Copper for supply in Might rose on the Comex market in New York, touching $4.5850 per pound ($10,087 per tonne), up 2.9% in comparison with Monday’s closing.
[Click here for an interactive chart of copper prices]
The battle in Ukraine might additionally drive copper costs larger, in keeping with an S&P Global report.
Russia is a heavy producer of the metallic and the chance of extra sanctions in opposition to the nation is extremely probably because the invasion continues.
“Market sources imagine the near-certainty that stricter sanctions will probably be launched on commerce with Russia might additional squeeze provides in world markets which might be already tight, with deficits in some instances,” S&P World says.
“The metals markets within the short-term stay on the mercy of the Ukraine state of affairs, transferring backwards and forwards between risk-off and risk-on dynamic,” mentioned Gianclaudio Torlizzi, a associate at consultancy T-Commodity in Milan.
(With recordsdata from Reuters and Bloomberg)