Ba nk o f Am e ri ca 20 20 Gl o bal Met a l s Mi ni ng a nd S t e e l Con f e r e nce Gl o ba l comm o di ty ma r ke ts Respond i ng t o C OVI D 19 Co m m o di ty m a r ke ts ha ve r e s pond e d qui ckly to th e sh a r p re duc tion i n dema n d wi th prici n g for m a n y comm o di ties fa ll in g in to th e upper e n d o f th e ir r e s pective cost curve s The full im pa ct o f th e de ma nd sh o ck ha s bee n te m per e d by CO VI D 19 r e la ted s upp ly di s r upti o n s r e duc tions to da te wi th cum ula tive loss e s contribu tin g to cl o s in g th e ga p o n dema n d loss e s Low ab o ve gro un d in ve n tor ies a t th e sta r t o f th e ye a r r e la tive to pre vious e conomi c cycl e s s h o uld h e lp li m it th e e xtent o f pote n tia l in ve n tor y bui ld li ke ly to be see n in copper zin c a n d n ic ke l Glo bal est imat ed industry supp ly impacts y ear t o d at e 1 Est im a te d loss e s a s a sha r e of p r e C OV I D 2 020 sup p ly forec a st 6 Zn E xcl u din g sm el t i ngr ef i n i n g a n d di rect use scrap lo sses 5 Ni 6 Thermal C oal 6 Met Co al 4 Cu 5 Mn ore 11 Cr ore 11 Cr alloy S ou rce 1 Gle nc or e e s ti m a te s R e u te rs B loom be rg c om pany re le a s e s