Industrial metal prices have just seen their biggest quarter of falls in many years, with the market reflecting exposure to China's COVID lockdowns, inflation, rising interest rates and stalled growth.

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The speed and magnitude of the fall was unexpected and partly reflects the sale of metal such as aluminium and nickel bought in anticipation of supply disruptions to material from Russia, which did not materialise, after it invaded Ukraine.

"Metal supply is rising because it has been incentivised. Demand is slowing and the trend is for surpluses," said Julian Kettle, Vice Chair of Metals and Mining at consultants Wood Mackenzie.

HOW FAR HAVE METALS PRICES FALLEN?

Aluminium prices on the London Metal Exchange (LME) plunged 30 per cent in the second quarter, the largest quarterly loss since the financial crisis in 2008.

Copper dropped 20 per cent in the second quarter, the largest quarterly loss since 2011, when the bubble created by massive Chinese stimulus burst.

Zinc tumbled 24 per cent and lead dropped 21 per cent in the second quarter, the largest quarterly losses since 2010 and 2011 respectively.

Tin and nickel crashed 38 per cent and 29 per cent respectively in the second quarter, the most on record.

With the exception of lead, all the other five metals hit record highs in March as markets priced in expectations of deficits due to robust demand and transport bottlenecks in producing regions.