EconomySupply Concern Boosts Aluminum and Zinc Prices; copper...

Supply Concern Boosts Aluminum and Zinc Prices; copper is trading down

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Lima, January 4, 2022Updated on 04/01/2022 10:44 am

Aluminum and zinc prices rose on Tuesday as concerns over supply disruptions from high electricity prices spurred purchases, but gains were limited by the rising dollar and the omicron variant of the coronavirus, which it is spreading rapidly.

As of 10:34 GMT, benchmark aluminum on the London Metal Exchange was up 1.1% to US $ 2,839 a tonne, after gaining more than 40% last year, while zinc was up 0.5% to US $ 3,553, after advancing 28% in 2021.

“The history of energy and shortages (of aluminum and zinc) are going to be with us for a while”said an industry source. “Inventories are already low and more metal will come out of warehouses (registered in the LME)”.

High energy prices and disruptions were already a problem in China, before Indonesia – the main exporter of coal used in power plants and China’s largest foreign supplier – banned exports for January.

The rise in the dollar makes the metals traded on the greenback more expensive for holders of other currencies, which could reduce demand.

In other base metals, three-month nickel rose 0.6% to US $ 20,880 a ton; copper was down 0.9% at US $ 9,635; lead was down 0.4% to $ 2,295; and tin was down 0.2%, at $ 38,795.

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