Due to power shortages, production must be reduced.
Copper prices plummeted as the global energy crisis wreaked havoc on the industry, causing base metal prices to be mixed.
Due to global energy shortages caused by record coal and gas prices, metal production from China to Europe has been reduced, depleting inventories.
Aluminum in Shanghai fell due to coal futures
According to Freeport-McMoRan Inc., the world’s largest publicly traded copper mining company, copper production in the Americas was lower than expected in the third quarter. Fears of a tight market grew stronger, leading to a historically tight market that pushed prices to new highs.
Due to growing concerns about Chaina Energrande Group, the LMEX Metals index, which tracks six metals, fell this week after reaching a new high last week.
Aluminum fell 6.6 percent to 21,660 yuan on the Shanghai Futures Exchange, its daily limit. Coal futures have fallen as China’s government continues to address the country’s energy crisis.
On the Singapore ferrous metals market, iron ore prices rose 1.3 percent to $117.95 per tonne on Friday, following a 4.1 percent drop on Thursday.