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The three-month copper price on the London Metal Exchange rose to a peak not seen since June 2018 this morning, Tuesday November 24, pulling the rest of the complex higher after a day of correction on Monday.
Bans on the export of ferrous scrap by various key suppliers of material to India and Pakistan have restricted import flows at the same time that demand has been returning to these markets, pushing prices higher, Fastmarkets has learnt.
The base metals on the London Metal Exchange were firmer across the board this morning, Tuesday November 24, although those on the Shanghai Futures Exchange were mixed following the weakness seen on the LME on Monday.
Hot-rolled coil prices in the United States have surged on confirmed buying activity and incredibly thin spot availability, prompting at least one electric-arc furnace (EAF) coil producer to quietly communicate a base price increase to customers, Fastmarkets has learned.
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