Copper, coal prices hit records, nickel jumps 30% overnight after wild week of trading
During a wild week for markets following the imposition of wide-ranging sanctions on Russia, a number of industrial metals hit all-time highs.
Aluminium scaled $4,000 per tonne for the first time ever and copper exceeded $5 a pound in whipsaw trading on Monday after hitting a record closing high on Friday of $4.94 a pound ($11,885 per tonne).
Nickel prices rocketed more than 20% overnight to surpass $38,000 for the first time since June 2007 and zinc also set a 15 year high at $4,173 a tonne. While lead is clearly the laggard, tin continues to hit records with regularity on its way to $50,000 per tonne.
Australian export metallurgical coal reached $560 a tonne, also an all-time high, as did thermal coal from Newcastle when it topped $400 per tonne. Benchmark iron ore prices advanced 20% over the last week to hit $162 a tonne.