Copper reaches 12-month high at $6300 – ANZ

Copper was the only industrial metal to gain some ground yesterday and reached 12-month high at $6300/t as tightening supplies and an increasing Chinese demand lifted the prices, per ANZ Bank.

Key quotes

“Copper was the only metal gaining among industrial metals, with prices reaching a 12-month high $6300/t.” 

“Tightening supplies due to mine disruptions in Chile and Peru and better-than-expected Chinese demand continued to push prices higher. According to a Shanghai Metals Market monthly survey, China’s refined copper output fell in June as smelters undertook maintenance. Concerns are also building for further declines in refined production as concentrate supply stays tight.” 

“Waning risk appetite saw other metals prices falling, nickel prices fell by 2% to $13249/t. Aluminium prices grinded higher to $1664/t. However, still depressed aluminium prices, a deep cost curve and weaker demand prospects led Rio Tinto to announce plans to close its loss-making New Zealand operation.”