Copper prices have rocketed over the past year, but Myra Pinkham asks market analysts whether present drivers will continue to support them in the longer term.

The supply shortage in the European steel market, which has been driving up domestic prices since late 2020, will persist until the end of this year at the very least, market sources told Fastmarkets.

Trade groups representing different segments of the aluminium industry appealed to the incoming United States presidential administration to take contrary actions on the Section 232 aluminium tariffs.

The base metals on the London Metal Exchange and on the Shanghai Futures Exchange were mixed this morning, Thursday January 14, with prices generally holding up in high ground but some weakness is showing up on the charts in the likes of zinc.

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were once again mixed this morning, Wednesday January 20, but the likelihood of plentiful US fiscal stimulus in the days ahead is likely to underpin markets at least for a while, although any new measures to tackle Covid-19 may well become a headwind.

Markets remained upbeat on the morning of Thursday January 7 despite the outbreak of violence in Washington, DC, with nickel joining copper and tin in setting fresh new multi-month highs but gold turning lower.

There were gains across the board for the London Metal Exchange base metals this morning, Wednesday January 20, with a weaker US Dollar Index and a firm commitment on further stimulus in the United States pushing copper and aluminium up by 1.2% and 1% respectively.

Economic and policy experts at aluminium, steel and scrap trade associations are hopeful about demand and policy prospects in 2021, but remain wary about potential problems that could still arise from the Covid-19 pandemic.

The London Metal Exchange base metals failed to hold on to the excitement from US President-elect Joe Biden’s speech overnight, with zinc and nickel the hardest hit and copper once again falling below $8,000 per tonne on Friday January 15 and most of complex trading in negative territory.

The base metals on the London Metal Exchange were mainly weaker this morning, Friday January 15, while those on the Shanghai Futures Exchange were mainly firmer in line with the stronger Chinese fundamentals.