Commodity markets were given little to cheer about in President Xi Jinping’s address to the Communist Party Congress.

The environment is still not optimistic and the industry faces a “severe market situation”, the China Iron & Steel Association warned.

Chinese President Xi Jinping reiterated the country's covid-19 stance during his speech at the Communist Party Congress on Sunday.

Metal industry sources say there is concern that Rusal will be unable to sell its metal and will deliver it into the LME system.

Xi electrified climate activists two years ago when he vowed to reach carbon neutrality by 2060 after peaking emissions before 2030.

Lithium prices hit an all-time high this week as battery makers scramble to secure supply amid booming demand.

Just as Aurubis and Codelco aim to grab market share in Europe by replacing Russian metal, they risk losing market share in Asia if large amounts of Russian copper are displaced from the European market.

Prices set to end 2022 around $100 a tonne, dip further in 2023.