end of last year.
