The recent surge in aluminium and copper prices has pushed base metal prices near record highs as the global energy crisis exacerbated supply constraints and heightened concerns about inflation.
Aluminum prices on the London Metal Exchange (LME) edged higher on Monday, rising 1.8 per cent earlier, nearing the record high set in 2008. Copper prices fell back after last week's sharp rise. Zinc gave up its early gains, but it was still close to a record high. The LME base metals index hit a record high last week after European producers announced production cuts due to high electricity prices.
At 15:40 London time, copper fell 0.7 per cent to $10211 a tonne after rising 1.7 per cent. Aluminum prices rose 0.6 per cent, nickel rose, and zinc fell 2.5 per cent at one point.
