LIVE FUTURES REPORT 07/05: Copper hits all-time high; aluminium above $2,500/t

Copper’s futures price reached an all-time high in early trading on the London Metal Exchange on Friday May 7 and aluminium breached the $2,500-per-tonne mark on bullishness in the market caused by supply concerns and firm demand.

The red metal’s three-month price peaked at $10,253 per tonne on Friday morning, surpassing its previous high of $10,190 per tonne set in February 2011. This was a rise of 1.6% from Thursday’s closing price of $10,092 per tonne, but the price eased to $10,225.50 per tonne at 9am. “In Chile, the lower house approved a progressive tax rate on copper sales, potentially deterring mine investments in the world’s largest copper exporter,” LME desk analyst at Marex Spectron Anna Stablum noted. “The bill will now be sent to the senate. There are few new copper projects ready,...

Published

Ana de Liz

May 07, 2021

09:22 GMT

London