Industrial metal prices stabilize in conjunction with the lockdown in America and China
Industrial metals witnessed a quiet start to the week, as many traders in Asia and the United States stopped trading, on the occasion of the Lunar New Year holiday in China, and the Presidents Day holiday in the United States.
The price of copper stabilized little changed, at $12,900 per ton on the London Stock Exchange, after recent market volatility, while the price of aluminum stabilized after falling on Friday.
Iron ore futures fell by 0.3% to reach $96.50. per ton in Singapore, after a series of losses that lasted 5 weeks. The prices of the basic product of the steel industry fell as port stocks in China increased to record levels, in light of the major mining companies increasing production.
The index recorded The London Metal Exchange‘s six major trades hit a record high last month, driven by a wave of Chinese buying, coinciding with weak The US dollar.
Meanwhile, The price of copper for three months reached $12,863 per ton, while the price of aluminum stabilized at $3,080 per ton after falling by 2.7% on Friday.
The price of tin rose by 2.9% to reach $48,060 per ton, after falling by 6% in the last session of last week.
As for the supply level, work in a mine was suspended. "Simfer" New iron ore production in Guinea, following the death of an employee of a contracting company.
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