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LME copper off record high on weak demand

21 May 2024 3:48 pm
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Mumbai, 21 May (Commoditiescontrol): London Metal Exchange (LME) copper prices declined on Tuesday, moving away from the previous session's record high as investors questioned the sustainability of the price rally amidst subdued physical demand. Three-month copper on the LME fell by 0.2% to $10,860.50 per metric ton, although the contract is still up 27% this year.

Copper, essential in power and construction, reached a record high of $11,104.50 on Monday, driven by a rally from short covering which encouraged speculators and funds to bet on a potential long-term shortage due to the green energy transition. Similarly, COMEX copper hit a record high of $5.1985 per pound, or $11,460 per ton, on Monday, and edged up 0.4% to $5.1075 on Tuesday.

China's refined copper production in April saw a 9.2% year-on-year increase, indicating a robust supply response.

In other metals, LME aluminum prices rose 1.4% to $2,665.50 per ton, supported by a drop in on-warrant stocks in LME-registered warehouses to a two-week low of 556,100 tons following 82,000 tons of cancellations. Additionally, Rio Tinto declared force majeure on third-party alumina export contracts from its refineries in Queensland, Australia.

Among other metals, zinc increased by 0.4% to $3,127.00 per ton, lead dipped by 0.1% to $2,337.50, tin fell by 0.8% to $34,315, and nickel decreased by 1% to $21,550.

(By Commoditiescontrol Bureau: 09820130172)

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