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The three-month copper price closed back above $6,500 per tonne, despite stocks increasing; the metal is beginning to consolidate at current levels following increased fluctuation during September.
“Copper prices continue to consolidate having run ahead of the fundamentals, while the market pauses during the Golden Week holiday [2-8 October] and before the National People’s Congress, which starts on October 18,” Metal Bulletin analyst James Moore said.
“Overall we maintain a bullish view for copper’s fundamentals because improving demand and supply disruptions are set to tighten the supply/demand balance,” Moore added.
The three-month zinc price is continuing to lead the upward trend hitting a new ten-year peak at $3,292 per tonne earlier today. Zinc prices continued to derive support from tight supply and the persistent large backwardations in spreads.
The lead price took its cue from zinc’s strength, and closed $73 per tonne higher than Monday’s 5pm close price.
Nickel prices continued to rebound, trading a further $280 per tonne higher as it aims to get back above $11,000 per tonne.
“As we enter the fourth quarter, and with positive manufacturing data continuing to come from both China and USA, prices are generally steady,” noted Sucden Financial.
Zinc prices climb higher
Base metals prices
Currency moves and data releases