The global world refined copper market showed a deficit of 90,000 tonnes in June, compared with a surplus of 4,000 tonnes in the prior month.

Overall, the market appears to be more in evenly balanced than earlier in the year, when supply was disrupted and China’s steel production was hitting monthly records.

Iron ore’s rollercoaster ride this year is set to end with a whimper as the contraction in China’s steel industry heralds further declines.

Gold has lost 8% this year as central banks plot a course toward cutting the unprecedented monetary stimulus.

Copper prices fell as the prospect of a debt default at China property developer fuelled a sell-off across financial markets.

Steel mills in Jiangsu have received instructions to reduce production as part of broader curbs on industrial activity aimed at lowering power usage.

This year, curbs on smelter output and electricity usage in several regions have sharply cut domestic aluminum supply in China.

Technical and battery-grade lithium carbonate prices increased by over 20% in the first half of September.