With the exception of aluminum, base metal prices have risen in recent days, Commerzbank’s commodity analyst Barbara Lambrecht notes.
Attempt to break above $10,000 has failed on the Copper market
“The price of Copper (3-month forward), which had already risen by 3% in August, headed for the $10,000 per ton mark, which was last exceeded at the beginning of July. The prospect of interest rate cuts in the US and the resulting weakening of the US Dollar (USD) had provided a boost in recent weeks. However, this is likely to have been priced in.”
“As mentioned above, however, there is a lack of further impetus in the short term, so the upward trend is likely to subside. Yesterday, at least, the attempt to break through the $10,000 per ton mark failed on the Copper market.”
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