The introduction of fresh sanctions by the West on Russian commodities caused a tremor in the commodity markets and caused copper prices to rise by 1.31%, ultimately trading at 831.3. Aluminium, copper, and nickel were among the commodities for which the US and the UK imposed sanctions on the importation of Russian supplies made after Friday at midnight.
By reducing metal export earnings, which finance its military activities in Ukraine, these sanctions seek to impair Russia’s financial resources. Copper prices continued to rise as a result of curbs on Russian metal imports into the US and UK. Robust statistics indicating a notable rise in unwrought copper imports in China, the world’s largest metal consumer, supported the upward trend in copper prices.
The market’s strong demand dynamics were highlighted by March’s noteworthy 16% increase to 474,000 tonnes. A further factor contributing to the positive mood was the expectation of increased copper production from Chile’s state-owned miner, Codelco.
Citing a strengthening global economy and increased demand for copper, CEO of Antofagasta (LON: ANTO) Ivan Arriagada shared comments on a good market condition. Due to supply limitations and other variables, there is a chance that copper prices in 2024 will rise above those of the previous year.
