Metals Price Change

The line graph compares the average monthly percentage change in the prices of copper, nickel and

zinc over the course of 2014. Overall, nickel was by far the most volatile, while copper remained the

most stable, and zinc showed a mid-year peak that preceded a general fall.

Nickel experienced the most dramatic fluctuations. It began the year at its highest point, rising

by around 6% in January, before falling sharply to a fall of about 4% in February and continuing

downwards. It reached its lowest point in June, when prices fell by 3% compared with the previous

month. After that it recovered somewhat, staying around -1% to -2% through the second half of the

year before ending slightly positive in November and December.

Copper followed the steadiest path. It started at around +2% in January and then hovered between

roughly -1% and +1% for the rest of the year, never rising above about 1% and never falling below

-1%. It ended the year at approximately +1%, meaning it was the least affected by the volatility

that hit the other two metals.

Zinc was more variable. It rose from about +1% in January to a peak of roughly +3% in March — the

highest monthly increase apart from nickel's January figure — before falling below zero and

remaining between -1% and -0.5% for the middle part of the year. It then picked up again towards

the end of the year, rising to around +2% in November.

In summary, all three metals saw prices fall through the first half of 2014 and recover later in the

year, but nickel's swings were far sharper than copper's.