As an annual jamboree for metal traders kicks off in London, investors are daring to believe a change is in the air. “This will be the first time in five years that people will be coming with a spring in their step,” says Guy Wolf, head of market analytics at commodities broker Marex Spectron.
London remains the heart of the global metals trade. Last year $10.3 trillion (£7.8 trillion) of notional trades in metals such as copper, aluminium and zinc passed through the London Metals Exchange (LME).
LME Week, at the end of October, is a chance for metal traders and miners to take stock. For the first time in five years, they are confronted with a bull market for base metals, Wolf says.