The additional costs paid by buyers for delivery of aluminum “soared to unimaginable highs” and are expected to rise higher amid demand from consumers and financiers, according to Commerzbank AG.
Gold, trading near a record in London, may climb on concerns over the strength of the U.S. economic rebound and rising inflows into exchange-traded products. Silver pared gains after advancing to a 30-month high.
Tin rose to a record in London as declining stockpiles and mining disruptions heightened speculation that supplies won’t be adequate for demand.
Gold’s “correction” was overdue and the metal may slide below $1,700 an ounce in the next few days before rebounding, said Daniel Briesemann, an analyst at Commerzbank AG.
Copper may fall in London, rounding out the first weekly drop in six weeks, as the dollar strengthens amid speculation Group of 20 officials will agree to refrain from weakening currencies.
"The subdued outlook for economic growth is perceived as being negative for commodity prices."
- Daniel Briesemann on Jan 14, 2015