Copper prices rose almost 1.5% on supply concerns and hopes for a new stimulus package in top consumer, China.
“The copper market this year is set to be in its tightest state since 2021,” Goldman Sachs said.
“The market has suffered a supply shock over the past quarter from a series of mine supply downgrades, reducing expected growth this year by 60% from expectations in mid-2023.”
Meanwhile, aluminum was around 1.1% higher, supported by a Politico report saying the EU is considering an embargo on Russian aluminum.