My Q2 Barchart report on Base Metals suggested that investors should be buying the nonferrous metals in Q3 after the Q2 dip and lower prices over the first six months of 2023. The sector that includes copper, aluminum, nickel, lead, zinc, and tin that trades on the London Metals Exchange fell 7.51% in Q2 and was 9.94% lower than the 2022 closing level on June 30.
Copper is the leading base metal, with both LME forwards and COMEX futures outperforming the base metals sector over this year’s first six months. While the futures fell 1.82% over the period, the LME forwards rose 1.71%.
