Industrial Metals Rally on Supply Concerns
As of April 22, industrial metal prices have surged significantly, according to Trading Economics.
Copper
Up 1.12% to $4.5478 per pound
Highest level in two years
Aluminum
At $2,689 per ton
Up 0.75%
Highest in two years
Used in cans, aircraft, and buildings
Tin
Spiked to $35,582 per ton
Up 4.72%
Highest since June 2022
Nickel
Traded at $19,468.5 per ton
Up 4.9%
Highest since September 2023
Causes of the Surge
Market tightness concerns over US and UK bans on Russian metals
Escalating tensions in the Middle East
US and UK Bans
US Treasury Department banned imports of Russian copper, nickel, and aluminum
Bans restrict trading on London and Chicago exchanges
Prohibit direct purchases
Impact of the Bans
Make China the primary buyer of Russian metals
Enhance Shanghai’s role in pricing these materials
Other Factors Influencing Prices
Russia’s significant production of these metals
Increasing Russian metal库存
Indonesia considering export restrictions
China’s planned purchase of nickel pig iron
Market Outlook
Russian companies may shift production to avoid bans
Rusal, a major Russian aluminum producer, remains optimistic about sales
Goldmans Sachs predicts increased imports from China, India, and Turkey into Russia
