Copper back above $7000/t

LME metals had another solid session in London on Tuesday.

Copper back above $7000/t Copper back above $7000/t Copper back above $7000/t Copper back above $7000/t Copper back above $7000/t

Zinc was the best mover, rising by nearly 1.9% to US$3245.50 per tonne, while lead was the only loser, falling by 1.2% to $2460/t.

Nickel closed 1.2% higher at $11,940/t, its highest level since early September.

Copper added 0.5% to close just above $7000/t.

According to Bloomberg, Goldman Sachs described the recent rally as “largely justified”.

It comes as China’s Communist Party Congress wrapped up yesterday. RBC Capital Markets said the reiteration of supply side reforms suggested recent changes to supply dynamics would continue and increase in force.

The Metal Bulletin iron ore spot price rose by 0.7% to $62.42/t.

topics

loader