Nonferrous Metals Prices are mostly dropping with insufficient rising momentum. The Federal Reserve (Fed) announced the federal funds rate is raised by 0.25 basis points
Copper: The most actively traded LME 3 Month copper trading at 0.87% or $9132.50/mt, with LME inventories decreased by 1,925 metric tonnes to 72,450 metric tonnes
Aluminum: The most actively traded LME 3 Month Aluminium traded -0.06% or 2604 $/mt, with LME Inventories falling by 4,550 metric tonnes to 399,600 metric tonnes.
And China’s economy restarting after epidemic restrictions were lifted. Profits made by China’s industrial companies fell by 4.0% yoy at CNY 8.40 trillion for 2022, following a 3.6% decrease in the year before.
Which is the second-largest copper producer in the world, has experienced an increase in social unrest, with major mines being targeted by road blockades & protester violence.