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What happened in the base metals space this week? Here’s a look at the top stories covered by the Investing News Network.
This week was a banner week for most of the base metals, with all but zinc and iron posting gains as we approach the end of the decade.
Copper was on the rise this week, increasing by 1.85 percent from Monday (December 9) to Thursday (December 12). This week was also the first week it traded for over US$6,000 per metric ton since July.
The red metal began the week trading for US$5,984 and steadily increased each day until it reached its apex on Thursday, when it traded for US$6,095.
Like copper, nickel’s price also made gains this week, increasing by 4.6 percent between Monday and Thursday. Nickel began the week trading for US$13,195 per metric ton, took a slight dip on Tuesday (December 10) to US$13,065, but finished the week strong when it traded for US$13,800.
Nickel’s price has not done well these past few weeks as it continues to react to the market changes brought forward by Indonesia’s nickel ore export ban. However, the week’s increases brought the metal’s price above its December 2 price of US$13,620.
Lead also enjoyed growth this week, steadily increasing by 2.8 percent over the span of four days. Lead’s price traded for US$1,865 per metric ton on Monday and maintained consistent growth every day, hitting US$1,918 on Thursday. This week represents the first week of consistent growth for lead this quarter.
Zinc, on the other hand, has dropped in price since the week began. The metal started the week off trading for US$2,232 per metric ton and immediately fell to US$2,221.50 on Tuesday. It fell again by 50 cents on Wednesday (December 11), but then regained some of its previous value on Thursday, when it traded for US$2,228. Regardless, zinc’s price still fell by 0.18 percent.
Similarly, iron ore’s price has not changed this week. It began the week trading for US$92.04 per metric ton only to dip to US$91.36 on Tuesday. The metal’s price recovered the next day and traded for US$92.05, and then dropped back to US$92.04 on Thursday. This is the first week since late October that iron’s price has not made a gain.
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Securities Disclosure: I, Sasha Dhesi, hold no direct investment interest in any company mentioned in this article.