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Copper Hits Two-Year High, Base Metals Surge on Supply Worries

19 Apr 2024 4:17 pm
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Mumbai, April 18 (Commoditiescontrol):Copper prices reached their highest point in almost two years on Friday, spurred by supply concerns and ongoing investment fund purchases. Other base metals also experienced substantial growth.

Three-month copper on the London Metal Exchange (LME) increased by 1% to $9,834 a metric ton, touching $9,843 – its highest level since April 29, 2022. Copper, a critical component in power infrastructure and construction, has seen a 16% price surge over the past two months.

"The consistent upward momentum is undeniable. April has witnessed significant capital flowing into the commodity market," observed Alastair Munro, senior base metals strategist at broker Marex.

A recent Citi note projects copper prices could reach as high as $10,500 a ton, with an average of $10,000 in the second and third quarters. "Given the balance of risks, we expect the current rally to continue over the next three months," the note added.

Market dynamics continue to shift as London and Washington implement bans on new Russia-origin aluminium, copper, and nickel in LME and CME warehouses. LME aluminium rose 1.7% to $2,659.50 a ton in the wake of this news.

Investor withdrawals from LME-registered warehouses continue, with available LME aluminium stocks dropping to 171,200 tonnes – the lowest level since August 2022.

Tin prices have also been volatile, hitting a 22-month high at $35,100 a ton before settling at a 3.3% increase at $35,065. Market observers attribute this week's sharp price and spread gains to a large position assumed by a single party, additional fund buying, and persistent supply concerns.

Nickel prices jumped 3.6% to $19,235 a ton, following a Monday high of $19,355 – its highest in seven months. Zinc and lead prices also saw gains of 1.3% and 0.9%, respectively.

(By Commoditiescontrol Bureau; +91-9820130172)

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