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Copper inched higher — heading for its first weekly gain this month — amid signs of rebounding Chinese demand even as war in the Middle East continues to roil markets.
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Most industrial metals were steady or higher on Friday, after President Donald Trump again pushed back a deadline for Iran to strike a deal or face more attacks. However, there’s no sign of Tehran accepting Washington’s demands for a ceasefire, and it continues to exchange missile fire with the United States and Israel.
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The conflict, which is nearing its one-month mark, has dented the outlook for economic growth, weighing on base metals. Aluminum has been the exception, given that the effective closure of the Strait of Hormuz has throttled about nine per cent of all supply.
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“Despite all the claims from the U.S. side, there is hardly any easing of tensions in reality,” said Harry Jiang, a trader with China-Base Ningbo Group Co. “Many traders are taking a wait-and-see approach.”
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Investors are also monitoring the extent of a recovery in Chinese copper demand. The price slump has boosted orders from fabricators, and inventories held in Shanghai Futures Exchange warehouses this week posted the second-biggest decline on record.
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For aluminum, Japanese buyers agreed to pay the highest premium in 11 years after the Iran war disrupted supplies, a cost that’s likely to stoke inflationary pressure at the factories which use the metal.
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Copper added 0.3 per cent to US$12,187.50 a ton by 4:31 p.m. on the London Metal Exchange, on course for a weekly gain of 2.2 per cent. Aluminum gained 0.8 per cent, extending a weekly increase.
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—With assistance from Mark Burton and Jack Ryan.
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