Non ferrous metal markets seem to have recovered from the price lows this week, following the Japanese earthquake and subsequent tsunami.
Copper, tin and aluminium values have all risen on the London Metal Exchange, but with the ongoing and heightening unrest in Libya as a result of the no-fly zone, investors are cautious. Financial trouble in Europe, with Portugal likely to need a bail out from the EU following failed Government budgeting, and the European Central Bank ready to increase interest rates has thrown up some risky situations for the markets.
Copper is currently trading at $9,500 up from $9,046 two weeks ago, tin is now trading at $31,210 per tonne, up from $29,500 two weeks ago and aluminium is valued at $2,625 up from $2,588 two weeks ago.
According to industry experts, China’s bid to ‘cool’ its economy impacted on copper imports in February, with a 12% decrease recorded. Copper scrap and copper concentrates also saw declines in imports.