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This week, ANZ Bank revised its copper price forecast for the year downward by 3.8%, citing a slowdown in demand from China, the world's largest consumer of copper. Despite the adjustment, copper prices surged to their highest level in three weeks on the 11th, breaking above the $7,000 per ton threshold. At the close of trading, the unofficial settlement price for 3-month copper stood at $7,007.5 per ton, marking an increase of $195 or 2.9% compared to the previous session.
Meanwhile, aluminum inventories in Japan’s three major ports fell significantly, dropping to 249,600 tons at the end of June—a decrease of 8.3% from the 273,300 tons recorded at the end of May. The decline in stock levels contributed to a rise in aluminum prices, with the 3-month contract settling at $1,835 per ton on the 11th, up $19.5 or 1.1% from the prior day.
On the other hand, nickel prices saw a slight dip, with the 3-month contract closing at $13,612.5 per ton, down $25 or 0.2%. Tin prices also declined slightly, ending the day at $19,625 per ton, a drop of $75 or 0.4%. However, zinc and lead prices showed positive movement, with zinc rising to $1,907.5 per ton (+$12 or 0.6%) and lead climbing to $2,097.5 per ton (+$25 or 1.2%). These fluctuations reflect ongoing market dynamics driven by supply-demand imbalances and global economic conditions.