While there are growing expectations that demand will take a hit from Covid-19 lockdowns in China and economic headwinds elsewhere, prices for most key metals are still at historically high levels - many of them haven’t dropped substantially from records set earlier this year - and warehouse inventories broadly remain thin. ![]() Supplies are tight globally: exchange stockpiles of metals like zinc and aluminum have fallen to perilously low levels after demand rebounded last year and global logistics systems were snarled. Nearly every major metal and mineral has hit a record in the past 12 months, fueling profit and share price gains across the sector. The mining industry has been one of the big winners from the post-lockdown economic recovery and the threat of supply disruption from Russia’s invasion of Ukraine. At existing operations, companies are struggling with everything from Covid-19 absenteeism to extreme weather and basic missteps that hurt productivity and drive up expenses. ![]() ![]() New mines require billions of dollars and can take decades before they’re ready to start up, if they get there at all. ![]() The disappointments are a reminder of how hard it is to maintain and grow supply of metals that feed the world’s factories and building sites.
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