While U.S. stock markets have hit new record highs this year, base metals have sagged, including the once sought-after battery metals. Specifically, aluminum prices (ALK24) are in the red this year, while copper (HGH24) is trading largely sideways.
The price action of base metals is also reflected in the stock prices of the companies that produce them. For instance, Alcoa (AA) - which is the largest U.S.-based aluminum producer - has lost almost 21% of its value YTD. At the same time, Freeport-McMoRan (FCX), the world’s largest listed copper producer, has lost nearly 13%.
