Copper soars most since 2009, supply still tightBloombergCopper jumped the most since January 2009 as optimism about a relaxation in China’s COVID-19 policies and a steep decline in the US dollar set off a scorching run-up across industrial metals markets already facing tight supply. Copper closed 7.1 percent higher on the London Metal Exchange, while zinc rose 5.7 percent and aluminum rallied 4 percent. Copper rose as high as US$8,121 a ton (US$8251 a tonne), before closing at US$8,099 a ton, in the biggest daily gain since January 2009. Supply worries are also rising to the fore in the zinc market. Despite the zinc market’s tight dynamics, prices had tumbled during a broad retreat in metals markets as worries about demand mounted in the past few months.

Source: Taipei Times November 06, 2022 02:46 UTC