"Prices will continue to be volatile, with heightening concern over global growth factors tipping risk to downside," Moody's Investors Service added.

Prices, it said, would remain vulnerable to influences such as global economic growth rates, Chinese export or import levels, production disruptions and foreign-currency movements.

"Fundamentals won't support a break-out price recovery," said Moody's Investor Services' Senior Vice President, Carol Cowan.

Uneven global economic expansion and slowing growth in China, the world's biggest consumer of base metals, as well as in Europe and Brazil account of the subdued outlook for price recovery next year, despite current strength of US economy, he said.

These factors have led to increasing risk to the downside for the base metals industry. Market perception, the strength of US dollar and geo-political concerns will also continue to affect prices.

Base metals producers will remain focused on cost savings and capital discipline next year.

"In 2015, they will continue to focus on strategic projects, while cost savings achieved to date and ongoing initiatives will help ease some of the pain from lower prices," he said.

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