Copper for three-month delivery on the London Metal Exchange (LME) rose $3.50 to $9,967.50 a tonne. Tin (CMSN3) rose 0.1% to $31,255 after hitting a 10-year high.

Copper prices stayed below $10,000 a tonne as data showed Chinese mills are facing the fastest rise in input costs in 12 years and a Chinese government agency said it would strengthen supervision of commodity markets.
Copper for three-month delivery on the London Metal Exchange (LME) rose $3.50 to $9,967.50 a tonne. The price of copper is up nearly 30% this year.
The Chinese government’s control of rising commodity prices may disrupt the speculative dynamics in this market, but is unlikely to affect prices.
Speculators scaled back their bets on rising copper prices, with net buying on the London Stock Exchange falling to 20% of open contracts.
At the same time, workers at BHP Group’s Spence copper mine in Chile said they would extend negotiations with the company for a few more days to try to avoid a strike.

Aluminum prices fell 0.1% to $2,450/ton. The cash contract has moved to a premium of $11.80 against the metal three months – its highest level since 2019 – from a $30 drop two weeks ago, indicating a fast-deliverable material supply. tightened more.
The price of tin (CMSN3) was up 0.1% at $31,255 after hitting a 10-year high.
On the London bourse, zinc prices remained unchanged at $3,015.50 per ton, nickel rose 1.1% to $18,130 and lead rose 0.5% to $2,194.

Many economists argue that the current commodity price boom is cyclical rather than structural. It comes from strong Chinese demand, the post-pandemic economic recovery of Europe and the US, and supply chain disruptions. They expect the upside momentum to fade as China – the world’s biggest buyer of goods – tightens credit.
The fact is that some raw materials have decreased. Iron ore is down 10% from its recent record high of $233 a tonne in May, after Beijing issued a warning about speculation. “Commodity prices rise because demand is so strong. But much of it is a cyclical recovery after a very large recession,” said Ric Deverell, Macquarie economist in Sydney.
Skeptics are also quick to point out that not all items are in short supply. A case in point is oil, where OPEC and its allies have yet to fully withdraw the production cuts enacted in April 2020.
“When we talk about supercycles, we are talking about something bigger. It has to do with major commodities like oil and iron ore,” said Mark Williams, chief Asia economist at Capital Economics.
However, when it comes to copper and other metals involved in green technology, such as cobalt and nickel, even the most cynical accept the fact that supercycles can take place. Supply is very limited while the market is accelerating.
List of futures trading prices of some metals on the Shanghai floor
(Unit: CNY/ton)