Metal prices are up across the board today!!! with the biggest increases seen in aluminum, lead, and copper.
Aluminum is up 1.2% on the day to $1.05! Lead is also up 2.4% and is sitting around .97 cents! Finally copper is almost now 4.08 with a 1.45 % jump on the day.
Copper price may be affected soon though with recent news that came out of Peru, which is the world’s second-largest copper producer!
Peru is now expecting to produce 2.8 million tonnes of copper in 2023, a 15% increase from 2022.
Output from the country was affected by protests and road blockades in December 2022 spurred by the jailing of their former president Pedro Castillo.
The country says the mining sector is now running and “working as normal”.
Peru is also believed to hold major deposits of lithium and is expected to start exploration projects permissions in the coming months.
Overall from this we may see downward pressure on copper price in the coming months due to this increase in production out of Peru, However, the potential industrialization of lithium may have a positive impact on copper price in the future if it leads to increased demand for copper in rechargeable batteries.