Copper prices pushed towards a 10-year high on Friday as industrial metals costs rallied amid increasing concerns that the global energy crisis would hit production, reports the Financial Times. Copper prices rose above $10,000 a tonne this week, while zinc rose around 10% to hit an almost 15-year high and aluminum traded at levels last seen during the financial crisis in 2008.
Industrial metals are benefiting from robust demand and supply interruptions due to rapid rises in the prices of gas and coal, which is increasing costs for mines and refiners around the world.
Nyrstar, one of the world’s biggest zinc producers, said this week it would cut output by up to 50% at its three European smelters, while Glencore on Friday said it was “adjusting production to reduce exposure to peak price periods during the day” at its smelters in Europe. Power cuts in China have also affected the production of aluminum.