The metals complex has had a volatile year. Most metals performed strongly in the first quarter given the growing supply uncertainty due to Russia’s invasion of Ukraine. However, a stronger US dollar, rising rates and weaker downstream demand weighed heavily on metals markets for the remainder of the year. Nickel is the standout across the complex, managing to hold onto year-to-date gains. Still, the LME price is down significantly from its year-to-date highs in March following a short squeeze, as recession fears have undermined market sentiment.