Copper’s listing on the London Metal Exchange is heading for new records in response to assessments that the energy crisis could affect disruptions in industrial metal supplies. Copper in three-month deliveries gained 0.9%. at $ 10,283.50 a tonne, brokers report.
At Comex in New York, copper is 0.79% more expensive. up to $ 4.7630 per pound.
Economists point out that soaring energy prices – from China to Europe – pose growing risks to the production of important industrial raw materials.
The global energy crisis is disrupting metals markets, increasing production costs and forcing steel plants to shut down even when copper stocks are dwindling.
Copper stocks, monitored by the LME Metal Exchange in London, are now at their lowest level since 1974.
There have been significant production cuts around the world, especially in the case of energy-intensive metals, such as aluminum and zinc.
Investors in commodity markets are watching for rising supply tensions, but also for signs that the energy crisis is hitting producer demand.
This could mean that soaring energy and commodity prices will accelerate inflation and worsen already unstable supply chains.
“Concerns about the global energy supply, coupled with low metal inventories, are attracting funds to the base metals sector,” said Wei Lai, analyst at Tiangfeng Futires Co.
At the end of the previous session, copper on the LME lost $ 85 to $ 10,196 per tonne. (PAP Biznes)
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