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In response to declining demand from China, the world's largest copper consumer, ANZ Bank has revised its copper price forecast for the year downward by 3.8%. Despite this, copper prices surged on the 11th, hitting a three-week high and crossing above $7,000 per ton. 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 day.
Meanwhile, aluminum inventories in Japan’s three major ports dropped to 249,600 tons by the end of June, a decrease of 8.3% from the 273,300 tons recorded at the end of May. On the 11th, the unofficial settlement price for 3-month aluminum rose to $1,835 per ton, up $19.5 or 1.1% from the prior session.
In contrast, nickel prices dipped slightly, with the 3-month settlement price falling to $13,612.5 per ton, a drop of $25 or 0.2% from the previous day. Tin prices also declined, settling at $19,625 per ton, down $75 or 0.4%. Zinc, however, saw a modest gain, closing at $1,907.5 per ton, up $12 or 0.6%. Lead prices rose as well, ending the day at $2,097.5 per ton, an increase of $25 or 1.2%.
Overall, the metals market showed mixed performance, with copper and lead seeing gains, while nickel and tin faced downward pressure. Analysts are closely watching how these trends will evolve amid ongoing supply and demand dynamics.