Copper-Aluminum Prices: Today the rise in copper, Middle East war took the price of aluminum to its peak.
Copper-Aluminum Prices: Huge fluctuations are being seen in the commodity market amid the ongoing war between America, Israel and Iran. Due to missile attacks from both sides and closure of the Strait of Hormuz, the supply of plants related to aluminum production has been disrupted. Along with this, on one hand, huge pressure was seen in the prices of gold, silver and copper. Aluminum is a metal whose prices have reached its peak in four years. In fact, due to the closure of the Strait of Hormuz, the supply of many metals has been affected, which is supporting their prices.
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Copper and aluminum prices on March 31
The copper rate on Comex today rose by 0.17 to $5.5115 per pound.
Aluminum prices rose 1.49% to $3,384.25 a tonne on Comex.
The supply of aluminum at the global level has been affected due to the closure of the Strait of Hormuz.
One tenth of worldwide aluminum production comes from the Gulf.
At present, the supply has been disrupted not only due to the closure of the Strait of Hormuz but also due to missile attacks on plants associated with aluminum production.
Talking about copper prices, its demand still remains strong across the world but due to macroeconomic factors, pressure on prices was seen. However, today the momentum seems to be returning.
Aluminum has got a boost due to Middle East tension but volatility remains in copper.
If this tension going on between America, Israel and Iran continues for a long time, then the supply of aluminum can be affected on a large scale, due to which there can be a big rise in the prices. If we talk about copper, even though its prices are showing less rise and more pressure as compared to aluminium, a big rise in copper is expected in the long term.
Copper is a metal which is used in many sectors. There is huge demand for copper in sectors ranging from electricity to construction. Many market experts have also expressed hope for a big rise in the long term.
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