Copper and Aluminum Prices Are Increasing Sharply

Shanghai copper prices jumped to 10-year highs on Thursday (today) as the US Federal Reserve continued its free monetary policy to support the growth of the world's largest economy.

Copper, the most traded on the Shanghai Futures Exchange, rose to 70,740 yuan ($ 10,964.04), a level not seen since March 2011.

Copper on the London Metal Exchange rose 2.3 percent to $ 9,518.50 per ton as of 07:14 GMT.   Aluminum is also on the rise! On the Shanghai stock exchange, prices rose 6 percent to 17,635 yuan, a 2-year high. It then closed at 17,480 yuan per ton. On the London Metal Exchange, the contract rose 2 percent to $ 2,229 per ton. Fed Chairman Jerome Powell dismissed market expectations that the central bank would soon tighten monetary policy when the central bank announced that it could take more than three years to reach inflation targets. This is a sign that interest rates will not be changed for a while. Anna Stablum, commodity broker at Marex Spectron, said, "There is a supply shortage supporting copper, aluminum and certain metals, following Powell's bullish comments to support the economy."   “Copper has seen low transaction fees for years. '' Stablum said, “China will struggle to produce enough aluminum among the world's carbon-free targets. They are making good use of the huge demand for tin for now along with the difficulties in the supply chain.” Tin on the LME (London Metal Exchange) rose 1.2 percent to $ 27,010 per ton, while the ShFE (Shanghai Futures Exchange) rose 1.5 percent to 191,790 yuan per ton. ShFE nickel fell 1.7 percent to 144,990 yuan per ton and LME nickel fell 0.4 percent to $ 19,635 per ton.   Copper and Aluminum Prices Are Increasing Sharply Source: https://www.reuters.com/ You may also be interested in:

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