The lacklustre combined performance of the sector’s majors came despite the revival in the bellwether metals, but the broader market has been a mixed bag in 2024.
Aluminium is trading not far off 52-week highs, but zinc seems unlikely to breach $3,000 a tonne any time soon and cobalt is bobbing along historic lows below $30,000 a tonne.
Nickel has been bumped up after lows in the mid-$15,000s last year, but remains firmly stuck in bear territory and lithium’s 2024 good fortune also looks in danger of petering out.
Sentiment towards PGMs has hardly improved with both platinum and palladium drifting lower in 2024. Even iron ore prices back above $100 a tonne – the bread and butter of the diversified majors – was not enough for investors to jump back into the sector.
Gold, copper boost
First Quantum Minerals with market valuation up 58% in US dollar terms, made a welcome return at position 44 after dropping out at…
