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Home / Metal News / Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

Jun 5, 2023 17:12

Source:SMM

According to foreign media reports on June 1, the epic commodity bull market starting three years ago has witnessed commodity prices hitting decades-highs.

Now the bubble has finally burst. Demand for cobalt, used in many battery types, will jump by about 70%. Demand will rise sharply for commodities used in electric vehicle and battery such as copper, manganese, iron, phosphorus and graphite.

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Overnight, LME copper opened at $9,882/mt, fluctuated widely at the beginning, reaching a high of $9,908/mt, then kept falling, dropping to $9,740/mt near the end of the trading session, and finally closed at $9,787/mt, with a drop of 1.6%.

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Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

SMM Events & Webinars

NET ZERO MEA - Solar & Energy Storage

2025 SMM (20th) Lead & Zinc Conference and Industry Expo

CLNB 2025 (10th) China International New Energy Industry Expo