Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

Published: Jun 5, 2023 17:12

Save

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.

More popular news:

SMM Daily Comments (Jun 5): Base Metals Mostly Fell, Ferrous Metals Bucked the Trend to Surge, Oil Gained Further on Saudi Arabia Output Cuts in July

SMM Daily Comments (Jun 6): Base Metals Mostly Rose, Iron ore Surged, Oil Plunged on Sluggish Overseas Economies

SMM Daily Comments (Jun 8): Base Metals Closed Mixed with SHFE Tin Plunging, Iron Ore Soared, Oil Rebounded

SMM Daily Comments (Jun 7): Base Metals Mostly Rose, Ferrous Metals Dropped, Oil down as Russia Dumps Cheap Oil

China Will Issue Massive Bills In Hong Kong This Year

Breaking News! What are the Signals from China’s Surprise Rate Cut besides the Aim of Lowering Financing Cost for Real Economy?

Global Manufacturing PMI Continued To Fall In May, Points To Downturn In Global Economy

SMM Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel & Cobalt Supply and Demand Prospect, Impact from NEV Development

Indonesia Will Launch Nickel Price Index Applied for Domestic Policies and Deter Export Duties on Nickel Products

Chilean Tax Hike Will Deter Copper and Lithium Mine Investment, Push Japanese Mining Companies to Other 24 Countries

Glencore to Aggressively Expand Copper Capacity

World Bank Raises Forecast for Global Economic Growth in 2023 with Significant Increase for China, Emphasises Dangers of A High-Interest Rate Environment, But Lowers Forecast for 2024

Commerzbank Lowers Price Forecast for Copper, Aluminium, Zinc and Nickel for 2023 and 2024

Rumours Say Glencore Will Raise Takeover Bid for Teck Resources, but Another Big Obstacle Lies Ahead

Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

Market forecast Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 hours ago

China’s Ferromolybdenum Imports and Exports in February 2026 Showed Mixed Changes

[Ferromolybdenum Import and Export Information] SMM, March 20: Customs data showed that China imported 240 mt of ferromolybdenum (physical content) in February 2026, up 5.26% YoY and down 16.38% MoM. From January to February, China's cumulative ferromolybdenum imports totaled 527 mt (physical content), down 57.3% YoY. In February 2026, China exported 317 mt of ferromolybdenum (physical content), up 21.92% YoY and down 43.70% MoM. From January to February, China's cumulative ferromolybdenum exports reached 919 mt (physical content), down 25.62% YoY.

12 hours ago

China’s Molybdenum Concentrate Imports and Exports Both Declined YoY in February 2026

[Molybdenum Concentrate Import and Export Information] SMM News, March 20: In February 2026, China imported 4,572 mt of molybdenum concentrate (physical content), down 13.03% YoY and 1.82% MoM. Cumulative imports of molybdenum concentrate in January-February totaled 9,230 mt (physical content), down 13.88% YoY. In February 2026, China exported 558 mt of molybdenum concentrate (physical content), down 46.01% YoY and up 160.72% MoM. Cumulative exports of molybdenum concentrate in January-February reached 772 mt (physical content), down 46.01% YoY;

12 hours ago

China’s Molybdenum Oxide Imports Increased and Exports Decreased in February 2026

[Molybdenum Oxide Import and Export Information] SMM News, March 21: Customs data showed that China imported 2,629 mt of molybdenum oxide (physical content) in February 2026, up 386.78% YoY and up 28.12% MoM. Cumulative imports of molybdenum oxide in January-February totaled 4,680 mt (physical content), up 427.03% YoY. In February 2026, China exported 689 mt of molybdenum oxide (physical content), down 43.96% YoY and down 32.2% MoM. Cumulative exports of molybdenum oxide in January-February totaled 1,706 mt (physical content), down 25.90% YoY.

12 hours ago