Most of the raw materials of the mining and metallurgical industry finished the month in positive territory. The impetus for the rise in prices for key metals was the expected reduction in the US Federal Reserve interest rate in September. At the same time, the events of early October - the shutdown in the United States, the resignation of the French Prime Minister and changes in power in Japan - added turbulence to the market.
The price of copper on the London Metal Exchange exceeded 10 thousand. An accident at one of the largest mines in the world, Grasberg, and the subsequent shutdown of operations led to concerns about the sufficiency of supply. The situation is also complicated by interruptions in supplies from the Kakula mine in the DRC, where restoration work is still underway after the earthquake and flooding of the infrastructure. Analysts predict an increase in the cost of copper to 11-12 thousand per ton in the coming year.
The price of aluminum has strengthened and exceeded 2.7 thousand for the first time since March of this year. In addition to general factors, this may also be influenced by Chinese production, which will soon reach the metal production capacity limit. A separate incentive is reports of a decrease in bauxite supplies from Guinea due to the shutdown of production at the Alufer’s Bel Air deposit and the rainy season.
The price of gold and silver set new records.
How and why prices for other metals changed - read the Kept review.
