Conflicting developments saw the industrial metals market during the first days of the new year. While aluminium and zinc underpowered slightly earlier in the week, copper, on the other hand, went downward.
The price of aluminium on the London Commodities Exchange rose more than one per cent, getting over $2800 a tonne. Over the past year, aluminium has already healed by more than 40 percent. Zinc strengthened only half a percent on Tuesday, and a ton is selling at a price of around $3.5 thousand. Over the past year, zinc has healed by nearly 30 percent.
Behind the last year’s price growth in recent days are the disrupted supply chains of these metals combined with high demand for products that can’t do without these metals. The recovery also occurred because of growing investor concerns about the predominant coronavirus variant omicron spreading through the world.
Conversely, though, fear of omicron translated into the price of copper. The latter discounted by just under a percentage in the early days of the new year to levels slightly above $9600 a tonne. But over the past 12 months, the price of copper has risen by around a quarter.
