At the end of the trading session on June 22, 2021, the reference copper futures price on the London floor increased by 0.6% to $9,203 per tonne, in some sessions the price dropped to only $9,011 per ton.

Copper prices were firm in the past session, after touching the lowest level since mid-April on China’s move to curb rising commodity prices and signals from the US Federal Reserve (Fed) that it will tighten. monetary policy earlier than expected.
At the end of the trading session on June 22, 2021, the reference copper futures price on the London floor increased by 0.6% to $9,203 per tonne, in some sessions the price dropped to only $9,011 per ton.
“We’ve seen a top and the trend is starting to fall,” said Commerzbank analyst Daniel Briesemann, predicting that copper prices will average $8,000 to $8,500 in the third quarter of this year.
The price of copper has increased by nearly 150% from March 2020 to May 2021 with speculators betting on demand from infrastructure and the trend of electrification will overwhelm supply.
Iron ore prices in Asia plunged after Chinese authorities launched an investigation into the spot market, a move to control the rise in commodity prices. Last week, China announced it would sell metals, including copper, from its national stockpile.

In terms of aluminum, total global aluminum production in May increased to 5.744 million tons, according to data from the International Aluminum Institute (IAI). Aluminum prices at LME fell 0.6 percent to $2,370.5 per tonne. Zinc rose 0.8 percent to $2,844 a tonne, nickel rose 1.1% to $17,346 a tonne, lead rose 0.7% to $2,172 a tonne and tin fell 0.2% to $29,810 a ton .

Futures price list of some metals on the Shanghai Exchange

(Unit: yuan/ton).

Source: Reuters

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