Mumbai, April 18 (Commoditiescontrol): Most nonferrous metals prices experienced gains on Friday, with the London aluminium contract extending its winning streak to a sixth consecutive week due to supply concerns sparked by sanctions on Russian metals.
Three-month copper on the London Metal Exchange (LME) rose 0.6% to $9,796 per metric ton by 0830 IST after climbing to a two-year high of $9,843 earlier. The most-traded June copper contract on the Shanghai Futures Exchange (SHFE) jumped 2.3% to 79,470 yuan ($10,972.58) a ton, having touched a record high of 79,840 yuan.
Other LME price movements included:
Aluminium: Increased by 1.4% to $2,652 a ton
Nickel: Rose 1.3% to $18,800
Zinc: Climbed 1.5% to $2,853.50
Lead: Advanced 0.6% to $2,194
Tin: Increased 0.5% to $34,150.
The LME recently banned Russian metal produced on or after April 13th, aligning with new sanctions imposed by the U.S. and UK in response to Russia's invasion of Ukraine.
LME aluminium rose 6.3% this week, poised for a sixth consecutive weekly gain. LME copper and nickel were up 3.1% and 5.7%, respectively. Russia is a major global aluminium supplier, and the sanctions have heightened concerns about potential supply disruptions.
The market reacted with increased price volatility for base metals throughout the past week. Additionally, the cancellation of LME warrants (inventories intended for delivery out of LME warehouses) for copper, aluminium, and lead on Wednesday indicates market nervousness about the impact of the sanctions on Russian metals.
Prices on the SHFE also reflected these trends:
Aluminium: Up 0.3% at 20,440 yuan a ton
Nickel: Increased by 1.6% to 139,610 yuan
Lead: Advanced 1.6% to 17,260 yuan
Tin: Jumped 3.2% to 266,380 yuan
Zinc: Fell 0.3% to 22,695 yuan.
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
