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Aluminum and copper prices break records again on supply fears

Lima, March 7, 2022Updated on 03/07/2022 12:37 pm

Aluminum and copper recorded record prices on Monday due to fears that the Russian invasion of Ukraine will affect the supply of these two important raw materials.

By 08:00 GMT, a tonne of aluminum for delivery in three months reached US$4,073.50 on the London Metal Exchange (LME). Russia is one of the most important producers of this metal, as well as copper and nickel.

Hours before, the ton of copper It reached the historical price of US$10,845, before reaching US$10,777 around 08:00 GMT.

The nickel price did not break its 2007 record, but rose 25% to $36,800.

The Russian invasion of Ukraine it also sends the price of gold skyrocketing, reaching $2,000 per ounce on Monday, its highest level since September 2020, though it has since retreated slightly.

On the other hand, the price of a barrel of Brent oil from the North Sea touched US$140, close to its historical record of US$147.5, registered in July 2008.

With information from AFP

Source: Elcomercio

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