Metals: the key things to watch in 2020
With metals on the front line of the energy transition story, we consider some key risks to our 2020 metal market forecasts. Aluminium faces a new dynamic as the world goes green, whereas smelter performance and bottlenecks will be influential for zinc and lead. The recent approval of new scrap re-categorisation standards in China will be a focal point for copper while in nickel, all eyes will be on Indonesia, the ramp up of NPI and, possibly, the stalling of stainless output. Elevated geopolitical risk leaves gold poised to perform strongly.